0001524358-22-000039 | 10-Q | XBRL Viewer | Marriott Vacations Worldwide Corp

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	9002 San Marco Court
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32819
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		38,320,142
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Revenue from contracts with customers	$ 1,178	$ 983	$ 3,251	$ 2,594
Financing	74	69	217	196
TOTAL REVENUES	1,252	1,052	3,468	2,790
EXPENSES
Marketing and sales	207	166	603	439
Financing	5	22	49	64
General and administrative	62	54	187	166
Depreciation and amortization	33	35	98	112
Litigation charges	2	2	7	8
Royalty fee	28	26	84	78
Impairment	1	0	1	5
Cost reimbursements	371	298	1,011	827
TOTAL EXPENSES	1,012	896	2,880	2,505
(Losses) gains and other (expense) income, net	(2)	(31)	39	(27)
Interest expense	(34)	(41)	(91)	(128)
Transaction and integration costs	(34)	(27)	(99)	(75)
Other	(1)	1	0	2
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	169	58	437	57
Provision for income taxes	(59)	(47)	(134)	(63)
NET INCOME (LOSS)	110	11	303	(6)
Net income attributable to noncontrolling interests	(1)	(1)	0	(6)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 109	$ 10	$ 303	$ (12)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 2.76	$ 0.24	$ 7.39	$ (0.28)
Diluted (in usd per share)	2.53	0.23	6.68	(0.28)
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.62	$ 0.54	$ 1.86	$ 0.54
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 444	$ 330	$ 1,179	$ 789
EXPENSES
Expenses	76	71	216	178
Management and exchange
REVENUES
Revenue from contracts with customers	198	225	623	638
EXPENSES
Expenses	101	138	330	381
Rental
REVENUES
Revenue from contracts with customers	165	130	438	340
EXPENSES
Expenses	126	84	294	247
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 371	$ 298	$ 1,011	$ 827

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 110	$ 11	$ 303	$ (6)
Other comprehensive income (loss):
Foreign currency translation adjustments	(1)	(4)	1	(3)
Reclassification of foreign currency translation adjustments realized upon disposition of entities	0	0	(10)	0
Derivative instrument adjustment, net of tax	8	3	31	12
OTHER COMPREHENSIVE GAIN (LOSS), NET OF TAX	7	(1)	22	9
Net income attributable to noncontrolling interests	(1)	(1)	0	(6)
Other comprehensive income attributable to noncontrolling interests	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1)	(1)	0	(6)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 116	$ 9	$ 325	$ (3)

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 294	$ 342
Restricted cash (including $67 and $139 from VIEs, respectively)	249	461
Accounts and contracts receivable, net (including $12 and $12 from VIEs, respectively)	248	279
Vacation ownership notes receivable, net (including $1,662 and $1,662 from VIEs, respectively)	2,142	2,045
Inventory	668	719
Property and equipment, net	1,136	1,136
Goodwill	3,117	3,150
Intangibles, net	924	993
Other (including $68 and $76 from VIEs, respectively)	459	488
TOTAL ASSETS	9,237	9,613
LIABILITIES AND EQUITY
Accounts payable	221	265
Advance deposits	178	160
Accrued liabilities (including $2 and $2 from VIEs, respectively)	342	345
Deferred revenue	346	453
Payroll and benefits liability	248	201
Deferred compensation liability	130	142
Securitized debt, net (including $1,830 and $1,877 from VIEs, respectively)	1,809	1,856
Debt, net	2,749	2,631
Other	212	224
Deferred taxes	374	350
TOTAL LIABILITIES	6,609	6,627
Contingencies and Commitments (Note 11)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,744,121 and 75,519,049 shares issued, respectively	1	1
Treasury stock — at cost; 37,036,447 and 33,235,671 shares, respectively	(1,882)	(1,356)
Additional paid-in capital	3,968	4,072
Accumulated other comprehensive loss	6	(16)
Retained earnings	533	275
TOTAL MVW SHAREHOLDERS' EQUITY	2,626	2,976
Noncontrolling interests	2	10
TOTAL EQUITY	2,628	2,986
TOTAL LIABILITIES AND EQUITY	$ 9,237	$ 9,613

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Restricted cash	$ 249	$ 461
Accounts receivable, net	248	279
Vacation ownership notes receivable, net	2,142	2,045
Other assets	459	488
Accrued liabilities	342	345
Secured debt, net	$ 1,809	$ 1,856
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	75,744,121	75,519,049
Treasury stock, shares (in shares)	37,036,447	33,235,671
Variable interest entity
Restricted cash	$ 67	$ 139
Accounts receivable, net	12	12
Vacation ownership notes receivable, net	1,662	1,662
Other assets	68	76
Accrued liabilities	2	2
Secured debt, net	$ 1,830	$ 1,877

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 303	$ (6)
Adjustments to reconcile net income (loss) to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	98	112
Amortization of debt discount and issuance costs	20	41
Vacation ownership notes receivable reserve	130	73
Share-based compensation	30	33
Impairment charges	1	5
Gains and other income, net	(48)	0
Deferred income taxes	64	10
Net change in assets and liabilities:
Accounts and contracts receivable	6	54
Vacation ownership notes receivable originations	(728)	(545)
Vacation ownership notes receivable collections	469	532
Inventory	74	59
Other assets	(21)	(29)
Accounts payable, advance deposits and accrued liabilities	(28)	(44)
Deferred revenue	(5)	119
Payroll and benefit liabilities	52	35
Deferred compensation liability	8	14
Other liabilities	7	23
Deconsolidation of certain Consolidated Property Owners' Associations	(48)	(87)
Purchase of vacation ownership units for future transfer to inventory	(12)	(99)
Other, net	8	3
Net cash, cash equivalents and restricted cash provided by operating activities	380	303
INVESTING ACTIVITIES
Acquisition of a business, net of cash and restricted cash acquired	0	(157)
Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred	94	0
Capital expenditures for property and equipment (excluding inventory)	(36)	(19)
Issuance of note receivable to VIE	(47)	0
Proceeds from collection of note receivable from VIE	47	0
Purchase of company owned life insurance	(14)	(11)
Other, net	5	0
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	49	(187)
FINANCING ACTIVITIES
Borrowings from securitization transactions	609	425
Repayment of debt related to securitization transactions	(655)	(602)
Proceeds from debt	505	1,061
Repayments of debt	(505)	(1,039)
Purchase of convertible note hedges	0	(100)
Proceeds from issuance of warrants	0	70
Finance lease payment	(3)	(2)
Payment of debt issuance costs	(10)	(17)
Repurchase of common stock	(528)	(4)
Payment of dividends	(75)	0
Payment of withholding taxes on vesting of restricted stock units	(23)	(17)
Net cash, cash equivalents and restricted cash used in financing activities	(685)	(225)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(4)	(1)
Change in cash, cash equivalents and restricted cash	(260)	(110)
Cash, cash equivalents and restricted cash, beginning of period	803	992
Cash, cash equivalents and restricted cash, end of period	543	882
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of debt in connection with asset acquisition	11	0
Non-cash issuance of treasury stock for employee stock purchase plan	4	3
Non-cash issuance of treasury stock in connection with Welk Acquisition	0	248
Non-cash transfer from inventory to property and equipment	45	105
Non-cash transfer from property and equipment to inventory	2	3
Non-cash transfer of other assets to property and equipment	15	22
Dividends payable	24	23
Interest paid, net of amounts capitalized	104	136
Income taxes paid, net of refunds (income tax refunds, net of income taxes paid)	$ 51	$ (19)

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Cumulative effect, period of adoption, adjusted balance	Total MVW Shareholders' Equity	Total MVW Shareholders' Equity Previously Reported	Total MVW Shareholders' Equity Revision of Prior Period, Accounting Standards Update, Adjustment	Total MVW Shareholders' Equity Cumulative effect, period of adoption, adjusted balance	Common Stock	Common Stock Previously Reported	Common Stock Cumulative effect, period of adoption, adjusted balance	Treasury Stock	Treasury Stock Previously Reported	Treasury Stock Cumulative effect, period of adoption, adjusted balance	Additional Paid-In Capital	Additional Paid-In Capital Previously Reported	Additional Paid-In Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Additional Paid-In Capital Cumulative effect, period of adoption, adjusted balance	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income Previously Reported	Accumulated Other Comprehensive (Loss) Income Cumulative effect, period of adoption, adjusted balance	Retained Earnings	Retained Earnings Previously Reported	Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Retained Earnings Cumulative effect, period of adoption, adjusted balance	Noncontrolling Interests	Noncontrolling Interests Previously Reported	Noncontrolling Interests Cumulative effect, period of adoption, adjusted balance
Beginning balance (in shares) at Dec. 31, 2020									75,300,000
Beginning balance at Dec. 31, 2020	$ 2,682				$ 2,651				$ 1			$ (1,334)			$ 3,760				$ (48)			$ 272				$ 31
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(25)				(28)																	(28)				3
Foreign currency translation adjustments	(3)				(3)														(3)
Derivative instrument adjustment	6				6														6
Share-based compensation plans (in shares)									200,000
Share-based compensation plans	(4)				(4)										(4)
Equity component of convertible notes, net of issuance costs	117				117										117
Purchase of convertible note hedges	(100)				(100)										(100)
Issuance of warrants	70				70										70
Deconsolidation of certain Consolidated Property Owners' Associations	(5)																									(5)
Ending balance (in shares) at Mar. 31, 2021									75,500,000
Ending balance at Mar. 31, 2021	2,738				2,709				$ 1			(1,334)			3,843				(45)			244				29
Beginning balance (in shares) at Dec. 31, 2020									75,300,000
Beginning balance at Dec. 31, 2020	2,682				2,651				$ 1			(1,334)			3,760				(48)			272				31
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(6)
Derivative instrument adjustment	12
Ending balance (in shares) at Sep. 30, 2021									75,500,000
Ending balance at Sep. 30, 2021	3,004				2,973				$ 1			(1,282)			4,056				(39)			237				31
Beginning balance (in shares) at Mar. 31, 2021									75,500,000
Beginning balance at Mar. 31, 2021	2,738				2,709				$ 1			(1,334)			3,843				(45)			244				29
Increase (Decrease) in Stockholders' Equity
Net (loss) income	8				6																	6				2
Welk Acquisition	248				248							55			193
Foreign currency translation adjustments	4				4														4
Derivative instrument adjustment	3				3														3
Share-based compensation plans	10				10							1			9
Deconsolidation of certain Consolidated Property Owners' Associations	(1)																									(1)
Employee stock plan issuance	2				2										2
Ending balance (in shares) at Jun. 30, 2021									75,500,000
Ending balance at Jun. 30, 2021	3,012				2,982				$ 1			(1,278)			4,047				(38)			250				30
Increase (Decrease) in Stockholders' Equity
Net (loss) income	11				10																	10				1
Foreign currency translation adjustments	(4)				(4)														(4)
Derivative instrument adjustment	3				3														3
Share-based compensation plans	8				8										8
Repurchase of common stock	(4)				(4)							(4)
Dividends	(23)				(23)																	(23)
Employee stock plan issuance	1				1										1
Ending balance (in shares) at Sep. 30, 2021									75,500,000
Ending balance at Sep. 30, 2021	$ 3,004				2,973				$ 1			(1,282)			4,056				(39)			237				31
Beginning balance (in shares) at Dec. 31, 2021	75,519,049								75,500,000
Beginning balance at Dec. 31, 2021	$ 2,986	$ 2,986	$ (80)	$ 2,906		$ 2,976	$ (80)	$ 2,896		$ 1	$ 1		$ (1,356)	$ (1,356)		$ 4,072	$ (111)	$ 3,961		$ (16)	$ (16)		$ 275	$ 31	$ 306		$ 10	$ 10
Increase (Decrease) in Stockholders' Equity
Net (loss) income	58				58																	58
Foreign currency translation adjustments	4				4														4
Derivative instrument adjustment	16				16														16
Share-based compensation plans (in shares)									200,000
Share-based compensation plans	(15)				(15)							1			(16)
Repurchase of common stock	(119)				(119)							(119)
Dividends	(26)				(26)																	(26)
Ending balance (in shares) at Mar. 31, 2022									75,700,000
Ending balance at Mar. 31, 2022	$ 2,824				2,814				$ 1			(1,474)			3,945				4			338				10
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Beginning balance (in shares) at Dec. 31, 2021	75,519,049								75,500,000
Beginning balance at Dec. 31, 2021	$ 2,986	$ 2,986	$ (80)	$ 2,906		$ 2,976	$ (80)	$ 2,896		$ 1	$ 1		$ (1,356)	$ (1,356)		$ 4,072	$ (111)	$ 3,961		$ (16)	$ (16)		$ 275	$ 31	$ 306		$ 10	$ 10
Increase (Decrease) in Stockholders' Equity
Net (loss) income	303
Derivative instrument adjustment	31
Repurchase of common stock												(528)
Deconsolidation of certain Consolidated Property Owners' Associations	$ (8)
Ending balance (in shares) at Sep. 30, 2022	75,744,121								75,700,000
Ending balance at Sep. 30, 2022	$ 2,628				2,626				$ 1			(1,882)			3,968				6			533				2
Beginning balance (in shares) at Mar. 31, 2022									75,700,000
Beginning balance at Mar. 31, 2022	2,824				2,814				$ 1			(1,474)			3,945				4			338				10
Increase (Decrease) in Stockholders' Equity
Net (loss) income	135				136																	136				(1)
Foreign currency translation adjustments	(2)				(2)														(2)
Reclassification of foreign currency translation adjustments realized upon disposition of entities	(10)				(10)														(10)
Derivative instrument adjustment	7				7														7
Adjustment for 2022 Convertible Note Hedges	6				6										6
Share-based compensation plans	13				13							1			12
Repurchase of common stock	(193)				(193)							(193)
Dividends	(26)				(26)																	(26)
Deconsolidation of certain Consolidated Property Owners' Associations	(8)																									(8)
Ending balance (in shares) at Jun. 30, 2022									75,700,000
Ending balance at Jun. 30, 2022	2,746				2,745				$ 1			(1,666)			3,963				(1)			448				1
Increase (Decrease) in Stockholders' Equity
Net (loss) income	110				109																	109				1
Foreign currency translation adjustments	(1)				(1)														(1)
Derivative instrument adjustment	8				8														8
Tax effect on equity, convertible notes	(1)				(1)										(1)
Share-based compensation plans	5				5										5
Repurchase of common stock	(216)				(216)							(216)
Dividends	(24)				(24)																	(24)
Employee stock plan issuance	$ 1				1										1
Ending balance (in shares) at Sep. 30, 2022	75,744,121								75,700,000
Ending balance at Sep. 30, 2022	$ 2,628				$ 2,626				$ 1			$ (1,882)			$ 3,968				$ 6			$ 533				$ 2

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION


1.			BASIS OF PRESENTATION

The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.

The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss 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.

Pursuant to a change in control of certain consolidated owners’ associations during the second quarter of 2022, we recorded non-cash losses of $3 million in (Losses) gains and other (expense) income, net on our Income Statement for the nine months ended September 30, 2022 and deconsolidated $110 million of assets, inclusive of $48 million of restricted cash, and $99 million of liabilities, resulting in a decrease in Noncontrolling interests of $8 million during the first three quarters of 2022. We continue to act as manager for these owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests.

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, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties created by the COVID-19 pandemic, macroeconomic inflationary pressures, and the uncertainty of the success of ongoing efforts to mitigate the effects of the COVID-19 pandemic and inflationary pressures in the general macroeconomic environment, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.

In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic, inflationary pressures, general macroeconomic conditions, rising interest rates, and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2021 Annual Report.

Acquisition of Welk

On April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions and Dispositions” for more information on the Welk Acquisition.

Disposition of VRI Americas

Our Financial Statements reflect the disposition of the Vacation Resorts International (“VRI”) and Trading Places International (“TPI”) businesses (together, the “VRI Americas” business) on April 29, 2022. See Footnote 3 “Acquisitions and Dispositions” for more information on the disposition of VRI Americas.

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS


2.			SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

Launch of Abound by Marriott Vacations

In the third quarter of 2022, in connection with the affiliation of the Marriott-, Sheraton-, and Westin-branded vacation ownership products through Abound by Marriott Vacations, we modified our business practices and the terms of our Marriott-branded vacation ownership interest (“VOI”) sales contracts to be consistent with the existing terms of our Sheraton- and Westin-branded VOI sales contracts. As a result of these modifications, control of Marriott-branded vacation ownership products is now transferred to the customer upon expiration of the statutory rescission period, consistent with the current method for Sheraton- and Westin-branded vacation ownership products, resulting in earlier revenue recognition than the historical timing for Marriott-branded VOIs. Marriott-branded VOI sales contracts executed prior to these modifications will continue to be accounted for with transfer of control of the VOI occurring at closing, as described in our 2021 Annual Report.

In addition, in the third quarter of 2022, we combined and aligned our accounting methodology to calculate our estimates for the reserve on vacation ownership notes receivable for these brands, as we expect our future customers to represent a blend of the historical Marriott-, Sheraton- and Westin-brand customers. We now use the origination of vacation ownership notes receivable by the combined Marriott-, Sheraton-, and Westin-brands (“Combined Marriott”) and the FICO scores of the customer as the primary credit quality indicators, 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. See Footnote 6 “Vacation Ownership Notes Receivable” for further information.

