0001524358-24-000039 | 10-Q | XBRL Viewer | Marriott Vacations Worldwide Corp

FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Carrying values and estimated fair values of financial assets and liabilities

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts and contracts receivable (excluding contracts receivable for financed VOI sales, net), 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 March 31, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,336	$	2,419	$	2,343	$	2,427
Contracts receivable for financed VOI sales, net	48		48		37		37
Other assets	110		110		99		99
Total financial assets	$	2,494	$	2,577	$	2,479	$	2,563

Securitized debt, net	$	(2,178)	$	(2,167)	$	(2,096)	$	(2,068)
Term Loan, net	(781)		(781)		(781)		(784)
Revolving Corporate Credit Facility, net	(157)		(160)		(101)		(105)
2028 Notes, net	(348)		(329)		(348)		(322)
2029 Notes, net	(495)		(457)		(495)		(445)
2026 Convertible Notes, net	(569)		(543)		(568)		(508)
2027 Convertible Notes, net	(564)		(540)		(563)		(513)
Non-interest bearing note payable, net	—		—		(4)		(4)
Total financial liabilities	$	(5,092)	$	(4,977)	$	(4,956)	$	(4,749)

Vacation Ownership Notes Receivable


	At March 31, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,914	$	1,995	$	1,912	$	1,994

Eligible for securitization	53		55		52		54
Not eligible for securitization	369		369		379		379
Non-securitized	422		424		431		433

Total	$	2,336	$	2,419	$	2,343	$	2,427

FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


7.			FINANCIAL INSTRUMENTS


	At March 31, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,336	$	2,419	$	2,343	$	2,427
Contracts receivable for financed VOI sales, net	48		48		37		37
Other assets	110		110		99		99
Total financial assets	$	2,494	$	2,577	$	2,479	$	2,563

Securitized debt, net	$	(2,178)	$	(2,167)	$	(2,096)	$	(2,068)
Term Loan, net	(781)		(781)		(781)		(784)
Revolving Corporate Credit Facility, net	(157)		(160)		(101)		(105)
2028 Notes, net	(348)		(329)		(348)		(322)
2029 Notes, net	(495)		(457)		(495)		(445)
2026 Convertible Notes, net	(569)		(543)		(568)		(508)
2027 Convertible Notes, net	(564)		(540)		(563)		(513)
Non-interest bearing note payable, net	—		—		(4)		(4)
Total financial liabilities	$	(5,092)	$	(4,977)	$	(4,956)	$	(4,749)

Vacation Ownership Notes Receivable


	At March 31, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,914	$	1,995	$	1,912	$	1,994

Eligible for securitization	53		55		52		54
Not eligible for securitization	369		369		379		379
Non-securitized	422		424		431		433

Total	$	2,336	$	2,419	$	2,343	$	2,427

We estimate the fair value of our vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates, and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3.

Due to factors that impact the general marketability of our vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the asset-backed securities (“ABS”) market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable.

The table above shows the bifurcation of our vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining vacation ownership notes receivable that have not been securitized at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are generally 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.

Contracts Receivable for Financed VOI Sales

At the time at which we recognize revenue for Marriott-branded VOI sales, we temporarily record a contract receivable for financed VOI sales, until the time at which we originate a vacation ownership note receivable, which occurs at closing. We believe that the carrying value of the contracts receivable for financed VOI sales approximates fair value because the stated, or otherwise imputed, interest rates of these receivables are generally consistent with current market rates and the reserve for these contracts receivable for financed VOI sales appropriately accounts for risks in default rates. We concluded that this fair value measurement should be categorized within Level 3.

Other Assets

Other assets include $110 million and $99 million of company owned insurance policies (the “COLI policies”) acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan (the “Deferred Compensation Plan”) at March 31, 2024 and December 31, 2023, respectively, 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.

Term Loan

We estimate the fair value of our Term Loan (as defined in Footnote 12 “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 12 “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.

Senior Notes

We estimate the fair value of our 2028 Notes and 2029 Notes (each as defined in Footnote 12 “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.

Convertible Notes

We estimate the fair value of our convertible notes using quoted market prices as of the last trading day for the quarter; however, these notes have only a limited trading history and volume, and as such, this fair value estimate is not necessarily indicative of the value at which the convertible notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2.

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2024

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 the VIEs related to our vacation ownership notes receivable securitizations, and consolidated liabilities included on our Balance Sheet at March 31, 2024:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,914	$	—	$	1,914
Interest receivable	15		—		15
Restricted cash	128		—		128
Total	$	2,057	$	—	$	2,057
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	2,205		—		2,205
Total	$	2,208	$	1	$	2,209

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 first quarter of 2024:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	66	$	5	$	71
Interest expense	$	22	$	3	$	25
Debt issuance cost amortization	$	3	$	—	$	3

Cash flows between company and variable interest entities

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	425	$	21
Principal receipts	141		125
Interest receipts	65		57
Reserve release	60		—
Total	691		203
Cash Outflows
Principal payments	(132)		(131)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35)		(28)
Voluntary clean-up call	(29)		—
Interest payments	(21)		(16)
Funding of restricted cash	(112)		—
Total	(329)		(175)
Net Cash Flows	$	362	$	28

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	94	$	150
Principal receipts	10		18
Interest receipts	6		10
Reserve release	6		—
Total	116		178
Cash Outflows
Principal payments	(7)		(15)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)		—
Repayment of Warehouse Credit Facility	(236)		—
Interest payments	(3)		(3)
Funding of restricted cash	(2)		(5)
Total	(250)		(23)
Net Cash Flows	$	(134)	$	155

- 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

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	$ 0
2025	784
2026	575
2027	735
2028	350
Thereafter	500
Long-term debt	2,944
Line of Credit \| Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	784
2026	0
2027	0
2028	0
Thereafter	0
Long-term debt	784	$ 784
Revolving Corporate Credit Facility
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	0
2027	160
2028	0
Thereafter	0
Long-term debt	160
Senior notes \| 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	0
2027	0
2028	350
Thereafter	0
Long-term debt	350	350
Senior notes \| 2029 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	500
Long-term debt	500	500
Convertible notes \| 2026 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	575
2027	0
2028	0
Thereafter	0
Long-term debt	575	575
Convertible notes \| 2027 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	0
2027	575
2028	0
Thereafter	0
Long-term debt	$ 575	$ 575

DEBT - Corporate Credit Facility (Details) - USD ($)	1 Months Ended
DEBT - Corporate Credit Facility (Details) - USD ($)	May 07, 2024	Mar. 31, 2024
Floating interest rate through April 2024 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount		$ 200,000,000
Derivative, fixed interest rate		2.17%
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		2.43%
SOFR \| Subsequent event
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Line of Credit \| Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 900,000,000
Revolving corporate credit facility, net \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility		750,000,000
Revolving corporate credit facility, net \| Revolving Corporate Credit Facility, net \| Subsequent event
Debt Instrument [Line Items]
Credit facility	$ 800,000,000
Letter of credit \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility		$ 75,000,000

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

SHAREHOLDERS’ EQUITY


13.			STOCKHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 31, 2024, there were 75,847,526 shares of Marriott Vacations Worldwide common stock issued, of which 35,163,680 shares were outstanding and 40,683,846 shares were held as treasury stock. At December 31, 2023, there were 75,807,882 shares of Marriott Vacations Worldwide common stock issued, of which 35,319,306 shares were outstanding and 40,488,576 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 March 31, 2024 or December 31, 2023.

Share Repurchase Program

From time to time, with the approval of our Board of Directors, we may undertake programs to purchase shares of our common stock (each, a “Share Repurchase Program”). As of March 31, 2024, approximately $414 million remained available for share repurchases under the current 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 Program:


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost Basis of Shares Repurchased		Average Price Paid per Share
As of December 31, 2023	25,141,073	$	2,405	$	95.65
For the first quarter of 2024	279,577	24		$	87.37
As of March 31, 2024	25,420,650	$	2,429	$	95.56

Dividends

We declared cash dividends to holders of common stock during the first quarter of 2024 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt and approval of our Board of Directors. There can be no assurance that we will pay dividends in the future.

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 15, 2024

February 29, 2024

March 14, 2024

$0.76

- Definition

The entire disclosure for equity.

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+ Details

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,785	$	129	$	1,914	$	1,764	$	148	$	1,912

Eligible for securitization(1)	51		2		53		51		1		52
Not eligible for securitization(1)	351		18		369		363		16		379
Non-securitized	402		20		422		414		17		431

Total	$	2,187	$	149	$	2,336	$	2,178	$	165	$	2,343

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

Interest income associated with vacation ownership notes receivable

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Interest income associated with securitized vacation ownership notes receivable	$	71	$	67
Interest income associated with non-securitized vacation ownership notes receivable	10		9
Total interest income associated with vacation ownership notes receivable	$	81	$	76

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 March 31, 2024	$	153	$	27	$	180
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023	$	141	$	27	$	168

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 March 31, 2024 and December 31, 2023.



