0001524358-24-000109 | 10-Q | XBRL Viewer | Marriott Vacations Worldwide Corp

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024


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 and diluted earnings per share attributable to common stockholders.


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income attributable to common stockholders	$	84	$	42	$	168	$	219
Shares for basic earnings per share	35.3		36.4		35.4		36.9
Basic earnings per share	$	2.38	$	1.16	$	4.74	$	5.96


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income attributable to common stockholders	$	84	$	42	$	168	$	219
Add back of interest expense related to convertible notes, net of tax	5		5		14		14
Numerator used to calculate diluted earnings per share	$	89	$	47	$	182	$	233

Shares for basic earnings per share	35.3		36.4		35.4		36.9
Effect of dilutive shares outstanding
Employee SARs	—		0.1		—		0.1
Restricted stock units	0.1		0.3		0.1		0.3
2026 Convertible Notes	3.6		3.5		3.6		3.5
2027 Convertible Notes	3.1		3.0		3.0		3.0
Shares for diluted earnings per share	42.1		43.3		42.1		43.8
Diluted earnings per share	$	2.12	$	1.09	$	4.31	$	5.33

The computations of diluted earnings per share attributable to common stockholders in the table above exclude approximately 393,000 and 200,000 shares of common stock, the maximum number of shares issuable as of September 30, 2024 and September 30, 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.

In accordance with the applicable accounting guidance for calculating earnings per share, for the third quarter of 2024, we excluded from our calculation of diluted earnings per share 695,868 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $77.42 to $173.88, were greater than the average market price of our common stock for the applicable period.

For the first three quarters of 2024, we excluded from our calculation of diluted earnings per share 646,203 shares underlying 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 each of the third quarter and first three quarters of 2023, we excluded from our calculation of diluted earnings per share 287,125 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $143.38 to $173.88, were greater than the average market price of our common stock for the applicable period.

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	$ 2,387	$ 2,343
Interest receivable	340	385
Restricted cash	350	326
TOTAL ASSETS	9,740	9,680
Interest payable	384	343
Securitized debt	2,248	2,096
TOTAL LIABILITIES	7,321	7,298
Variable interest entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,905	1,912
Interest receivable	17	15
Restricted cash	194	79
TOTAL ASSETS	2,116
Interest payable	4	4
Securitized debt	2,276	2,121
TOTAL LIABILITIES	2,280
Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	2,276
Vacation Ownership Notes Receivable Securitizations \| Variable interest entity
Variable Interest Entity [Line Items]
Vacation ownership notes receivable, net of reserves	1,905
Interest receivable	17
Restricted cash	185
TOTAL ASSETS	2,107
Interest payable	3
TOTAL LIABILITIES	2,279
Vacation Ownership Notes Receivable Securitizations \| Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	2,276	$ 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	9
TOTAL ASSETS	9
Interest payable	1
TOTAL LIABILITIES	1
Warehouse Credit Facility \| Secured Debt \| Variable interest entity
Variable Interest Entity [Line Items]
Securitized debt	$ 0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 84	$ 42	$ 168	$ 219

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-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 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Vacation Ownership Notes Receivable, Brand and FICO score (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 2,913	$ 2,813
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	130	180
Acquired \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65	91
Acquired \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	65	89
Acquired \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	72	99
Acquired \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	33	46
Acquired \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	39	53
Acquired \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	48	66
Acquired \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	23	32
Acquired \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	25	34
Acquired \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	5
Acquired \| Less Than 600 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	3	4
Acquired \| Less Than 600 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	0	1
Acquired \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	7	10
Acquired \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6	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	2,783	2,633
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,502	2,370
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	281	263
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,671	1,569
Originated \| 700 + \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,470	1,381
Originated \| 700 + \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	201	188
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	702	679
Originated \| 600 - 699 \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	628	609
Originated \| 600 - 699 \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	74	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	351	326
Originated \| No Score \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	347	323
Originated \| No Score \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 4	$ 3

FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 128	$ 99

STOCKHOLDERS’ EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 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)	75,847,792	75,807,882
Common stock, shares outstanding (in shares)	34,947,061	35,319,306
Treasury stock, shares (in shares)	40,900,731	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	$ 394

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES
Net income	$ 168	$ 219
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	109	99
Amortization of debt discount and issuance costs	20	17
Vacation ownership notes and contracts receivable reserve	223	182
Share-based compensation	24	25
Impairment charges	2	2
Gains and other income, net	0	(8)
Deferred income taxes	79	2
Net change in assets and liabilities:
Accounts and contracts receivable	32	(16)
Vacation ownership notes receivable originations	(738)	(749)
Vacation ownership notes receivable collections	470	461
Inventory	(51)	80
Other assets	(2)	(10)
Accounts payable, advance deposits and accrued liabilities	(84)	(103)
Deferred revenue	(32)	24
Payroll and benefit liabilities	(2)	(58)
Deferred compensation liability	6	12
Other liabilities	(123)	(2)
Purchase of property for future transfer to inventory	0	(27)
Other, net	4	(1)
Net cash, cash equivalents and restricted cash provided by operating activities	105	149
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(43)	(92)
Purchase of company owned life insurance	(13)	(8)
Purchase and development of property for future sale	(50)	0
Other dispositions, net	0	15
Net cash, cash equivalents and restricted cash used in investing activities	(106)	(85)
FINANCING ACTIVITIES
Borrowings from securitization transactions	1,200	916
Repayment of debt related to securitization transactions	(1,045)	(828)
Proceeds from debt	1,675	790
Repayments of debt	(1,695)	(956)
Finance lease incentive	0	10
Finance lease payment	(4)	(2)
Payment of debt and securitized debt issuance costs	(25)	(6)
Repurchase of common stock	(45)	(248)
Payment of dividends	(81)	(80)
Payment of withholding taxes on vesting of restricted stock units	(6)	(10)
Net cash, cash equivalents and restricted cash used in financing activities	(26)	(414)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	(1)
Change in cash, cash equivalents and restricted cash	(27)	(351)
Cash, cash equivalents and restricted cash, beginning of period	574	854
Cash, cash equivalents and restricted cash, end of period	547	503
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan	4	4
Non-cash transfer from inventory to property and equipment	13	11
Non-cash transfer from property and equipment to inventory	92	60
Non-cash transfer from property and equipment to other assets	52	0
Right-of-use asset obtained in exchange for finance lease obligation	14	80
Non-cash issuance of debt in connection with finance lease	13	97
Dividends payable	27	26
Interest paid, net of amounts capitalized	179	141
Income taxes paid, net of refunds	$ 122	$ 138

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION


14.			SHARE-BASED COMPENSATION

During the second quarter of 2024, our stockholders approved the Amended and Restated Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”). The MVW Equity Plan is maintained for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) 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 approximately 3 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of September 30, 2024, approximately 2 million shares were available for grants under the MVW Equity Plan.

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Service-based RSUs	$	7	$	7	$	23	$	22
Performance-based RSUs	—		(2)		(1)		1
	7		5		22		23
SARs	1		1		2		2

	$	8	$	6	$	24	$	25

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


($ in millions)	At September 30, 2024		At December 31, 2023
Service-based RSUs	$	32	$	22
Performance-based RSUs	6		1
	38		23
SARs	2		1

	$	40	$	24

Restricted Stock Units

We granted 401,181 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $87.55, to our employees and non-employee directors during the first three quarters of 2024. During the first three quarters 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 three quarters 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 three quarters 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 three quarters of 2024:


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

VACATION OWNERSHIP NOTES RECEIVABLE - Origination Year, Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 2,913	$ 2,813
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2,783	2,633
Originated \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1,671	1,569
Originated \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	702	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	351	326
Originated \| Marriott Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	685
2023	683
2022	466
2021	265
2020 & Prior	403
Total vacation ownership notes receivable	2,502	2,370
Gross write-offs
2024	3
2023	33
2022	41
2021	23
2020 & Prior	31
Total	131
Originated \| Marriott Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	398
2023	409
2022	281
2021	160
2020 & Prior	222
Total vacation ownership notes receivable	1,470	1,381
Originated \| Marriott Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	141
2023	159
2022	128
2021	82
2020 & Prior	118
Total vacation ownership notes receivable	628	609
Originated \| Marriott Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	13
2023	15
2022	11
2021	7
2020 & Prior	11
Total vacation ownership notes receivable	57	57
Originated \| Marriott Vacation Ownership \| No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	133
2023	100
2022	46
2021	16
2020 & Prior	52
Total vacation ownership notes receivable	347	323
Originated \| Hyatt Vacation Ownership
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	99
2023	84
2022	64
2021	29
2020 & Prior	5
Total vacation ownership notes receivable	281	263
Gross write-offs
2024	0
2023	9
2022	10
2021	4
2020 & Prior	1
Total	24
Originated \| Hyatt Vacation Ownership \| 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	71
2023	61
2022	45
2021	21
2020 & Prior	3
Total vacation ownership notes receivable	201	188
Originated \| Hyatt Vacation Ownership \| 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	25
2023	21
2022	18
2021	8
2020 & Prior	2
Total vacation ownership notes receivable	74	70
Originated \| Hyatt Vacation Ownership \| Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2024	1
2023	1
2022	0
2021	0
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	2
2023	1
2022	1
2021	0
2020 & Prior	0
Total vacation ownership notes receivable	$ 4	$ 3

DEBT (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024		At December 31, 2023
Corporate Credit Facility
	Term Loan(1)	$	798	$	784
	Unamortized debt discount and issuance costs	(10)		(3)
		788		781

	Revolving Corporate Credit Facility(1)	75		105
	Unamortized debt issuance costs	(3)		(4)
		72		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	(4)		(5)
		496		495
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt issuance costs	(4)		(7)
		571		568

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(10)		(12)
		565		563

Finance Leases		198		189

Non-interest bearing note payable		—		4
		$	3,038	$	3,049

(1)The effective interest rate as of September 30, 2024 was 7.1%.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	50
2025	189
2026	197
2027	202
2028	203
Thereafter	1,435
	$	2,276

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total
Term Loan	$	2	$	8	$	8	$	8	$	8	$	764	$	798
Revolving Corporate Credit Facility	—		—		—		75		—		—		75
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	2	$	8	$	583	$	658	$	358	$	1,264	$	2,873

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

The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first three quarters 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
Other comprehensive loss before reclassifications	(1)		(1)


Derivative instrument adjustment balance, June 30	—		9
Other comprehensive loss before reclassifications	—		(3)