New Accounting Standards

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 the first quarter of 2022, we adopted accounting standards update (“ASU”) 2020-06, using the modified retrospective method. Upon adoption of ASU 2020-06, our convertible notes were no longer separated into liability and equity components, and we are required to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of intent to settle or partially settle the debt in cash. Under the “if-converted” method, diluted earnings per share is generally calculated assuming that all of our convertible notes are 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 reduces our reported diluted earnings per share. The impacts of the adoption were recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes was reclassified from equity to liabilities. In addition, we eliminated the related equity adjustment associated with the deferred tax liability. The adoption of ASU 2020-06 on January 1, 2022 resulted in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $31 million. The remaining debt issuance costs will continue to be amortized over the respective terms of our convertible notes. The prior period consolidated financial statements have not been retrospectively restated and continue to be reported under the accounting standards in effect for those periods. See Footnote 13 “Debt” for further information on accounting for the 2022 Convertible Notes and the 2022 Convertible Note Hedges (as defined in Footnote 13 “Debt”), subsequent to the adoption of ASU 2020-06.

Accounting Standards Update 2021-08 - “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”)

In the first quarter of 2022, we adopted ASU 2021-08, which amended ASC 805 to require entities to apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination. The adoption of ASU 2021-08 on January 1, 2022 did not have a material impact on our financial statements or disclosures. In the event that we complete business combinations in the future, the application of ASU 2021-08 could result in higher acquired deferred revenue.

Future Adoption of Accounting Standards

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 was effective upon issuance and issuers may generally elect to adopt the optional expedients and exceptions over time through December 31, 2022. As of September 30, 2022, the interest rate applicable to borrowings under our existing Term Loan (as defined in Footnote 13 “Debt”) generally continued to reference LIBOR, as did certain interest rate swaps and collars. During the third quarter of 2022, we amended the terms of our Warehouse Credit Facility to, among other things, reference SOFR (as defined in Footnote 12 “Securitized Debt”) rather than LIBOR. Our Term Loan and certain interest rate swaps and collars have not yet discontinued the use of LIBOR. To the extent these instruments are amended to reference a different benchmark interest rate, we may elect to utilize the relief available in ASU 2020-04. When we renew or amend our remaining existing debt instruments, we will determine a replacement rate for LIBOR. We have not adopted any of the optional expedients or exceptions as of September 30, 2022, but will continue to evaluate their adoption during the effective period as circumstances evolve.

Accounting Standards Update 2022-02 – “Financial Instruments–Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”)

In March 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhances disclosure requirements with respect to loan modifications for borrowers experiencing financial difficulty. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination to be presented in the vintage disclosures for financing receivables. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact that adoption of ASU 2022-02, including the timing of implementation, will have on our financial statements and disclosures; however, we do not expect adoption to have a material effect on our financial statements or disclosures other than disclosure changes related to vintage disclosures for financing receivables.

ACQUISITIONS AND DISPOSITIONS

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS AND DISPOSITIONS


3.			ACQUISITIONS AND DISPOSITIONS

Welk Acquisition

On April 1, 2021 (the “Welk Acquisition Date”), we completed the Welk Acquisition. The following table presents the fair value of each type of consideration transferred at the Welk Acquisition Date, as finalized at March 31, 2022.


(in millions, except per share amounts)
Equivalent shares of Marriott Vacations Worldwide common stock issued	1.4
Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date	$	174.18
Fair value of Marriott Vacations Worldwide common stock issued	248
Cash consideration to Welk, net of cash and restricted cash acquired of $48 million	157



Total consideration transferred, net of cash and restricted cash acquired	$	405

Fair Values of Assets Acquired and Liabilities Assumed

We accounted for the Welk Acquisition as a business combination, which required us to record the assets acquired and liabilities assumed at fair value as of the Welk Acquisition Date. The values attributed to Vacation ownership notes receivable, Inventory, Property and equipment, Intangible assets, and Securitized debt from VIEs were based on valuations prepared using Level 3 inputs and assumptions in accordance with ASC Topic 820, “Fair Value Measurements” (“ASC 820”). The value attributed to Debt was based on Level 2 inputs in accordance with ASC 820. During the first quarter of 2022, we finalized our allocation of the purchase price to the acquired assets and liabilities. The following table presents the fair values of the assets that we acquired and the liabilities that we assumed in connection with the business combination as previously reported at December 31, 2021, and as finalized at March 31, 2022. During the first quarter of 2022, we refined our valuation models related to certain acquired assets and liabilities as follows:



($ in millions)	April 1, 2021 (as reported at December 31, 2021)		Adjustments		April 1, 2021 (as finalized at March 31, 2022)
Vacation ownership notes receivable, net	$	255	$	—	$	255
Inventory	111		—		111
Property and equipment	83		—		83
Intangible assets	102		—		102
Other assets	19		—		19

Deferred taxes	(32)		8		(24)
Debt	(189)		—		(189)
Securitized debt	(184)		—		(184)
Other liabilities	(93)		—		(93)
Net assets acquired	72		8		80
Goodwill(1)	333		(8)		325
	$	405	$	—	$	405

_________________________

(1)Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes.

Pro Forma Results of Operations

The following unaudited pro forma information presents the combined results of operations of Marriott Vacations Worldwide and Legacy-Welk as if we had completed the Welk Acquisition on December 31, 2019, the last day of our 2019 fiscal year, but using the fair values of assets and liabilities as of the Welk Acquisition Date set forth above. 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 Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.

There were no Welk Acquisition-related costs included in the unaudited pro forma results below for the nine months ended September 30, 2021.


	Nine Months Ended
($ in millions, except per share data)	September 30, 2021
Revenues	$	2,837
Net income	$	7
Net loss attributable to common shareholders	$	(1)
LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	(0.01)
Diluted	$	(0.01)

Legacy-Welk Results of Operations

The following table presents the results of Legacy-Welk operations included in our Income Statement for the three months and nine months ended September 30, 2022 and September 30, 2021.


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Revenue	$	67	$	53	$	174	$	101
Net income	$	15	$	10	$	27	$	16

Other Acquisitions

Bali

During the first quarter of 2022, we acquired 88 completed vacation ownership units, as well as a sales center, located in Bali, Indonesia for $36 million. The transaction was accounted for as an asset acquisition with the purchase price allocated to Property and equipment. As consideration for the acquisition, we paid $12 million in cash and issued a non-interest bearing note payable for $11 million. Further, we reclassified $13 million of previous deposits associated with the project from Other assets to Property and equipment.

Dispositions

On April 29, 2022, we disposed of VRI Americas for proceeds of $56 million, net of cash and restricted cash transferred to the buyer of $12 million, after determining that this business was not a core component of our future growth strategy and operating model. The results of VRI Americas are included in our Exchange and Third-Party Management segment through the date of the sale. The net carrying value of VRI Americas as of the date of the disposition was $51 million, including $25 million of goodwill and $20 million of intangible assets. As a result of the disposition, we recorded a gain of $1 million and $17 million in (Losses) gains and other (expense) income, net on our Income Statements for the three and nine months ended September 30, 2022, respectively.

Additionally, on June 28, 2022, we disposed of entities that owned and operated a Vacation Ownership segment hotel in Puerto Vallarta, Mexico, for proceeds of $38 million, net of cash and restricted cash transferred to the buyer of $3 million, consistent with our development strategy to dispose of non-strategic assets. The net carrying value of the business disposed of as of the date of the disposition, excluding the cumulative translation adjustment, was $18 million, substantially all of which was property and equipment. As a result of this disposition, we recorded a gain of $33 million in (Losses) gains and other (expense) income, net on our Income Statements for the nine months ended September 30, 2022, which included the realization of cumulative foreign currency translation gains of $10 million associated with the disposition of these entities

REVENUE AND RECEIVABLES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES


4.			REVENUE AND RECEIVABLES

Sources of Revenue by Segment


	Three Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	444	$	—	$	—	$	444

Ancillary revenues	63		1		—		64
Management fee revenues	41		7		(1)		47
Exchange and other services revenues	32		47		8		87
Management and exchange	136		55		7		198

Rental	154		11		—		165

Cost reimbursements	374		5		(8)		371
Revenue from contracts with customers	1,108		71		(1)		1,178

Financing	74		—		—		74
Total Revenues	$	1,182	$	71	$	(1)	$	1,252


	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	330	$	—	$	—	$	330

Ancillary revenues	55		1		—		56
Management fee revenues	40		10		(4)		46
Exchange and other services revenues	31		48		44		123
Management and exchange	126		59		40		225

Rental	121		9		—		130

Cost reimbursements	328		9		(39)		298
Revenue from contracts with customers	905		77		1		983

Financing	69		—		—		69
Total Revenues	$	974	$	77	$	1	$	1,052


	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,179	$	—	$	—	$	1,179

Ancillary revenues	183		3		—		186
Management fee revenues	124		28		(5)		147
Exchange and other services revenues	95		146		49		290
Management and exchange	402		177		44		623

Rental	405		33		—		438

Cost reimbursements	1,026		19		(34)		1,011
Revenue from contracts with customers	3,012		229		10		3,251

Financing	217		—		—		217
Total Revenues	$	3,229	$	229	$	10	$	3,468


	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	789	$	—	$	—	$	789

Ancillary revenues	135		2		—		137
Management fee revenues	117		24		(15)		126
Exchange and other services revenues	91		153		131		375
Management and exchange	343		179		116		638

Rental	308		32		—		340

Cost reimbursements	882		38		(93)		827
Revenue from contracts with customers	2,322		249		23		2,594

Financing	196		—		—		196
Total Revenues	$	2,518	$	249	$	23	$	2,790

Timing of Revenue from Contracts with Customers by Segment

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


	Three Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	597	$	31	$	(1)	$	627
Goods or services transferred at a point in time	511		40		—		551
Revenue from contracts with customers	$	1,108	$	71	$	(1)	$	1,178


	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	517	$	38	$	1	$	556
Goods or services transferred at a point in time	388		39		—		427
Revenue from contracts with customers	$	905	$	77	$	1	$	983


	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,638	$	103	$	10	$	1,751
Goods or services transferred at a point in time	1,374		126		—		1,500
Revenue from contracts with customers	$	3,012	$	229	$	10	$	3,251


	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,388	$	118	$	23	$	1,529
Goods or services transferred at a point in time	934		131		—		1,065
Revenue from contracts with customers	$	2,322	$	249	$	23	$	2,594

Sale of Vacation Ownership Products

Revenue declined during the third quarter and first three quarters of 2022 by $22 million and $27 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.

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 September 30, 2022 or December 31, 2021.


($ in millions)	At September 30, 2022		At December 31, 2021
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	154	$	172
Vacation ownership notes receivable, net	2,142		2,045
	$	2,296	$	2,217
Contract Liabilities
Advance deposits	$	178	$	160
Deferred revenue	346		453
	$	524	$	613

Revenue recognized during the third quarter and first three quarters of 2022 that was included in our contract liabilities balance at December 31, 2021 was $93 million and $336 million, respectively.

Remaining Performance Obligations

Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At September 30, 2022, approximately 87% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners 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 September 30, 2022		At December 31, 2021
Receivables from contracts with customers, net	$	154	$	172

Interest receivable	15		14
Tax receivable	30		48
Indemnification assets	19		22
Employee tax credit receivable	17		19
Other	13		4
	$	248	$	279

- 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.

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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES


5.			INCOME TAXES

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

Our interim effective tax rate was 34.7% and 81.5% for the three months ended September 30, 2022 and September 30, 2021, respectively. Our interim effective tax rate was 30.6% and 110.6% for the nine months ended September 30, 2022 and September 30, 2021, respectively. The change in the effective tax rate for both the three and nine months ended September 30, 2022 is predominately attributable to an increase in pre-tax income.

Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the nine months ended September 30, 2022. These unrecognized tax benefits relate to uncertain income tax positions, which would affect the effective tax rate if recognized.



($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2021	$	26
Increases related to tax positions taken during a prior period	4



Decreases as a result of a lapse of the applicable statute of limitations	(1)
Balance at September 30, 2022	$	29

The total amount of gross interest and penalties accrued was $51 million at September 30, 2022 and $42 million at December 31, 2021. We anticipate $15 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 benefits, including accrued interest and penalties, are included in Other liabilities on our 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 2007 through 2020. The amount of the unrecognized tax benefits 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.

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+ Details

VACATION OWNERSHIP NOTES RECEIVABLE

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

VACATION OWNERSHIP NOTES RECEIVABLE


6.			VACATION OWNERSHIP NOTES RECEIVABLE

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


	September 30, 2022						December 31, 2021
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,421	$	241	$	1,662	$	1,308	$	354	$	1,662
Non-securitized
Eligible for securitization(1)	119		3		122		96		1		97
Not eligible for securitization(1)	327		31		358		267		19		286
Subtotal	446		34		480		363		20		383
	$	1,867	$	275	$	2,142	$	1,671	$	374	$	2,045

_________________________

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

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest income associated with vacation ownership notes receivable — securitized	$	60	$	55	$	179	$	160
Interest income associated with vacation ownership notes receivable — non-securitized	11		13		30		30
Total interest income associated with vacation ownership notes receivable	$	71	$	68	$	209	$	190

Credit Quality Indicators - Vacation Ownership Notes Receivable

Third Quarter of 2022

The estimates of the variable consideration for originated vacation ownership notes receivable and 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 and estimates regarding future defaults. In 2020, we recorded an additional $69 million of reserve on vacation ownership notes receivable attributed to the elevated default rates expected as a result of the COVID-19 pandemic. At that time, we allocated $59 million of the reserve to our originated vacation ownership notes receivable reserve and $10 million to our acquired vacation ownership notes receivable reserve. Given the uncertainty as to which vacation ownership notes receivable (originated or acquired) would default, from 2020 through the second quarter of 2022 we assessed the sufficiency of our reserves for all vacation ownership notes receivable in total.

In the third quarter of 2022, in connection with the stabilization of default rates and the alignment and combination of the reserves for Marriott-, Sheraton-, and Westin-brands (see Footnote 2 “Significant Accounting Policies and Recent Accounting Standards”), we recorded a reversal of credit loss expense for the acquired vacation ownership notes receivable of $19 million in Financing expense and an increase in the reserve for our originated vacation ownership notes receivable of $21 million, which was recorded as a reduction of sales of vacation ownership products revenues.

In the third quarter of 2022, in connection with the use of FICO scores of the customer as a primary credit quality indicator for all brands (see Footnote 2 “Significant Accounting Policies and Recent Accounting Standards”), the weighted average FICO score within our consolidated vacation ownership notes receivable pool was 720 at September 30, 2022, based upon the FICO score of the borrower at the time of origination.

Prior to Third Quarter of 2022

Prior to the third quarter of 2022, we used the aging of the vacation ownership notes receivable as the primary credit quality indicator for Legacy-MVW vacation ownership notes receivable, and FICO score by brand as the primary credit quality indicator for the Sheraton, Westin, Hyatt and Welk vacation ownership notes receivable.

At December 31, 2021, the weighted average FICO score within our consolidated Legacy-ILG and Legacy-Welk vacation ownership notes receivable pools was 707, based upon the FICO score of the borrower at the time of origination.

Acquired Vacation Ownership Notes Receivable

Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at September 30, 2022.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2022, remaining	$	2	$	10	$	12
2023	4		39		43
2024	4		39		43
2025	4		36		40
2026	3		33		36
Thereafter	17		84		101
Balance at September 30, 2022	$	34	$	241	$	275
Weighted average stated interest rate	13.9%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

The following table summarizes 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, 2021	$	47	$	23	$	70
Securitizations	(1)		1		—
Clean-up call	1		(1)		—
Write-offs	(41)		—		(41)
Recoveries	25		—		25
Defaulted vacation ownership notes receivable repurchase activity(1)	20		(20)		—

(Decrease) increase in vacation ownership notes receivable reserve	(37)		18		(19)
Balance at September 30, 2022	$	14	$	21	$	35

_________________________

(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchase securitized vacation ownership notes receivable.

The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and FICO score.


	Acquired Vacation Ownership Notes Receivable as of September 30, 2022
($ in millions)	700+		600 - 699		< 600		No Score		Total
Combined Marriott	$	77	$	55	$	7	$	19	$	158


Hyatt	6		3		1		—		10
Welk	83		57		1		1		142

	$	166	$	115	$	9	$	20	$	310


	Acquired Vacation Ownership Notes Receivable as of December 31, 2021
($ in millions)	700+		600 - 699		< 600		No Score		Total

Westin	52		32		3		8		95
Sheraton	54		48		8		23		133
Hyatt	8		6		1		—		15
Welk	115		79		1		2		197
Other	2		—		—		2		4
	$	231	$	165	$	13	$	35	$	444

The following tables detail the origination year of our acquired vacation ownership notes receivable by brand and FICO score as of September 30, 2022.