	As of March 31, 2024						As of December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	32	$	68	$	100	$	31	$	72	$	103
91 – 120 days past due	12		15		27		7		19		26
Greater than 120 days past due	141		12		153		134		8		142
Total past due	185		95		280		172		99		271
Current	444		2,078		2,522		460		2,082		2,542
Total vacation ownership notes receivable	$	629	$	2,173	$	2,802	$	632	$	2,181	$	2,813

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 a $14 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	4	$	21	$	25
2025	3		27		30
2026	3		24		27
2027	3		19		22
2028	2		13		15
Thereafter	5		25		30
Balance at March 31, 2024	$	20	$	129	$	149
Weighted average stated interest rate	13.8%		14.2%		14.1%
Range of stated interest rates	0.0% to 21.9%		0.0% to 21.9%		0.0% to 21.9%

Financing receivable credit quality indicators

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


	Acquired Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	42	$	28	$	4	$	8	$	82
Hyatt Vacation Ownership	48		31		1		1		81
	$	90	$	59	$	5	$	9	$	163


	Acquired Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	46	$	32	$	4	$	9	$	91
Hyatt Vacation Ownership	53		34		1		1		89
	$	99	$	66	$	5	$	10	$	180

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 March 31, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	51	$	105	$	156
2025	48		146		194
2026	43		155		198
2027	40		162		202
2028	33		168		201
Thereafter	187		1,049		1,236
Balance at March 31, 2024	$	402	$	1,785	$	2,187
Weighted average stated interest rate	11.9%		13.3%		13.0%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		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, 2023	$	195	$	260	$	455
Increase (decrease) in vacation ownership notes receivable reserve	47		(5)		42
Securitizations	(63)		63		—
Clean-up call	34		(34)		—
Write-offs	(45)		—		(45)
Defaulted vacation ownership notes receivable repurchase activity(1)	33		(33)		—
Balance at March 31, 2024	$	201	$	251	$	452

(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 repurchased securitized vacation ownership notes receivable.

Financing receivable credit quality indicators

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


	Originated Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	608	$	57	$	327	$	2,373
Hyatt Vacation Ownership	191		70		2		3		266
	$	1,572	$	678	$	59	$	330	$	2,639


	Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	609	$	57	$	323	2,370
Hyatt Vacation Ownership	188		70		2		3		263
	$	1,569	$	679	$	59	$	326	$	2,633

The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2024, and gross write-offs by brand for the first quarter of 2024.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	98	$	470	$	353	$	191	$	269	$	1,381
600 - 699	30		183		155		98		142		608
< 600	3		17		14		9		14		57
No Score	39		138		59		23		68		327
	$	170	$	808	$	581	$	321	$	493	$	2,373

Gross write-offs	$	—	$	7	$	12	$	8	$	12	$	39


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	27	$	79	$	56	$	25	$	4	$	191
600 - 699	8		27		23		10		2		70
< 600	—		1		—		1		—		2
No Score	—		2		1		—		—		3
	$	35	$	109	$	80	$	36	$	6	$	266

Gross write-offs	$	—	$	2	$	3	$	1	$	—	$	6

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,112	$ 1,091
Financing	83	78
Total Revenues	1,195	1,169
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	352	375
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	66	62
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	56	52
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	89	86
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	211	200
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	158	151
Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	391	365
Operating segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,195	1,168
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	1
Financing	0	0
Total Revenues	0	1
Corporate and Other \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(1)
Corporate and Other \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12	10
Corporate and Other \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	9
Corporate and Other \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(11)	(8)
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,047	1,019
Financing	83	78
Total Revenues	1,130	1,097
Vacation Ownership \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	352	375
Vacation Ownership \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65	61
Vacation Ownership \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52	45
Vacation Ownership \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	31	29
Vacation Ownership \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	148	135
Vacation Ownership \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	147	141
Vacation Ownership \| Operating segments \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	400	368
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65	71
Financing	0	0
Total Revenues	65	71
Exchange & Third-Party Management \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Exchange & Third-Party Management \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1
Exchange & Third-Party Management \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5	8
Exchange & Third-Party Management \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	46	47
Exchange & Third-Party Management \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52	56
Exchange & Third-Party Management \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	10
Exchange & Third-Party Management \| Operating segments \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2	$ 5

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 46	$ 87
Other comprehensive income (loss):
Foreign currency translation adjustments	1	6
Derivative instrument adjustment, net of tax	(2)	(3)
OTHER COMPREHENSIVE (LOSS) GAIN, NET OF TAX	(1)	3
Net loss attributable to noncontrolling interests	1	0
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 46	$ 90

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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-Topic 810
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES


5.			INCOME TAXES

Our provision for income taxes is calculated using an estimated annual effective tax rate (“AETR”), based upon expected annual income less losses in certain jurisdictions, non-deductible expenses under federal and local tax laws, statutory rates and planned tax strategies in the various jurisdictions in which we operate. Certain items that do not relate directly to ordinary income are excluded from the AETR and included in the period in which they occur.

Our effective tax rate was 43.0% and 32.3% for the three months ended March 31, 2024 and March 31, 2023, respectively.

The effective tax rate for the three months ended March 31, 2024 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including $11 million primarily related to a $20 million increase to remove the permanent reinvestment assertion for certain non-U.S. entities offset by a $9 million decrease for the expiration of statutes of limitation on certain unrecognized tax benefits. The effective tax rate for the three months ended March 31, 2023 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including $9 million primarily related to an increase in uncertain tax benefits of $20 million for new unrecognized tax benefits in a foreign jurisdiction, offset by decreases in stock compensation of $7 million and $4 million related to prior year true-up adjustments.

Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2024.


($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2023	$	106
Increases to tax positions related to a prior period	2


Decreases to tax positions related to a prior period	(7)
Decreases as a result of a lapse of the applicable statute of limitation	(6)
Balance at March 31, 2024	$	95

The total amount of gross interest and penalties accrued related to unrecognized tax benefits was $41 million at March 31, 2024 and $48 million at December 31, 2023, a decrease of $7 million, which is predominantly attributable to the expiration of statutes of limitation, partially offset by additional interest and penalties related to non-U.S. uncertain tax positions. At March 31, 2024, unrecognized tax benefits (including interest and penalties) of $26 million, net of indemnification, would impact the effective tax rate if recognized.

We anticipate $38 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 5	$ 11
Amount of completed vacation ownership units classified as property and equipment	349		$ 370
Inventory [Line Items]
Inventory deposits	9		$ 3
Other Assets
Inventory [Line Items]
Inventory deposits	5
Accounts Receivable
Inventory [Line Items]
Inventory deposits	$ 4

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES


15.			VARIABLE INTEREST ENTITIES

Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,914	$	—	$	1,914
Interest receivable	15		—		15
Restricted cash	128		—		128
Total	$	2,057	$	—	$	2,057
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	2,205		—		2,205
Total	$	2,208	$	1	$	2,209

The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2024:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	66	$	5	$	71
Interest expense	$	22	$	3	$	25
Debt issuance cost amortization	$	3	$	—	$	3

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	425	$	21
Principal receipts	141		125
Interest receipts	65		57
Reserve release	60		—
Total	691		203
Cash Outflows
Principal payments	(132)		(131)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35)		(28)
Voluntary clean-up call	(29)		—
Interest payments	(21)		(16)
Funding of restricted cash	(112)		—
Total	(329)		(175)
Net Cash Flows	$	362	$	28

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	94	$	150
Principal receipts	10		18
Interest receipts	6		10
Reserve release	6		—
Total	116		178
Cash Outflows
Principal payments	(7)		(15)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)		—
Repayment of Warehouse Credit Facility	(236)		—
Interest payments	(3)		(3)
Funding of restricted cash	(2)		(5)
Total	(250)		(23)
Net Cash Flows	$	(134)	$	155

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.

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 generally contingent upon the property being redeveloped to our brand standards. Accordingly, we have not consolidated the VIE. We expect to acquire the property over time and as of March 31, 2024, we expect to make remaining payments for the property as follows: $65 million in the remainder of 2024, $82 million in 2025, and $41 million in 2026. As of March 31, 2024, our Balance Sheet reflected $1 million in Accounts and contracts receivable, net, including a note receivable of less than $1 million, $8 million in Property and equipment, net, $1 million in Accrued liabilities and $1 million in the Other line within liabilities on our Balance Sheets. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $10 million as of March 31, 2024. During the first quarter of 2024, we fulfilled our outstanding commitment to purchase retail space for $48 million and incurred $1 million of cost related to the fit-out of this space. We have an agreement to sell the retail space to a third party, at cost, upon completion of construction, which we expect to occur in the second half of 2024.

Deferred Compensation Plan

We consolidate the liabilities of the Deferred Compensation Plan and the related assets, which consist of the COLI policies held in a rabbi trust. The rabbi trust is considered a VIE. We are the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At March 31, 2024 and December 31, 2023, the value of the assets held in the rabbi trust was $110 million and $99 million, respectively, and was included in the Other line within assets on our Balance Sheets.

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Expected volatility	45.78%
Dividend yield	3.21%
Risk-free rate	4.23%
Expected term (in years)	6 years 3 months

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

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 and number of shares used in our calculation of basic earnings per share attributable to common stockholders.


	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Shares for basic earnings per share	35.5		37.4
Basic earnings per share	$	1.32	$	2.32

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


	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Add back of interest expense related to convertible notes, net of tax	5		4
Numerator used to calculate diluted earnings per share	$	52	$	91

Shares for basic earnings per share	35.5		37.4
Effect of dilutive shares outstanding
Employee SARs	—		0.2
Restricted stock units	0.1		0.3
2026 Convertible Notes ($575 million of principal)	3.6		3.5
2027 Convertible Notes ($575 million of principal)	3.0		3.0
Shares for diluted earnings per share	42.2		44.4
Diluted earnings per share	$	1.22	$	2.06

The computations of diluted earnings per share attributable to common stockholders in the table above exclude approximately 396,000 and 239,000 shares of common stock, the maximum number of shares issuable as of March 31, 2024 and March 31, 2023, 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.

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 180	$ 168
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	153	141
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 27	$ 27

ACQUISITIONS

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

ACQUISITIONS


3.			ACQUISITIONS

Savannah, Georgia

During the third quarter of 2023, we acquired a property in Savannah, Georgia for $19 million. We plan to convert the property into a 73-unit vacation ownership property. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net.

Charleston, South Carolina

During the first quarter of 2023, we acquired a parcel of land and an adjacent retail space in Charleston, South Carolina for $17 million. We plan to develop the parcel of land into a 50-unit vacation ownership property and use a portion of the retail space to operate a sales center. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net.