Derivative instrument adjustment balance, September 30	$	—	$	6

Convertible debt

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Contractual interest expense	$	5	$	5	$	14	$	14
Amortization of debt issuance costs	—		—		2		2
	$	5	$	5	$	16	$	16

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended		6 Months Ended
SECURITIZED DEBT - Additional Information (Details)	Sep. 30, 2024 USD ($) loan class	Mar. 31, 2024 USD ($) class	Sep. 30, 2024 USD ($) loan class	Jun. 30, 2024
Debt Instrument [Line Items]
Number of notes receivable pools outstanding \| loan	15		15
Number of notes receivable pools under performance triggers \| loan	0
Number of notes receivable pools out of compliance \| loan	0		0
Warehouse Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate				0.10%
Warehouse Credit Facility \| Line of Credit \| Adjusted SOFR
Debt Instrument [Line Items]
Basis spread on variable rate				1.35%
Warehouse Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1.15%
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%
MVW 2024-2 LLC
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 454,000,000
Vacation ownership notes, number of classes \| class	3		3
MVW 2024-2 LLC \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 445,000,000		$ 445,000,000
Debt, weighted average interest rate	4.52%		4.52%
MVW 2024-2 LLC \| Class A Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 307,000,000		$ 307,000,000
Debt, stated interest rate	4.43%		4.43%
MVW 2024-2 LLC \| Class B Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 86,000,000		$ 86,000,000
Debt, stated interest rate	4.58%		4.58%
MVW 2024-2 LLC \| Class C Notes \| Secured Debt
Debt Instrument [Line Items]
Principal amount	$ 52,000,000		$ 52,000,000
Debt, stated interest rate	4.92%		4.92%

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 28	$ 24
Amount of completed vacation ownership units classified as property and equipment	274		$ 370
Inventory [Line Items]
Inventory deposits	26		$ 3
Other Assets
Inventory [Line Items]
Inventory deposits	22
Accounts Receivable
Inventory [Line Items]
Inventory deposits	$ 4

SECURITIZED DEBT

9 Months Ended

Sep. 30, 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 September 30, 2024		At December 31, 2023
Vacation ownership notes receivable securitizations, gross(1)	$	2,276	$	1,971
Unamortized debt discount and issuance costs	(28)		(23)
	2,248		1,948

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


	$	2,248	$	2,096

(1)Interest rates as of September 30, 2024 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Excludes $2 million of unamortized debt issuance costs as of September 30, 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 September 30, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	50
2025	189
2026	197
2027	202
2028	203
Thereafter	1,435
	$	2,276

Vacation Ownership Notes Receivable Securitizations

Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the third quarter of 2024, and as of September 30, 2024, we had 15 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.

During the third quarter of 2024, we securitized a pool of $454 million of vacation ownership notes receivable. In connection with the securitization, $445 million in vacation ownership loan backed notes were issued by MVW 2024-2 LLC (the “2024-2 LLC”) in a private placement. Three classes of vacation ownership loan backed notes were issued by the 2024-2 LLC: $307 million of Class A Notes, $86 million of Class B Notes, and $52 million of Class C Notes. The Class A Notes have an interest rate of 4.43%, the Class B Notes have an interest rate of 4.58%, and the Class C Notes have an interest rate of 4.92%, for an overall weighted average interest rate of 4.52%. Proceeds from the transaction, net of fees, were used to repay the outstanding obligations on our Warehouse Credit Facility and for other general corporate purposes.

Warehouse Credit Facility

During the second quarter of 2024, we amended certain agreements associated with our Warehouse Credit Facility (the “Warehouse Amendment”). The Warehouse Amendment extended the revolving period from May 31, 2025 to June 11, 2026, and modified the benchmark interest rate applicable to most borrowings under the Warehouse Credit Facility to the Secured Overnight Financing Rate (“SOFR”). The Warehouse Amendment removed the use of Adjusted SOFR, which was defined as SOFR plus a 0.10% adjustment. Additionally, as part of the Warehouse Amendment, the credit spread was changed from 135 basis points over Adjusted SOFR to 115 basis points over SOFR. The Warehouse Amendment made no other material changes to the Warehouse Credit Facility.

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,218	$ 1,105	$ 3,385	$ 3,294
Financing	87	81	255	239
TOTAL REVENUES	1,305	1,186	3,640	3,533
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	387	319	1,048	1,085
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	67	63	206	196
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	54	49	162	150
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	86	93	265	265
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	207	205	633	611
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	151	138	462	435
Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	473	443	1,242	1,163
Operating segments
Disaggregation of Revenue [Line Items]
TOTAL REVENUES	1,306	1,190	3,637	3,535
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(4)	3	(2)
Financing	0	0	0	0
TOTAL REVENUES	(1)	(4)	3	(2)
Corporate and Other \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	0	(3)	(2)
Corporate and Other \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12	12	38	31
Corporate and Other \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	12	35	29
Corporate and Other \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(12)	(16)	(32)	(31)
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,163	1,045	3,203	3,096
Financing	87	81	255	239
TOTAL REVENUES	1,250	1,126	3,458	3,335
Vacation Ownership \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	387	319	1,048	1,085
Vacation Ownership \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	66	62	203	193
Vacation Ownership \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52	44	155	134
Vacation Ownership \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	34	37	99	98
Vacation Ownership \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	152	143	457	425
Vacation Ownership \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	140	128	430	404
Vacation Ownership \| Operating segments \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	484	455	1,268	1,182
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	56	64	179	200
Financing	0	0	0	0
TOTAL REVENUES	56	64	179	200
Exchange & Third-Party Management \| Operating segments \| Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Exchange & Third-Party Management \| Operating segments \| Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1	3	3
Exchange & Third-Party Management \| Operating segments \| Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	3	5	10	18
Exchange & Third-Party Management \| Operating segments \| Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	40	44	128	136
Exchange & Third-Party Management \| Operating segments \| Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	44	50	141	157
Exchange & Third-Party Management \| Operating segments \| Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	11	10	32	31
Exchange & Third-Party Management \| Operating segments \| Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1	$ 4	$ 6	$ 12

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Sep. 30, 2024 USD ($) vacation_ownership_unit transaction
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 130
Guarantor obligations, maximum exposure, remainder of year	5
Bali, Indonesia
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 34
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
United States
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 131
Purchase commitment obligation due, remainder of 2024	10
Purchase commitment obligation due, 2025	0
Purchase commitment obligation due, 2026	13
Purchase commitment obligation due, 2027	108
32 Unit Transaction \| Bali, Indonesia
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2024	2
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
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	$ 20
Revolving corporate credit facility, net \| Securitization Transaction
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	19
Letter of credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	24
Letter of credit \| Securitization Transaction
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	23
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	3
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	$ 73
Purchase commitment obligation due, remainder of 2024	16
Purchase commitment obligation due, 2025	31
Purchase commitment obligation due, 2026	18
Purchase commitment obligation due, 2027	6
Purchase commitment obligation due, 2028	$ 2

FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

FINANCIAL INSTRUMENTS


7.			FINANCIAL INSTRUMENTS

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


	At September 30, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,387	$	2,453	$	2,343	$	2,427
Contracts receivable for financed VOI sales, net	51		51		37		37
Other assets	128		128		99		99
Total financial assets	$	2,566	$	2,632	$	2,479	$	2,563

Securitized debt, net	$	(2,248)	$	(2,280)	$	(2,096)	$	(2,068)
Term Loan, net	(788)		(797)		(781)		(784)
Revolving Corporate Credit Facility, net	(72)		(75)		(101)		(105)
2028 Notes, net	(348)		(336)		(348)		(322)
2029 Notes, net	(496)		(471)		(495)		(445)
2026 Convertible Notes, net	(571)		(521)		(568)		(508)
2027 Convertible Notes, net	(565)		(535)		(563)		(513)
Non-interest bearing note payable, net	—		—		(4)		(4)
Total financial liabilities	$	(5,088)	$	(5,015)	$	(4,956)	$	(4,749)

Vacation Ownership Notes Receivable


	At September 30, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,905	$	1,968	$	1,912	$	1,994

Eligible for securitization	59		62		52		54
Not eligible for securitization	423		423		379		379
Non-securitized	482		485		431		433

Total	$	2,387	$	2,453	$	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 $128 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 September 30, 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.

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) - Originated - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance		$ 455
Increase in vacation ownership notes receivable reserve	$ 70	216
Securitizations		0
Clean-up call		0
Write-offs		(155)
Defaulted vacation ownership notes receivable repurchase activity		0
Ending balance		516
Non-securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance		195
Increase in vacation ownership notes receivable reserve		173
Securitizations		(158)
Clean-up call		74
Write-offs		(155)
Defaulted vacation ownership notes receivable repurchase activity		115
Ending balance		244
Securitized
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance		260
Increase in vacation ownership notes receivable reserve		43
Securitizations		158
Clean-up call		(74)
Write-offs		0
Defaulted vacation ownership notes receivable repurchase activity		(115)
Ending balance		$ 272

FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Investments, All Other Investments [Abstract]

Carrying values and estimated fair values of financial assets and liabilities


	At September 30, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,387	$	2,453	$	2,343	$	2,427
Contracts receivable for financed VOI sales, net	51		51		37		37
Other assets	128		128		99		99
Total financial assets	$	2,566	$	2,632	$	2,479	$	2,563

Securitized debt, net	$	(2,248)	$	(2,280)	$	(2,096)	$	(2,068)
Term Loan, net	(788)		(797)		(781)		(784)
Revolving Corporate Credit Facility, net	(72)		(75)		(101)		(105)
2028 Notes, net	(348)		(336)		(348)		(322)
2029 Notes, net	(496)		(471)		(495)		(445)
2026 Convertible Notes, net	(571)		(521)		(568)		(508)
2027 Convertible Notes, net	(565)		(535)		(563)		(513)
Non-interest bearing note payable, net	—		—		(4)		(4)
Total financial liabilities	$	(5,088)	$	(5,015)	$	(4,956)	$	(4,749)

Vacation Ownership Notes Receivable


	At September 30, 2024				At December 31, 2023
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Securitized	$	1,905	$	1,968	$	1,912	$	1,994

Eligible for securitization	59		62		52		54
Not eligible for securitization	423		423		379		379
Non-securitized	482		485		431		433

Total	$	2,387	$	2,453	$	2,343	$	2,427

REVENUE AND RECEIVABLES (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue


	Three Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	387	$	—	$	—	$	387

Ancillary revenues	66		1		—		67
Management fee revenues	52		3		(1)		54
Exchange and other services revenues	34		40		12		86
Management and exchange	152		44		11		207