	Acquired Vacation Ownership Notes Receivable - Combined Marriott
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	—	$	—	$	—	$	77	$	77
600 - 699	—		—		—		55		55
< 600	—		—		—		7		7
No Score	—		—		—		19		19
	$	—	$	—	$	—	$	158	$	158


	Acquired Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	—	$	—	$	—	$	6	$	6
600 - 699	—		—		—		3		3
< 600	—		—		—		1		1
No Score	—		—		—		—		—
	$	—	$	—	$	—	$	10	$	10


	Acquired Vacation Ownership Notes Receivable - Welk
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	6	$	18	$	22	$	37	$	83
600 - 699	3		10		15		29		57
< 600	1		—		—		—		1
No Score	—		—		—		1		1
	$	10	$	28	$	37	$	67	$	142

Originated Vacation Ownership Notes Receivable

Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at September 30, 2022.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2022, remaining	$	18	$	32	$	50
2023	42		128		170
2024	34		131		165
2025	34		134		168
2026	35		140		175
Thereafter	283		856		1,139
Balance at September 30, 2022	$	446	$	1,421	$	1,867
Weighted average stated interest rate	12.8%		13.0%		13.0%
Range of stated interest rates	0.0% to 20.9%		0.0% to 19.9%		0.0% to 20.9%

For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.


	Originated Vacation Ownership Notes Receivable Reserve
($ in millions)	Non-Securitized		Securitized		Total
Balance at December 31, 2021	$	193	$	140	$	333
Increase in vacation ownership notes receivable reserve	86		42		128
Securitizations	(73)		73		—
Clean-up call	15		(15)		—
Write-offs	(90)		—		(90)
Defaulted vacation ownership notes receivable repurchase activity(1)	48		(48)		—
Balance at September 30, 2022	$	179	$	192	$	371

_________________________

The following tables show originated vacation ownership notes receivable, before reserves, by brand and FICO score.


	Originated Vacation Ownership Notes Receivable as of September 30, 2022
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Combined Marriott	$	1,153	$	538	$	56	$	280	$	2,027
Hyatt	28		13		1		1		43
Welk	117		48		1		2		168
	$	1,298	$	599	$	58	$	283	$	2,238


	Originated Vacation Ownership Notes Receivable as of December 31, 2021(1)
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	143	$	66	$	8	$	34	$	251
Sheraton	136		94		20		46		296
Hyatt	22		11		—		—		33
Welk	65		27		1		1		94
	$	366	$	198	$	29	$	81	$	674

_________________________

(1)Balances as of December 31, 2021 exclude $1,329 million of Marriott branded vacation ownership notes receivable as the change in credit quality indicator occurred during the third quarter of 2022.

The following tables detail the origination year of our originated vacation ownership notes receivable by brand and FICO score as of September 30, 2022.


	Originated Vacation Ownership Notes Receivable - Combined Marriott
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	361	$	327	$	111	$	175	$	91	$	88	$	1,153
600 - 699	149		148		57		92		44		48		538
< 600	14		16		8		10		4		4		56
No Score	92		45		29		56		25		33		280
	$	616	$	536	$	205	$	333	$	164	$	173	$	2,027


	Originated Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	14	$	7	$	2	$	4	$	1	$	—	$	28
600 - 699	5		4		1		2		1		—		13
< 600	—		1		—		—		—		—		1
No Score	1		—		—		—		—		—		1
	$	20	$	12	$	3	$	6	$	2	$	—	$	43


	Originated Vacation Ownership Notes Receivable - Welk
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	77	$	40	$	—	$	—	$	—	$	—	$	117
600 - 699	30		18		—		—		—		—		48
< 600	—		1		—		—		—		—		1
No Score	1		1		—		—		—		—		2
	$	108	$	60	$	—	$	—	$	—	$	—	$	168

Vacation Ownership Notes Receivable on Non-Accrual Status

For both non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 11.66% as of September 30, 2022 and 11.75% as of December 31, 2021. 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 $12 million as of September 30, 2022 and $10 million as of December 31, 2021.

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


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2022	$	153	$	20	$	173
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021	$	202	$	18	$	220

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of September 30, 2022 and December 31, 2021.



	As of September 30, 2022						As of December 31, 2021
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	15	$	43	$	58	$	22	$	44	$	66
91 – 120 days past due	4		11		15		7		10		17
Greater than 120 days past due	149		9		158		195		8		203
Total past due	168		63		231		224		62		286
Current	505		1,812		2,317		399		1,762		2,161
Total vacation ownership notes receivable	$	673	$	1,875	$	2,548	$	623	$	1,824	$	2,447

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


7.			FINANCIAL INSTRUMENTS

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


	At September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,142	$	2,189	$	2,045	$	2,102
Other assets	68		68		76		76
Total financial assets	$	2,210	$	2,257	$	2,121	$	2,178

Securitized debt, net	$	(1,809)	$	(1,708)	$	(1,856)	$	(1,900)
2025 Notes, net	(248)		(243)		(248)		(261)
2028 Notes, net	(347)		(291)		(346)		(362)
2029 Notes, net	(494)		(395)		(493)		(505)
Term Loan, net	(778)		(743)		(776)		(784)
Revolving Corporate Credit Facility, net	(225)		(230)		—		—
2022 Convertible Notes, net(1)	—		—		(224)		(280)
2026 Convertible Notes, net(1)	(564)		(531)		(461)		(682)
Non-interest bearing note payable, net	(10)		(10)		—		—
Total financial liabilities	$	(4,475)	$	(4,151)	$	(4,404)	$	(4,774)

_________________________

(1)Prior period amounts have not been adjusted to reflect our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06.

Vacation Ownership Notes Receivable


	At September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net
Securitized	$	1,662	$	1,704	$	1,662	$	1,712

Eligible for securitization	122		127		97		104
Not eligible for securitization	358		358		286		286
Non-securitized	480		485		383		390
	$	2,142	$	2,189	$	2,045	$	2,102

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 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 $68 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).

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.

Senior Notes

We estimate the fair value of our 2025 Notes, 2028 Notes, and 2029 Notes (each as defined in Footnote 13 “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 13 “Debt”) using quotes from securities dealers as of the last trading day for the quarter; however this loan has 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 gross carrying value of our Revolving Corporate Credit Facility (as defined in Footnote 13 “Debt”) approximates fair value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3.

Convertible Notes

We estimate the fair value of the 2026 Convertible Notes (as defined in Footnote 13 “Debt”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which the 2026 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 2026 Convertible notes.

The 2022 Convertible Notes (as defined in Footnote 13 “Debt”) matured on September 15, 2022, and were repaid in full during the third quarter of 2022. See Footnote 13 “Debt” for further information on the 2022 Convertible Notes.

Non-Interest Bearing Note Payable

The carrying value of our non-interest bearing note payable issued in connection with the acquisition of vacation ownership units located in Bali, Indonesia approximates fair value. We concluded that this fair value measurement should be categorized within Level 3.

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE


8.			EARNINGS PER SHARE

Basic earnings or loss per common share attributable to common shareholders is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings or loss 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 or loss per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period.

We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. ASU 2020-06 is applicable to our convertible notes outstanding as of adoption and requires us to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of our intent to settle or partially settle the debt in cash. Under the “if-converted” method, shares issuable upon conversion of our convertible notes are assumed to be converted into common stock at the beginning of the period, to the extent dilutive. We issued notice of our intent to settle the 2022 Convertible Notes in cash, which became irrevocable on June 15, 2022, and as a result, we suspended the use of the “if-converted” method for the 2022 Convertible Notes at that time, as there was no longer a share settlement option. Earnings per share for the three and nine months ended September 30, 2021 have not been retrospectively restated and continue to be reported under the accounting standards in effect for that period.

The shares issuable on exercise of the warrants sold in connection with the issuance of our convertible notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If and when the price of our common stock exceeds the respective strike price of any of the warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The convertible note hedges purchased in connection with each issuance of 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 2022 Convertible Notes and the 2022 Convertible Note Hedges (as defined in Footnote 13 “Debt”) matured on September 15, 2022, however the 2022 Warrants (as defined in Footnote 13 “Debt”) remained outstanding as of September 30, 2022. See Footnote 13 “Debt” for further information on our convertible notes.

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


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021

Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Basic earnings (loss) per share	$	2.76	$	0.24	$	7.39	$	(0.28)

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


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022(1)		September 30, 2021(1)		September 30, 2022(1)		September 30, 2021(1)





Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	1		—		4		—
Numerator used to calculate diluted earnings (loss) per share	$	110	$	10	$	307	$	(12)

Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Effect of dilutive shares outstanding(2)
Employee SARs	0.2		0.2		0.2		—
Restricted stock units	0.3		0.5		0.3		—
2022 Convertible Notes ($230 million of principal)(3)	—		0.1		0.9		—
2026 Convertible Notes ($575 million of principal)	3.4		—		3.4		—
Shares for diluted earnings (loss) per share	43.4		43.7		45.9		42.4
Diluted earnings (loss) per share	$	2.53	$	0.23	$	6.68	$	(0.28)

_______________________________

(1)The computations of diluted earnings per share attributable to common shareholders exclude approximately 293,000 and 298,000 shares of common stock, the maximum number of shares issuable as of September 30, 2022 and September 30, 2021, 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)For the first three quarters of 2021, the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the period presented, as the effects of including these securities would have been anti-dilutive.


	Nine Months Ended
(in millions)		September 30, 2021
Employee SARs		0.2
Restricted stock units		0.5
2022 Convertible Notes ($230 million of principal)		0.1

		0.8

(3)We had the option to settle the 2022 Convertible Notes in cash, stock, or a combination of the two. Therefore, from the beginning of 2022, through the date on which our notice of our intent to settle the 2022 Convertible Notes in cash became irrevocable, we included shares in the denominator of the diluted earnings per share calculation, applying the “if-converted” method. For the period from June 15, 2022 through the maturity date of September 15, 2022, we excluded the related shares from the denominator of the diluted earnings per share calculation.

In accordance with the applicable accounting guidance for calculating earnings per share, for the third quarter of 2022, we excluded from our calculation of diluted earnings per share 252,314 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $143.38 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the first three quarters of 2022, we excluded from our calculation of diluted earnings per share 199,813 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $159.27 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the third quarter of 2021, we excluded from our calculation of diluted earnings per share 127,008 shares underlying SARs that may settle in shares of common stock because the exercise price of $173.88 of such SARs was greater than the average market price of our common stock for the applicable period.

INVENTORY

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

INVENTORY


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At September 30, 2022		At December 31, 2021


Real estate inventory(1)	$	659	$	710
Other	9		9
	$	668	$	719

_________________________

(1)Represents completed inventory that is registered for sale as vacation ownership interests and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable.

We value vacation ownership products at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or net realizable value. Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $15 million during the first three quarters of 2022 and by $6 million during the first three quarters of 2021.

In addition to the above, at September 30, 2022 and December 31, 2021, we had $441 million and $460 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

GOODWILL AND INTANGIBLES

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES


10.			GOODWILL AND INTANGIBLES

Goodwill

The following table details the carrying amount of our goodwill at September 30, 2022 and December 31, 2021, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition.


($ in millions)	Vacation Ownership Reporting Unit		Exchange & Third-Party Management Reporting Unit		Total Consolidated
Balance at December 31, 2021	$	2,778	$	372	$	3,150

Measurement period adjustments	(8)		—		(8)




Disposition of VRI Americas	—		(25)		(25)





Balance at September 30, 2022	$	2,770	$	347	$	3,117

Intangible Assets

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


($ in millions)	At September 30, 2022		At December 31, 2021
Definite-lived intangible assets
Member relationships	$	667	$	671
Management contracts	427		452
	1,094		1,123
Accumulated amortization	(233)		(194)
	861		929
Indefinite-lived intangible assets
Trade names	63		64
	$	924	$	993

CONTINGENCIES AND COMMITMENTS

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS


11.			CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of September 30, 2022, 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 commitment under these contracts was $77 million, of which we expect $24 million, $29 million, $13 million, $7 million, and $4 million will be paid in the remainder of 2022, 2023, 2024, 2025, and 2026 and thereafter, respectively.

•We have a commitment to acquire real estate for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 16 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction.

•We have commitments to acquire inventory from our managed owners’ associations in the remainder of 2022 for $22 million.

Surety bonds issued as of September 30, 2022 totaled $129 million, the majority of which were requested by federal, state, or local governments in connection with our operations.

As of September 30, 2022, we had $1 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 13 “Debt”). In addition, as of September 30, 2022, 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.

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 of rental revenue or guaranteed amounts 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 we either retain the balance (if any) as our fee or we make up the deficit. At September 30, 2022, our maximum exposure under fixed dollar guarantees was $7 million, of which $2 million, $2 million, $1 million, $1 million, and $1 million relate to 2023, 2024, 2025, 2026, and thereafter, respectively.

We have a commitment to an owners’ association that we manage to pay for any shortfall between the actual expenses incurred by the owners’ association and the income received by the owners’ association, in lieu of maintenance fees for unsold inventory. The agreement will terminate on the earlier of: 1) sale of 95% of the total ownership interests in the owners’ association; or 2) written notification of termination by either party. At September 30, 2022, our expected commitment for the remainder of 2022 is $2 million, which will ultimately be recorded as a component of rental expense on our income statement.

Loss Contingencies

In February 2019, the owners’ association for the St. Regis Residence Club, New York 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, were 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 February 2022, the Court granted our motion to dismiss the complaint and dismissed with prejudice all claims except one, with respect to which the plaintiff was granted leave to amend its complaint. The plaintiff has filed an amended complaint and has appealed the dismissal of the other claims.

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 August 2022, the District Court denied plaintiffs’ motion for class certification. In September 2022, the U.S. Court of Appeals for the Third Circuit denied plaintiffs’ petition for leave to appeal the District Court’s order denying class certification.

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 or 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.

Leases That Have Not Yet Commenced

During 2020, we entered into a finance lease arrangement, which was amended in 2021, for our new global headquarters office building, which is being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. We expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.

SECURITIZED DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

SECURITIZED DEBT


12.			SECURITIZED DEBT

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


($ in millions)	At September 30, 2022		At December 31, 2021
Vacation ownership notes receivable securitizations, gross(1)	$	1,698	$	1,877
Unamortized debt discount and issuance costs	(19)		(21)
	1,679		1,856

Warehouse Credit Facility, gross(2)	132		—
Unamortized debt issuance costs(3)	(2)		—
	130		—


	$	1,809	$	1,856

_________________________

(1)Interest rates as of September 30, 2022 range from 1.5% to 4.6%, with a weighted average interest rate of 2.7%.

(2)Effective interest rate as of September 30, 2022 was 3.9%.

(3)Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding at that time.

All of our securitized debt is non-recourse to MVWC. See Footnote 16 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt.

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2022.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
($ in millions)
Payments Year
2022, remaining	$	43	$	1	$	44
2023	174		6		180
2024	179		7		186
2025	179		118		297
2026	180		—		180
Thereafter	943		—		943
	$	1,698	$	132	$	1,830

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 the third quarter of 2022, and as of September 30, 2022, we had 14 securitized vacation ownership notes receivable pools outstanding, none of which were out of compliance with their respective established parameters.

As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors.

During the second quarter of 2022, we completed the securitization of a pool of $383 million of vacation ownership notes receivable. In connection with the securitization, investors purchased $375 million in vacation ownership loan backed notes issued by MVW 2022-1 LLC (the “2022-1 LLC”) in a private placement. The 2022-1 LLC issued four classes of vacation ownership loan backed notes: $220 million of Class A Notes, $77 million of Class B Notes, $48 million of Class C Notes, and $30 million of Class D Notes. The Class A Notes have an interest rate of 4.15%, the Class B Notes have an interest rate of 4.40%, the Class C Notes have an interest rate of 5.23%, and the Class D Notes have an interest rate of 7.35%, for an overall weighted average interest rate of 4.59%. Of the $375 million in proceeds from the transaction, approximately $98 million was used to repay all outstanding amounts previously drawn under our Warehouse Credit Facility (as defined below), approximately $7 million was used to pay transaction expenses and fund required reserves, and the remaining $176 million will be used for general corporate purposes. In connection with this securitization, we redeemed the remaining vacation ownership loan backed notes issued in a prior securitization transaction for approximately $38 million. The majority of the loans acquired through the redemption were purchased by the 2022-1 LLC.

On November 3, 2022, subsequent to the end of the third quarter of 2022, we completed the securitization of a pool of $286 million of vacation ownership notes receivable. In connection with the securitization, $280 million in vacation ownership loan backed notes were issued by MVW 2022-2 LLC (the “2022-2 LLC”) in a private placement. Four classes of vacation ownership loan backed notes were issued by the 2022-2 LLC: $181 million of Class A Notes, $45 million of Class B Notes, $32 million of Class C Notes, and $22 million of Class D Notes. The Class A Notes have an interest rate of 6.11%, the Class B Notes have an interest rate of 6.55%, the Class C Notes have an interest rate of 7.62%, and the Class D Notes have an interest rate of 9.00%, for an overall weighted average interest rate of 6.58%. The weighted average interest rate of the first three classes of notes sold to third parties was 6.37%. Investors purchased $258 million of the vacation ownership loan backed notes issued by the 2022-2 LLC on November 3, 2022, comprised of the Class A Notes, the Class B Notes, and the Class C Notes, and we retained the $22 million of Class D Notes. Of the $259 million in proceeds from the transaction, approximately $129 million was used to repay all outstanding amounts previously drawn under our Warehouse Credit Facility (as defined below), approximately $6 million was used to pay transaction expenses and fund required reserves, and the remaining $124 million will be used for general corporate purposes. In connection with this securitization, we redeemed the remaining vacation ownership loan backed notes issued in a prior securitization transaction for approximately $22 million. The majority of the loans acquired through the redemption were purchased by the 2022-2 LLC.