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total MVW Stockholders' Equity	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022			75,700,000
Beginning balance at Dec. 31, 2022	$ 2,498	$ 2,496	$ 1	$ (2,054)	$ 3,941	$ 15	$ 593	$ 2
Increase (Decrease) in Stockholders' Equity
Net income	87	87					87
Foreign currency translation adjustments	6	6				6
Derivative instrument adjustment	(3)	(3)				(3)
Share-based compensation plans (in shares)			100,000
Share-based compensation plans	(2)	(2)		2	(4)
Repurchase of common stock	(80)	(80)		(80)
Dividends	(26)	(26)					(26)
Ending balance (in shares) at Mar. 31, 2023			75,800,000
Ending balance at Mar. 31, 2023	$ 2,480	2,478	$ 1	(2,132)	3,937	18	654	2
Beginning balance (in shares) at Dec. 31, 2023	75,807,882		75,800,000
Beginning balance at Dec. 31, 2023	$ 2,382	2,382	$ 1	(2,332)	3,955	16	742	0
Increase (Decrease) in Stockholders' Equity
Net income	46	47					47	(1)
Foreign currency translation adjustments	1	1				1
Derivative instrument adjustment	(2)	(2)				(2)
Share-based compensation plans	1	1		5	(4)
Repurchase of common stock	(24)	(24)		(24)
Dividends	$ (26)	(26)					(26)
Ending balance (in shares) at Mar. 31, 2024	75,847,526		75,800,000
Ending balance at Mar. 31, 2024	$ 2,378	$ 2,379	$ 1	$ (2,351)	$ 3,951	$ 15	$ 763	$ (1)

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	3 Months Ended
	Mar. 31, 2024 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
Convertible notes
Debt Instrument [Line Items]
Principal amount \| $		$ 575,000,000
Debt, stated interest rate		3.25%
Conversion ratio	0.0052776
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 189.48

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

SECURITIZED DEBT (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024		At December 31, 2023
Vacation ownership notes receivable securitizations, gross(1)	$	2,205	$	1,971
Unamortized debt discount and issuance costs	(27)		(23)
	2,178		1,948

Warehouse Credit Facility, gross	—		150
Unamortized debt issuance costs(2)	—		(2)
	—		148


	$	2,178	$	2,096

(1)Interest rates as of March 31, 2024 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Excludes $1 million of unamortized debt issuance costs as of March 31, 2024, as no cash borrowings were outstanding on the Warehouse 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 March 31, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	143
2025	194
2026	201
2027	204
2028	202
Thereafter	1,261
	$	2,205

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total


Term Loan	$	—	$	784	$	—	$	—	$	—	$	—	$	784
Revolving Corporate Credit Facility	—		—		—		160		—		—		160
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	—	$	784	$	575	$	735	$	350	$	500	$	2,944

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 110	$ 99

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES
Revenue from contracts with customers	$ 1,112	$ 1,091
Financing	83	78
TOTAL REVENUES	1,195	1,169
EXPENSES
Marketing and sales	223	210
Financing	34	26
General and administrative	63	68
Depreciation and amortization	38	32
Litigation charges	3	3
Restructuring	2	0
Royalty fee	28	29
Impairment	0	4
Cost reimbursements	391	365
TOTAL EXPENSES	1,058	1,015
Gains and other income, net	0	21
Interest expense, net	(40)	(34)
Transaction and integration costs	(15)	(13)
Other	(1)	0
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	81	128
Provision for income taxes	(35)	(41)
NET INCOME	46	87
Net loss attributable to noncontrolling interests	1	0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 47	$ 87
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in usd per share)	$ 1.32	$ 2.32
Diluted (in usd per share)	1.22	2.06
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.76	$ 0.72
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 352	$ 375
EXPENSES
Expenses	53	58
Management and exchange
REVENUES
Revenue from contracts with customers	211	200
EXPENSES
Expenses	116	107
Rental
REVENUES
Revenue from contracts with customers	158	151
EXPENSES
Expenses	107	113
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 391	$ 365

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024, remaining	$ 0
2025	784
2026	575
2027	735
2028	350
Thereafter	500
Long-term debt	2,944
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Secured Debt
Debt Instrument [Line Items]
2024, remaining	143
2025	194
2026	201
2027	204
2028	202
Thereafter	1,261
Long-term debt	$ 2,205

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 237	$ 248
Restricted cash (including $128 and $79 from VIEs, respectively)	313	326
Accounts and contracts receivable, net (including $15 and $15 from VIEs, respectively)	422	385
Vacation ownership notes receivable, net (including $1,914 and $1,912 from VIEs, respectively)	2,336	2,343
Inventory	637	634
Property and equipment, net	1,299	1,260
Goodwill	3,117	3,117
Intangibles, net	839	854
Other (including $110 and $99 from VIEs, respectively)	667	513
TOTAL ASSETS	9,867	9,680
LIABILITIES AND EQUITY
Accounts payable	221	362
Advance deposits	176	164
Accrued liabilities (including $4 and $4 from VIEs, respectively)	384	343
Deferred revenue	482	382
Payroll and benefits liability	209	205
Deferred compensation liability	173	168
Securitized debt, net (including $2,205 and $2,121 from VIEs, respectively)	2,178	2,096
Debt, net	3,111	3,049
Other	227	249
Deferred taxes	328	280
TOTAL LIABILITIES	7,489	7,298
Contingencies and Commitments (Note 10)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.00 par value; 100,000,000 shares authorized; 75,847,526 and 75,807,882 shares issued, respectively	1	1
Treasury stock — at cost; 40,683,846 and 40,488,576 shares, respectively	(2,351)	(2,332)
Additional paid-in capital	3,951	3,955
Accumulated other comprehensive income	15	16
Retained earnings	763	742
TOTAL MVW STOCKHOLDERS' EQUITY	2,379	2,382
Noncontrolling interests	(1)	0
TOTAL EQUITY	2,378	2,382
TOTAL LIABILITIES AND EQUITY	$ 9,867	$ 9,680

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - Originated $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 455
Increase (decrease) in vacation ownership notes receivable reserve	42
Securitizations	0
Clean-up call	0
Write-offs	(45)
Defaulted vacation ownership notes receivable repurchase activity	0
Ending balance	452
Non-securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	195
Increase (decrease) in vacation ownership notes receivable reserve	47
Securitizations	(63)
Clean-up call	34
Write-offs	(45)
Defaulted vacation ownership notes receivable repurchase activity	33
Ending balance	201
Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	260
Increase (decrease) in vacation ownership notes receivable reserve	(5)
Securitizations	63
Clean-up call	(34)
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(33)
Ending balance	$ 251

DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT


12.			DEBT

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


($ in millions)		At March 31, 2024		At December 31, 2023
Corporate Credit Facility
	Term Loan	$	784	$	784
	Unamortized debt discount and issuance costs	(3)		(3)
		781		781

	Revolving Corporate Credit Facility(1)	160		105
	Unamortized debt issuance costs	(3)		(4)
		157		101
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(2)		(2)
		348		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(5)		(5)
		495		495
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt issuance costs	(6)		(7)
		569		568

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(11)		(12)
		564		563

Finance Leases		197		189

Non-interest bearing note payable		—		4
		$	3,111	$	3,049

(1)Effective interest rate as of March 31, 2024 was 7.2%.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total


Term Loan	$	—	$	784	$	—	$	—	$	—	$	—	$	784
Revolving Corporate Credit Facility	—		—		—		160		—		—		160
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	—	$	784	$	575	$	735	$	350	$	500	$	2,944

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, as of March 31, 2024, was scheduled to mature on August 31, 2025, and a revolving credit facility with a borrowing capacity of $750 million (the “Revolving Corporate Credit Facility”), which includes a letter of credit sub-facility of $75 million, that terminates on March 31, 2027.

Subsequent to the end of the first quarter of 2024, we entered into an amendment to the Corporate Credit Facility (the “Amendment”), which, among other things, provides for a new $800 million term loan facility scheduled to mature on April 1, 2031 (the “New Term Loan”). The proceeds of the New Term Loan were used to refinance in full the Term Loan, which was scheduled to mature on August 31, 2025. The interest rate applicable to the New Term Loan is the Secured Overnight Financing Rate (“SOFR”) plus 2.25%. There were no changes to the borrowing capacity or the termination date of the Revolving Corporate Credit Facility or its letter of credit sub-facility.

As of March 31, 2024, we have $200 million of interest rate swaps, under which we may pay a fixed rate of 2.17% and receive a floating interest rate through April 2024, and a $100 million interest rate collar with a cap strike price of 2.43% through April 2024, in each case, that we entered into prior to 2023 to hedge a portion of our interest rate risk on the Term Loan. Both the interest rate swap 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 Sheets as of March 31, 2024 and December 31, 2023. 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 quarter of 2024 and 2023. There were no reclassifications to the Income Statement for any of the periods presented below.


($ in millions)	2024		2023
Derivative instrument adjustment balance, January 1	$	3	$	13
Other comprehensive loss before reclassifications	(2)		(3)


Derivative instrument adjustment balance, March 31	1		10

Senior Notes

Our senior notes include:

•$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”).

Convertible Notes

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 earlier repurchased or converted in accordance with their terms prior to that date.

The conversion rate of the 2026 Convertible Notes is subject to adjustment for certain events as described in the indenture governing the notes, and was subject to adjustment as of March 31, 2024 to 6.2076 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $161.09 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 March 31, 2024, the effective interest rate was 0.55%.

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Amortization of debt issuance costs	$	1	$	1

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 (the “2026 Convertible Note Hedges”), covering a total of 3.6 million shares of our common stock, and warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire 3.6 million shares of our common stock, in each case, as of March 31, 2024. The strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to $161.09 and $201.36, respectively, as of March 31, 2024, and no 2026 Convertible Note Hedges or 2026 Warrants have been exercised.

2027 Convertible Notes

During 2022, we issued $575 million aggregate principal amount of convertible senior notes (the “2027 Convertible Notes”) that bear interest at a rate of 3.25%. The 2027 Convertible Notes mature on December 15, 2027, unless earlier repurchased or converted in accordance with their terms prior to that date.