Rental	140		11		—		151

Cost reimbursements	484		1		(12)		473
Revenue from contracts with customers	1,163		56		(1)		1,218

Financing	87		—		—		87
Total Revenues	$	1,250	$	56	$	(1)	$	1,305


	Three Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	319	$	—	$	—	$	319

Ancillary revenues	62		1		—		63
Management fee revenues	44		5		—		49
Exchange and other services revenues	37		44		12		93
Management and exchange	143		50		12		205

Rental	128		10		—		138

Cost reimbursements	455		4		(16)		443
Revenue from contracts with customers	1,045		64		(4)		1,105

Financing	81		—		—		81
Total Revenues	$	1,126	$	64	$	(4)	$	1,186


	Nine Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,048	$	—	$	—	$	1,048

Ancillary revenues	203		3		—		206
Management fee revenues	155		10		(3)		162
Exchange and other services revenues	99		128		38		265
Management and exchange	457		141		35		633

Rental	430		32		—		462

Cost reimbursements	1,268		6		(32)		1,242
Revenue from contracts with customers	3,203		179		3		3,385

Financing	255		—		—		255
Total Revenues	$	3,458	$	179	$	3	$	3,640


	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,085	$	—	$	—	$	1,085

Ancillary revenues	193		3		—		196
Management fee revenues	134		18		(2)		150
Exchange and other services revenues	98		136		31		265
Management and exchange	425		157		29		611

Rental	404		31		—		435

Cost reimbursements	1,182		12		(31)		1,163
Revenue from contracts with customers	3,096		200		(2)		3,294

Financing	239		—		—		239
Total Revenues	$	3,335	$	200	$	(2)	$	3,533

Revenue remaining performance obligation

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


	Three Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	707	$	21	$	(1)	$	727
Goods or services transferred at a point in time	456		35		—		491
Revenue from contracts with customers	$	1,163	$	56	$	(1)	$	1,218


	Three Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	658	$	27	$	(4)	$	681
Goods or services transferred at a point in time	387		37		—		424
Revenue from contracts with customers	$	1,045	$	64	$	(4)	$	1,105


	Nine Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,940	$	67	$	3	$	2,010
Goods or services transferred at a point in time	1,263		112		—		1,375
Revenue from contracts with customers	$	3,203	$	179	$	3	$	3,385


	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,802	$	83	$	(2)	$	1,883
Goods or services transferred at a point in time	1,294		117		—		1,411
Revenue from contracts with customers	$	3,096	$	200	$	(2)	$	3,294

Contract with customer, asset and liability

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either September 30, 2024 or December 31, 2023.


($ in millions)	At September 30, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	212	$	259
Vacation ownership notes receivable, net	2,387		2,343
	$	2,599	$	2,602
Contract Liabilities
Advance deposits	$	167	$	164
Deferred revenue	350		382
	$	517	$	546

Accounts and nontrade receivable

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


($ in millions)	At September 30, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	212	$	259
Interest receivable	21		18
Tax receivable	46		44
Indemnification assets	36		40
Employee tax credit receivable	10		11
Other	15		13
	$	340	$	385

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS

9 Months Ended

Sep. 30, 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.

STOCKHOLDERS’ EQUITY - Cash Dividend Declared (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.76	$ 0.76	$ 0.76	$ 0.72	$ 2.28	$ 2.16

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 212	$ 259
Vacation ownership notes receivable, net	2,387	2,343
Receivables from Contracts with Customers	2,599	2,602
Contract Liabilities
Advance deposits	167	164
Deferred revenue	350	382
Contract Liabilities	$ 517	$ 546

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income attributable to common stockholders	$ 84	$ 42	$ 168	$ 219
Numerator used to calculate diluted earnings per share	$ 89	$ 47	$ 182	$ 233
Shares for basic earnings per share (in shares)	35,300	36,400	35,400	36,900
Basic earnings per share (in usd per share)	$ 2.38	$ 1.16	$ 4.74	$ 5.96
Effect of dilutive shares outstanding
Employee SARs (in shares)	0	100	0	100
Restricted stock units (in shares)	100	300	100	300
Shares for diluted earnings (loss) per share (in shares)	42,100	43,300	42,100	43,800
Diluted (in usd per share)	$ 2.12	$ 1.09	$ 4.31	$ 5.33
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	$ 5	$ 14	$ 14
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,600	3,500	3,600	3,500
2027 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,100	3,000	3,000	3,000
2027 Convertible Notes \| 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	$ 5	$ 16	$ 16
Performance Shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	393	200

STOCKHOLDERS’ EQUITY (Tables)

9 Months Ended

Sep. 30, 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 three quarters of 2024	530,377	45		$	85.45
As of September 30, 2024	25,671,450	$	2,450	$	95.44

Cash dividend declared

We declared cash dividends to holders of common stock during the first three quarters 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

May 9, 2024

May 23, 2024

June 6, 2024

$0.76

September 4, 2024

September 19, 2024

October 3, 2024

$0.76

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,218	$ 1,105	$ 3,385	$ 3,294
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	727	681	2,010	1,883
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	491	424	1,375	1,411
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(4)	3	(2)
Corporate and Other \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(4)	3	(2)
Corporate and Other \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Vacation Ownership \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,163	1,045	3,203	3,096
Vacation Ownership \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	707	658	1,940	1,802
Vacation Ownership \| Operating segments \| Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	456	387	1,263	1,294
Exchange & Third-Party Management \| Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	56	64	179	200
Exchange & Third-Party Management \| Operating segments \| Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	21	27	67	83
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	$ 35	$ 37	$ 112	$ 117

- 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 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 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: 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
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2024.


($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2023	$	106



Decreases to tax positions related to a prior period(1)	(81)
Decreases as a result of a lapse of the applicable statute of limitation	(9)
Balance at September 30, 2024	$	16

(1)Decrease due to filing of an automatic tax method change with the IRS during the second quarter of 2024.

INCOME TAXES

9 Months Ended

Sep. 30, 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 28.7% and 36.1% for the three months ended September 30, 2024 and September 30, 2023, respectively, and 32.1% and 34.3% for the nine months ended September 30, 2024 and September 30, 2023, respectively.

The effective tax rate for the three months ended September 30, 2024 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including an $11 million decrease related to changes in valuation allowances on certain deferred tax assets in non-U.S. jurisdictions and a $6 million decrease primarily attributable to the expiration of statutes of limitation on certain unrecognized tax benefits, partially offset by an $8 million increase to remove the permanent reinvestment assertion for our earnings in certain non-U.S. entities and an increase of $3 million for deferred non-U.S. withholding taxes.

The effective tax rate for the three months ended September 30, 2023 differed from the blended statutory tax rate for the same period due to losses in non-U.S. jurisdictions for which we do not realize tax benefits.

The effective tax rate for the nine months ended September 30, 2024 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including a $27 million decrease attributable to the expiration of statutes of limitation on certain unrecognized tax benefits (inclusive of interest and penalties) and an $8 million net decrease related to changes in valuation allowances in non-U.S. jurisdictions, partially offset by a $28 million increase to remove the permanent reinvestment assertion for our earnings in certain non-U.S. entities and a $3 million increase for deferred non-U.S. withholding taxes.

The effective tax rate for the nine months ended September 30, 2023 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including an $18 million increase to pre-acquisition reserves for unrecognized tax benefits.

Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the nine months ended September 30, 2024.


($ in millions)	Unrecognized Tax Benefits
Balance at December 31, 2023	$	106



Decreases to tax positions related to a prior period(1)	(81)
Decreases as a result of a lapse of the applicable statute of limitation	(9)
Balance at September 30, 2024	$	16

(1)Decrease due to filing of an automatic tax method change with the IRS during the second quarter of 2024.

The total amount of gross interest and penalties accrued related to unrecognized tax benefits was $29 million at September 30, 2024 and $48 million at December 31, 2023, a decrease of $19 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 September 30, 2024, unrecognized tax benefits (including interest and penalties) of $13 million, net of indemnification, would impact the effective tax rate if recognized.

We anticipate $32 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 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 and diluted earnings per share attributable to common stockholders.


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income attributable to common stockholders	$	84	$	42	$	168	$	219
Shares for basic earnings per share	35.3		36.4		35.4		36.9
Basic earnings per share	$	2.38	$	1.16	$	4.74	$	5.96


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income attributable to common stockholders	$	84	$	42	$	168	$	219
Add back of interest expense related to convertible notes, net of tax	5		5		14		14
Numerator used to calculate diluted earnings per share	$	89	$	47	$	182	$	233

Shares for basic earnings per share	35.3		36.4		35.4		36.9
Effect of dilutive shares outstanding
Employee SARs	—		0.1		—		0.1
Restricted stock units	0.1		0.3		0.1		0.3
2026 Convertible Notes	3.6		3.5		3.6		3.5
2027 Convertible Notes	3.1		3.0		3.0		3.0
Shares for diluted earnings per share	42.1		43.3		42.1		43.8
Diluted earnings per share	$	2.12	$	1.09	$	4.31	$	5.33

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 106
Decreases to tax positions related to a prior period	(81)
Decreases as a result of a lapse of the applicable statute of limitation	(9)
Unrecognized tax benefit at end of balance	$ 16

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,387	$ 2,343
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,453	2,427
Securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,905	1,912
Securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,968	1,994
Non-securitized \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	482	431
Non-securitized \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	485	433
Non-securitized \| Eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	59	52
Non-securitized \| Eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	62	54
Non-securitized \| Not eligible for securitization \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	423	379
Non-securitized \| Not eligible for securitization \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 423	$ 379

VARIABLE INTEREST ENTITIES

9 Months Ended

Sep. 30, 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

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 September 30, 2024:


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,905	$	—	$	1,905
Interest receivable	17		—		17
Restricted cash	185		9		194
Total	$	2,107	$	9	$	2,116
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	2,276		—		2,276
Total	$	2,279	$	1	$	2,280

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


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	66	$	6	$	72
Interest expense	$	23	$	3	$	26
Debt issuance cost amortization	$	2	$	1	$	3

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


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	202	$	13	$	215
Interest expense	$	70	$	7	$	77
Debt issuance cost amortization	$	7	$	1	$	8
Administrative expenses	$	1	$	—	$	1

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


	Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	883	$	396
Principal receipts	418		384
Interest receipts	196		178
Reserve release	130		16
Total	1,627		974
Cash Outflows
Principal payments	(418)		(389)
Voluntary repurchases of defaulted vacation ownership notes receivable	(123)		(88)
Voluntary clean-up call	(29)		(19)
Interest payments	(73)		(51)
Funding of restricted cash	(243)		(17)
Total	(886)		(564)
Net Cash Flows	$	741	$	410

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


	Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	325	$	515
Principal receipts	22		43
Interest receipts	13		24
Reserve release	7		9
Total	367		591
Cash Outflows
Principal payments	(17)		(34)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)		(2)
Repayment of Warehouse Credit Facility	(455)		(296)
Interest payments	(7)		(9)
Funding of restricted cash	(7)		(18)
Total	(489)		(359)
Net Cash Flows	$	(122)	$	232

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 as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the VIE. We expect to acquire the property over time and as of September 30, 2024, we expect to make remaining payments for the property as follows: $82 million in 2025 and $41 million in 2026. As of September 30, 2024, our Balance Sheet reflected $1 million in Accounts and contracts receivable, net, including a note receivable of less than $1 million, $10 million in Property and equipment, net, 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 $14 million as of September 30, 2024. Refer to Footnote 3 “ Acquisitions” for information about purchases pursuant to this commitment that occurred during the first three quarters 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 September 30, 2024 and December 31, 2023, the value of the assets held in the rabbi trust was $128 million and $99 million, respectively, and was included in the Other line within assets on our Balance Sheets.