Warehouse Credit Facility

Our warehouse credit facility (the “Warehouse Credit Facility”) allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis. During the first quarter of 2022, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $125 million. The average advance rate was 81%, which resulted in gross proceeds of $102 million. Net proceeds were $101 million due to the funding of reserve accounts of $1 million.

During the third quarter of 2022, we amended certain agreements associated with our Warehouse Credit Facility (the “Warehouse Amendment”). The Warehouse Amendment increased the borrowing capacity of the existing facility from $350 million to $425 million and extended the revolving period from April 21, 2023 to July 28, 2024. The Warehouse Amendment also modified the interest rate applicable to most borrowings under the Warehouse Credit Facility. The Warehouse Credit Facility now uses a U.S. Treasury overnight financing rate (Secured Overnight Financing Rate or “SOFR”) plus a 0.10% adjustment (“Adjusted SOFR”) replacing 1-month LIBOR as its benchmark interest rate. As part of the Warehouse Amendment, the credit spread remained at 135 basis points over Adjusted SOFR. The Warehouse Amendment made no other material changes to the Warehouse Credit Facility.

During the third quarter of 2022, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $159 million. The average advance rate was 83%, which resulted in gross proceeds of $132 million. Net proceeds were $132 million due to the funding of reserve accounts of less than $1 million.

DEBT

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT


13.			DEBT

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


($ in millions)		At September 30, 2022		At December 31, 2021
Senior Secured Notes
	2025 Notes	$	250	$	250
	Unamortized debt discount and issuance costs	(2)		(2)
		248		248
Senior Unsecured Notes




	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(3)		(4)
		347		346

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(6)		(7)
		494		493
Corporate Credit Facility
	Term Loan	784		784
	Unamortized debt discount and issuance costs	(6)		(8)
		778		776

	Revolving Corporate Credit Facility(1)	230		—
	Unamortized debt issuance costs(2)	(5)		—
		225		—
Convertible Notes
	2022 Convertible Notes	—		230
	Unamortized debt discount and issuance costs	—		(6)
		—		224

	2026 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	(11)		(114)
		564		461

Non-interest bearing note payable		10		—



Finance Leases		83		83
		$	2,749	$	2,631

_________________________

(1)Effective interest rate as of September 30, 2022 was 7.0%.

(2)Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2022.


($ in millions)	2025 Notes		2028 Notes		2029 Notes		Term Loan		Revolving Corporate Credit Facility		2026 Convertible Notes		Non-Interest Bearing Note Payable		Total
Year Payments
2022, remaining	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2023	—		—		—		—		—		—		6		6
2024	—		—		—		—		—		—		4		4
2025	250		—		—		784		—		—		—		1,034
2026	—		—		—		—		—		575		—		575
Thereafter	—		350		500		—		230		—		—		1,080
	$	250	$	350	$	500	$	784	$	230	$	575	$	10	$	2,699

Senior Notes

Our senior notes include:

•$500 million aggregate principal amount of 6.125% Senior Secured Notes due 2025 issued in the second quarter of 2020 with a maturity date of September 15, 2025 (the “2025 Notes”), of which $250 million of principal was outstanding as of September 30, 2022.

•$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”).

•$500 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2029 issued in the second quarter of 2021 with a maturity date of June 15, 2029 (the “2029 Notes”).

Corporate Credit Facility

Our corporate credit facility (“Corporate Credit Facility”), which provides support for our business, including ongoing liquidity and letters of credit, includes a $900 million term loan facility (the “Term Loan”), which matures on August 31, 2025, and bears interest at LIBOR plus 1.75%, and a revolving credit facility (the “Revolving Corporate Credit Facility”) which includes a letter of credit sub-facility of $75 million.

During the first quarter of 2022, we entered into an amendment to the Revolving Corporate Credit Facility (the “Revolver Amendment”), which increased the borrowing capacity of the existing revolving credit facility from $600 million to $750 million and extended the maturity date from August 31, 2023 to March 31, 2027. The Revolver Amendment modified the interest rate applicable to borrowings under the Revolving Corporate Credit Facility to reference SOFR and to be based on “Adjusted Term SOFR,” which is calculated as Term SOFR (as defined in the Revolver Amendment), plus a 0.10% adjustment, subject to a 0.00% floor. Interest rates for other select non-U.S. dollar borrowings were also amended to be based on updated variable rate indices. The applicable margins with respect to the Revolving Corporate Credit Facility were amended to be based on leverage-based measures instead of credit ratings-based measures. The Revolver Amendment made no other material changes to the Corporate Credit Facility.

During the third quarter of 2022, we borrowed $380 million under our Revolving Corporate Credit Facility, $230 million of which was used to repay the 2022 Convertible Notes (as defined and discussed further below). As of September 30, 2022, $230 million of principal was outstanding and all other amounts borrowed under the Revolving Corporate Credit Facility had been repaid.

Prior to 2020, we entered into $250 million of interest rate swaps under which we pay a fixed rate of 2.9625% 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% and receive a floating interest rate through April 2024, in each case to hedge a portion of our interest rate risk on the Term Loan. We also entered into a $100 million interest rate collar with a cap strike rate of 2.5000% and a floor strike rate of 1.8810% through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and are recorded in Other assets on our Balance Sheet as of September 30, 2022 and in Other liabilities on our Balance Sheet as of December 31, 2021. We characterize payments we make or receive in connection with these

derivative instruments as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes.

The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first three quarters of 2022 and 2021. There were no reclassifications to the Income Statement for either of the periods presented below.


($ in millions)	2022		2021
Derivative instrument adjustment balance, January 1	$	(18)	$	(39)
Other comprehensive gain before reclassifications	16		6


Derivative instrument adjustment balance, March 31	(2)		(33)
Other comprehensive gain before reclassifications	7		3


Derivative instrument adjustment balance, June 30	$	5	$	(30)
Other comprehensive gain before reclassifications	8		3


Derivative instrument adjustment balance, September 30	$	13	$	(27)

Convertible Notes

2022 Convertible Notes

During 2017, we issued $230 million aggregate principal amount of 1.50% convertible senior notes for which interest was payable semi-annually (the “2022 Convertible Notes”). The 2022 Convertible Notes matured at par on September 15, 2022, at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized. The following table reflects the activity related to our 2022 Convertible Notes during the first three quarters of 2022.


($ in millions)	Principal Amount		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Debt, net		Carrying Amount of Equity Component, net of Issuance Costs
At December 31, 2021	$	230	$	(5)	$	(1)	$	224	$	33
Adoption of ASU 2020-06(1)	—		5		—		5		(33)
At January 1, 2022	230		—		(1)		229		—
Amortization	—		—		1		1		—
Fair value of conversion option transferred to other liabilities(2)	—		(5)		—		(5)		—
At June 30, 2022	230		(5)		—		225		—
Amortization	—		5		—		5		—
Repayment upon maturity	(230)		—		—		(230)		—
At September 30, 2022	$	—	$	—	$	—	$	—	$	—

________________________

(1)As a result of the adoption of ASU 2020-06 during the first quarter of 2022, we no longer accounted for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2022 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted to reflect our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06.

(2)We issued notice of our intent to settle the 2022 Convertible Notes in cash, which became irrevocable on June 15, 2022, and as a result, our previous exception to derivative accounting no longer applied and we were required to fair value the conversion feature on the 2022 Convertible Notes at that time. The fair value of the conversion feature of $5 million was recorded as a debt discount and a corresponding increase to Other liabilities on our balance sheet. Subsequent changes to the fair value of the conversion feature were recorded on our income statement.

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Contractual interest expense	$	1	$	1	$	3	$	3
Amortization of debt discount	5		1		5		5
Amortization of debt issuance costs	—		—		1		1
	$	6	$	2	$	9	$	9

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”), covering 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 1.6 million shares of our common stock.

The 2022 Note Hedges were required to follow the same settlement provisions as the 2022 Convertible Notes. As such, upon issuance of the irrevocable notice of our intent to settle the 2022 Convertible Notes in cash, our previous exception to the derivative accounting for the 2022 Convertible Note Hedges no longer applied and we were required to fair value the 2022 Convertible Note Hedges at that time. The 2022 Convertible Note Hedges expired upon the maturity of the 2022 Convertible Notes, and none were exercised. The 2022 Warrants expire in ratable portions on a series of expiration dates over the 60 scheduled trading day period commencing on December 15, 2022. As of September 30, 2022, the strike price of the 2022 Warrants was subject to adjustment to approximately $176.11, as a result of the dividends we declared since the issuance of the 2022 Warrants that were greater than the quarterly dividend we paid when the 2022 Warrants were issued. As of September 30, 2022, no 2022 Warrants have been exercised.

2026 Convertible Notes

During 2021, we issued $575 million aggregate principal amount of convertible senior notes (the “2026 Convertible Notes”) that bear interest at a rate of 0.00%. The 2026 Convertible Notes mature on January 15, 2026, 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 September 30, 2022 to 5.9657 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $167.62 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 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. As of September 30, 2022, the effective interest rate was 0.55%.

The following table shows the net carrying value of the 2026 Convertible Notes.


($ in millions)	At September 30, 2022		At December 31, 2021
Liability component
Principal amount	$	575	$	575
Unamortized debt discount(1)	—		(104)
Unamortized debt issuance costs	(11)		(10)
Net carrying amount of the liability component	$	564	$	461

Carrying amount of equity component, net of issuance costs(1)	$	—	$	117

________________________

(1)As a result of adoption of ASU 2020-06 during the first quarter of 2022, we no longer account for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2026 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted to reflect our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06.

The following table shows interest expense information related to the 2026 Convertible Notes.


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Amortization of debt discount	$	—	$	6	$	—	$	16
Amortization of debt issuance costs	1		1		2		2
	$	1	$	7	$	2	$	18

2026 Convertible Note Hedges and Warrants

In connection with the offering of the 2026 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“2026 Convertible Note Hedges”), covering a total of approximately 3.4 million shares of our common stock, and warrant transactions (“2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges, warrants to acquire approximately 3.4 million shares of our common stock. As of September 30, 2022, the strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to approximately $167.62 and $209.53, respectively, and no 2026 Convertible Note Hedges or 2026 Warrants have been exercised.

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 2026 Convertible Notes, the 2025 Notes, the 2028 Notes, and the 2029 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding bankruptcy remote special purpose subsidiaries.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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+ Details

SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

SHAREHOLDERS’ EQUITY


14.			SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At September 30, 2022, there were 75,744,121 shares of Marriott Vacations Worldwide common stock issued, of which 38,707,674 shares were outstanding and 37,036,447 shares were held as treasury stock. At December 31, 2021, there were 75,519,049 shares of Marriott Vacations Worldwide common stock issued, of which 42,283,378 shares were outstanding and 33,235,671 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $0.01 per share, none of which were issued or outstanding as of September 30, 2022 or December 31, 2021.

Share Repurchase Program

From time to time, with the approval of our Board of Directors, we may undertake programs to purchase our own shares (each, a “Share Repurchase Program” and collectively, the “Share Repurchase Programs”). During the third quarter of 2021, our Board of Directors authorized us to purchase shares of our common stock under a Share Repurchase Program for an aggregate purchase price not to exceed $250 million, prior to December 31, 2022. During the first quarter of 2022, our Board of Directors authorized the purchase of up to an additional $300 million of our common stock under this program, as well as the extension of the term of this program to March 31, 2023. During the third quarter of 2022, our Board of Directors authorized the purchase of up to an additional $500 million of our common stock under this program, as well as the extension of the term of this program to June 30, 2023. As of September 30, 2022, approximately $444 million remained available for share repurchases under the Share Repurchase Program.

Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. In connection with the current Share Repurchase Program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The authorization for the current Share Repurchase Program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Acquired shares of our common stock are currently held as treasury shares and carried at cost in our Financial Statements.

The following table summarizes share repurchase activity under our Share Repurchase Programs:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2021	17,681,395	$	1,418	$	80.17
For the first three quarters of 2022	3,852,726	528		$	137.16
As of September 30, 2022	21,534,121	$	1,946	$	90.37

Dividends

We declared cash dividends to holders of common stock during the first three quarters of 2022 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt, and Board approval. There can be no assurance that we will pay dividends in the future.

Declaration Date

Shareholder Record Date

Distribution Date

Dividend per Share

February 18, 2022

March 3, 2022

March 17, 2022

$0.62

May 12, 2022

May 26, 2022

June 9, 2022

$0.62

September 8, 2022

September 22, 2022

October 6, 2022

$0.62

Noncontrolling Interests - Owners’ Associations

We consolidate certain owners’ associations. Noncontrolling interests represent the portion of the owners’ associations related to third-party vacation ownership interest owners. Noncontrolling interests of $2 million and $10 million, as of September 30, 2022 and December 31, 2021, respectively, are included on our Balance Sheets as a component of equity.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION


15.			SHARE-BASED COMPENSATION

We maintain the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”) for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock and restricted stock units (“RSUs”) of our common stock, (2) stock appreciation rights (“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 September 30, 2022, approximately 1.0 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:


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Service-based RSUs	$	7	$	8	$	24	$	23
Performance-based RSUs	1		1		2		4

	8		9		26		27
SARs	2		2		4		6

	$	10	$	11	$	30	$	33

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


($ in millions)	At September 30, 2022		At December 31, 2021
Service-based RSUs	$	34	$	33
Performance-based RSUs	8		—

	42		33
SARs	2		2

	$	44	$	35

Restricted Stock Units

We granted 179,505 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $152.06, to our employees and non-employee directors during the first three quarters of 2022. During the first three quarters of 2022, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 129,280 RSUs may be earned under the performance-based RSU awards granted during the first three quarters of 2022.

Stock Appreciation Rights

We granted 77,037 SARs, with a weighted average grant-date fair value of $59.68 and a weighted average exercise price of $159.27, to members of management during the first three quarters of 2022. We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts.

The following table outlines the assumptions used to estimate the fair value of grants during the first three quarters of 2022:


Expected volatility			42.86%
Dividend yield			1.53%
Risk-free rate			1.77%
Expected term (in years)			6.25

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES


16.			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 liquidity for general corporate purposes. 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.

The following table shows consolidated assets, which are collateral for the obligations of these VIEs, and consolidated liabilities included on our Balance Sheet at September 30, 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,527	$	135	$	1,662
Interest receivable	11		1		12
Restricted cash	62		5		67
Total	$	1,600	$	141	$	1,741
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Securitized debt	1,698		132		1,830
Total	$	1,700	$	132	$	1,832

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the third quarter of 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	58	$	2	$	60
Interest expense to investors	$	12	$	1	$	13
Debt issuance cost amortization	$	2	$	—	$	2

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first three quarters of 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	173	$	6	$	179
Interest expense to investors	$	33	$	2	$	35
Debt issuance cost amortization	$	6	$	1	$	7
Administrative expenses	$	1	$	—	$	1

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


	Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	371	$	421
Principal receipts	413		432
Interest receipts	174		167
Reserve release	153		109
Total	1,111		1,129
Cash Outflows
Principal to investors	(446)		(452)
Voluntary repurchases of defaulted vacation ownership notes receivable	(69)		(78)
Voluntary clean-up call	(39)		(72)
Interest to investors	(34)		(33)
Funding of restricted cash	(95)		(110)
Total	(683)		(745)
Net Cash Flows	$	428	$	384

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


	Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	234	$	—
Principal receipts	12		—
Interest receipts	5		—
Reserve release	1		—
Total	252		—
Cash Outflows
Principal to investors	(3)		—

Repayment of Warehouse Credit Facility	(98)		—
Interest to investors	(2)		(1)
Funding of restricted cash	(2)		—
Total	(105)		(1)
Net Cash Flows	$	147	$	(1)

Other Variable Interest Entities

We have a commitment to purchase a property located in Waikiki, Hawaii. The property is held by a VIE for which we are not the primary beneficiary. We do not control the decisions that most significantly impact the economic performance of the entity during construction. Further, our purchase commitment is contingent upon the property being redeveloped to our brand standards. Accordingly, we have not consolidated the VIE. During the second quarter of 2022, we amended the terms of our prior commitment and extended a bridge loan to the VIE for $47 million. During the third quarter of 2022, we further amended the terms of our prior commitment at which time the bridge loan was fully repaid. We expect to acquire the property over time and as of September 30, 2022, we expect to make payments for the property as follows: $112 million in 2024, $81 million in 2025 and $41 million in 2026. As of September 30, 2022, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of approximately $1 million, $1 million in Property and Equipment, and $2 million in Accrued Liabilities. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $1 million as of September 30, 2022.