The conversion rate of the 2027 Convertible Notes is subject to adjustment for certain events as described in the indenture governing the notes, and was subject to adjustment as of March 31, 2024 to 5.2776 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $189.48 per share of our common stock), as a result of the dividends we declared since issuance of the 2027 Convertible Notes that were greater than the quarterly dividend we paid when the 2027 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 March 31, 2024, the effective interest rate was 3.88%.

The following table shows interest expense information related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5

2027 Convertible Note Hedges and Warrants

In connection with the offering of the 2027 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the “2027 Convertible Note Hedges”), covering a total of 3.0 million shares of our common stock, and warrant transactions (the “2027 Warrants”), whereby we sold to the counterparties to the 2027 Convertible Note Hedges warrants to acquire 3.0 million shares of our common stock, in each case, as of March 31, 2024. The strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were subject to adjustment to $189.48 and $286.01, respectively, as of March 31, 2024, and no 2027 Convertible Note Hedges or 2027 Warrants have been exercised.

Security and Guarantees

Amounts borrowed under the Corporate Credit Facility, 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), subject to certain exceptions. In addition, the Corporate Credit Facility, the 2026 Convertible Notes, the 2027 Convertible 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense	$ 5	$ 4
2027 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	4	4
Amortization of debt issuance costs	1	1
Interest expense	$ 5	$ 5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Vacation Ownership Notes Receivable, Brand and FICO score (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 2,802	$ 2,813
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	163	180
Acquired \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	82	91
Acquired \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	81	89
Acquired \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	90	99
Acquired \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	42	46
Acquired \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	48	53
Acquired \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	59	66
Acquired \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	28	32
Acquired \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	31	34
Acquired \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5	5
Acquired \| Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4	4
Acquired \| Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Acquired \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	9	10
Acquired \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	8	9
Acquired \| No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,639	2,633
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,373	2,370
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	266	263
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,572	1,569
Originated \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,381	1,381
Originated \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	191	188
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	678	679
Originated \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	608	609
Originated \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	70	70
Originated \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	59	59
Originated \| Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	57	57
Originated \| Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	2
Originated \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	330	326
Originated \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	327	323
Originated \| No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 3	$ 3

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	$ 2,336	$ 2,343
Interest receivable	422	385
Restricted cash	313	326
TOTAL ASSETS	9,867	9,680
Interest payable	384	343
Securitized debt	2,178	2,096
TOTAL LIABILITIES	7,489	7,298
Variable interest entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,914	1,912
Interest receivable	15	15
Restricted cash	128	79
TOTAL ASSETS	2,057
Interest payable	4	4
Securitized debt	2,205	2,121
TOTAL LIABILITIES	2,209
Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	2,205
Vacation Ownership Notes Receivable Securitizations \| Variable interest entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,914
Interest receivable	15
Restricted cash	128
TOTAL ASSETS	2,057
Interest payable	3
TOTAL LIABILITIES	2,208
Vacation Ownership Notes Receivable Securitizations \| Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	2,205	$ 1,971
Warehouse Credit Facility \| Variable interest entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	0
Interest receivable	0
Restricted cash	0
TOTAL ASSETS	0
Interest payable	1
TOTAL LIABILITIES	1
Warehouse Credit Facility \| Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	$ 0

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS


2.			SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

Future Adoption of Accounting Standards

Accounting Standards Update 2023-07 – “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”)

In November 2023, the FASB issued ASU 2023-07, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This update will be applied retrospectively for all prior periods presented in the financial statements. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2024.

Accounting Standards Update 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”)

In December 2023, the FASB issued ASU 2023-09, which is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 primarily enhances and expands both the annual income tax rate reconciliation disclosure and the annual income taxes paid disclosure. This update is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis, with early adoption permitted. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2025.

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2024.


($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2023	$	106
Increases to tax positions related to a prior period	2


Decreases to tax positions related to a prior period	(7)
Decreases as a result of a lapse of the applicable statute of limitation	(6)
Balance at March 31, 2024	$	95

SECURITIZED DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

SECURITIZED DEBT


11.			SECURITIZED DEBT

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


($ in millions)	At March 31, 2024		At December 31, 2023
Vacation ownership notes receivable securitizations, gross(1)	$	2,205	$	1,971
Unamortized debt discount and issuance costs	(27)		(23)
	2,178		1,948

Warehouse Credit Facility, gross	—		150
Unamortized debt issuance costs(2)	—		(2)
	—		148


	$	2,178	$	2,096

(1)Interest rates as of March 31, 2024 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Excludes $1 million of unamortized debt issuance costs as of March 31, 2024, as no cash borrowings were outstanding on the Warehouse Credit Facility at that time.

All of our securitized debt is non-recourse. See Footnote 15 “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 March 31, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	143
2025	194
2026	201
2027	204
2028	202
Thereafter	1,261
	$	2,205

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 first quarter of 2024, and as of March 31, 2024, 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 first quarter of 2024, we securitized a pool of $439 million of vacation ownership notes receivable. In connection with the securitization, $430 million in vacation ownership loan backed notes were issued by MVW 2024-1 LLC (the “2024-1 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2024-1 LLC: $284 million of Class A Notes, $89 million of Class B Notes, and $57 million of Class C Notes. The Class A Notes have an interest rate of 5.32%, the Class B Notes have an interest rate of 5.51%, and the Class C Notes have an interest rate of 6.20%, for an overall weighted average interest rate of 5.48%. Proceeds from the transaction, net of fees and a reserve, were used to repay the outstanding obligations on our warehouse credit facility (the “Warehouse Credit Facility”) and for other general corporate purposes.

BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Revenues


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Vacation Ownership	$	1,130	$	1,097
Exchange & Third-Party Management	65		71
Total segment revenues	1,195		1,168
Consolidated Property Owners’ Associations	—		1
	$	1,195	$	1,169

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

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Stockholders


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Adjusted EBITDA Vacation Ownership	$	213	$	229
Adjusted EBITDA Exchange & Third-Party Management	32		37
Reconciling items:
Corporate and other	(58)		(63)
Interest expense, net	(40)		(34)
Tax provision	(35)		(41)
Depreciation and amortization	(38)		(32)
Share-based compensation expense	(7)		(7)
Certain items	(20)		(2)
Net income attributable to common stockholders	$	47	$	87

Assets


($ in millions)	At March 31, 2024		At December 31, 2023
Vacation Ownership	$	8,327	$	8,167
Exchange & Third-Party Management	802		813
Total segment assets	9,129		8,980
Corporate and other	738		700
	$	9,867	$	9,680

Revenue from external customers by geographic areas

Revenues Excluding Cost Reimbursements


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
United States	$	699	$	700
All other countries	105		104
	$	804	$	804

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,195	$ 1,169
Revenues excluding reimbursed costs	804	804
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	699	700
All other countries
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	105	104
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,195	1,168
Operating segments \| Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,130	1,097
Operating segments \| Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	65	71
Consolidated Property Owners’ Associations
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 0	$ 1

- 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

+ Details

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Purchase commitment obligation due, remainder of 2024	$ 65
Purchase commitment obligation due, 2025	82
Purchase commitment obligation due, 2026	41
Interest receivable	422	$ 385
Accrued liabilities	384	343
Purchase of retail space	48
Cost related to the fit-out of retail space	1
Other	227	249
Variable interest entity
Variable Interest Entity [Line Items]
Interest receivable	15	15
Accrued liabilities	4	4
Cash surrender value of life insurance	110	$ 99
Waikiki Hawaii \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Interest receivable	1
Note receivable	1
Property, plant and equipment, gross	8
Accrued liabilities	1
Maximum loss	10
Other	$ 1

EARNINGS PER SHARE - Narrative (Details) - SARs - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	645,524	237,249
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 93.73	$ 153.10
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

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,382,000,000
Ending balance	2,379,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
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	3,000,000	13,000,000
Other comprehensive loss before reclassifications	(2,000,000)	(3,000,000)
Ending balance	$ 1,000,000	$ 10,000,000

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares		3 Months Ended
	Feb. 15, 2024	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.76	$ 0.76	$ 0.72

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 106
Increases to tax positions related to a prior period	2
Decreases to tax positions related to a prior period	(7)
Decreases as a result of a lapse of the applicable statute of limitation	(6)
Unrecognized tax benefit at end of balance	$ 95

BASIS OF PRESENTATION (Details)	3 Months Ended
BASIS OF PRESENTATION (Details)	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Composition of inventory

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2024		At December 31, 2023
Finished goods(1)	$	625	$	624
Work-in-progress	2		—
Real estate inventory	627		624
Other	10		10
	$	637	$	634

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

SHAREHOLDERS' EQUITY - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	40,488,576
Ending of period, number of shares repurchased (in shares)	40,683,846
Cost Basis of Shares Repurchased
Cost of shares repurchased	$ 24	$ 80
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	25,141,073
Repurchase of common stock (in shares)	279,577
Ending of period, number of shares repurchased (in shares)	25,420,650
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased	$ 2,405
Cost of shares repurchased	24	$ 80
Ending of period, cost of shares repurchased	$ 2,429
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)	$ 95.65
Average price paid per share (in usd per share)	87.37
Ending of period, average price paid per share (in usd per share)	$ 95.56

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 62	$ 24
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	59	23
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	50	22
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	9	1
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 3	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2024
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 the Interim Condensed Notes to 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, 2023 (the “2023 Annual Report”). We also 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 variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, 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 in the broader macroeconomic environment, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity, 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, general macroeconomic conditions, including inflationary pressures 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 2023 Annual Report. We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott-, Sheraton-, and Westin-brands and the term “Hyatt Vacation Ownership” to refer to our Hyatt-brands. We have reclassified certain prior year amounts to conform with our current year presentation.
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 variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, 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 in the broader macroeconomic environment, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity, 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, general macroeconomic conditions, including inflationary pressures 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 2023 Annual Report. We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott-, Sheraton-, and Westin-brands and the term “Hyatt Vacation Ownership” to refer to our Hyatt-brands. We have reclassified certain prior year amounts to conform with our current year presentation.
Future Adoption of Accounting Standards	Future Adoption of Accounting Standards Accounting Standards Update 2023-07 – “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”) In November 2023, the FASB issued ASU 2023-07, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This update will be applied retrospectively for all prior periods presented in the financial statements. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2024. Accounting Standards Update 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”) In December 2023, the FASB issued ASU 2023-09, which is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 primarily enhances and expands both the annual income tax rate reconciliation disclosure and the annual income taxes paid disclosure. This update is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis, with early adoption permitted. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2025.