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 84	$ 42	$ 168	$ 219
Other comprehensive income (loss):
Foreign currency translation adjustments	(12)	(2)	(24)	10
Derivative instrument adjustment, net of tax	0	(3)	(3)	(7)
OTHER COMPREHENSIVE (LOSS) INCOME, NET OF TAX	(12)	(5)	(27)	3
Net income attributable to noncontrolling interests	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 72	$ 37	$ 141	$ 222

- Definition

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

+ References + Details

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-19

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-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 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4K

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-2

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Receivables [Abstract]
Weighted average FICO score within originated loan pool		725	723
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans		14.22%	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		$ 14	$ 13
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Time sharing transactions reserve		10
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Increase in vacation ownership notes receivable reserve	$ 70	216
Time sharing transactions reserve		$ 516	$ 455

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 197	$ 248
Restricted cash (including $194 and $79 from VIEs, respectively)	350	326
Accounts and contracts receivable, net (including $17 and $15 from VIEs, respectively)	340	385
Vacation ownership notes receivable, net (including $1,905 and $1,912 from VIEs, respectively)	2,387	2,343
Inventory	769	634
Property and equipment, net	1,165	1,260
Goodwill	3,117	3,117
Intangibles, net	807	854
Other (including $128 and $99 from VIEs, respectively)	608	513
TOTAL ASSETS	9,740	9,680
LIABILITIES AND EQUITY
Accounts payable	243	362
Advance deposits	167	164
Accrued liabilities (including $4 and $4 from VIEs, respectively)	384	343
Deferred revenue	350	382
Payroll and benefits liability	203	205
Deferred compensation liability	191	168
Securitized debt, net (including $2,276 and $2,121 from VIEs, respectively)	2,248	2,096
Debt, net	3,038	3,049
Other	125	249
Deferred taxes	372	280
TOTAL LIABILITIES	7,321	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 — $0.01 par value; 100,000,000 shares authorized; 75,847,792 and 75,807,882 shares issued, respectively	1	1
Treasury stock — at cost; 40,900,731 and 40,488,576 shares, respectively	(2,370)	(2,332)
Additional paid-in capital	3,969	3,955
Accumulated other comprehensive (loss) income	(11)	16
Retained earnings	830	742
TOTAL MVW STOCKHOLDERS' EQUITY	2,419	2,382
Noncontrolling interests	0	0
TOTAL EQUITY	2,419	2,382
TOTAL LIABILITIES AND EQUITY	$ 9,740	$ 9,680

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Contingency [Line Items]
Effective income tax rate, percent	28.70%	36.10%	32.10%	34.30%
Decrease in valuation allowances on certain deferred tax assets	$ 11		$ 8
Decrease for the expiration of statute of limitations on certain unrecognized tax benefits	6		27
Increase to remove the permanent reinvestment assertion for certain non-U.S. entities	8		28
Increase for non-U.S. withholding taxes	3		3
Increase resulting from pre-acquisition reserves				$ 18
Unrecognized tax benefits, income tax penalties and interest accrued	29		29		$ 48
Income tax penalties and interest accrued, decrease			19
Unrecognized tax benefits that would impact effective tax rate	13		13
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 32		$ 32

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Composition of inventory

The following table shows the composition of our inventory balances:


($ in millions)	At September 30, 2024		At December 31, 2023
Finished goods(1)	$	756	$	624
Work-in-progress	4		—
Real estate inventory	760		624
Other	9		10
	$	769	$	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.

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 756	$ 624
Work-in-progress	4	0
Real estate inventory	760	624
Other	9	10
Inventory	$ 769	$ 634

VARIABLE INTEREST ENTITIES (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Classifications of consolidated vie assets and liabilities


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Consolidated Assets
Vacation ownership notes receivable, net of reserves	$	1,905	$	—	$	1,905
Interest receivable	17		—		17
Restricted cash	185		9		194
Total	$	2,107	$	9	$	2,116
Consolidated Liabilities
Interest payable	$	3	$	1	$	4
Securitized debt	2,276		—		2,276
Total	$	2,279	$	1	$	2,280

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

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


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	66	$	6	$	72
Interest expense	$	23	$	3	$	26
Debt issuance cost amortization	$	2	$	1	$	3

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


($ in millions)	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
Interest income	$	202	$	13	$	215
Interest expense	$	70	$	7	$	77
Debt issuance cost amortization	$	7	$	1	$	8
Administrative expenses	$	1	$	—	$	1

Cash flows between company and variable interest entities

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


	Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	$	883	$	396
Principal receipts	418		384
Interest receipts	196		178
Reserve release	130		16
Total	1,627		974
Cash Outflows
Principal payments	(418)		(389)
Voluntary repurchases of defaulted vacation ownership notes receivable	(123)		(88)
Voluntary clean-up call	(29)		(19)
Interest payments	(73)		(51)
Funding of restricted cash	(243)		(17)
Total	(886)		(564)
Net Cash Flows	$	741	$	410

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


	Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	$	325	$	515
Principal receipts	22		43
Interest receipts	13		24
Reserve release	7		9
Total	367		591
Cash Outflows
Principal payments	(17)		(34)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)		(2)
Repayment of Warehouse Credit Facility	(455)		(296)
Interest payments	(7)		(9)
Funding of restricted cash	(7)		(18)
Total	(489)		(359)
Net Cash Flows	$	(122)	$	232

- Definition

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

+ References + Details

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Corporate and other	$ (56)	$ (53)	$ (162)	$ (171)
Interest expense, net	(40)	(36)	(123)	(106)
Tax provision	(34)	(24)	(79)	(115)
Depreciation and amortization	(36)	(33)	(109)	(99)
Share-based compensation expense	(8)	(6)	(24)	(25)
Certain items	4	(9)	(39)	(11)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	84	42	168	219
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	231	173	624	647
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 23	$ 30	$ 80	$ 99

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	$ 2
2025	8
2026	583
2027	658
2028	358
Thereafter	1,264
Long-term debt	2,873
Line of Credit \| Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	2
2025	8
2026	8
2027	8
2028	8
Thereafter	764
Long-term debt	798	$ 784	$ 784
Revolving Corporate Credit Facility
Long Term Debt Maturities Repayments Of Principal [Line Items]
Remaining 2024	0
2025	0
2026	0
2027	75
2028	0
Thereafter	0
Long-term debt	75
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 - 2026 Convertible Notes (Details)	3 Months Ended		9 Months Ended
DEBT - 2026 Convertible Notes (Details)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%		0.55%
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal amount						$ 575,000,000
Debt, stated interest rate						0.00%
Conversion ratio			0.0063242
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 158.12		$ 158.12
Amortization of debt issuance costs (less than in the 3rd quarters)	$ 1,000,000	$ 1,000,000	$ 2,000,000	$ 2,000,000
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%		3.88%
2027 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Principal amount					$ 575,000,000
Debt, stated interest rate					3.25%
Conversion ratio			0.0052828
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 189.29		$ 189.29
Amortization of debt issuance costs (less than in the 3rd quarters)	$ 0	$ 0	$ 2,000,000	$ 2,000,000

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 83	$ 79	$ 246	$ 231
Interest income associated with securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	72	70	215	205
Interest income associated with non-securitized vacation ownership notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 11	$ 9	$ 31	$ 26

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		34,911,161
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,740	$ 9,680
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	9,032	8,980
Operating segments \| Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	8,261	8,167
Operating segments \| Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	771	813
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 708	$ 700

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-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 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-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 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-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 30: 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/1943274/2147478546/942-210-S99-1

+ Details

STOCKHOLDERS’ EQUITY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY


13.			STOCKHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At September 30, 2024, there were 75,847,792 shares of Marriott Vacations Worldwide common stock issued, of which 34,947,061 shares were outstanding and 40,900,731 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 September 30, 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 September 30, 2024, approximately $394 million remained available for share repurchases under the current Share Repurchase Program, which authorizes share repurchases through December 31, 2024.

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 three quarters of 2024	530,377	45		$	85.45
As of September 30, 2024	25,671,450	$	2,450	$	95.44

Dividends

Declaration Date

Stockholder Record Date

Distribution Date

Dividend per Share

February 15, 2024

February 29, 2024

March 14, 2024

$0.76

May 9, 2024

May 23, 2024

June 6, 2024

$0.76

September 4, 2024

September 19, 2024

October 3, 2024

$0.76

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

DEBT - Corporate Credit Facility (Details) - USD ($)	3 Months Ended
DEBT - Corporate Credit Facility (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,873,000,000
Floating interest rate through April 2024 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount	0	$ 200,000,000
Interest rate collar with a cap and a floor strike rate of April 2024 \| Interest Rate Contract
Debt Instrument [Line Items]
Notional amount	0	100,000,000
Revolving corporate credit facility, net
Debt Instrument [Line Items]
Long-term debt, gross	75,000,000
Revolving corporate credit facility, net \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	750,000,000
Letter of credit \| Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	75,000,000
Line of Credit \| Term Loan
Debt Instrument [Line Items]
Credit facility	800,000,000	$ 900,000,000
Long-term debt, gross	$ 798,000,000		$ 784,000,000	$ 784,000,000
Basis spread on variable rate	2.25%

INVENTORY

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORY


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At September 30, 2024		At December 31, 2023
Finished goods(1)	$	756	$	624
Work-in-progress	4		—
Real estate inventory	760		624
Other	9		10
	$	769	$	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 $28 million during the first three quarters of 2024 and $24 million during the first three quarters of 2023.