Deferred Compensation Plan

We consolidate the liabilities of the Marriott Vacations Worldwide Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a 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 September 30, 2022, the value of the assets held in the rabbi trust was $68 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

BUSINESS SEGMENTS


17.			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 some of the world’s most iconic brands licensed under exclusive, long-term relationships. 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 provision of management services to other resorts and lodging properties. We provide these services through Interval International and Aqua-Aston. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, owners’ association management, and other related products and services. VRI Americas was part of the Exchange & Third-Party Management segment through the date of sale in April 2022. See Footnote 3 “Acquisitions and Dispositions” for more information on the disposition of VRI Americas.

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 owners’ associations, as our CODM does not use this information to make operating segment resource allocations.

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

Revenues


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Vacation Ownership	$	1,182	$	974	$	3,229	$	2,518
Exchange & Third-Party Management	71		77		229		249
Total segment revenues	1,253		1,051		3,458		2,767
Corporate and other	(1)		1		10		23
	$	1,252	$	1,052	$	3,468	$	2,790

Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Adjusted EBITDA Vacation Ownership	$	299	$	215	$	772	$	465
Adjusted EBITDA Exchange & Third-Party Management	39		35		117		113
Reconciling items:
Corporate and other	(54)		(45)		(162)		(140)
Interest expense	(34)		(41)		(91)		(128)
Tax provision	(59)		(47)		(134)		(63)
Depreciation and amortization	(33)		(35)		(98)		(112)
Share-based compensation expense	(10)		(11)		(30)		(33)
Certain items	(39)		(61)		(71)		(114)
Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)

Assets


($ in millions)	At September 30, 2022		At December 31, 2021
Vacation Ownership	$	7,947	$	7,897
Exchange & Third-Party Management	824		911
Total segment assets	8,771		8,808
Corporate and other	466		805
	$	9,237	$	9,613

We conduct business globally, and our operations outside the United States represented approximately 12% and 10% of our revenues, excluding cost reimbursements, for the three months ended September 30, 2022 and September 30, 2021, respectively, and 12% and 10% of our revenues, excluding cost reimbursements, for the nine months ended September 30, 2022 and September 30, 2021, respectively.

- 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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Nature of Operations	The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.
Principles of Consolidation	The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss 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. Pursuant to a change in control of certain consolidated owners’ associations during the second quarter of 2022, we recorded non-cash losses of $3 million in (Losses) gains and other (expense) income, net on our Income Statement for the nine months ended September 30, 2022 and deconsolidated $110 million of assets, inclusive of $48 million of restricted cash, and $99 million of liabilities, resulting in a decrease in Noncontrolling interests of $8 million during the first three quarters of 2022. We continue to act as manager for these owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests. 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, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties created by the COVID-19 pandemic, macroeconomic inflationary pressures, and the uncertainty of the success of ongoing efforts to mitigate the effects of the COVID-19 pandemic and inflationary pressures in the general macroeconomic environment, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic, inflationary pressures, general macroeconomic conditions, rising interest rates, and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2021 Annual Report.
Basis of Presentation	The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income or loss 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. Pursuant to a change in control of certain consolidated owners’ associations during the second quarter of 2022, we recorded non-cash losses of $3 million in (Losses) gains and other (expense) income, net on our Income Statement for the nine months ended September 30, 2022 and deconsolidated $110 million of assets, inclusive of $48 million of restricted cash, and $99 million of liabilities, resulting in a decrease in Noncontrolling interests of $8 million during the first three quarters of 2022. We continue to act as manager for these owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests. 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, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainties created by the COVID-19 pandemic, macroeconomic inflationary pressures, and the uncertainty of the success of ongoing efforts to mitigate the effects of the COVID-19 pandemic and inflationary pressures in the general macroeconomic environment, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic, inflationary pressures, general macroeconomic conditions, rising interest rates, and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2021 Annual Report.
Acquisition of Welk	Acquisition of WelkOn April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.”
New Accounting Standards And Future Adoption of Accounting Standards	New Accounting Standards 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 the first quarter of 2022, we adopted accounting standards update (“ASU”) 2020-06, using the modified retrospective method. Upon adoption of ASU 2020-06, our convertible notes were no longer separated into liability and equity components, and we are required to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of intent to settle or partially settle the debt in cash. Under the “if-converted” method, diluted earnings per share is generally calculated assuming that all of our convertible notes are 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 reduces our reported diluted earnings per share. The impacts of the adoption were recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes was reclassified from equity to liabilities. In addition, we eliminated the related equity adjustment associated with the deferred tax liability. The adoption of ASU 2020-06 on January 1, 2022 resulted in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $31 million. The remaining debt issuance costs will continue to be amortized over the respective terms of our convertible notes. The prior period consolidated financial statements have not been retrospectively restated and continue to be reported under the accounting standards in effect for those periods. See Footnote 13 “Debt” for further information on accounting for the 2022 Convertible Notes and the 2022 Convertible Note Hedges (as defined in Footnote 13 “Debt”), subsequent to the adoption of ASU 2020-06. Accounting Standards Update 2021-08 - “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”) In the first quarter of 2022, we adopted ASU 2021-08, which amended ASC 805 to require entities to apply ASC 606, Revenue from Contracts with Customers, to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination. The adoption of ASU 2021-08 on January 1, 2022 did not have a material impact on our financial statements or disclosures. In the event that we complete business combinations in the future, the application of ASU 2021-08 could result in higher acquired deferred revenue. Future Adoption of Accounting Standards 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 was effective upon issuance and issuers may generally elect to adopt the optional expedients and exceptions over time through December 31, 2022. As of September 30, 2022, the interest rate applicable to borrowings under our existing Term Loan (as defined in Footnote 13 “Debt”) generally continued to reference LIBOR, as did certain interest rate swaps and collars. During the third quarter of 2022, we amended the terms of our Warehouse Credit Facility to, among other things, reference SOFR (as defined in Footnote 12 “Securitized Debt”) rather than LIBOR. Our Term Loan and certain interest rate swaps and collars have not yet discontinued the use of LIBOR. To the extent these instruments are amended to reference a different benchmark interest rate, we may elect to utilize the relief available in ASU 2020-04. When we renew or amend our remaining existing debt instruments, we will determine a replacement rate for LIBOR. We have not adopted any of the optional expedients or exceptions as of September 30, 2022, but will continue to evaluate their adoption during the effective period as circumstances evolve. Accounting Standards Update 2022-02 – “Financial Instruments–Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) In March 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhances disclosure requirements with respect to loan modifications for borrowers experiencing financial difficulty. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination to be presented in the vintage disclosures for financing receivables. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact that adoption of ASU 2022-02, including the timing of implementation, will have on our financial statements and disclosures; however, we do not expect adoption to have a material effect on our financial statements or disclosures other than disclosure changes related to vintage disclosures for financing receivables.

ACQUISITIONS AND DISPOSITIONS (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Consideration transferred

The following table presents the fair value of each type of consideration transferred at the Welk Acquisition Date, as finalized at March 31, 2022.


(in millions, except per share amounts)
Equivalent shares of Marriott Vacations Worldwide common stock issued	1.4
Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date	$	174.18
Fair value of Marriott Vacations Worldwide common stock issued	248
Cash consideration to Welk, net of cash and restricted cash acquired of $48 million	157



Total consideration transferred, net of cash and restricted cash acquired	$	405

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 in connection with the business combination as previously reported at December 31, 2021, and as finalized at March 31, 2022. During the first quarter of 2022, we refined our valuation models related to certain acquired assets and liabilities as follows:



($ in millions)	April 1, 2021 (as reported at December 31, 2021)		Adjustments		April 1, 2021 (as finalized at March 31, 2022)
Vacation ownership notes receivable, net	$	255	$	—	$	255
Inventory	111		—		111
Property and equipment	83		—		83
Intangible assets	102		—		102
Other assets	19		—		19

Deferred taxes	(32)		8		(24)
Debt	(189)		—		(189)
Securitized debt	(184)		—		(184)
Other liabilities	(93)		—		(93)
Net assets acquired	72		8		80
Goodwill(1)	333		(8)		325
	$	405	$	—	$	405

_________________________

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 Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.

There were no Welk Acquisition-related costs included in the unaudited pro forma results below for the nine months ended September 30, 2021.


	Nine Months Ended
($ in millions, except per share data)	September 30, 2021
Revenues	$	2,837
Net income	$	7
Net loss attributable to common shareholders	$	(1)
LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	(0.01)
Diluted	$	(0.01)

Legacy-Welk Results of Operations

The following table presents the results of Legacy-Welk operations included in our Income Statement for the three months and nine months ended September 30, 2022 and September 30, 2021.


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Revenue	$	67	$	53	$	174	$	101
Net income	$	15	$	10	$	27	$	16

REVENUE AND RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Three Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	444	$	—	$	—	$	444

Ancillary revenues	63		1		—		64
Management fee revenues	41		7		(1)		47
Exchange and other services revenues	32		47		8		87
Management and exchange	136		55		7		198

Rental	154		11		—		165

Cost reimbursements	374		5		(8)		371
Revenue from contracts with customers	1,108		71		(1)		1,178

Financing	74		—		—		74
Total Revenues	$	1,182	$	71	$	(1)	$	1,252


	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	330	$	—	$	—	$	330

Ancillary revenues	55		1		—		56
Management fee revenues	40		10		(4)		46
Exchange and other services revenues	31		48		44		123
Management and exchange	126		59		40		225

Rental	121		9		—		130

Cost reimbursements	328		9		(39)		298
Revenue from contracts with customers	905		77		1		983

Financing	69		—		—		69
Total Revenues	$	974	$	77	$	1	$	1,052


	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,179	$	—	$	—	$	1,179

Ancillary revenues	183		3		—		186
Management fee revenues	124		28		(5)		147
Exchange and other services revenues	95		146		49		290
Management and exchange	402		177		44		623

Rental	405		33		—		438

Cost reimbursements	1,026		19		(34)		1,011
Revenue from contracts with customers	3,012		229		10		3,251

Financing	217		—		—		217
Total Revenues	$	3,229	$	229	$	10	$	3,468


	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	789	$	—	$	—	$	789

Ancillary revenues	135		2		—		137
Management fee revenues	117		24		(15)		126
Exchange and other services revenues	91		153		131		375
Management and exchange	343		179		116		638

Rental	308		32		—		340

Cost reimbursements	882		38		(93)		827
Revenue from contracts with customers	2,322		249		23		2,594

Financing	196		—		—		196
Total Revenues	$	2,518	$	249	$	23	$	2,790

Revenue remaining performance obligation

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


	Three Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	597	$	31	$	(1)	$	627
Goods or services transferred at a point in time	511		40		—		551
Revenue from contracts with customers	$	1,108	$	71	$	(1)	$	1,178


	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	517	$	38	$	1	$	556
Goods or services transferred at a point in time	388		39		—		427
Revenue from contracts with customers	$	905	$	77	$	1	$	983


	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,638	$	103	$	10	$	1,751
Goods or services transferred at a point in time	1,374		126		—		1,500
Revenue from contracts with customers	$	3,012	$	229	$	10	$	3,251


	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,388	$	118	$	23	$	1,529
Goods or services transferred at a point in time	934		131		—		1,065
Revenue from contracts with customers	$	2,322	$	249	$	23	$	2,594

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 September 30, 2022 or December 31, 2021.


($ in millions)	At September 30, 2022		At December 31, 2021
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	154	$	172
Vacation ownership notes receivable, net	2,142		2,045
	$	2,296	$	2,217
Contract Liabilities
Advance deposits	$	178	$	160
Deferred revenue	346		453
	$	524	$	613

Accounts and nontrade receivable

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


($ in millions)	At September 30, 2022		At December 31, 2021
Receivables from contracts with customers, net	$	154	$	172

Interest receivable	15		14
Tax receivable	30		48
Indemnification assets	19		22
Employee tax credit receivable	17		19
Other	13		4
	$	248	$	279

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of unrecognized tax benefits



($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2021	$	26
Increases related to tax positions taken during a prior period	4



Decreases as a result of a lapse of the applicable statute of limitations	(1)
Balance at September 30, 2022	$	29

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2022

Accounts, Notes, Loans and Financing Receivable [Line Items]

Composition of vacation ownership notes receivable balances, net of reserves

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


	September 30, 2022						December 31, 2021
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,421	$	241	$	1,662	$	1,308	$	354	$	1,662
Non-securitized
Eligible for securitization(1)	119		3		122		96		1		97
Not eligible for securitization(1)	327		31		358		267		19		286
Subtotal	446		34		480		363		20		383
	$	1,867	$	275	$	2,142	$	1,671	$	374	$	2,045

_________________________

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

Interest income associated with vacation ownership notes receivable

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Interest income associated with vacation ownership notes receivable — securitized	$	60	$	55	$	179	$	160
Interest income associated with vacation ownership notes receivable — non-securitized	11		13		30		30
Total interest income associated with vacation ownership notes receivable	$	71	$	68	$	209	$	190

Financing receivable, nonaccrual

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


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2022	$	153	$	20	$	173
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021	$	202	$	18	$	220

Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of September 30, 2022 and December 31, 2021.



	As of September 30, 2022						As of December 31, 2021
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	15	$	43	$	58	$	22	$	44	$	66
91 – 120 days past due	4		11		15		7		10		17
Greater than 120 days past due	149		9		158		195		8		203
Total past due	168		63		231		224		62		286
Current	505		1,812		2,317		399		1,762		2,161
Total vacation ownership notes receivable	$	673	$	1,875	$	2,548	$	623	$	1,824	$	2,447

Acquired

Accounts, Notes, Loans and Financing Receivable [Line Items]

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

The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at September 30, 2022.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2022, remaining	$	2	$	10	$	12
2023	4		39		43
2024	4		39		43
2025	4		36		40
2026	3		33		36
Thereafter	17		84		101
Balance at September 30, 2022	$	34	$	241	$	275
Weighted average stated interest rate	13.9%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

Notes receivable reserves

The following table summarizes 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, 2021	$	47	$	23	$	70
Securitizations	(1)		1		—
Clean-up call	1		(1)		—
Write-offs	(41)		—		(41)
Recoveries	25		—		25
Defaulted vacation ownership notes receivable repurchase activity(1)	20		(20)		—

(Decrease) increase in vacation ownership notes receivable reserve	(37)		18		(19)
Balance at September 30, 2022	$	14	$	21	$	35

_________________________

Financing receivable credit quality indicators

The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and FICO score.


	Acquired Vacation Ownership Notes Receivable as of September 30, 2022
($ in millions)	700+		600 - 699		< 600		No Score		Total
Combined Marriott	$	77	$	55	$	7	$	19	$	158


Hyatt	6		3		1		—		10
Welk	83		57		1		1		142

	$	166	$	115	$	9	$	20	$	310


	Acquired Vacation Ownership Notes Receivable as of December 31, 2021
($ in millions)	700+		600 - 699		< 600		No Score		Total

Westin	52		32		3		8		95
Sheraton	54		48		8		23		133
Hyatt	8		6		1		—		15
Welk	115		79		1		2		197
Other	2		—		—		2		4
	$	231	$	165	$	13	$	35	$	444

The following tables detail the origination year of our acquired vacation ownership notes receivable by brand and FICO score as of September 30, 2022.


	Acquired Vacation Ownership Notes Receivable - Combined Marriott
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	—	$	—	$	—	$	77	$	77
600 - 699	—		—		—		55		55
< 600	—		—		—		7		7
No Score	—		—		—		19		19
	$	—	$	—	$	—	$	158	$	158


	Acquired Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	—	$	—	$	—	$	6	$	6
600 - 699	—		—		—		3		3
< 600	—		—		—		1		1
No Score	—		—		—		—		—
	$	—	$	—	$	—	$	10	$	10


	Acquired Vacation Ownership Notes Receivable - Welk
($ in millions)	2021		2020		2019		2018 & Prior		Total
700 +	$	6	$	18	$	22	$	37	$	83
600 - 699	3		10		15		29		57
< 600	1		—		—		—		1
No Score	—		—		—		1		1
	$	10	$	28	$	37	$	67	$	142

Originated

Accounts, Notes, Loans and Financing Receivable [Line Items]

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

The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at September 30, 2022.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2022, remaining	$	18	$	32	$	50
2023	42		128		170
2024	34		131		165
2025	34		134		168
2026	35		140		175
Thereafter	283		856		1,139
Balance at September 30, 2022	$	446	$	1,421	$	1,867
Weighted average stated interest rate	12.8%		13.0%		13.0%
Range of stated interest rates	0.0% to 20.9%		0.0% to 19.9%		0.0% to 20.9%

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, 2021	$	193	$	140	$	333
Increase in vacation ownership notes receivable reserve	86		42		128
Securitizations	(73)		73		—
Clean-up call	15		(15)		—
Write-offs	(90)		—		(90)
Defaulted vacation ownership notes receivable repurchase activity(1)	48		(48)		—
Balance at September 30, 2022	$	179	$	192	$	371

_________________________

Financing receivable credit quality indicators

The following tables show originated vacation ownership notes receivable, before reserves, by brand and FICO score.