DEBT - Senior Notes (Details) - Senior notes	Mar. 31, 2024 USD ($)
2028 Notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
2029 Notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	4.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7	$ 7
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	6	6
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Securitized debt	$ 2,178,000,000	$ 2,096,000,000
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	2,178,000,000	2,096,000,000
Variable interest entity
Debt Instrument [Line Items]
Securitized debt	2,205,000,000	2,121,000,000
Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 2,205,000,000
Debt, weighted average interest rate	4.70%
Variable interest entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt	$ 0	150,000,000
Unamortized debt discount and issuance costs	0	(2,000,000)
Secured debt, net	0	148,000,000
Unamortized debt issuance costs	$ 1,000,000
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	6.60%
Vacation Ownership Notes Receivable Securitizations \| Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 2,205,000,000	1,971,000,000
Unamortized debt discount and issuance costs	(27,000,000)	(23,000,000)
Secured debt, net	$ 2,178,000,000	$ 1,948,000,000

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective income tax rate, percent	43.00%	32.30%
Tax adjustments for discrete items	$ 11	$ 9
Increase to remove the permanent reinvestment assertion for certain non-U.S. entities	20
Decrease for the expiration of statute of limitations on certain unrecognized tax benefits	9
Increase new unrecognized tax benefits in a foreign jurisdiction		20
Decreases in stock compensation		7
Decrease for prior year true-up adjustments		$ 4
Income tax penalties and interest accrued, decrease	7
Unrecognized tax benefits, income tax penalties and interest accrued	41		$ 48
Unrecognized tax benefits that would impact effective tax rate	26
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 38

ACQUISITIONS (Details) $ in Millions	3 Months Ended
ACQUISITIONS (Details) $ in Millions	Sep. 30, 2023 USD ($) vacation_ownership_unit	Mar. 31, 2023 USD ($) vacation_ownership_unit
Savannah, Georgia
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred \| $	$ 19
Number of vacation units to be developed \| vacation_ownership_unit	73
Charleston, South Carolina
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred \| $		$ 17
Number of vacation units to be developed \| vacation_ownership_unit		50

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Mar. 31, 2024 segment source
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

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE


8.			EARNINGS PER SHARE

Basic earnings per common share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the reporting period. Diluted earnings per common share attributable to common stockholders reflects the assumed conversion of all dilutive securities, calculated using the treasury stock method.

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


	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Shares for basic earnings per share	35.5		37.4
Basic earnings per share	$	1.32	$	2.32

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


	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Add back of interest expense related to convertible notes, net of tax	5		4
Numerator used to calculate diluted earnings per share	$	52	$	91

Shares for basic earnings per share	35.5		37.4
Effect of dilutive shares outstanding
Employee SARs	—		0.2
Restricted stock units	0.1		0.3
2026 Convertible Notes ($575 million of principal)	3.6		3.5
2027 Convertible Notes ($575 million of principal)	3.0		3.0
Shares for diluted earnings per share	42.2		44.4
Diluted earnings per share	$	1.22	$	2.06

In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2024, we excluded from our calculation of diluted earnings per share 645,524 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $93.73 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the first quarter of 2023, we excluded from our calculation of diluted earnings per share 237,249 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $153.10 to $173.88, were greater than the average market price of our common stock for the applicable period.

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stock repurchase activity under current stock repurchase program

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


($ in millions, except per share amounts)	Number of Shares Repurchased	Cost Basis of Shares Repurchased		Average Price Paid per Share
As of December 31, 2023	25,141,073	$	2,405	$	95.65
For the first quarter of 2024	279,577	24		$	87.37
As of March 31, 2024	25,420,650	$	2,429	$	95.56

Cash dividend declared

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 15, 2024

February 29, 2024

March 14, 2024

$0.76

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,336	$ 2,343
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,419	2,427
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,914	1,912
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,995	1,994
Non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	422	431
Non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	424	433
Non-securitized \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	53	52
Non-securitized \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	55	54
Non-securitized \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	369	379
Non-securitized \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 369	$ 379

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

BUSINESS SEGMENTS


16.			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 Vacation Club brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand. We also have a license to use the St. Regis brand for specified fractional ownership products.

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 an exchange network and membership programs, as well as provision of management services to other resorts and lodging properties. We provide these services through our Interval International and Aqua-Aston businesses. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange, and rental transactions, property and owners’ association management, and other related products and services.

Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation and amortization, 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 Earnings before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) to evaluate the profitability of our operating segments, and the components of net income attributable to common stockholders excluded from Adjusted EBITDA are not separately evaluated. Adjusted EBITDA is defined as net income attributable to common stockholders, before interest expense (excluding consumer financing interest expense associated with term 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 attributable to common stockholders is presented below.

Revenues


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Vacation Ownership	$	1,130	$	1,097
Exchange & Third-Party Management	65		71
Total segment revenues	1,195		1,168
Consolidated Property Owners’ Associations	—		1
	$	1,195	$	1,169

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Stockholders


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Adjusted EBITDA Vacation Ownership	$	213	$	229
Adjusted EBITDA Exchange & Third-Party Management	32		37
Reconciling items:
Corporate and other	(58)		(63)
Interest expense, net	(40)		(34)
Tax provision	(35)		(41)
Depreciation and amortization	(38)		(32)
Share-based compensation expense	(7)		(7)
Certain items	(20)		(2)
Net income attributable to common stockholders	$	47	$	87

Assets


($ in millions)	At March 31, 2024		At December 31, 2023
Vacation Ownership	$	8,327	$	8,167
Exchange & Third-Party Management	802		813
Total segment assets	9,129		8,980
Corporate and other	738		700
	$	9,867	$	9,680

Revenues Excluding Cost Reimbursements


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
United States	$	699	$	700
All other countries	105		104
	$	804	$	804

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 41
-Publisher FASB
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-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,112	$ 1,091
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	649	608
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	463	483
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	1
Corporate and Other \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	1
Corporate and Other \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,047	1,019
Vacation Ownership \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	625	578
Vacation Ownership \| Operating segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	422	441
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	65	71
Exchange & Third-Party Management \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	24	29
Exchange & Third-Party Management \| Operating segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 41	$ 42

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,944,000,000
Finance Leases	197,000,000	$ 189,000,000
Debt and lease obligation	3,111,000,000	3,049,000,000
Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784,000,000	784,000,000
Unamortized debt discount and issuance costs	(3,000,000)	(3,000,000)
Long-term debt	781,000,000	781,000,000
Revolving Corporate Credit Facility, net \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	160,000,000	105,000,000
Unamortized debt discount and issuance costs	(3,000,000)	(4,000,000)
Long-term debt	$ 157,000,000	101,000,000
Interest rate, effective percentage	7.20%
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 350,000,000	350,000,000
Unamortized debt discount and issuance costs	(2,000,000)	(2,000,000)
Long-term debt	348,000,000	348,000,000
2029 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000,000	500,000,000
Unamortized debt discount and issuance costs	(5,000,000)	(5,000,000)
Long-term debt	$ 495,000,000	495,000,000
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	$ 575,000,000	575,000,000
Unamortized debt discount and issuance costs	(6,000,000)	(7,000,000)
Long-term debt	$ 569,000,000	568,000,000
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
2027 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575,000,000	575,000,000
Unamortized debt discount and issuance costs	(11,000,000)	(12,000,000)
Long-term debt	564,000,000	563,000,000
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 4,000,000

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

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
($ in millions)	March 31, 2024		March 31, 2023
Service-based RSUs	$	6	$	6
Performance-based RSUs	1		1



	$	7	$	7

Schedule of unrecognized compensation cost, unvested awards

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


($ in millions)	At March 31, 2024		At December 31, 2023
Service-based RSUs	$	50	$	22
Performance-based RSUs	9		1
	59		23
SARs	3		1

	$	62	$	24

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 quarter of 2024:


Expected volatility			45.78%
Dividend yield			3.21%
Risk-free rate			4.23%
Expected term (in years)			6.25

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

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 the Interim Condensed Notes to 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, 2023 (the “2023 Annual Report”). We also 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 variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated entities have been eliminated in consolidation.

These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, 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 in the broader macroeconomic environment, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity, 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, general macroeconomic conditions, including inflationary pressures 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 2023 Annual Report.

We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott-, Sheraton-, and Westin-brands and the term “Hyatt Vacation Ownership” to refer to our Hyatt-brands.

We have reclassified certain prior year amounts to conform with our current year presentation.