In addition to the above, at September 30, 2024 and December 31, 2023, we had $274 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 $26 million at September 30, 2024, of which $22 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.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 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 and Exchange & Third-Party Management.

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				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Vacation Ownership	$	1,250	$	1,126	$	3,458	$	3,335
Exchange & Third-Party Management	56		64		179		200
Total segment revenues	1,306		1,190		3,637		3,535
Consolidated Property Owners’ Associations	(1)		(4)		3		(2)
	$	1,305	$	1,186	$	3,640	$	3,533

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Stockholders


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Adjusted EBITDA Vacation Ownership	$	231	$	173	$	624	$	647
Adjusted EBITDA Exchange & Third-Party Management	23		30		80		99
Reconciling items:
Corporate and other	(56)		(53)		(162)		(171)
Interest expense, net	(40)		(36)		(123)		(106)
Tax provision	(34)		(24)		(79)		(115)
Depreciation and amortization	(36)		(33)		(109)		(99)
Share-based compensation expense	(8)		(6)		(24)		(25)
Certain items	4		(9)		(39)		(11)
Net income attributable to common stockholders	$	84	$	42	$	168	$	219

Assets


($ in millions)	At September 30, 2024		At December 31, 2023
Vacation Ownership	$	8,261	$	8,167
Exchange & Third-Party Management	771		813
Total segment assets	9,032		8,980
Corporate and other	708		700
	$	9,740	$	9,680

Revenues Excluding Cost Reimbursements


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
United States	$	704	$	622	$	2,046	$	2,038
All other countries	128		121		352		332
	$	832	$	743	$	2,398	$	2,370

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: 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

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes	9 Months Ended
	Sep. 30, 2024 $ / shares shares
2027 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,000,000.0
Strike price (in usd per share) \| $ / shares	$ 285.72
Number of warrants exercised (in shares)	0
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,000,000.0
Strike price (in usd per share) \| $ / shares	$ 189.29
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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

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

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

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

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

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

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

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

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 178	$ 168
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	158	141
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 20	$ 27

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Securitized debt	$ 2,248	$ 2,096
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	2,248	2,096
Variable interest entity
Debt Instrument [Line Items]
Securitized debt	2,276	2,121
Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 2,276
Debt, weighted average interest rate	4.70%
Variable interest entity \| Securitized debt \| Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt	$ 0	150
Unamortized debt discount and issuance costs	0	(2)
Secured debt, net	0	148
Unamortized debt issuance costs excluded	$ 2
Variable interest entity \| Securitized debt \| Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Variable interest entity \| Securitized debt \| Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	6.60%
Vacation Ownership Notes Receivable Securitizations \| Variable interest entity \| Securitized debt
Debt Instrument [Line Items]
Securitized debt	$ 2,276	1,971
Unamortized debt discount and issuance costs	(28)	(23)
Secured debt, net	$ 2,248	$ 1,948

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 (loss)	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, 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 (loss)	219
Derivative instrument adjustment	(7)
Ending balance (in shares) at Sep. 30, 2023			75,800,000
Ending balance at Sep. 30, 2023	2,410	2,408	$ 1	(2,298)	3,953	18	734	2
Beginning balance (in shares) at Mar. 31, 2023			75,800,000
Beginning balance at Mar. 31, 2023	2,480	2,478	$ 1	(2,132)	3,937	18	654	2
Increase (Decrease) in Stockholders' Equity
Net income (loss)	90	90					90
Foreign currency translation adjustments	6	6				6
Derivative instrument adjustment	(1)	(1)				(1)
Share-based compensation plans	11	11		1	10
Repurchase of common stock	(82)	(82)		(82)
Dividends	(26)	(26)					(26)
Ending balance (in shares) at Jun. 30, 2023			75,800,000
Ending balance at Jun. 30, 2023	2,478	2,476	$ 1	(2,213)	3,947	23	718	2
Increase (Decrease) in Stockholders' Equity
Net income (loss)	42	42					42
Foreign currency translation adjustments	(2)	(2)				(2)
Derivative instrument adjustment	(3)	(3)				(3)
Share-based compensation plans	7	7		1	6
Repurchase of common stock	(86)	(86)		(86)
Dividends	(26)	(26)					(26)
Ending balance (in shares) at Sep. 30, 2023			75,800,000
Ending balance at Sep. 30, 2023	$ 2,410	2,408	$ 1	(2,298)	3,953	18	734	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 (loss)	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			75,800,000
Ending balance at Mar. 31, 2024	$ 2,378	2,379	$ 1	(2,351)	3,951	15	763	(1)
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 (loss)	168
Derivative instrument adjustment	$ (3)
Repurchase of common stock				(45)
Ending balance (in shares) at Sep. 30, 2024	75,847,792		75,800,000
Ending balance at Sep. 30, 2024	$ 2,419	2,419	$ 1	(2,370)	3,969	(11)	830	0
Beginning balance (in shares) at Mar. 31, 2024			75,800,000
Beginning balance at Mar. 31, 2024	2,378	2,379	$ 1	(2,351)	3,951	15	763	(1)
Increase (Decrease) in Stockholders' Equity
Net income (loss)	38	37					37	1
Foreign currency translation adjustments	(13)	(13)				(13)
Derivative instrument adjustment	(1)	(1)				(1)
Share-based compensation plans	9	9		1	8
Repurchase of common stock	(12)	(12)		(12)
Dividends	(27)	(27)					(27)
Ending balance (in shares) at Jun. 30, 2024			75,800,000
Ending balance at Jun. 30, 2024	2,372	2,372	$ 1	(2,362)	3,959	1	773	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	84	84					84
Foreign currency translation adjustments	(12)	(12)				(12)
Derivative instrument adjustment	0
Share-based compensation plans	11	11		1	10
Repurchase of common stock	(9)	(9)		(9)
Dividends	$ (27)	(27)					(27)
Ending balance (in shares) at Sep. 30, 2024	75,847,792		75,800,000
Ending balance at Sep. 30, 2024	$ 2,419	$ 2,419	$ 1	$ (2,370)	$ 3,969	$ (11)	$ 830	$ 0

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	9 Months Ended
	Sep. 30, 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	0.0052828
Debt instrument, convertible, conversion price (in usd per share) \| $ / shares	$ 189.29

- 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 - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,387	$ 2,343
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,905	1,912
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	482	431
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	59	52
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	423	379
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,267	2,178
Originated \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,800	1,764
Originated \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	467	414
Originated \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	58	51
Originated \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	409	363
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	120	165
Acquired \| Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	105	148
Acquired \| Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	15	17
Acquired \| Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1	1
Acquired \| Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 14	$ 16

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,913	$ 2,813
Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	730	632
Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,183	2,181
Total past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	281	271
Total past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	192	172
Total past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	89	99
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	103	103
31 – 90 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	34	31
31 – 90 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	69	72
91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	23	26
91 – 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	9	7
91 – 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	14	19
Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	155	142
Greater than 120 days past due \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	149	134
Greater than 120 days past due \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	6	8
Current
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,632	2,542
Current \| Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	538	460
Current \| Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,094	$ 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/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing (percentage)	92.00%
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

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 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				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Service-based RSUs	$	7	$	7	$	23	$	22
Performance-based RSUs	—		(2)		(1)		1
	7		5		22		23
SARs	1		1		2		2

	$	8	$	6	$	24	$	25

Schedule of unrecognized compensation cost, unvested awards

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


($ in millions)	At September 30, 2024		At December 31, 2023
Service-based RSUs	$	32	$	22
Performance-based RSUs	6		1
	38		23
SARs	2		1

	$	40	$	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 three quarters of 2024:


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

SECURITIZED DEBT (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024		At December 31, 2023
Vacation ownership notes receivable securitizations, gross(1)	$	2,276	$	1,971
Unamortized debt discount and issuance costs	(28)		(23)
	2,248		1,948

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


	$	2,248	$	2,096

(1)Interest rates as of September 30, 2024 range from 1.5% to 6.6%, with a weighted average interest rate of 4.7%.
(2)Excludes $2 million of unamortized debt issuance costs as of September 30, 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 September 30, 2024.


	Vacation Ownership Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining	$	50
2025	189
2026	197
2027	202
2028	203
Thereafter	1,435
	$	2,276

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total
Term Loan	$	2	$	8	$	8	$	8	$	8	$	764	$	798
Revolving Corporate Credit Facility	—		—		—		75		—		—		75
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	2	$	8	$	583	$	658	$	358	$	1,264	$	2,873

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
REVENUES
Revenue from contracts with customers	$ 1,218	$ 1,105	$ 3,385	$ 3,294
Financing	87	81	255	239
TOTAL REVENUES	1,305	1,186	3,640	3,533
EXPENSES
Marketing and sales	228	202	677	618
Financing	37	30	106	81
General and administrative	62	57	179	189
Depreciation and amortization	36	33	109	99
Litigation charges	2	2	15	7
Restructuring	1	0	4	0
Royalty fee	28	30	85	88
Impairment	0	0	2	4
Cost reimbursements	473	443	1,242	1,163
TOTAL EXPENSES	1,157	1,081	3,253	3,099
Gains and other income, net	9	3	2	34
Interest expense, net	(40)	(36)	(123)	(106)
Transaction and integration costs	0	(5)	(18)	(28)
Other	1	(1)	(1)	0
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	118	66	247	334
Provision for income taxes	(34)	(24)	(79)	(115)
NET INCOME	84	42	168	219
Net income attributable to noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 84	$ 42	$ 168	$ 219
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic (in usd per share)	$ 2.38	$ 1.16	$ 4.74	$ 5.96
Diluted (in usd per share)	2.12	1.09	4.31	5.33
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.76	$ 0.72	$ 2.28	$ 2.16
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 387	$ 319	$ 1,048	$ 1,085
EXPENSES
Expenses	54	50	145	174
Management and exchange
REVENUES
Revenue from contracts with customers	207	205	633	611
EXPENSES
Expenses	123	115	358	332
Rental
REVENUES
Revenue from contracts with customers	151	138	462	435
EXPENSES
Expenses	113	119	331	344
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 473	$ 443	$ 1,242	$ 1,163

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ 3,000,000	$ 67,000,000
Contract with customer, contract assets	0	0	$ 0
Contract with customer, liability, revenue recognized	$ 76,000,000	$ 292,000,000

BUSINESS SEGMENTS - Additional Information (Details)	9 Months Ended
BUSINESS SEGMENTS - Additional Information (Details)	Sep. 30, 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

BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Revenues


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Vacation Ownership	$	1,250	$	1,126	$	3,458	$	3,335
Exchange & Third-Party Management	56		64		179		200
Total segment revenues	1,306		1,190		3,637		3,535
Consolidated Property Owners’ Associations	(1)		(4)		3		(2)
	$	1,305	$	1,186	$	3,640	$	3,533

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

Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Stockholders


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Adjusted EBITDA Vacation Ownership	$	231	$	173	$	624	$	647
Adjusted EBITDA Exchange & Third-Party Management	23		30		80		99
Reconciling items:
Corporate and other	(56)		(53)		(162)		(171)
Interest expense, net	(40)		(36)		(123)		(106)
Tax provision	(34)		(24)		(79)		(115)
Depreciation and amortization	(36)		(33)		(109)		(99)
Share-based compensation expense	(8)		(6)		(24)		(25)
Certain items	4		(9)		(39)		(11)
Net income attributable to common stockholders	$	84	$	42	$	168	$	219

Assets


($ in millions)	At September 30, 2024		At December 31, 2023
Vacation Ownership	$	8,261	$	8,167
Exchange & Third-Party Management	771		813
Total segment assets	9,032		8,980
Corporate and other	708		700
	$	9,740	$	9,680

Revenue from external customers by geographic areas

Revenues Excluding Cost Reimbursements


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
United States	$	704	$	622	$	2,046	$	2,038
All other countries	128		121		352		332
	$	832	$	743	$	2,398	$	2,370

STOCKHOLDERS’ EQUITY - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)			40,488,576				40,488,576
Ending of period, number of shares repurchased (in shares)	40,900,731						40,900,731
Cost Basis of Shares Repurchased
Cost of shares repurchased	$ 9	$ 12	$ 24	$ 86	$ 82	$ 80
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)			25,141,073				25,141,073
Repurchase of common stock (in shares)							530,377
Ending of period, number of shares repurchased (in shares)	25,671,450						25,671,450
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased			$ 2,405				$ 2,405
Cost of shares repurchased	$ 9	$ 12	$ 24	$ 86	$ 82	$ 80	45
Ending of period, cost of shares repurchased	$ 2,450						$ 2,450
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)			$ 95.65				$ 95.65
Average price paid per share (in usd per share)							85.45
Ending of period, average price paid per share (in usd per share)	$ 95.44						$ 95.44

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024, remaining	$ 2
2025	8
2026	583
2027	658
2028	358
Thereafter	1,264
Long-term debt	2,873
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations \| Secured Debt
Debt Instrument [Line Items]
2024, remaining	50
2025	189
2026	197
2027	202
2028	203
Thereafter	1,435
Long-term debt	$ 2,276

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Vacation Ownership Notes Receivable Securitizations
Cash Inflows [Abstract]
Net proceeds from vacation ownership notes receivable securitizations	$ 883	$ 396
Principal receipts	418	384
Interest receipts	196	178
Reserve release	130	16
Total	1,627	974
Cash Outflows [Abstract]
Principal payments	(418)	(389)
Voluntary repurchases of defaulted vacation ownership notes receivable	(123)	(88)
Voluntary clean-up call	(29)	(19)
Interest payments	(73)	(51)
Funding of restricted cash	(243)	(17)
Total	(886)	(564)
Cash Flows Between Transferee and Transferor Net	741	410
Warehouse Credit Facility
Cash Inflows [Abstract]
Net proceeds from vacation ownership notes receivable securitizations	325	515
Principal receipts	22	43
Interest receipts	13	24
Reserve release	7	9
Total	367	591
Cash Outflows [Abstract]
Principal payments	(17)	(34)
Voluntary repurchases of defaulted vacation ownership notes receivable	(3)	(2)
Repayment of Warehouse Credit Facility	(455)	(296)
Interest payments	(7)	(9)
Funding of restricted cash	(7)	(18)
Total	(489)	(359)
Cash Flows Between Transferee and Transferor Net	$ (122)	$ 232

REVENUE AND RECEIVABLES - Accounts and Contracts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 212	$ 259
Interest receivable	21	18
Tax receivable	46	44
Indemnification assets	36	40
Employee tax credit receivable	10	11
Other	15	13
Accounts receivable, including VIE, after allowance for credit loss	$ 340	$ 385

VACATION OWNERSHIP NOTES RECEIVABLE

9 Months Ended

Sep. 30, 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.


	September 30, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,800	$	105	$	1,905	$	1,764	$	148	$	1,912

Eligible for securitization(1)	58		1		59		51		1		52
Not eligible for securitization(1)	409		14		423		363		16		379
Non-securitized	467		15		482		414		17		431

Total	$	2,267	$	120	$	2,387	$	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				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income associated with securitized vacation ownership notes receivable	$	72	$	70	$	215	$	205
Interest income associated with non-securitized vacation ownership notes receivable	11		9		31		26
Total interest income associated with vacation ownership notes receivable	$	83	$	79	$	246	$	231

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.

In the third quarter of 2023, we increased our vacation ownership notes receivable reserve to reflect then-current trends in delinquencies and default rates. We estimated the amount of the increase in our sales reserve primarily using a historical period of increased defaults. The additional reserves recorded in 2023 adjusted our future default rate estimate to reflect then-current macroeconomic conditions, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity. Subsequent to the third quarter of 2023, we increased our sales reserve rate to provide for higher expected cumulative losses on new originations.

We believe the cumulative impact of inflation on consumers and the related impact of year-over-year increases in maintenance fees for 2023 and 2024 are driving continued elevated delinquencies and defaults. As a result, during the second quarter of 2024, we increased our sales reserve by $70 million to reflect increases in expected cumulative loss rates for our vacation ownership notes receivable originated during 2021-2024. In estimating the increase in the sales reserve, we considered then-current macroeconomic conditions, including higher consumer debt levels, moderating inflation, continued high interest rates, uncertainty around timing and frequency of interest rate adjustments and continued mixed economic indicators.

The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 725 and 723, at September 30, 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 $10 million reserve, and interest rates for our acquired vacation ownership notes receivable at September 30, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	3	$	6	$	9
2025	4		24		28
2026	3		22		25
2027	2		18		20
2028	1		12		13
Thereafter	2		23		25
Balance at September 30, 2024	$	15	$	105	$	120
Weighted average stated interest rate	13.8%		14.0%		14.0%
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 September 30, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	33	$	23	$	3	$	6	$	65
Hyatt Vacation Ownership	39		25		—		1		65
	$	72	$	48	$	3	$	7	$	130


	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 September 30, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	21	$	34	$	55
2025	67		142		209
2026	50		151		201
2027	47		159		206
2028	42		164		206
Thereafter	240		1,150		1,390
Balance at September 30, 2024	$	467	$	1,800	$	2,267
Weighted average stated interest rate	11.9%		13.4%		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 in vacation ownership notes receivable reserve	173		43		216
Securitizations	(158)		158		—
Clean-up call	74		(74)		—
Write-offs	(155)		—		(155)
Defaulted vacation ownership notes receivable repurchase activity(1)	115		(115)		—
Balance at September 30, 2024	$	244	$	272	$	516

(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 September 30, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,470	$	628	$	57	$	347	$	2,502
Hyatt Vacation Ownership	201		74		2		4		281
	$	1,671	$	702	$	59	$	351	$	2,783


	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 September 30, 2024, and gross write-offs by brand for the first three quarters of 2024.


	Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	398	$	409	$	281	$	160	$	222	$	1,470
600 - 699	141		159		128		82		118		628
< 600	13		15		11		7		11		57
No Score	133		100		46		16		52		347
	$	685	$	683	$	466	$	265	$	403	$	2,502

Gross write-offs	$	3	$	33	$	41	$	23	$	31	$	131


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	71	$	61	$	45	$	21	$	3	$	201
600 - 699	25		21		18		8		2		74
< 600	1		1		—		—		—		2
No Score	2		1		1		—		—		4
	$	99	$	84	$	64	$	29	$	5	$	281

Gross write-offs	$	—	$	9	$	10	$	4	$	1	$	24

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 14.22% as of September 30, 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 $14 million as of September 30, 2024 and $13 million as of 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 September 30, 2024	$	158	$	20	$	178
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 September 30, 2024 and December 31, 2023.



	As of September 30, 2024						As of December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	34	$	69	$	103	$	31	$	72	$	103
91 – 120 days past due	9		14		23		7		19		26
Greater than 120 days past due	149		6		155		134		8		142
Total past due	192		89		281		172		99		271
Current	538		2,094		2,632		460		2,082		2,542
Total vacation ownership notes receivable	$	730	$	2,183	$	2,913	$	632	$	2,181	$	2,813

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 40	$ 24
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	38	23
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	32	22
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	6	1
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 2	$ 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8	$ 6	$ 24	$ 25
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	5	22	23
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	7	23	22
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	(2)	(1)	1
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1	$ 2	$ 2

- 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 - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Sep. 30, 2024 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2024, remaining	$ 9
2025	28
2026	25
2027	20
2028	13
Thereafter	25
Balance at Mar 31, 2024	$ 120
Acquired \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.00%
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	$ 3
2025	4
2026	3
2027	2
2028	1
Thereafter	2
Balance at Mar 31, 2024	$ 15
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	$ 6
2025	24
2026	22
2027	18
2028	12
Thereafter	23
Balance at Mar 31, 2024	$ 105
Acquired \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.00%
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	$ 55
2025	209
2026	201
2027	206
2028	206
Thereafter	1,390
Balance at Mar 31, 2024	$ 2,267
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	$ 21
2025	67
2026	50
2027	47
2028	42
Thereafter	240
Balance at Mar 31, 2024	$ 467
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	$ 34
2025	142
2026	151
2027	159
2028	164
Thereafter	1,150
Balance at Mar 31, 2024	$ 1,800
Originated \| Securitized \| Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.40%
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%

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,387	$ 2,343
Contracts receivable for financed VOI sales, net	51	37
Other assets	128	99
Total financial assets	2,566	2,479
Total financial liabilities	(5,088)	(4,956)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,453	2,427
Contracts receivable for financed VOI sales, net	51	37
Other assets	128	99
Total financial assets	2,632	2,563
Total financial liabilities	(5,015)	(4,749)
Securitized debt, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,248)	(2,096)
Securitized debt, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,280)	(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	(336)	(322)
2029 Notes, net \| Senior notes \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(496)	(495)
2029 Notes, net \| Senior notes \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(471)	(445)
2026 Convertible Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(571)	(568)
2026 Convertible Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(521)	(508)
2027 Convertible Notes, net \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(565)	(563)
2027 Convertible Notes, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(535)	(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	(788)	(781)
Line of Credit \| Term Loan, net \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(797)	(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	(72)	(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	$ (75)	$ (105)

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 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 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, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, 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, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, 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.