	Originated Vacation Ownership Notes Receivable as of September 30, 2022
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Combined Marriott	$	1,153	$	538	$	56	$	280	$	2,027
Hyatt	28		13		1		1		43
Welk	117		48		1		2		168
	$	1,298	$	599	$	58	$	283	$	2,238


	Originated Vacation Ownership Notes Receivable as of December 31, 2021(1)
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Westin	$	143	$	66	$	8	$	34	$	251
Sheraton	136		94		20		46		296
Hyatt	22		11		—		—		33
Welk	65		27		1		1		94
	$	366	$	198	$	29	$	81	$	674

_________________________

(1)Balances as of December 31, 2021 exclude $1,329 million of Marriott branded vacation ownership notes receivable as the change in credit quality indicator occurred during the third quarter of 2022.

The following tables detail the origination year of our originated vacation ownership notes receivable by brand and FICO score as of September 30, 2022.


	Originated Vacation Ownership Notes Receivable - Combined Marriott
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	361	$	327	$	111	$	175	$	91	$	88	$	1,153
600 - 699	149		148		57		92		44		48		538
< 600	14		16		8		10		4		4		56
No Score	92		45		29		56		25		33		280
	$	616	$	536	$	205	$	333	$	164	$	173	$	2,027


	Originated Vacation Ownership Notes Receivable - Hyatt
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	14	$	7	$	2	$	4	$	1	$	—	$	28
600 - 699	5		4		1		2		1		—		13
< 600	—		1		—		—		—		—		1
No Score	1		—		—		—		—		—		1
	$	20	$	12	$	3	$	6	$	2	$	—	$	43


	Originated Vacation Ownership Notes Receivable - Welk
($ in millions)	2022		2021		2020		2019		2018		2017 & Prior		Total
700 +	$	77	$	40	$	—	$	—	$	—	$	—	$	117
600 - 699	30		18		—		—		—		—		48
< 600	—		1		—		—		—		—		1
No Score	1		1		—		—		—		—		2
	$	108	$	60	$	—	$	—	$	—	$	—	$	168

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Investments, All Other Investments [Abstract]

Carrying values and estimated fair values of financial assets and liabilities


	At September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,142	$	2,189	$	2,045	$	2,102
Other assets	68		68		76		76
Total financial assets	$	2,210	$	2,257	$	2,121	$	2,178

Securitized debt, net	$	(1,809)	$	(1,708)	$	(1,856)	$	(1,900)
2025 Notes, net	(248)		(243)		(248)		(261)
2028 Notes, net	(347)		(291)		(346)		(362)
2029 Notes, net	(494)		(395)		(493)		(505)
Term Loan, net	(778)		(743)		(776)		(784)
Revolving Corporate Credit Facility, net	(225)		(230)		—		—
2022 Convertible Notes, net(1)	—		—		(224)		(280)
2026 Convertible Notes, net(1)	(564)		(531)		(461)		(682)
Non-interest bearing note payable, net	(10)		(10)		—		—
Total financial liabilities	$	(4,475)	$	(4,151)	$	(4,404)	$	(4,774)

_________________________

Vacation Ownership Notes Receivable


	At September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net
Securitized	$	1,662	$	1,704	$	1,662	$	1,712

Eligible for securitization	122		127		97		104
Not eligible for securitization	358		358		286		286
Non-securitized	480		485		383		390
	$	2,142	$	2,189	$	2,045	$	2,102

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Reconciliation of earnings or loss and number of shares used in calculation of basic and diluted earnings or loss per share

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


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021

Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Basic earnings (loss) per share	$	2.76	$	0.24	$	7.39	$	(0.28)

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


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2022(1)		September 30, 2021(1)		September 30, 2022(1)		September 30, 2021(1)





Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	1		—		4		—
Numerator used to calculate diluted earnings (loss) per share	$	110	$	10	$	307	$	(12)

Shares for basic earnings (loss) per share	39.5		42.9		41.1		42.4
Effect of dilutive shares outstanding(2)
Employee SARs	0.2		0.2		0.2		—
Restricted stock units	0.3		0.5		0.3		—
2022 Convertible Notes ($230 million of principal)(3)	—		0.1		0.9		—
2026 Convertible Notes ($575 million of principal)	3.4		—		3.4		—
Shares for diluted earnings (loss) per share	43.4		43.7		45.9		42.4
Diluted earnings (loss) per share	$	2.53	$	0.23	$	6.68	$	(0.28)

_______________________________


	Nine Months Ended
(in millions)		September 30, 2021
Employee SARs		0.2
Restricted stock units		0.5
2022 Convertible Notes ($230 million of principal)		0.1

		0.8

Schedule of antidilutive securities excluded from computation of earnings per share

the following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the period presented, as the effects of including these securities would have been anti-dilutive.


	Nine Months Ended
(in millions)		September 30, 2021
Employee SARs		0.2
Restricted stock units		0.5
2022 Convertible Notes ($230 million of principal)		0.1

		0.8

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Composition of inventory

The following table shows the composition of our inventory balances:


($ in millions)	At September 30, 2022		At December 31, 2021


Real estate inventory(1)	$	659	$	710
Other	9		9
	$	668	$	719

_________________________

GOODWILL AND INTANGIBLES (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The following table details the carrying amount of our goodwill at September 30, 2022 and December 31, 2021, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition.


($ in millions)	Vacation Ownership Reporting Unit		Exchange & Third-Party Management Reporting Unit		Total Consolidated
Balance at December 31, 2021	$	2,778	$	372	$	3,150

Measurement period adjustments	(8)		—		(8)




Disposition of VRI Americas	—		(25)		(25)





Balance at September 30, 2022	$	2,770	$	347	$	3,117

Schedule of composition of intangible asset balances

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


($ in millions)	At September 30, 2022		At December 31, 2021
Definite-lived intangible assets
Member relationships	$	667	$	671
Management contracts	427		452
	1,094		1,123
Accumulated amortization	(233)		(194)
	861		929
Indefinite-lived intangible assets
Trade names	63		64
	$	924	$	993

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

SECURITIZED DEBT (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022		At December 31, 2021
Vacation ownership notes receivable securitizations, gross(1)	$	1,698	$	1,877
Unamortized debt discount and issuance costs	(19)		(21)
	1,679		1,856

Warehouse Credit Facility, gross(2)	132		—
Unamortized debt issuance costs(3)	(2)		—
	130		—


	$	1,809	$	1,856

_________________________

(1)Interest rates as of September 30, 2022 range from 1.5% to 4.6%, with a weighted average interest rate of 2.7%.

(2)Effective interest rate as of September 30, 2022 was 3.9%.

(3)Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding at that time.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2022.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
($ in millions)
Payments Year
2022, remaining	$	43	$	1	$	44
2023	174		6		180
2024	179		7		186
2025	179		118		297
2026	180		—		180
Thereafter	943		—		943
	$	1,698	$	132	$	1,830

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2022.


($ in millions)	2025 Notes		2028 Notes		2029 Notes		Term Loan		Revolving Corporate Credit Facility		2026 Convertible Notes		Non-Interest Bearing Note Payable		Total
Year Payments
2022, remaining	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2023	—		—		—		—		—		—		6		6
2024	—		—		—		—		—		—		4		4
2025	250		—		—		784		—		—		—		1,034
2026	—		—		—		—		—		575		—		575
Thereafter	—		350		500		—		230		—		—		1,080
	$	250	$	350	$	500	$	784	$	230	$	575	$	10	$	2,699

DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt balances, net of unamortized debt issuance costs

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


($ in millions)		At September 30, 2022		At December 31, 2021
Senior Secured Notes
	2025 Notes	$	250	$	250
	Unamortized debt discount and issuance costs	(2)		(2)
		248		248
Senior Unsecured Notes




	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(3)		(4)
		347		346

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(6)		(7)
		494		493
Corporate Credit Facility
	Term Loan	784		784
	Unamortized debt discount and issuance costs	(6)		(8)
		778		776

	Revolving Corporate Credit Facility(1)	230		—
	Unamortized debt issuance costs(2)	(5)		—
		225		—
Convertible Notes
	2022 Convertible Notes	—		230
	Unamortized debt discount and issuance costs	—		(6)
		—		224

	2026 Convertible Notes	575		575
	Unamortized debt discount and issuance costs	(11)		(114)
		564		461

Non-interest bearing note payable		10		—



Finance Leases		83		83
		$	2,749	$	2,631

_________________________

(1)Effective interest rate as of September 30, 2022 was 7.0%.

(2)Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2022.


	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
($ in millions)
Payments Year
2022, remaining	$	43	$	1	$	44
2023	174		6		180
2024	179		7		186
2025	179		118		297
2026	180		—		180
Thereafter	943		—		943
	$	1,698	$	132	$	1,830

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2022.


($ in millions)	2025 Notes		2028 Notes		2029 Notes		Term Loan		Revolving Corporate Credit Facility		2026 Convertible Notes		Non-Interest Bearing Note Payable		Total
Year Payments
2022, remaining	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2023	—		—		—		—		—		—		6		6
2024	—		—		—		—		—		—		4		4
2025	250		—		—		784		—		—		—		1,034
2026	—		—		—		—		—		575		—		575
Thereafter	—		350		500		—		230		—		—		1,080
	$	250	$	350	$	500	$	784	$	230	$	575	$	10	$	2,699

Schedule of cash flow hedges included in accumulated other comprehensive income (loss)


($ in millions)	2022		2021
Derivative instrument adjustment balance, January 1	$	(18)	$	(39)
Other comprehensive gain before reclassifications	16		6


Derivative instrument adjustment balance, March 31	(2)		(33)
Other comprehensive gain before reclassifications	7		3


Derivative instrument adjustment balance, June 30	$	5	$	(30)
Other comprehensive gain before reclassifications	8		3


Derivative instrument adjustment balance, September 30	$	13	$	(27)

Convertible debt

The following table reflects the activity related to our 2022 Convertible Notes during the first three quarters of 2022.


($ in millions)	Principal Amount		Unamortized Debt Discount		Unamortized Debt Issuance Costs		Debt, net		Carrying Amount of Equity Component, net of Issuance Costs
At December 31, 2021	$	230	$	(5)	$	(1)	$	224	$	33
Adoption of ASU 2020-06(1)	—		5		—		5		(33)
At January 1, 2022	230		—		(1)		229		—
Amortization	—		—		1		1		—
Fair value of conversion option transferred to other liabilities(2)	—		(5)		—		(5)		—
At June 30, 2022	230		(5)		—		225		—
Amortization	—		5		—		5		—
Repayment upon maturity	(230)		—		—		(230)		—
At September 30, 2022	$	—	$	—	$	—	$	—	$	—

________________________

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Contractual interest expense	$	1	$	1	$	3	$	3
Amortization of debt discount	5		1		5		5
Amortization of debt issuance costs	—		—		1		1
	$	6	$	2	$	9	$	9

The following table shows the net carrying value of the 2026 Convertible Notes.


($ in millions)	At September 30, 2022		At December 31, 2021
Liability component
Principal amount	$	575	$	575
Unamortized debt discount(1)	—		(104)
Unamortized debt issuance costs	(11)		(10)
Net carrying amount of the liability component	$	564	$	461

Carrying amount of equity component, net of issuance costs(1)	$	—	$	117

________________________

The following table shows interest expense information related to the 2026 Convertible Notes.


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Amortization of debt discount	$	—	$	6	$	—	$	16
Amortization of debt issuance costs	1		1		2		2
	$	1	$	7	$	2	$	18

SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stock repurchase activity under current stock repurchase program

The following table summarizes share repurchase activity under our Share Repurchase Programs:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost of Shares Repurchased		Average Price Paid per Share
As of December 31, 2021	17,681,395	$	1,418	$	80.17
For the first three quarters of 2022	3,852,726	528		$	137.16
As of September 30, 2022	21,534,121	$	1,946	$	90.37

Cash dividend declared

Declaration Date

Shareholder Record Date

Distribution Date

Dividend per Share

February 18, 2022

March 3, 2022

March 17, 2022

$0.62

May 12, 2022

May 26, 2022

June 9, 2022

$0.62

September 8, 2022

September 22, 2022

October 6, 2022

$0.62

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

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

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Service-based RSUs	$	7	$	8	$	24	$	23
Performance-based RSUs	1		1		2		4

	8		9		26		27
SARs	2		2		4		6

	$	10	$	11	$	30	$	33

Schedule of unrecognized compensation cost, unvested awards

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


($ in millions)	At September 30, 2022		At December 31, 2021
Service-based RSUs	$	34	$	33
Performance-based RSUs	8		—

	42		33
SARs	2		2

	$	44	$	35

Assumptions used to estimate fair value of grants

The following table outlines the assumptions used to estimate the fair value of grants during the first three quarters of 2022:


Expected volatility			42.86%
Dividend yield			1.53%
Risk-free rate			1.77%
Expected term (in years)			6.25

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30, 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,527	$	135	$	1,662
Interest receivable	11		1		12
Restricted cash	62		5		67
Total	$	1,600	$	141	$	1,741
Consolidated Liabilities
Interest payable	$	2	$	—	$	2
Securitized debt	1,698		132		1,830
Total	$	1,700	$	132	$	1,832

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 the third quarter of 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	58	$	2	$	60
Interest expense to investors	$	12	$	1	$	13
Debt issuance cost amortization	$	2	$	—	$	2

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first three quarters of 2022:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	173	$	6	$	179
Interest expense to investors	$	33	$	2	$	35
Debt issuance cost amortization	$	6	$	1	$	7
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:


	Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	371	$	421
Principal receipts	413		432
Interest receipts	174		167
Reserve release	153		109
Total	1,111		1,129
Cash Outflows
Principal to investors	(446)		(452)
Voluntary repurchases of defaulted vacation ownership notes receivable	(69)		(78)
Voluntary clean-up call	(39)		(72)
Interest to investors	(34)		(33)
Funding of restricted cash	(95)		(110)
Total	(683)		(745)
Net Cash Flows	$	428	$	384

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


	Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	234	$	—
Principal receipts	12		—
Interest receipts	5		—
Reserve release	1		—
Total	252		—
Cash Outflows
Principal to investors	(3)		—

Repayment of Warehouse Credit Facility	(98)		—
Interest to investors	(2)		(1)
Funding of restricted cash	(2)		—
Total	(105)		(1)
Net Cash Flows	$	147	$	(1)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Revenues


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Vacation Ownership	$	1,182	$	974	$	3,229	$	2,518
Exchange & Third-Party Management	71		77		229		249
Total segment revenues	1,253		1,051		3,458		2,767
Corporate and other	(1)		1		10		23
	$	1,252	$	1,052	$	3,468	$	2,790

Adjusted EBITDA, net (loss) income, depreciation and amortization

Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Adjusted EBITDA Vacation Ownership	$	299	$	215	$	772	$	465
Adjusted EBITDA Exchange & Third-Party Management	39		35		117		113
Reconciling items:
Corporate and other	(54)		(45)		(162)		(140)
Interest expense	(34)		(41)		(91)		(128)
Tax provision	(59)		(47)		(134)		(63)
Depreciation and amortization	(33)		(35)		(98)		(112)
Share-based compensation expense	(10)		(11)		(30)		(33)
Certain items	(39)		(61)		(71)		(114)
Net income (loss) attributable to common shareholders	$	109	$	10	$	303	$	(12)

Assets


($ in millions)	At September 30, 2022		At December 31, 2021
Vacation Ownership	$	7,947	$	7,897
Exchange & Third-Party Management	824		911
Total segment assets	8,771		8,808
Corporate and other	466		805
	$	9,237	$	9,613

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed						100.00%
Noncontrolling Interest [Line Items]
Loss and other expenses, net	$ 2		$ 31			$ (39)	$ 27
Deconsolidation assets	(110)					(110)
Deconsolidation Liabilities	$ 99					99
Deconsolidation decrease in noncontrolling interests		$ 8		$ 1	$ 5	8
Restricted cash
Noncontrolling Interest [Line Items]
Cash divested from deconsolidation						48
Joint Venture
Noncontrolling Interest [Line Items]
Loss and other expenses, net						$ 3

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net	$ (2,749)		$ (2,631)
Additional paid-in capital	(3,968)		(4,072)
Stockholders' equity	$ 2,626		$ 2,976
Cumulative effect, period of adoption, adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net		$ (107)
Additional paid-in capital		111
Deferred taxes		27
Cumulative effect, period of adoption, adjustment \| Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		$ (31)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Name Accounting Standards Codification
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-Section 55
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-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

ACQUISITIONS AND DISPOSITIONS - Consideration Transferred (Details) - Welk $ / shares in Units, shares in Millions, $ in Millions	Apr. 01, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Equivalent shares of marriott vacations worldwide common stock issued (in shares) \| shares	1.4
Marriott vacations worldwide common stock price per share as of welk acquisition date (in usd per share) \| $ / shares	$ 174.18
Fair value of Marriott Vacations Worldwide common stock issued	$ 248
Cash consideration to Welk, net of cash and restricted cash acquired of $48 million	157
Total consideration transferred, net of cash and restricted cash acquired	405
Cash acquired from acquisition	$ 48