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
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Interest income	$ 81	$ 76
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	71
Interest expense	25
Debt issuance cost amortization	3
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	66
Interest expense	22
Debt issuance cost amortization	3
Variable interest entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	5
Interest expense	3
Debt issuance cost amortization	$ 0

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 625	$ 624
Work-in-progress	2	0
Real estate inventory	627	624
Other	10	10
Inventory	$ 637	$ 634

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Mar. 31, 2024 USD ($) vacation_ownership_unit transaction
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2024	$ 65
Purchase commitment obligation due, 2025	82
Purchase commitment obligation due, 2026	41
Surety bonds issued	122
Guarantor obligations, maximum exposure, remainder of year	9
Bali, Indonesia
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 36
Number of transactions \| transaction	2
Khao Lak, Thailand
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 37
Purchase commitment obligation due, 2025	4
Purchase commitment obligation due, 2026	31
Purchase commitment obligation due, 2027	$ 2
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	60
32 Unit Transaction \| Bali, Indonesia
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2024	$ 4
Purchase commitment obligation due, 2025	10
Purchase commitment obligation due, 2026	$ 1
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	32
26 Unit Transaction \| Bali, Indonesia
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2024	$ 4
Purchase commitment obligation due, 2025	2
Purchase commitment obligation due, 2026	14
Purchase commitment obligation due, 2027	$ 1
Number of vacation ownership units, acquisition pending \| vacation_ownership_unit	26
Securitization Transaction
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 32
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	33
Letter of credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	1
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	4
Guarantor obligations, maximum exposure, remainder of year	1
Guarantor obligations, maximum exposure, due in 2025	1
Guarantor obligations, maximum exposure, due in 2026	1
Guarantor obligations, maximum exposure, due in 2027	1
Guarantor obligations, maximum exposure, due in 2028 (less than)	$ 1
Guarantor obligations, ownership percentage	95.00%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 81
Purchase commitment obligation due, remainder of 2024	29
Purchase commitment obligation due, 2025	26
Purchase commitment obligation due, 2026	16
Purchase commitment obligation due, 2027	6
Purchase commitment obligation due, 2028	4
Purchase commitment obligation due, thereafter (less than)	$ 1

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Equity [Abstract]
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)	75,847,526	75,807,882
Common stock, shares outstanding (in shares)	35,163,680	35,319,306
Treasury stock, shares (in shares)	40,683,846	40,488,576
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, remaining authorized repurchase amount	$ 414

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 81	$ 76
Interest income associated with securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	71	67
Interest income associated with non-securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 10	$ 9

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	3 Months Ended
	Mar. 31, 2024 $ / shares shares
2026 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,600,000
Strike price (in usd per share) \| $ / shares	$ 161.09
Convertible note hedges exercised (in shares)	0
2026 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,600,000
Strike price (in usd per share) \| $ / shares	$ 201.36
Number of warrants exercised (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,802	$ 2,813
Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	629	632
Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,173	2,181
Total past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	280	271
Total past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	185	172
Total past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	95	99
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	100	103
31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	32	31
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	68	72
91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	27	26
91 – 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	12	7
91 – 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	15	19
Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	153	142
Greater than 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	141	134
Greater than 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	12	8
Current
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,522	2,542
Current \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	444	460
Current \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,078	$ 2,082

- 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/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
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-Topic 326
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 46	$ 87
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	38	32
Amortization of debt discount and issuance costs	5	7
Vacation ownership notes receivable reserve	46	38
Share-based compensation	7	7
Impairment charges	0	3
Deferred income taxes	35	6
Net change in assets and liabilities:
Accounts and contracts receivable	(41)	(6)
Vacation ownership notes receivable originations	(200)	(225)
Vacation ownership notes receivable collections	160	161
Inventory	17	24
Other assets	(133)	(146)
Accounts payable, advance deposits and accrued liabilities	(60)	(101)
Deferred revenue	100	101
Payroll and benefit liabilities	4	(45)
Deferred compensation liability	(3)	4
Other liabilities	(19)	16
Purchase of property for future transfer to inventory	0	(8)
Other, net	1	(5)
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	3	(50)
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(16)	(37)
Purchase of company owned life insurance	(4)	0
Purchase and development of property for future sale	(49)	0
Net cash, cash equivalents and restricted cash used in investing activities	(69)	(37)
FINANCING ACTIVITIES
Borrowings from securitization transactions	524	171
Repayment of debt related to securitization transactions	(441)	(174)
Proceeds from debt	340	405
Repayments of debt	(289)	(461)
Finance lease incentive	0	10
Finance lease payment	(2)	(2)
Payment of debt issuance costs	(6)	0
Repurchase of common stock	(24)	(80)
Payment of dividends	(54)	(54)
Payment of withholding taxes on vesting of restricted stock units	(5)	(9)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	43	(194)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	1
Change in cash, cash equivalents and restricted cash	(24)	(280)
Cash, cash equivalents and restricted cash, beginning of period	574	854
Cash, cash equivalents and restricted cash, end of period	550	574
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan	1	1
Non-cash transfer from inventory to property and equipment	6	3
Non-cash transfer from property and equipment to inventory	23	43
Non-cash transfer from property and equipment to other assets	0	2
Right-of-use asset obtained in exchange for finance lease obligation	11	80
Non-cash issuance of debt in connection with finance lease	11	97
Interest paid, net of amounts capitalized	52	44
Income taxes paid, net of refunds	$ 50	$ 56

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,336	$ 2,343
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,914	1,912
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	422	431
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	53	52
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	369	379
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,187	2,178
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,785	1,764
Originated \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	402	414
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	51	51
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	351	363
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	149	165
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	129	148
Acquired \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	20	17
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2	1
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 18	$ 16

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 47	$ 87

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,336	$ 2,343
Contracts receivable for financed VOI sales, net	48	37
Other assets	110	99
Total financial assets	2,494	2,479
Total financial liabilities	(5,092)	(4,956)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,419	2,427
Contracts receivable for financed VOI sales, net	48	37
Other assets	110	99
Total financial assets	2,577	2,563
Total financial liabilities	(4,977)	(4,749)
Securitized debt, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,178)	(2,096)
Securitized debt, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,167)	(2,068)
2028 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(348)	(348)
2028 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(329)	(322)
2029 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(495)	(495)
2029 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(457)	(445)
2026 Convertible Notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(569)	(568)
2026 Convertible Notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(543)	(508)
2027 Convertible Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(564)	(563)
2027 Convertible Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(540)	(513)
Non-interest bearing note payable, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(4)
Non-interest bearing note payable, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(4)
Line of Credit \| Term Loan, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(781)	(781)
Line of Credit \| Term Loan, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(781)	(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	(157)	(101)
Line of Credit \| Revolving Corporate Credit Facility, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (160)	$ (105)

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Restricted cash	$ 313	$ 326
Accounts receivable, net	422	385
Vacation ownership notes receivable, net	2,336	2,343
Other assets	667	513
Accrued liabilities	384	343
Secured debt, net	$ 2,178	$ 2,096
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)	75,847,526	75,807,882
Treasury stock, shares (in shares)	40,683,846	40,488,576
Variable interest entity
Restricted cash	$ 128	$ 79
Accounts receivable, net	15	15
Vacation ownership notes receivable, net	1,914	1,912
Other assets	110	99
Accrued liabilities	4	4
Secured debt, net	$ 2,205	$ 2,121

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes	3 Months Ended
	Mar. 31, 2024 $ / shares shares
2027 Warrants
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,000,000
Number of securities called by warrants (in shares)	3,000,000
Strike price (in usd per share) \| $ / shares	$ 286.01
Number of warrants exercised (in shares)	0
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Strike price (in usd per share) \| $ / shares	$ 189.48
Convertible note hedges exercised (in shares)	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (4,000,000)
Contract with customer, contract assets	0	$ 0
Contract with customer, liability, revenue recognized	$ 121,000,000

REVENUE AND RECEIVABLES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES


4.			REVENUE AND RECEIVABLES

Sources of Revenue by Segment


	Three Months Ended March 31, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	352	$	—	$	—	$	352

Ancillary revenues	65		1		—		66
Management fee revenues	52		5		(1)		56
Exchange and other services revenues	31		46		12		89
Management and exchange	148		52		11		211

Rental	147		11		—		158

Cost reimbursements	400		2		(11)		391
Revenue from contracts with customers	1,047		65		—		1,112

Financing	83		—		—		83
Total Revenues	$	1,130	$	65	$	—	$	1,195


	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	375	$	—	$	—	$	375

Ancillary revenues	61		1		—		62
Management fee revenues	45		8		(1)		52
Exchange and other services revenues	29		47		10		86
Management and exchange	135		56		9		200

Rental	141		10		—		151

Cost reimbursements	368		5		(8)		365
Revenue from contracts with customers	1,019		71		1		1,091

Financing	78		—		—		78
Total Revenues	$	1,097	$	71	$	1	$	1,169

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 March 31, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	625	$	24	$	—	$	649
Goods or services transferred at a point in time	422		41		—		463
Revenue from contracts with customers	$	1,047	$	65	$	—	$	1,112


	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	578	$	29	$	1	$	608
Goods or services transferred at a point in time	441		42		—		483
Revenue from contracts with customers	$	1,019	$	71	$	1	$	1,091

Sale of Vacation Ownership Products

Revenues were reduced during the first quarter of 2024 by $4 million 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 March 31, 2024 or December 31, 2023.


($ in millions)	At March 31, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	272	$	259
Vacation ownership notes receivable, net	2,336		2,343
	$	2,608	$	2,602
Contract Liabilities
Advance deposits	$	176	$	164
Deferred revenue	482		382
	$	658	$	546

Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $121 million.

Remaining Performance Obligations

Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2024, approximately 93% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is composed 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 and contracts receivable balances:


($ in millions)	At March 31, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	272	$	259
Interest receivable	18		18
Tax receivable	63		44
Indemnification assets	42		40
Employee tax credit receivable	10		11
Other	17		13
	$	422	$	385

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

INVENTORY

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORY


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2024		At December 31, 2023
Finished goods(1)	$	625	$	624
Work-in-progress	2		—
Real estate inventory	627		624
Other	10		10
	$	637	$	634

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

Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $5 million during the first quarter of 2024 and $11 million during the first quarter of 2023.

In addition to the above, at March 31, 2024 and December 31, 2023, we had $349 million and $370 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. We also had deposits on future purchases of inventory of $9 million at March 31, 2024, of which $5 million was included in Other assets and $4 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $3 million at December 31, 2023, which was included in Other assets on our Balance Sheet.