BASIS OF PRESENTATION (Details)	9 Months Ended
BASIS OF PRESENTATION (Details)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Interest receivable	$ 340	$ 385
Other	125	249
Variable interest entity
Variable Interest Entity [Line Items]
Interest receivable	17	15
Cash surrender value of life insurance	128	$ 99
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, 2025	82
Purchase commitment obligation due, 2026	41
Waikiki Hawaii \| Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Interest receivable	1
Note receivable	1
Property, plant and equipment, gross	10
Other	1
Maximum loss	$ 14

ACQUISITIONS (Details) $ in Millions	3 Months Ended			9 Months Ended
ACQUISITIONS (Details) $ in Millions	Sep. 30, 2024 USD ($) vacation_ownership_unit	Sep. 30, 2023 USD ($) vacation_ownership_unit	Mar. 31, 2023 USD ($) vacation_ownership_unit	Sep. 30, 2024 USD ($)
Waikiki Hawaii
Asset Acquisition [Line Items]
Number of vacation ownership units acquired \| vacation_ownership_unit	38
Asset acquisition, consideration transferred	$ 65
Purchase of retail space				$ 48
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

BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 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 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, continuing high interest rates, mixed economic indicators, increased consumer debt, continuing global insecurity and political uncertainty, 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.

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 2,382,000,000				$ 2,382,000,000
Ending balance	$ 2,419,000,000						2,419,000,000
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	0	$ 1,000,000	3,000,000	$ 9,000,000	$ 10,000,000	$ 13,000,000	3,000,000	13,000,000
Other comprehensive loss before reclassifications	0	(1,000,000)	(2,000,000)	(3,000,000)	(1,000,000)	(3,000,000)
Ending balance	$ 0	$ 0	$ 1,000,000	$ 6,000,000	$ 9,000,000	$ 10,000,000	$ 0	$ 6,000,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

EARNINGS PER SHARE - Narrative (Details) - SARs - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	695,868	287,125	646,203	287,125
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 77.42	$ 143.38	$ 93.73	$ 143.38
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	$ 173.88	$ 173.88

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	9 Months Ended
	Sep. 30, 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	$ 158.12
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	$ 197.65
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

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Sep. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,873
Finance Leases	198		$ 189
Debt and lease obligation	3,038		3,049
Term Loan \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	798	$ 784	784
Unamortized debt discount and issuance costs	(10)		(3)
Long-term debt	$ 788		781
Interest rate, effective percentage	7.10%
Revolving Corporate Credit Facility, net \| Line of Credit
Debt Instrument [Line Items]
Interest rate, effective percentage	7.10%
Revolving Corporate Credit Facility, net \| Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 75		105
Unamortized debt discount and issuance costs	(3)		(4)
Long-term debt	72		101
2028 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350		350
Unamortized debt discount and issuance costs	(2)		(2)
Long-term debt	348		348
2029 Notes \| Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500		500
Unamortized debt discount and issuance costs	(4)		(5)
Long-term debt	$ 496		495
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes \| Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575		575
Unamortized debt discount and issuance costs	(4)		(7)
Long-term debt	$ 571		568
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		575
Unamortized debt discount and issuance costs	(10)		(12)
Long-term debt	565		563
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 4

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Variable Interest Entity [Line Items]
Interest income	$ 83	$ 79	$ 246	$ 231
Interest expense, net	(40)	(36)	(123)	(106)
Administrative expenses	62	$ 57	179	$ 189
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	72		215
Interest expense, net	26		77
Debt issuance cost amortization	3		8
Administrative expenses			1
Variable interest entity \| Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	66		202
Interest expense, net	23		70
Debt issuance cost amortization	2		7
Administrative expenses			1
Variable interest entity \| Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	6		13
Interest expense, net	3		7
Debt issuance cost amortization	$ 1		1
Administrative expenses			$ 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

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	9 Months Ended
	Sep. 30, 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

SHARE-BASED COMPENSATION - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares)	3,000,000
Shares available for grants under the plan (in shares)	2,000,000
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)	401,181
Stock awards granted, weighted average (in usd per share) grant date fair value \| $ / shares	$ 87.55
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

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the quarter ended September 30, 2024, certain of our directors and Section 16 officers adopted or terminated Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K) for the sale of shares of our common stock as follows:

Plans

Number of Securities

to be Sold

Latest Expiration(3)

Name and Title

Action

Date

Rule 10b5-1(1)

Non-Rule 10b5-1(2)

James H Hunter, IV

Adoption

9/13/2024

—

4,034(4)(5)

2/28/2025

Executive Vice President, General Counsel and Secretary

John E. Geller, Jr.

Adoption

9/19/2024

—

9,076 (4)(5)

3/03/2025

Director and President and Chief Executive Officer

(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

(2)Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

(3)Plans expire at close of trading on the dates presented or such earlier date upon the completion of all trades under the plan (or the expiration of the orders relating to such trades without execution).

(4)Securities to be sold under the plan represent shares to be acquired upon the exercise of stock options.

(5)The exercise of stock options is subject to a stock price condition, which provides that sales will only occur if the Company’s stock price meets a certain minimum price.

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

James H Hunter, IV [Member]

Trading Arrangements, by Individual

Name

James H Hunter, IV

Title

Executive Vice President, General Counsel and Secretary

Rule 10b5-1 Arrangement Adopted

true

9/13/2024

2/28/2025

168 days

4,034

John E Geller, Jr. [Member]

Trading Arrangements, by Individual

Name

John E. Geller, Jr.

Title

Director and President and Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

9/19/2024

3/03/2025

165 days

9,076

DEBT - Senior Notes (Details) - Senior notes	Sep. 30, 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

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible notes - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Interest expense	$ 5	$ 5	$ 14	$ 14
2027 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	5	5	14	14
Amortization of debt issuance costs	0	0	2	2
Interest expense	$ 5	$ 5	$ 16	$ 16

- 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

DEBT

9 Months Ended

Sep. 30, 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 September 30, 2024		At December 31, 2023
Corporate Credit Facility
	Term Loan(1)	$	798	$	784
	Unamortized debt discount and issuance costs	(10)		(3)
		788		781

	Revolving Corporate Credit Facility(1)	75		105
	Unamortized debt issuance costs	(3)		(4)
		72		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	(4)		(5)
		496		495
Convertible Notes
	2026 Convertible Notes	575		575
	Unamortized debt issuance costs	(4)		(7)
		571		568

	2027 Convertible Notes	575		575
	Unamortized debt issuance costs	(10)		(12)
		565		563

Finance Leases		198		189

Non-interest bearing note payable		—		4
		$	3,038	$	3,049

(1)The effective interest rate as of September 30, 2024 was 7.1%.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2024.


	Payments Year
($ in millions)	Remaining 2024		2025		2026		2027		2028		Thereafter		Total
Term Loan	$	2	$	8	$	8	$	8	$	8	$	764	$	798
Revolving Corporate Credit Facility	—		—		—		75		—		—		75
2028 Notes	—		—		—		—		350		—		350
2029 Notes	—		—		—		—		—		500		500
2026 Convertible Notes	—		—		575		—		—		—		575
2027 Convertible Notes	—		—		—		575		—		—		575

	$	2	$	8	$	583	$	658	$	358	$	1,264	$	2,873

Corporate Credit Facility

Our corporate credit facility (the “Corporate Credit Facility”), which consists of a term loan facility (the “Term Loan”), and a revolving credit facility (the “Revolving Corporate Credit Facility”), provides support for our business, including ongoing liquidity and letters of credit. Our Revolving Corporate Credit Facility has a borrowing capacity of $750 million, which includes a letter of credit sub-facility of $75 million, and terminates on March 31, 2027.

During the second quarter of 2024, we entered into an amendment to the Corporate Credit Facility (the “Amendment”), which, among other things, provided for a new $800 million term loan facility scheduled to mature on April 1, 2031 (the “New Term Loan”). Prior to the Amendment, the Corporate Credit Facility included a $900 million term loan facility. The proceeds of the New Term Loan were used to refinance, in full, the Term Loan, which had a balance of $784 million as of March 31, 2024 and was scheduled to mature on August 31, 2025. The interest rate applicable to the New Term Loan is 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.

During the second quarter of 2024, $200 million of interest rate swaps and a $100 million interest rate collar that were entered into prior to 2023 to hedge a portion of our interest rate risk on the Term Loan expired and are no longer recorded on our Balance Sheet as of September 30, 2024. Both the interest rate swap and the interest rate collar were designated and qualified as cash flow hedges of interest rate risk and were recorded in Other assets on our Balance Sheets as of December 31, 2023. We characterized payments we made or received in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes.


($ 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
Other comprehensive loss before reclassifications	(1)		(1)


Derivative instrument adjustment balance, June 30	—		9
Other comprehensive loss before reclassifications	—		(3)


Derivative instrument adjustment balance, September 30	$	—	$	6

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 September 30, 2024 to 6.3242 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $158.12 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of September 30, 2024, the effective interest rate was 0.55%. Amortization of debt issuance costs related to the 2026 Convertible Notes was less than $1 million during the third quarter of 2024 and 2023, and $2 million during the first three quarters of 2024 and 2023.

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 September 30, 2024. The strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to $158.12 and $197.65, respectively, as of September 30, 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 September 30, 2024 to 5.2828 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $189.29 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 September 30, 2024, the effective interest rate was 3.88%.

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


	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Contractual interest expense	$	5	$	5	$	14	$	14
Amortization of debt issuance costs	—		—		2		2
	$	5	$	5	$	16	$	16

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 September 30, 2024. The strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were subject to adjustment to $189.29 and $285.72, respectively, as of September 30, 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 certain 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 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.


	September 30, 2024						December 31, 2023
($ in millions)	Originated		Acquired		Total		Originated		Acquired		Total
Securitized	$	1,800	$	105	$	1,905	$	1,764	$	148	$	1,912

Eligible for securitization(1)	58		1		59		51		1		52
Not eligible for securitization(1)	409		14		423		363		16		379
Non-securitized	467		15		482		414		17		431

Total	$	2,267	$	120	$	2,387	$	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				Nine Months Ended
($ in millions)	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income associated with securitized vacation ownership notes receivable	$	72	$	70	$	215	$	205
Interest income associated with non-securitized vacation ownership notes receivable	11		9		31		26
Total interest income associated with vacation ownership notes receivable	$	83	$	79	$	246	$	231

Financing receivable, nonaccrual

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


	Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
Investment in vacation ownership notes receivable on non-accrual status at September 30, 2024	$	158	$	20	$	178
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 September 30, 2024 and December 31, 2023.