ACQUISITIONS AND DISPOSITIONS - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Apr. 01, 2021
Business Combination, Provisional Information [Abstract]
Goodwill	$ 3,117	$ 3,150
Welk
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net			$ 255
Inventory			111
Property and equipment			83
Intangible assets			102
Other assets			19
Deferred taxes			(24)
Debt			(189)
Securitized debt			(184)
Other liabilities			(93)
Net assets acquired			80
Goodwill			325
Assets acquired			405
Welk \| Previously Reported
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net			255
Inventory			111
Property and equipment			83
Intangible assets			102
Other assets			19
Deferred taxes			(32)
Debt			(189)
Securitized debt			(184)
Other liabilities			(93)
Net assets acquired			72
Goodwill			333
Assets acquired			405
Welk \| Revision of Prior Period, Adjustment
Business Combination, Provisional Information [Abstract]
Deferred taxes			8
Net assets acquired			8
Goodwill			(8)
Assets acquired			$ 0

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) vacation_ownership_unit	Jun. 30, 2021 USD ($)
Bali, Indonesia Resort
Business Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit	88
Asset acquisition, consideration transferred	$ 36,000,000
Asset acquisition, consideration paid	12,000,000
Asset acquisition, notes payable issued	11,000,000
Reclassified of previous deposits associated with the project from other assets to property and equipment	$ 13,000,000
Welk
Business Acquisition [Line Items]
Business combinations, pro forma, acquisition-related costs		$ 0

ACQUISITIONS AND DISPOSITIONS - Pro Forma Results of Operations (Details) - Welk - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Revenues				$ 2,837
Net income				7
Net loss attributable to common shareholders				$ (1)
LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)				$ (0.01)
Diluted (in usd per share)				$ (0.01)
Revenue	$ 67	$ 53	$ 174	$ 101
Net income	$ 15	$ 10	$ 27	$ 16

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 28, 2022	Apr. 29, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of foreign currency translation adjustments realized upon disposition of entities	$ 0	$ 0	$ 10	$ 0
VRI Americas \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposals						$ 56
Restricted cash						12
Assets						51
Goodwill from sale						25
Intangible assets						$ 20
Gain on disposal	$ 1		17
Vacation Ownership \| Discontinued Operations, Disposed of by Sale \| Puerto Vallarta, Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposals					$ 38
Restricted cash					3
Gain on disposal			33
Cumulative translation adjustment					$ 18
Reclassification of foreign currency translation adjustments realized upon disposition of entities			$ 10

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,178	$ 983	$ 3,251	$ 2,594
Financing	74	69	217	196
Total Revenues	1,252	1,052	3,468	2,790
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	444	330	1,179	789
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64	56	186	137
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	47	46	147	126
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	87	123	290	375
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	198	225	623	638
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	165	130	438	340
Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	371	298	1,011	827
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	1	10	23
Financing	0	0	0	0
Total Revenues	(1)	1	10	23
Corporate and Other \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(4)	(5)	(15)
Corporate and Other \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8	44	49	131
Corporate and Other \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	40	44	116
Corporate and Other \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(8)	(39)	(34)	(93)
Vacation Ownership
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,108	905	3,012	2,322
Financing	74	69	217	196
Total Revenues	1,182	974	3,229	2,518
Vacation Ownership \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	444	330	1,179	789
Vacation Ownership \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63	55	183	135
Vacation Ownership \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	41	40	124	117
Vacation Ownership \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32	31	95	91
Vacation Ownership \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	136	126	402	343
Vacation Ownership \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	154	121	405	308
Vacation Ownership \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	374	328	1,026	882
Exchange & Third-Party Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71	77	229	249
Financing	0	0	0	0
Total Revenues	71	77	229	249
Exchange & Third-Party Management \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Exchange & Third-Party Management \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1	3	2
Exchange & Third-Party Management \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	7	10	28	24
Exchange & Third-Party Management \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	47	48	146	153
Exchange & Third-Party Management \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	55	59	177	179
Exchange & Third-Party Management \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	9	33	32
Exchange & Third-Party Management \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 5	$ 9	$ 19	$ 38

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,178	$ 983	$ 3,251	$ 2,594
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	627	556	1,751	1,529
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	551	427	1,500	1,065
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	1	10	23
Corporate and Other \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	1	10	23
Corporate and Other \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Vacation Ownership
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,108	905	3,012	2,322
Vacation Ownership \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	597	517	1,638	1,388
Vacation Ownership \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	511	388	1,374	934
Exchange & Third-Party Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71	77	229	249
Exchange & Third-Party Management \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31	38	103	118
Exchange & Third-Party Management \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 40	$ 39	$ 126	$ 131

- 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
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-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (22,000,000)	$ (27,000,000)
Contract with customer, contract assets	0	0	$ 0
Contract with customer, liability, revenue recognized	$ 93,000,000	$ (336,000,000)

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 154	$ 172
Vacation ownership notes receivable, net	2,142	2,045
Receivables from Contracts with Customers	2,296	2,217
Contract Liabilities
Advance deposits	178	160
Deferred revenue	346	453
Contract Liabilities	$ 524	$ 613

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing (percentage)	87.00%
Expected timing of satisfaction (in years)	2 years

REVENUE AND RECEIVABLES - Accounts and Contracts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 154	$ 172
Interest receivable	15	14
Tax receivable	30	48
Indemnification assets	19	22
Employee tax credit receivable	17	19
Other	13	4
Accounts receivable, including VIE, after allowance for credit loss	$ 248	$ 279

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective income tax rate, percent	34.70%	81.50%	30.60%	110.60%
Unrecognized tax benefits, income tax penalties and interest accrued	$ 51		$ 51		$ 42
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 15		$ 15

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 26
Increases related to tax positions taken during a prior period	4
Decreases as a result of a lapse of the applicable statute of limitations	(1)
Unrecognized tax benefit at end of balance	$ 29

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,142	$ 2,045
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,662	1,662
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	480	383
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	122	97
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	358	286
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,867	1,671
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,421	1,308
Originated \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	446	363
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	119	96
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	327	267
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	275	374
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	241	354
Acquired \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	34	20
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	3	1
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 31	$ 19

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 71	$ 68	$ 209	$ 190
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	60	55	179	160
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 11	$ 13	$ 30	$ 30

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable reserve			$ 130	$ 73
Average estimated rate of default for all outstanding loans	11.66%		11.66%		11.75%
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	$ 12		$ 12		$ 10
Weighted average FICO score within originated loan pool	720		720
Legacy-ILG and Legacy-Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average FICO score within originated loan pool					707
Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction of sales	$ 76	$ 71	$ 216	$ 178
Sale of vacation ownership products \| Stabilization of Defaults and the Alignment and Combination of the Reserves
Accounts, Notes, Loans and Financing Receivable [Line Items]
Reduction of sales	21
COVID-19 Pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable reserve						$ 69
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve			128
Originated \| Stabilization of Defaults and the Alignment and Combination of the Reserves
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve	21
Originated \| COVID-19 Pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve					$ 59
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve			$ (19)
Acquired \| Stabilization of Defaults and the Alignment and Combination of the Reserves
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve	$ (19)
Acquired \| COVID-19 Pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase (decrease) in vacation ownership notes receivable reserve					$ 10

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Sep. 30, 2022 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 12
2023	43
2024	43
2025	40
2026	36
Thereafter	101
Balance at Mar 31, 2022	$ 275
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.10%
Acquired \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Acquired \| Non-securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 2
2023	4
2024	4
2025	4
2026	3
Thereafter	17
Balance at Mar 31, 2022	$ 34
Acquired \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.90%
Acquired \| Non-securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired \| Non-securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Acquired \| Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 10
2023	39
2024	39
2025	36
2026	33
Thereafter	84
Balance at Mar 31, 2022	$ 241
Acquired \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.20%
Acquired \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Originated
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 50
2023	170
2024	165
2025	168
2026	175
Thereafter	1,139
Balance at Mar 31, 2022	$ 1,867
Originated \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.00%
Originated \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	20.90%
Originated \| Non-securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 18
2023	42
2024	34
2025	34
2026	35
Thereafter	283
Balance at Mar 31, 2022	$ 446
Originated \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.80%
Originated \| Non-securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated \| Non-securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	20.90%
Originated \| Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 32
2023	128
2024	131
2025	134
2026	140
Thereafter	856
Balance at Mar 31, 2022	$ 1,421
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.00%
Originated \| Securitized \| Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated \| Securitized \| Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	19.90%

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 70
Securitizations	0
Clean-up call	0
Write-offs	(41)
Recoveries	25
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	(19)
Ending balance	35
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	333
Securitizations	0
Clean-up call	0
Write-offs	(90)
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	128
Ending balance	371
Non-securitized \| Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	47
Securitizations	(1)
Clean-up call	1
Write-offs	(41)
Recoveries	25
Defaulted vacation ownership notes receivable repurchase activity	20
(Decrease) increase in vacation ownership notes receivable reserve	(37)
Ending balance	14
Non-securitized \| Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	193
Securitizations	(73)
Clean-up call	15
Write-offs	(90)
Defaulted vacation ownership notes receivable repurchase activity	48
(Decrease) increase in vacation ownership notes receivable reserve	86
Ending balance	179
Securitized \| Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	23
Securitizations	1
Clean-up call	(1)
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(20)
(Decrease) increase in vacation ownership notes receivable reserve	18
Ending balance	21
Securitized \| Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	140
Securitizations	73
Clean-up call	(15)
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(48)
(Decrease) increase in vacation ownership notes receivable reserve	42
Ending balance	$ 192

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 173	$ 220
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	153	202
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 20	$ 18

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,548	$ 2,447
Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	673	623
Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	1,875	1,824
Total past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	231	286
Total past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	168	224
Total past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	63	62
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	58	66
31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	15	22
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	43	44
91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	15	17
91 – 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	4	7
91 – 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	11	10
Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	158	203
Greater than 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	149	195
Greater than 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	9	8
Current
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,317	2,161
Current \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	505	399
Current \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 1,812	$ 1,762

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,142	$ 2,045
Other assets	68	76
Total financial assets	2,210	2,121
Total financial liabilities	(4,475)	(4,404)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,189	2,102
Other assets	68	76
Total financial assets	2,257	2,178
Total financial liabilities	(4,151)	(4,774)
Securitized debt, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,809)	(1,856)
Securitized debt, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,708)	(1,900)
2025 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(248)	(248)
2025 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(243)	(261)
2028 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(347)	(346)
2028 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(291)	(362)
2029 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(494)	(493)
2029 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(395)	(505)
2022 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	0	(224)
2022 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	0	(280)
2026 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(564)	(461)
2026 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(531)	(682)
Non-interest bearing note payable, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(10)	0
Non-interest bearing note payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(10)	0
Line of Credit \| Term Loan, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(778)	(776)
Line of Credit \| Term Loan, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(743)	(784)
Line of Credit \| Revolving Corporate Credit Facility, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(225)	0
Line of Credit \| Revolving Corporate Credit Facility, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(230)	0
Originated \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,142	2,045
Originated \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,189	$ 2,102

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,142	$ 2,045
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,189	2,102
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,662	1,662
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,704	1,712
Non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	480	383
Non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	485	390
Non-securitized \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	122	97
Non-securitized \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	127	104
Non-securitized \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	358	286
Non-securitized \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 358	$ 286

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 68

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2017
Computation of Basic Earnings (Loss) Per Share Attributable to Common Shareholders
Net income (loss) attributable to common shareholders	$ 109,000,000	$ 10,000,000	$ 303,000,000	$ (12,000,000)
Shares for basic earnings (loss) per share (in shares)	39,500	42,900	41,100	42,400
Basic earnings (loss) per share (in usd per share)	$ 2.76	$ 0.24	$ 7.39	$ (0.28)
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Numerator used to calculate diluted earnings (loss) per share	$ 110,000,000	$ 10,000,000	$ 307,000,000	$ (12,000,000)
Effect of dilutive shares outstanding
Employee stock options and SARs (in shares)	200	200	200	0
Restricted stock units (in shares)	300	500	300	0
Shares for diluted earnings (loss) per share (in shares)	43,400	43,700	45,900	42,400
Diluted earnings (loss) per share (in usd per share)	$ 2.53	$ 0.23	$ 6.68	$ (0.28)
Shares excluded from the calculation of diluted earnings per share (in shares)				800
2022 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0	100	900	0
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,400	0	3,400	0
Convertible notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	$ 1,000,000	$ 0	$ 4,000,000	$ 0
Convertible notes \| 2022 Convertible Notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	6,000,000	2,000,000	9,000,000	9,000,000
Effect of dilutive shares outstanding
Principal amount						$ 230,000,000
Convertible notes \| 2026 Convertible Notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	$ 1,000,000	$ 7,000,000	$ 2,000,000	$ 18,000,000
Effect of dilutive shares outstanding
Principal amount					$ 575,000,000
Performance shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	293	298	293	298

EARNINGS PER SHARE - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Long-term debt, gross		$ 2,699
Shares excluded from the calculation of diluted earnings per share (in shares)	0.8
Convertible notes \| 2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Long-term debt, gross		$ 0	$ 230	$ 230
Employee SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.2
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.5
Convertible Notes \| 2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.1

EARNINGS PER SHARE - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
EARNINGS PER SHARE - Narrative (Details) - $ / shares	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)				800,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	252,314	127,008	199,813
Exercise price securities, excluded from computation of earnings per share (in usd per share)		$ 173.88
SARs \| Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 143.38		$ 159.27
SARs \| Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 173.88		$ 173.88

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Real estate inventory	$ 659	$ 710
Other	9	9
Inventory	$ 668	$ 719

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 15	$ 6
Amount of completed vacation ownership units classified as property and equipment	$ 441		$ 460

GOODWILL AND INTANGIBLES - Goodwill (Details) $ in Millions	9 Months Ended
GOODWILL AND INTANGIBLES - Goodwill (Details) $ in Millions	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 3,150
Measurement period adjustments	(8)
Disposition of VRI Americas	(25)
Ending balance	3,117
Vacation Ownership Reporting Unit
Goodwill [Roll Forward]
Beginning balance	2,778
Measurement period adjustments	(8)
Disposition of VRI Americas	0
Ending balance	2,770
Exchange & Third-Party Management Reporting Unit
Goodwill [Roll Forward]
Beginning balance	372
Measurement period adjustments	0
Disposition of VRI Americas	(25)
Ending balance	$ 347

GOODWILL AND INTANGIBLES - Intangibles Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,094	$ 1,123
Accumulated amortization	(233)	(194)
Finite-lived intangible assets, net	861	929
Indefinite-lived intangible assets
Intangibles, net	924	993
Trade names
Indefinite-lived intangible assets
Indefinite-lived intangible assets	63	64
Member relationships
Definite-lived intangible assets
Finite-lived intangible assets, gross	667	671
Management contracts
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 427	$ 452

CONTINGENCIES AND COMMITMENTS (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2020
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 129
Guarantor obligations, maximum exposure. due in first year	2
Lease not yet commenced, term of contract (in years)		16 years
Lease not yet commenced, right-of-use asset		$ 137
Property owners associations
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2022	22
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	1
Letter of credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	2
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	7
Guarantor obligations, maximum exposure, due in second year	2
Guarantor obligations, maximum exposure, due in third year	2
Guarantor obligations, maximum exposure, due in fourth year	1
Guarantor obligations, maximum exposure, due in five year	1
Guarantor obligations, maximum exposure, due after fifth year	$ 1
Guarantor obligations, ownership percentage	95.00%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 77
Purchase commitment obligation due, remainder of 2022	24
Purchase commitment obligation due, 2023	29
Purchase commitment obligation due, 2024	13
Purchase commitment obligation due, 2025	7
Purchase commitment obligation due, 2026 and thereafter	$ 4

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,809	$ 1,856
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	1,809	1,856
Variable interest entity
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,830	1,877
Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.70%
Variable interest entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, gross	$ 132	0
Unamortized debt discount and issuance costs	2	0
Secured debt, net	$ 130	0
Interest rate, effective percentage	3.90%
Unamortized debt issuance costs		2
Variable interest entity \| Securitized debt \| Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Variable interest entity \| Securitized debt \| Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	4.60%
Vacation Ownership Notes Receivable Securitizations \| Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,698	1,877
Unamortized debt discount and issuance costs	(19)	(21)
Secured debt, net	$ 1,679	$ 1,856

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
2022, remaining	$ 0
2023	6
2024	4
2025	1,034
2026	575
Thereafter	1,080
Secured Debt \| Vacation Ownership Receivables and Warehouse Credit Facility
Debt Instrument [Line Items]
2022, remaining	44
2023	180
2024	186
2025	297
2026	180
Thereafter	943
Long-term debt	1,830
Variable interest entity \| Secured Debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
2022, remaining	1
2023	6
2024	7
2025	118
2026	0
Thereafter	0
Long-term debt	132
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Secured Debt
Debt Instrument [Line Items]
2022, remaining	43
2023	174
2024	179
2025	179
2026	180
Thereafter	943
Long-term debt	$ 1,698