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing (percentage)	93.00%
Expected timing of satisfaction (in years)	2 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

REVENUE AND RECEIVABLES - Accounts and Contracts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 272	$ 259
Interest receivable	18	18
Tax receivable	63	44
Indemnification assets	42	40
Employee tax credit receivable	10	11
Other	17	13
Accounts receivable, including VIE, after allowance for credit loss	$ 422	$ 385

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2024 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2024, remaining	$ 25
2025	30
2026	27
2027	22
2028	15
Thereafter	30
Balance at Mar 31, 2024	$ 149
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]
2024, remaining	$ 4
2025	3
2026	3
2027	3
2028	2
Thereafter	5
Balance at Mar 31, 2024	$ 20
Acquired \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.80%
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]
2024, remaining	$ 21
2025	27
2026	24
2027	19
2028	13
Thereafter	25
Balance at Mar 31, 2024	$ 129
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]
2024, remaining	$ 156
2025	194
2026	198
2027	202
2028	201
Thereafter	1,236
Balance at Mar 31, 2024	$ 2,187
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]
2024, remaining	$ 51
2025	48
2026	43
2027	40
2028	33
Thereafter	187
Balance at Mar 31, 2024	$ 402
Originated \| Non-securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	11.90%
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]
2024, remaining	$ 105
2025	146
2026	155
2027	162
2028	168
Thereafter	1,049
Balance at Mar 31, 2024	$ 1,785
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.30%
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	20.90%

REVENUE AND RECEIVABLES (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Three Months Ended March 31, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	352	$	—	$	—	$	352

Ancillary revenues	65		1		—		66
Management fee revenues	52		5		(1)		56
Exchange and other services revenues	31		46		12		89
Management and exchange	148		52		11		211

Rental	147		11		—		158

Cost reimbursements	400		2		(11)		391
Revenue from contracts with customers	1,047		65		—		1,112

Financing	83		—		—		83
Total Revenues	$	1,130	$	65	$	—	$	1,195


	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	375	$	—	$	—	$	375

Ancillary revenues	61		1		—		62
Management fee revenues	45		8		(1)		52
Exchange and other services revenues	29		47		10		86
Management and exchange	135		56		9		200

Rental	141		10		—		151

Cost reimbursements	368		5		(8)		365
Revenue from contracts with customers	1,019		71		1		1,091

Financing	78		—		—		78
Total Revenues	$	1,097	$	71	$	1	$	1,169

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 March 31, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	625	$	24	$	—	$	649
Goods or services transferred at a point in time	422		41		—		463
Revenue from contracts with customers	$	1,047	$	65	$	—	$	1,112


	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	578	$	29	$	1	$	608
Goods or services transferred at a point in time	441		42		—		483
Revenue from contracts with customers	$	1,019	$	71	$	1	$	1,091

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 March 31, 2024 or December 31, 2023.


($ in millions)	At March 31, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	272	$	259
Vacation ownership notes receivable, net	2,336		2,343
	$	2,608	$	2,602
Contract Liabilities
Advance deposits	$	176	$	164
Deferred revenue	482		382
	$	658	$	546

Accounts and nontrade receivable

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


($ in millions)	At March 31, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	272	$	259
Interest receivable	18		18
Tax receivable	63		44
Indemnification assets	42		40
Employee tax credit receivable	10		11
Other	17		13
	$	422	$	385

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Receivables [Abstract]
Weighted average FICO score within originated loan pool	724	723
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans	12.62%	13.00%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 13	$ 13
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time sharing transactions reserve	$ 14

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Vacation Ownership Notes Receivable Securitizations
Cash Inflows [Abstract]
Net proceeds from vacation ownership notes receivable securitizations	$ 425	$ 21
Principal receipts	141	125
Interest receipts	65	57
Reserve release	60	0
Total	691	203
Cash Outflows [Abstract]
Principal payments	(132)	(131)
Voluntary repurchases of defaulted vacation ownership notes receivable	(35)	(28)
Voluntary clean-up call	(29)	0
Interest payments	(21)	(16)
Funding of restricted cash	(112)	0
Total	(329)	(175)
Cash Flows Between Transferee and Transferor Net	362	28
Warehouse Credit Facility
Cash Inflows [Abstract]
Net proceeds from vacation ownership notes receivable securitizations	94	150
Principal receipts	10	18
Interest receipts	6	10
Reserve release	6	0
Total	116	178
Cash Outflows [Abstract]
Principal payments	(7)	(15)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)	0
Repayment of Warehouse Credit Facility	(236)	0
Interest payments	(3)	(3)
Funding of restricted cash	(2)	(5)
Total	(250)	(23)
Cash Flows Between Transferee and Transferor Net	$ (134)	$ 155

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION


14.			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 March 31, 2024, less than 1 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
($ in millions)	March 31, 2024		March 31, 2023
Service-based RSUs	$	6	$	6
Performance-based RSUs	1		1



	$	7	$	7

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


($ in millions)	At March 31, 2024		At December 31, 2023
Service-based RSUs	$	50	$	22
Performance-based RSUs	9		1
	59		23
SARs	3		1

	$	62	$	24

Restricted Stock Units

We granted 380,924 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $87.00, to our employees and non-employee directors during the first quarter of 2024. During the first quarter of 2024, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 204,020 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2024.

Stock Appreciation Rights

We granted 86,759 SARs, with a weighted average grant-date fair value of $34.58 and a weighted average exercise price of $93.73, to members of management during the first quarter of 2024. 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 quarter of 2024:


Expected volatility			45.78%
Dividend yield			3.21%
Risk-free rate			4.23%
Expected term (in years)			6.25

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,867	$ 9,680
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	9,129	8,980
Operating segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	8,327	8,167
Operating segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	802	813
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 738	$ 700

- 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

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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481404/852-10-50-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

+ Details

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 272	$ 259
Vacation ownership notes receivable, net	2,336	2,343
Receivables from Contracts with Customers	2,608	2,602
Contract Liabilities
Advance deposits	176	164
Deferred revenue	482	382
Contract Liabilities	$ 658	$ 546

CONTINGENCIES AND COMMITMENTS

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS


10.			CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of March 31, 2024, 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 $81 million, of which we expect $29 million, $26 million, $16 million, $6 million, $4 million and less than $1 million will be paid in the remainder of 2024, 2025, 2026, 2027, 2028, and thereafter, respectively.

•We have remaining commitments of $36 million to purchase vacation ownership units located in Bali, Indonesia in two separate transactions, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of 32 vacation ownership units in 2025 pursuant to one of the commitments, and to make remaining payments with respect to these units when specific construction milestones are completed as follows: $4 million in the remainder of 2024, $10 million in 2025, and $1 million in 2026. We expect to complete the acquisition of 26 vacation ownership units in 2026 pursuant to the other commitment, and to make remaining payments with respect to these units when specific construction milestones are completed as follows: $4 million in the remainder of 2024, $2 million in 2025, $14 million in 2026, and $1 million in 2027.

•We have a remaining commitment of $37 million to purchase 60 vacation ownership units located in Khao Lak, Thailand, contingent upon completion of construction to agreed-upon standards within specified timeframes, for use in our Vacation Ownership segment. We expect to complete the acquisition of these vacation ownership units in 2026. We expect to make remaining payments when specific construction milestones are completed as follows: $4 million in 2025, $31 million in 2026 and $2 million in 2027.

•We have a commitment to acquire real estate in Waikiki, Hawaii for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 15 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction.

As of March 31, 2024, we had $33 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 12 “Debt”), of which $32 million were related to and in lieu of reserves required for our most recent outstanding securitization transactions completed during the first quarter of 2024 and the fourth quarter of 2023. In addition, as of March 31, 2024, we had $1 million in letters of credit outstanding that were not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility.

Surety bonds issued as of March 31, 2024 totaled $122 million, the majority of which were requested by federal, state or local governments in connection with our operations.

Guarantees

Certain of our rental management agreements in our Exchange & Third-Party Management segment provide for owners of properties we manage to receive specified percentages 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 of the rental revenue (if any) as our fee or we make up the deficit if the owners have not received their guaranteed amounts. At March 31, 2024, our maximum exposure under fixed dollar guarantees was $4 million, of which $1 million, $1 million, $1 million, $1 million, and less than $1 million relate to the remainder of 2024, 2025, 2026, 2027, and 2028, 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 our payment 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 March 31, 2024, our expected commitment for the remainder of 2024 is $9 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 (such claim, the “Remaining Claim”), with respect to which the plaintiff was granted leave to amend its complaint. The plaintiff filed an amended complaint with respect to the Remaining Claim and appealed the dismissal of the other claims. In June 2023, the appellate court upheld the dismissal of those claims. Plaintiff filed a motion for reconsideration of that appellate ruling, and in October 2023, the appellate court denied that motion. In November 2022, the Court granted our motion to dismiss the amended complaint with respect to the Remaining Claim and again granted plaintiff leave to amend its complaint. The plaintiff filed an amended complaint with respect to the Remaining Claim and again appealed the dismissal of the other claims. In January 2024, the appellate court upheld the dismissal of the other claims. In September 2023, the Court granted our motion to dismiss the amended complaint with respect to the Remaining Claim and denied plaintiff permission to file any additional amended complaints. Plaintiff has appealed that dismissal. As of March 31, 2024, the appeal remains pending. We believe we have meritorious defenses to the claims in this matter and intend to vigorously defend against them.

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 the pending matter described above and we cannot estimate a range of the potential liability associated with this pending matter, 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, where required, 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.