	As of September 30, 2024						As of December 31, 2023
($ in millions)	Non-Securitized		Securitized		Total		Non-Securitized		Securitized		Total
31 – 90 days past due	$	34	$	69	$	103	$	31	$	72	$	103
91 – 120 days past due	9		14		23		7		19		26
Greater than 120 days past due	149		6		155		134		8		142
Total past due	192		89		281		172		99		271
Current	538		2,094		2,632		460		2,082		2,542
Total vacation ownership notes receivable	$	730	$	2,183	$	2,913	$	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 $10 million reserve, and interest rates for our acquired vacation ownership notes receivable at September 30, 2024.


	Acquired Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	3	$	6	$	9
2025	4		24		28
2026	3		22		25
2027	2		18		20
2028	1		12		13
Thereafter	2		23		25
Balance at September 30, 2024	$	15	$	105	$	120
Weighted average stated interest rate	13.8%		14.0%		14.0%
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 September 30, 2024
($ in millions)	700+		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	33	$	23	$	3	$	6	$	65
Hyatt Vacation Ownership	39		25		—		1		65
	$	72	$	48	$	3	$	7	$	130


	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 September 30, 2024.


	Originated Vacation Ownership Notes Receivable
($ in millions)	Non-Securitized		Securitized		Total
2024, remaining	$	21	$	34	$	55
2025	67		142		209
2026	50		151		201
2027	47		159		206
2028	42		164		206
Thereafter	240		1,150		1,390
Balance at September 30, 2024	$	467	$	1,800	$	2,267
Weighted average stated interest rate	11.9%		13.4%		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 in vacation ownership notes receivable reserve	173		43		216
Securitizations	(158)		158		—
Clean-up call	74		(74)		—
Write-offs	(155)		—		(155)
Defaulted vacation ownership notes receivable repurchase activity(1)	115		(115)		—
Balance at September 30, 2024	$	244	$	272	$	516

(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 September 30, 2024
($ in millions)	700 +		600 - 699		< 600		No Score		Total
Marriott Vacation Ownership	$	1,470	$	628	$	57	$	347	$	2,502
Hyatt Vacation Ownership	201		74		2		4		281
	$	1,671	$	702	$	59	$	351	$	2,783


	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 +	$	398	$	409	$	281	$	160	$	222	$	1,470
600 - 699	141		159		128		82		118		628
< 600	13		15		11		7		11		57
No Score	133		100		46		16		52		347
	$	685	$	683	$	466	$	265	$	403	$	2,502

Gross write-offs	$	3	$	33	$	41	$	23	$	31	$	131


	Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)	2024		2023		2022		2021		2020 & Prior		Total
700 +	$	71	$	61	$	45	$	21	$	3	$	201
600 - 699	25		21		18		8		2		74
< 600	1		1		—		—		—		2
No Score	2		1		1		—		—		4
	$	99	$	84	$	64	$	29	$	5	$	281

Gross write-offs	$	—	$	9	$	10	$	4	$	1	$	24

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Restricted cash	$ 350	$ 326
Accounts receivable, net	340	385
Vacation ownership notes receivable, net	2,387	2,343
Other assets	608	513
Accrued liabilities	384	343
Secured debt, net	$ 2,248	$ 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)	75,847,792	75,807,882
Treasury stock, shares (in shares)	40,900,731	40,488,576
Variable interest entity
Restricted cash	$ 194	$ 79
Accounts receivable, net	17	15
Vacation ownership notes receivable, net	1,905	1,912
Other assets	128	99
Accrued liabilities	4	4
Secured debt, net	$ 2,276	$ 2,121

ACQUISITIONS

9 Months Ended

Sep. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS


3.			ACQUISITIONS

Waikiki, Hawaii

During the third quarter of 2024, we acquired 38 completed vacation ownership units located at our Marriott Vacation Club, Waikiki property for $65 million. The transaction was accounted for as an asset acquisition with all of the purchase price allocated to Inventory. See Footnote 15 “Variable Interest Entities” for additional information about this transaction, including our remaining commitment related to this property, and our activities relating to the VIE involved in this transaction.

Additionally, during the first quarter of 2024, we acquired retail space located at our Marriott Vacation Club, Waikiki property for $48 million. The transaction was accounted for as an asset acquisition, and was classified as held-for-sale and included in Other assets as of September 30, 2024. We have an agreement to sell this retail space to a third party, and we expect to complete the sale during the fourth quarter of 2024.

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.

CONTINGENCIES AND COMMITMENTS

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS


10.			CONTINGENCIES AND COMMITMENTS

Commitments and Letters of Credit

As of September 30, 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 $73 million, of which we expect $16 million, $31 million, $18 million, $6 million, and $2 million will be paid in the remainder of 2024, 2025, 2026, 2027, and 2028, respectively.

•We have remaining commitments of $34 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: $2 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 $131 million of commitments to purchase property and vacation ownership units located in the continental United States, subject to various contingencies, that include, but are not limited to, the receipt of financing by third-party developers, governmental approvals, and the completion of construction to agreed-upon standards within specified timeframes. We expect to complete these acquisitions by 2027. We expect to make remaining payments when specific approvals are received and construction milestones are completed as follows: $10 million in the remainder of 2024, $13 million in 2026, and $108 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 3 “ Acquisitions” for information about purchases that occurred during the first three quarters of 2024 pursuant to this commitment and Footnote 15 “Variable Interest Entities” for additional information about this commitment and our activities relating to the VIE involved in this commitment.

As of September 30, 2024, we had $20 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 12 “Debt”), of which $19 million were related to and in lieu of reserves required for our outstanding securitization transactions completed during the first quarter of 2024 and the fourth quarter of 2023. In addition, as of September 30, 2024, we had $24 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, of which $23 million were related to and in lieu of reserves required for our most recent outstanding securitization transaction completed in the third quarter of 2024.

Surety bonds issued as of September 30, 2024 totaled $130 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 September 30, 2024, our maximum exposure under fixed dollar guarantees was $3 million, of which $1 million, $1 million, $1 million, and less than $1 million relate to 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 September 30, 2024, our expected commitment for the remainder of 2024 is $5 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 alleged 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 sought 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’s appeal of the September 2023 ruling was dismissed as untimely by the appellate court on June 10, 2024.

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

REVENUE AND RECEIVABLES

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES


4.			REVENUE AND RECEIVABLES

Sources of Revenue by Segment


	Three Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	387	$	—	$	—	$	387

Ancillary revenues	66		1		—		67
Management fee revenues	52		3		(1)		54
Exchange and other services revenues	34		40		12		86
Management and exchange	152		44		11		207

Rental	140		11		—		151

Cost reimbursements	484		1		(12)		473
Revenue from contracts with customers	1,163		56		(1)		1,218

Financing	87		—		—		87
Total Revenues	$	1,250	$	56	$	(1)	$	1,305


	Three Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	319	$	—	$	—	$	319

Ancillary revenues	62		1		—		63
Management fee revenues	44		5		—		49
Exchange and other services revenues	37		44		12		93
Management and exchange	143		50		12		205

Rental	128		10		—		138

Cost reimbursements	455		4		(16)		443
Revenue from contracts with customers	1,045		64		(4)		1,105

Financing	81		—		—		81
Total Revenues	$	1,126	$	64	$	(4)	$	1,186


	Nine Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,048	$	—	$	—	$	1,048

Ancillary revenues	203		3		—		206
Management fee revenues	155		10		(3)		162
Exchange and other services revenues	99		128		38		265
Management and exchange	457		141		35		633

Rental	430		32		—		462

Cost reimbursements	1,268		6		(32)		1,242
Revenue from contracts with customers	3,203		179		3		3,385

Financing	255		—		—		255
Total Revenues	$	3,458	$	179	$	3	$	3,640


	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,085	$	—	$	—	$	1,085

Ancillary revenues	193		3		—		196
Management fee revenues	134		18		(2)		150
Exchange and other services revenues	98		136		31		265
Management and exchange	425		157		29		611

Rental	404		31		—		435

Cost reimbursements	1,182		12		(31)		1,163
Revenue from contracts with customers	3,096		200		(2)		3,294

Financing	239		—		—		239
Total Revenues	$	3,335	$	200	$	(2)	$	3,533

Timing of Revenue from Contracts with Customers by Segment

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


	Three Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	707	$	21	$	(1)	$	727
Goods or services transferred at a point in time	456		35		—		491
Revenue from contracts with customers	$	1,163	$	56	$	(1)	$	1,218


	Three Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	658	$	27	$	(4)	$	681
Goods or services transferred at a point in time	387		37		—		424
Revenue from contracts with customers	$	1,045	$	64	$	(4)	$	1,105


	Nine Months Ended September 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,940	$	67	$	3	$	2,010
Goods or services transferred at a point in time	1,263		112		—		1,375
Revenue from contracts with customers	$	3,203	$	179	$	3	$	3,385


	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,802	$	83	$	(2)	$	1,883
Goods or services transferred at a point in time	1,294		117		—		1,411
Revenue from contracts with customers	$	3,096	$	200	$	(2)	$	3,294

Sale of Vacation Ownership Products

Revenues were reduced during the third quarter and first three quarters of 2024 by $3 million and $67 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.

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

The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either September 30, 2024 or December 31, 2023.


($ in millions)	At September 30, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	212	$	259
Vacation ownership notes receivable, net	2,387		2,343
	$	2,599	$	2,602
Contract Liabilities
Advance deposits	$	167	$	164
Deferred revenue	350		382
	$	517	$	546

Revenue recognized during the third quarter and first three quarters of 2024 that was included in our contract liabilities balance at December 31, 2023 was $76 million and $292 million, respectively.

Remaining Performance Obligations

Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At September 30, 2024, approximately 92% 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 September 30, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	212	$	259
Interest receivable	21		18
Tax receivable	46		44
Indemnification assets	36		40
Employee tax credit receivable	10		11
Other	15		13
	$	340	$	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

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,305	$ 1,186	$ 3,640	$ 3,533
Revenues excluding reimbursed costs	832	743	2,398	2,370
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	704	622	2,046	2,038
All other countries
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	128	121	352	332
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,306	1,190	3,637	3,535
Operating segments \| Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,250	1,126	3,458	3,335
Operating segments \| Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	56	64	179	200
Consolidated Property Owners’ Associations
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ (1)	$ (4)	$ 3	$ (2)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-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 20: 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 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 22: 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 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details