SECURITIZED DEBT - Additional Information (Details)		3 Months Ended			9 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Nov. 03, 2022 USD ($) class	Sep. 30, 2022 USD ($) loan	Jun. 30, 2022 USD ($) class	Mar. 31, 2022 USD ($)	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($)
Debt Instrument [Line Items]
Number of notes receivable pools outstanding \| loan		14			14
Number of notes receivable pools under performance triggers \| loan		0
Number of notes receivable pools out of compliance \| loan		0			0
Values of vacation ownership notes receivable that were securitized during the period			$ 383,000,000
Vacation ownership notes, number of classes \| class			4
Repayments of debt					$ 505,000,000	$ 1,039,000,000
Related party transaction, expenses from transactions with related party			$ 7,000,000
Proceeds for general corporate purposes			176,000,000
Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 286,000,000
Vacation ownership notes, number of classes \| class	4
Related party transaction, expenses from transactions with related party	$ 6,000,000
Proceeds for general corporate purposes	124,000,000
Prior Securitization
Debt Instrument [Line Items]
Redemption of securitization			(38,000,000)
Prior Securitization \| Subsequent event
Debt Instrument [Line Items]
Redemption of securitization	(22,000,000)
MVW 2022-1 LLC \| Secured Debt
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period			$ 375,000,000
Debt, weighted average interest rate			4.59%
Proceeds from vacation ownership notes receivable securitizations			$ 375,000,000
MVW 2022-1 LLC \| Class A Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount			$ 220,000,000
Debt, stated interest rate			4.15%
MVW 2022-1 LLC \| Class B Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount			$ 77,000,000
Debt, stated interest rate			4.40%
MVW 2022-1 LLC \| Class C Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount			$ 48,000,000
Debt, stated interest rate			5.23%
MVW 2022-1 LLC \| Class D Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount			$ 30,000,000
Debt, stated interest rate			7.35%
MVW 2022-2 LLC \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 280,000,000
Debt, weighted average interest rate	6.58%
Proceeds from vacation ownership notes receivable securitizations	$ 259,000,000
MVW 2022-2 LLC \| Class A Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 181,000,000
Debt, stated interest rate	6.11%
MVW 2022-2 LLC \| Class B Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 45,000,000
Debt, stated interest rate	6.55%
MVW 2022-2 LLC \| Class C Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 32,000,000
Debt, stated interest rate	7.62%
MVW 2022-2 LLC \| Class D Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 22,000,000
Principal amount	$ 22,000,000
Debt, stated interest rate	9.00%
MVW 2022-2 LLC \| Class A Notes, the Class B Notes, and the Class C Notes \| Secured Debt \| Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 258,000,000
Debt, weighted average interest rate	6.37%
Line of Credit \| Warehouse Credit Facility
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period		$ 159,000,000		$ 125,000,000
Proceeds from vacation ownership notes receivable securitizations		$ 132,000,000		$ 102,000,000
Repayments of debt			$ 98,000,000
Advance rate for securitization		83.00%		81.00%	83.00%
Cash flows between transferee and transferor proceeds		$ 132,000,000		$ 101,000,000
Cash flows between transferee and transfer or funding of restricted cash		1,000,000		$ 1,000,000
Credit facility		$ 425,000,000	$ 350,000,000		$ 425,000,000
Line of Credit \| Warehouse Credit Facility \| Subsequent event
Debt Instrument [Line Items]
Repayments of debt	$ 129,000,000
Line of Credit \| Warehouse Credit Facility \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Line of Credit \| Warehouse Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.35%

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,699
Finance Leases	83		$ 83
Debt and lease obligation	2,749		2,631
2025 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	250		250
Unamortized debt discount and issuance costs	(2)		(2)
Long-term debt	248		248
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350		350
Unamortized debt discount and issuance costs	(3)		(4)
Long-term debt	347		346
2029 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500		500
Unamortized debt discount and issuance costs	(6)		(7)
Long-term debt	494		493
Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784		784
Unamortized debt discount and issuance costs	(6)		(8)
Long-term debt	778		776
Revolving Corporate Credit Facility, net \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	230		0
Unamortized debt discount and issuance costs	5		0
Long-term debt	$ 225		0
Unamortized debt issuance costs			2
Interest rate, effective percentage	7.00%
2022 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 230	230
Unamortized debt discount and issuance costs	0		(6)
Long-term debt	0	$ 225	224
Unamortized debt issuance costs	$ 0		1
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575		575
Unamortized debt discount and issuance costs	(11)		(114)
Long-term debt	564		461
Unamortized debt issuance costs	11		10
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	10		$ 0
Non-interest bearing note payable, net \| Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 10

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	$ 0
2023	6
2024	4
2025	1,034
2026	575
Thereafter	1,080
Long-term debt	2,699
Non-interest bearing note payable, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
Long-term debt	10		$ 0
Line of Credit \| Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	784
2026	0
Thereafter	0
Long-term debt	784		784
Corporate Credit Facility \| Revolving Corporate Credit Facility
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	0
Thereafter	230
Long-term debt	230		0
Senior notes \| 2025 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	250
2026	0
Thereafter	0
Long-term debt	250		250
Senior notes \| 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	0
Thereafter	350
Long-term debt	350		350
Senior notes \| 2029 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	0
Thereafter	500
Long-term debt	500		500
Convertible notes \| 2022 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Long-term debt	0	$ 230	230
Convertible notes \| 2026 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	575
Thereafter	0
Long-term debt	575		$ 575
Convertible notes \| Non-interest bearing note payable, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	6
2024	4
2025	0
2026	0
Thereafter	0
Long-term debt	$ 10

DEBT - Senior Notes (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,699,000,000
2025 Notes \| Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	6.125%
Long-term debt, gross	$ 250,000,000	$ 250,000,000
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
Long-term debt, gross	$ 350,000,000	350,000,000
2029 Notes, net \| Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	4.50%
Long-term debt, gross	$ 500,000,000	$ 500,000,000

DEBT - Corporate Credit Facility (Details) - USD ($)	3 Months Ended	9 Months Ended
DEBT - Corporate Credit Facility (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Repayments of debt		$ 505,000,000	$ 1,039,000,000
Floating interest rate through September 2023 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount					$ 250,000,000
Derivative, fixed interest rate					2.9625%
Floating interest rate through April 2024 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount					$ 200,000,000
Derivative, fixed interest rate					2.248%
Interest rate collar with a cap and a floor strike rate of April 2024 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount					$ 100,000,000
Cap strike rate					2.50%
Floor strike rate					1.881%
2022 Convertible Notes
Debt Instrument [Line Items]
Repayments of debt	$ 230,000,000
Line of Credit \| Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility	900,000,000	$ 900,000,000
Basis spread on variable rate		1.75%
Line of Credit \| Corporate Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Line of Credit \| Corporate Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Revolving corporate credit facility, net \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	750,000,000	$ 750,000,000		$ 600,000,000
Proceeds from lines of credit	380,000,000
Amount outstanding	230,000,000	230,000,000
Letter of credit \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 75,000,000	$ 75,000,000

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 2,976,000,000				$ 2,976,000,000
Ending balance	$ 2,626,000,000						2,626,000,000
Accumulated Other Comprehensive (Loss) Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification to income statement							0	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5,000,000	$ (2,000,000)	(18,000,000)	$ (30,000,000)	$ (33,000,000)	$ (39,000,000)	(18,000,000)	(39,000,000)
Other comprehensive gain before reclassifications	8,000,000	7,000,000	16,000,000	3,000,000	3,000,000	6,000,000
Ending balance	$ 13,000,000	$ 5,000,000	$ (2,000,000)	$ (27,000,000)	$ (30,000,000)	$ (33,000,000)	$ 13,000,000	$ (27,000,000)

- Definition

+ References

+ Details

DEBT - 2022 Convertible Notes (Details) - 2022 Convertible Notes - Convertible notes	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 230,000,000
Debt, stated interest rate	1.50%

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Principal Amount	$ 2,699			$ 2,699
Repayment upon maturity				(505)	$ (1,039)
2022 Convertible Notes
Debt Instrument [Line Items]
Repayment upon maturity	(230)
Convertible notes \| 2022 Convertible Notes
Debt Instrument [Line Items]
Principal Amount	0		$ 230	0		$ 230
Unamortized Debt Discount	0		(5)	0		(5)
Unamortized debt issuance costs	0			0		(1)
Long-term debt	0		225	0		224
Amortization of debt issuance costs	0	$ 0	1	1	1
Fair value of conversion option transferred to other liabilities			(5)
Amortization of debt discount	5	1		5	5
Repayment upon maturity	(230)
Carrying amount of equity component, net of issuance costs						33
Convertible notes \| 2022 Convertible Notes \| Debt Discount
Debt Instrument [Line Items]
Fair value of conversion option transferred to other liabilities			(5)
Convertible notes \| 2022 Convertible Notes \| Other Liabilities
Debt Instrument [Line Items]
Fair value of conversion option transferred to other liabilities			$ 5
Convertible notes \| 2022 Convertible Notes \| Cumulative effect, period of adoption, adjustment
Debt Instrument [Line Items]
Unamortized Debt Discount						5
Long-term debt						5
Carrying amount of equity component, net of issuance costs						(33)
Convertible notes \| 2022 Convertible Notes \| Cumulative effect, period of adoption, adjusted balance
Debt Instrument [Line Items]
Principal Amount						230
Unamortized debt issuance costs						(1)
Long-term debt						229
Carrying amount of equity component, net of issuance costs						0
Convertible notes \| 2026 Convertible Notes
Debt Instrument [Line Items]
Principal Amount	575			575		575
Unamortized Debt Discount	0			0		(104)
Unamortized debt issuance costs	(11)			(11)		(10)
Long-term debt	564			564		461
Amortization of debt issuance costs	1	1		2	2
Amortization of debt discount	$ 0	$ 6		$ 0	$ 16
Carrying amount of equity component, net of issuance costs						$ 117

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible notes - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Interest expense	$ 1	$ 0		$ 4	$ 0
2022 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1	1		3	3
Amortization of debt discount	5	1		5	5
Amortization of debt issuance costs	0	0	$ 1	1	1
Interest expense	6	2		9	9
2026 Convertible Notes
Debt Instrument [Line Items]
Amortization of debt discount	0	6		0	16
Amortization of debt issuance costs	1	1		2	2
Interest expense	$ 1	$ 7		$ 2	$ 18

DEBT - 2022 Convertible Note Hedges and Warrants (Details) - 2022 Convertible Notes - $ / shares	Sep. 30, 2022	Dec. 31, 2017
2022 Convertible Note Hedges
Debt Instrument [Line Items]
Convertible note hedges exercised (in shares)	0
2022 Warrants
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)		1,600,000
Exercise price of warrants (in usd per share)	$ 176.11
Number of warrants exercised (in shares)	0

DEBT - 2026 Convertible Notes (Details) - 2026 Convertible Notes	9 Months Ended
	Sep. 30, 2022 $ / shares	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
Convertible notes
Debt Instrument [Line Items]
Principal amount \| $		$ 575,000,000
Debt, stated interest rate		0.00%
Conversion ratio	0.0059395
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 167.62

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	9 Months Ended
	Sep. 30, 2022 $ / shares shares
2026 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,400,000
Strike price (in usd per share) \| $ / shares	$ 167.62
Convertible note hedges exercised (in shares)	0
2026 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,400,000
Strike price (in usd per share) \| $ / shares	$ 209.53
Number of warrants exercised (in shares)	0

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Stockholders Equity Note
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par (in usd per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	75,744,121		75,519,049
Common stock, shares outstanding (in shares)	38,707,674		42,283,378
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
Stock repurchase program, authorized amount				$ 250,000,000
Stock repurchase program, additional authorized amount	$ 500,000,000	$ 300,000,000
Noncontrolling interests	2,000,000		$ 10,000,000
Stock repurchase program, remaining authorized repurchase amount	444,000,000
Property owners associations
Stockholders Equity Note
Noncontrolling interests	$ 2,000,000		$ 10,000,000

SHAREHOLDERS' EQUITY - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022
Cost of Shares Repurchased
Cost of shares repurchased	$ 216	$ 193	$ 119	$ 4
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)			17,681,395		17,681,395
Repurchase of common stock (in shares)					3,852,726
Ending of period, number of shares repurchased (in shares)	21,534,121				21,534,121
Cost of Shares Repurchased
Beginning of period, cost of shares repurchased			$ 1,418		$ 1,418
Cost of shares repurchased	$ 216	$ 193	$ 119	$ 4	528
Ending of period, cost of shares repurchased	$ 1,946				$ 1,946
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)			$ 80.17		$ 80.17
Average price paid per share (in usd per share)					137.16
Ending of period, average price paid per share (in usd per share)	$ 90.37				$ 90.37

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 08, 2022	May 12, 2022	Feb. 18, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.62	$ 0.62	$ 0.62	$ 0.62	$ 0.54	$ 1.86	$ 0.54

SHARE-BASED COMPENSATION - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares)	1,800,000
Shares available for grants under the plan (in shares)	1,000,000
Restricted stock units \| Employees and non employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	179,505
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 152.06
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum earnable amount of shares (in shares)	129,280
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	77,037
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 59.68
Stock awards granted, weighted average (in usd per share) exercise date fair value \| $ / shares	$ 159.27

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 10	$ 11	$ 30	$ 33
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8	9	26	27
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	8	24	23
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1	2	4
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2	$ 2	$ 4	$ 6

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 44	$ 35
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	42	33
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	34	33
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	8	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 2	$ 2

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Expected volatility	42.86%
Dividend yield	1.53%
Risk-free rate	1.77%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Consolidated Assets	$ 9,237	$ 9,613
Consolidated Liabilities	6,609	$ 6,627
Variable interest entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,741
Consolidated Liabilities	1,832
Variable interest entity \| Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,830
Variable interest entity \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,662
Variable interest entity \| Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	12
Variable interest entity \| Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	67
Variable interest entity \| Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Consolidated Assets	1,600
Consolidated Liabilities	1,700
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,698
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,527
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	11
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	62
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Variable interest entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Consolidated Assets	141
Consolidated Liabilities	132
Variable interest entity \| Warehouse Credit Facility \| Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	132
Variable interest entity \| Warehouse Credit Facility \| Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	135
Variable interest entity \| Warehouse Credit Facility \| Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	1
Variable interest entity \| Warehouse Credit Facility \| Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	5
Variable interest entity \| Warehouse Credit Facility \| Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	$ 0

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Variable Interest Entity [Line Items]
Interest income	$ 71	$ 68	$ 209	$ 190
Administrative expenses	62	$ 54	187	$ 166
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	60		179
Interest expense to investors	13		35
Debt issuance cost amortization	2		7
Administrative expenses			1
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	58		173
Interest expense to investors	12		33
Debt issuance cost amortization	2		6
Administrative expenses			1
Variable interest entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	2		6
Interest expense to investors	1		2
Debt issuance cost amortization	$ 0		1
Administrative expenses			$ 0

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$ 371	$ 421
Principal receipts	413	432
Interest receipts	174	167
Reserve release	153	109
Total	1,111	1,129
Cash Outflows
Principal to investors	(446)	(452)
Voluntary repurchases of defaulted vacation ownership notes receivable	(69)	(78)
Voluntary clean-up call	(39)	(72)
Interest to investors	(34)	(33)
Funding of restricted cash	(95)	(110)
Total	(683)	(745)
Net Cash Flows	428	384
Warehouse Credit Facility
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	234	0
Principal receipts	12	0
Interest receipts	5	0
Reserve release	1	0
Total	252	0
Cash Outflows
Principal to investors	(3)	0
Repayment of Warehouse Credit Facility	(98)	0
Interest to investors	(2)	(1)
Funding of restricted cash	(2)	0
Total	(105)	(1)
Net Cash Flows	$ 147	$ (1)

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	$ 248	$ 279
Accrued liabilities	342	345
Variable interest entity
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	12	12
Accrued liabilities	2	$ 2
Cash surrender value of life insurance	68
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, 2024	112
Purchase commitment obligation due, 2025	81
Purchase commitment obligation due, 2026	41
Waikiki Hawaii \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Loan receivable	47
Accounts receivable, including VIE, after allowance for credit loss	1
Note receivable	1
Property, plant and equipment, gross	1
Accrued liabilities	2
Maximum loss	$ 1

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended		9 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022 segment source	Sep. 30, 2021
Segment Reporting Information [Line Items]
Number of operating business segments			2
Number of reportable business segments			2
Vacation Ownership
Segment Reporting Information [Line Items]
Number of primary sources \| source			4
Geographic concentration risk \| Sales revenue, net \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	12.00%	10.00%	12.00%	10.00%

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,252	$ 1,052	$ 3,468	$ 2,790
Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,182	974	3,229	2,518
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	71	77	229	249
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,253	1,051	3,458	2,767
Operating segments \| Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,182	974	3,229	2,518
Operating segments \| Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	71	77	229	249
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ (1)	$ 1	$ 10	$ 23

- 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

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+ Details

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Corporate and other	$ (54)	$ (45)	$ (162)	$ (140)
Interest expense	(34)	(41)	(91)	(128)
Tax provision	(59)	(47)	(134)	(63)
Depreciation and amortization	(33)	(35)	(98)	(112)
Share-based compensation expense	(10)	(11)	(30)	(33)
Certain items	(39)	(61)	(71)	(114)
Net income (loss) attributable to common shareholders	109	10	303	(12)
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	299	215	772	465
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 39	$ 35	$ 117	$ 113

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,237	$ 9,613
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	8,771	8,808
Operating segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	7,947	7,897
Operating segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	824	911
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 466	$ 805

- 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
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