DEBT (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024		At December 31, 2023
Corporate Credit Facility
	Term Loan	$	784	$	784
	Unamortized debt discount and issuance costs	(3)		(3)
		781		781

	Revolving Corporate Credit Facility(1)	160		105
	Unamortized debt issuance costs	(3)		(4)
		157		101
Senior Unsecured Notes
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(2)		(2)
		348		348

	2029 Notes	500		500
	Unamortized debt discount and issuance costs	(5)		(5)
		495		495
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt issuance costs	(6)		(7)
		569		568

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(11)		(12)
		564		563

Finance Leases		197		189

Non-interest bearing note payable		—		4
		$	3,111	$	3,049

(1)Effective interest rate as of March 31, 2024 was 7.2%.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of March 31, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	143
2025	194
2026	201
2027	204
2028	202
Thereafter	1,261
	$	2,205

The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total


Term Loan	$	—	$	784	$	—	$	—	$	—	$	—	$	784
Revolving Corporate Credit Facility	—		—		—		160		—		—		160
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	—	$	784	$	575	$	735	$	350	$	500	$	2,944

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


($ in millions)	2024		2023
Derivative instrument adjustment balance, January 1	$	3	$	13
Other comprehensive loss before reclassifications	(2)		(3)


Derivative instrument adjustment balance, March 31	1		10

Convertible debt

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Amortization of debt issuance costs	$	1	$	1

The following table shows interest expense information related to the 2027 Convertible Notes.


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Contractual interest expense	$	4	$	4
Amortization of debt issuance costs	1		1
	$	5	$	5

VACATION OWNERSHIP NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2024

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.


	March 31, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,785	$	129	$	1,914	$	1,764	$	148	$	1,912

Eligible for securitization(1)	51		2		53		51		1		52
Not eligible for securitization(1)	351		18		369		363		16		379
Non-securitized	402		20		422		414		17		431

Total	$	2,187	$	149	$	2,336	$	2,178	$	165	$	2,343

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

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


	Three Months Ended
($ in millions)	March 31, 2024		March 31, 2023
Interest income associated with securitized vacation ownership notes receivable	$	71	$	67
Interest income associated with non-securitized vacation ownership notes receivable	10		9
Total interest income associated with vacation ownership notes receivable	$	81	$	76

Credit Quality Indicators - Vacation Ownership Notes Receivable

We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the vacation ownership interest (“VOI”) they have acquired. 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.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 724 and 723, at March 31, 2024 and December 31, 2023, respectively, 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 a $14 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	4	$	21	$	25
2025	3		27		30
2026	3		24		27
2027	3		19		22
2028	2		13		15
Thereafter	5		25		30
Balance at March 31, 2024	$	20	$	129	$	149
Weighted average stated interest rate	13.8%		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 tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.


	Acquired Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	42	$	28	$	4	$	8	$	82
Hyatt Vacation Ownership	48		31		1		1		81
	$	90	$	59	$	5	$	9	$	163


	Acquired Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	46	$	32	$	4	$	9	$	91
Hyatt Vacation Ownership	53		34		1		1		89
	$	99	$	66	$	5	$	10	$	180

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 March 31, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	51	$	105	$	156
2025	48		146		194
2026	43		155		198
2027	40		162		202
2028	33		168		201
Thereafter	187		1,049		1,236
Balance at March 31, 2024	$	402	$	1,785	$	2,187
Weighted average stated interest rate	11.9%		13.3%		13.0%
Range of stated interest rates	0.0% to 20.9%		0.0% to 20.9%		0.0% to 20.9%

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, 2023	$	195	$	260	$	455
Increase (decrease) in vacation ownership notes receivable reserve	47		(5)		42
Securitizations	(63)		63		—
Clean-up call	34		(34)		—
Write-offs	(45)		—		(45)
Defaulted vacation ownership notes receivable repurchase activity(1)	33		(33)		—
Balance at March 31, 2024	$	201	$	251	$	452

(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 repurchased securitized vacation ownership notes receivable.

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


	Originated Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	608	$	57	$	327	$	2,373
Hyatt Vacation Ownership	191		70		2		3		266
	$	1,572	$	678	$	59	$	330	$	2,639


	Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,381	$	609	$	57	$	323	2,370
Hyatt Vacation Ownership	188		70		2		3		263
	$	1,569	$	679	$	59	$	326	$	2,633


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	98	$	470	$	353	$	191	$	269	$	1,381
600 - 699	30		183		155		98		142		608
< 600	3		17		14		9		14		57
No Score	39		138		59		23		68		327
	$	170	$	808	$	581	$	321	$	493	$	2,373

Gross write-offs	$	—	$	7	$	12	$	8	$	12	$	39


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	27	$	79	$	56	$	25	$	4	$	191
600 - 699	8		27		23		10		2		70
< 600	—		1		—		1		—		2
No Score	—		2		1		—		—		3
	$	35	$	109	$	80	$	36	$	6	$	266

Gross write-offs	$	—	$	2	$	3	$	1	$	—	$	6

Vacation Ownership Notes Receivable on Non-Accrual Status

For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 12.62% as of March 31, 2024 and 13.00% as of December 31, 2023. 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 $13 million as of both March 31, 2024 and December 31, 2023.

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 March 31, 2024	$	153	$	27	$	180
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023	$	141	$	27	$	168

The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2024 and December 31, 2023.



	As of March 31, 2024						As of December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	32	$	68	$	100	$	31	$	72	$	103
91 – 120 days past due	12		15		27		7		19		26
Greater than 120 days past due	141		12		153		134		8		142
Total past due	185		95		280		172		99		271
Current	444		2,078		2,522		460		2,082		2,542
Total vacation ownership notes receivable	$	629	$	2,173	$	2,802	$	632	$	2,181	$	2,813

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	7812 Palm Parkway
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32836
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)		35,163,907
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

VACATION OWNERSHIP NOTES RECEIVABLE - Origination Year, Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 2,802	$ 2,813
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2,639	2,633
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1,572	1,569
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	678	679
Originated \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	59	59
Originated \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	330	326
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	170
2023	808
2022	581
2021	321
2020 & Prior	493
Total vacation ownership notes receivable	2,373	2,370
Gross write-offs
2024	0
2023	7
2022	12
2021	8
2020 & Prior	12
Total	39
Originated \| Marriott Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	98
2023	470
2022	353
2021	191
2020 & Prior	269
Total vacation ownership notes receivable	1,381	1,381
Originated \| Marriott Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	30
2023	183
2022	155
2021	98
2020 & Prior	142
Total vacation ownership notes receivable	608	609
Originated \| Marriott Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	3
2023	17
2022	14
2021	9
2020 & Prior	14
Total vacation ownership notes receivable	57	57
Originated \| Marriott Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	39
2023	138
2022	59
2021	23
2020 & Prior	68
Total vacation ownership notes receivable	327	323
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	35
2023	109
2022	80
2021	36
2020 & Prior	6
Total vacation ownership notes receivable	266	263
Gross write-offs
2024	0
2023	2
2022	3
2021	1
2020 & Prior	0
Total	6
Originated \| Hyatt Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	27
2023	79
2022	56
2021	25
2020 & Prior	4
Total vacation ownership notes receivable	191	188
Originated \| Hyatt Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	8
2023	27
2022	23
2021	10
2020 & Prior	2
Total vacation ownership notes receivable	70	70
Originated \| Hyatt Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	0
2023	1
2022	0
2021	1
2020 & Prior	0
Total vacation ownership notes receivable	2	2
Originated \| Hyatt Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	0
2023	2
2022	1
2021	0
2020 & Prior	0
Total vacation ownership notes receivable	$ 3	$ 3

SHARE-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 $ / 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)	380,924
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 87.00
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum earnable amount of shares (in shares)	204,020
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	86,759
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 34.58
Stock awards granted, weighted average (in usd per share) exercise date fair value \| $ / shares	$ 93.73

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income attributable to common stockholders	$ 47,000,000	$ 87,000,000
Numerator used to calculate diluted earnings per share	$ 52,000,000	$ 91,000,000
Shares for basic earnings per share (in shares)	35,500	37,400
Basic earnings per share (in usd per share)	$ 1.32	$ 2.32
Effect of dilutive shares outstanding
Employee SARs (in shares)	0	200
Restricted stock units (in shares)	100	300
Shares for diluted earnings (loss) per share (in shares)	42,200	44,400
Diluted (in usd per share)	$ 1.22	$ 2.06
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	$ 5,000,000	$ 4,000,000
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,600	3,500
2026 Convertible Notes \| Convertible notes
Effect of dilutive shares outstanding
Principal amount				$ 575,000,000
2027 Convertible Notes, net
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,000	3,000
2027 Convertible Notes, net \| Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	$ 5,000,000	$ 5,000,000
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)	396	239

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Corporate and other	$ (58)	$ (63)
Interest expense, net	(40)	(34)
Tax provision	(35)	(41)
Depreciation and amortization	(38)	(32)
Share-based compensation expense	(7)	(7)
Certain items	(20)	(2)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	47	87
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	213	229
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 32	$ 37

DEBT - 2026 Convertible Notes (Details)	3 Months Ended
DEBT - 2026 Convertible Notes (Details)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal amount				$ 575,000,000
Debt, stated interest rate				0.00%
Conversion ratio	0.0062076
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 161.09
Amortization of debt issuance costs	$ 1,000,000	$ 1,000,000
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
2027 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal amount			$ 575,000,000
Debt, stated interest rate			3.25%
Conversion ratio	0.0052776
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 189.48
Amortization of debt issuance costs	$ 1,000,000	$ 1,000,000

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Mar. 31, 2024 USD ($) loan class
Debt Instrument [Line Items]
Number of notes receivable pools outstanding \| loan	14
Number of notes receivable pools under performance triggers \| loan	0
Number of notes receivable pools out of compliance \| loan	0
MVW 2024-1 LLC
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 439,000,000
Vacation ownership notes, number of classes \| class	3
MVW 2024-1 LLC \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 430,000,000
Debt, weighted average interest rate	5.48%
MVW 2024-1 LLC \| Class A Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 284,000,000
Debt, stated interest rate	5.32%
MVW 2024-1 LLC \| Class B Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 89,000,000
Debt, stated interest rate	5.51%
MVW 2024-1 LLC \| Class C Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 57,000,000
Debt, stated interest rate	6.20%