Document and Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 28, 2012 |
Feb. 15, 2013 |
Jun. 15, 2012 |
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Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 28, 2012 | ||
Document Fiscal Year Focus | 2012 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VAC | ||
Entity Registrant Name | MARRIOTT VACATIONS WORLDWIDE CORPCORP | ||
Entity Central Index Key | 0001524358 | ||
Current Fiscal Year End Date | --12-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 35,147,079 | ||
Entity Public Float | $ 825,610,327 |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- 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. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions |
12 Months Ended | ||||||||||||||
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Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
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REVENUES | |||||||||||||||
Sale of vacation ownership products | $ 627 | $ 634 | $ 635 | ||||||||||||
Resort management and other services | 253 | 238 | 227 | ||||||||||||
Financing | 151 | 169 | 188 | ||||||||||||
Rental | 225 | 212 | 187 | ||||||||||||
Other | 30 | 29 | 29 | ||||||||||||
Cost reimbursements | 362 | 331 | 318 | ||||||||||||
TOTAL REVENUES | 1,648 | 1,613 | 1,584 | ||||||||||||
EXPENSES | |||||||||||||||
Cost of vacation ownership products | 205 | 242 | 245 | ||||||||||||
Marketing and sales | 330 | 342 | 344 | ||||||||||||
Resort management and other services | 199 | 198 | 196 | ||||||||||||
Financing | 26 | 28 | 26 | ||||||||||||
Rental | 225 | 220 | 194 | ||||||||||||
Other | 14 | 13 | 18 | ||||||||||||
General and administrative | 86 | 81 | 82 | ||||||||||||
Litigation settlement | 41 | 3 | 2 | ||||||||||||
Organizational and separation related | 16 | ||||||||||||||
Interest | 58 | 47 | 56 | ||||||||||||
Royalty fee | 61 | 4 | |||||||||||||
Impairment | 324 | 15 | |||||||||||||
Cost reimbursements | 362 | 331 | 318 | ||||||||||||
TOTAL EXPENSES | 1,623 | 1,833 | 1,496 | ||||||||||||
Gains and other income | 9 | 2 | 21 | ||||||||||||
Equity in earnings (losses) | 1 | (8) | |||||||||||||
Impairment reversals on equity investment | 2 | 4 | 11 | ||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 37 | (214) | 112 | ||||||||||||
(Provision) benefit for income taxes | (21) | 36 | (45) | ||||||||||||
NET INCOME (LOSS) | $ 16 | [1] | $ (178) | $ 67 | |||||||||||
Basic earnings (loss) per share | $ 0.46 | [1],[2],[3],[4] | $ (5.29) | [3],[4],[5] | $ 2.00 | ||||||||||
Shares used in computing basic earnings (loss) per share | 34.4 | [1] | 33.7 | 33.7 | |||||||||||
Diluted earnings (loss) per share | $ 0.44 | [1],[2],[3],[4] | $ (5.29) | [3],[4],[5] | $ 2.00 | ||||||||||
Shares used in computing diluted earnings (loss) per share | 36.2 | [1] | 33.7 | 33.7 | |||||||||||
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X | ||||||||||
- Definition Cost associated with reimbursable income. This occurs when a services entity incurs expenses on behalf of the client and passes through the cost of reimbursable expenses to a client. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate costs incurred during the reporting period related to financial services rendered by an entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate financial services revenue and operating interest income earned during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Repayment received or receivable for expenses incurred on behalf of a client or customer, other than those reimbursements received by landlords from tenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of expense related to royalty payments under a contractual arrangement such as payment for mineral and drilling rights and use of technology or intellectual property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition The aggregate costs related to delivering management services during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Revenue associated with the selling of time shares, a form of property ownership under which a property is held by a number of people, each with a right of possession for a specified time interval. Time sharing is most commonly applied to resort and vacation properties; also known as vacation interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount recognized as an expense during the period to reduce the carrying amount of several projects as part of the evaluation of the entire portfolio. The impairment charge includes inventory, and property, plant and equipment. No definition available.
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- Definition Impairment Reversal on Equity Investment No definition available.
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- Definition Expense recorded for litigation settlements. No definition available.
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- Definition Expense recorded for organization and separation related charges. No definition available.
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- Definition Costs including maintenance fees on unsold inventory, costs to provide alternate usage rights, subsidy payments to property owner associations, and marketing costs and direct operating and related expenses in connection with the rental business, including housekeeping, credit card expenses and reservation services. No definition available.
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X | ||||||||||
- Definition Revenue from transient rentals of inventory held for development and sale as interests in vacation ownership programs or residences or inventory controlled under various usage options permitted under vacation ownership programs. No definition available.
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X | ||||||||||
- Definition Other revenue No definition available.
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X | ||||||||||
- Definition The costs associated with a property whose ownership is held by a number of people, each with a right of possession for a specified time interval. Time-Sharing is most commonly applied to resort and vacation properties; also known as Vacation Interest. The costs are derived from a relative sales value method allocating the costs to build or acquire a vacation project, the estimated cost needed to complete a project under construction over the total revenues expected to be earned on a project. No definition available.
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Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
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Net income (loss) | $ 16 | [1] | $ (178) | $ 67 | ||
Other comprehensive income (loss), net of tax: | ||||||
Foreign currency translation adjustments | 2 | (9) | 8 | |||
Total other comprehensive income (loss), net of tax | 2 | (9) | 8 | |||
COMPREHENSIVE INCOME (LOSS) | $ 18 | $ (187) | $ 75 | |||
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X | ||||||||||
- Definition The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Net of tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Refundable consideration, usually cash, held by the entity pending satisfactory completion of the entity's obligations or pending the closing of a contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements. Represents currently earned compensation under compensation arrangements that is not actually paid until a later date. No definition available.
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X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax liability to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount that would be paid, determined under the conditions specified in the contract, if as of the reporting date, the holder of the share has the right to redeem the shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amounts due from customers for goods, services, and vacation ownership contracts that have been delivered or sold in the normal course of business. Amounts are net of related allowances established for estimated uncollectible amounts. No definition available.
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X | ||||||||||
- Definition Total of (1) improvements, (2) held-for-sale, (3) land and land under development, (4) construction-in-process, and (5) operating supplies, held in the normal course of business. No definition available.
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X | ||||||||||
- Definition The company's future redemption obligation for its rewards loyalty program. No definition available.
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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Restricted cash | $ 68 | $ 81 |
Accounts and contracts receivable | 100 | 104 |
Vacation ownership notes receivable | 1,056 | 1,149 |
Other assets | 135 | 157 |
Accrued liabilities | 181 | 121 |
Debt | 678 | 850 |
Other liabilities | $ 38 | $ 76 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,026,533 | 33,845,700 |
Common stock, shares outstanding | 35,026,533 | 33,845,700 |
Variable Interest Entity | ||
Restricted cash | $ 31 | $ 42 |
Accounts and contracts receivable | 5 | 0 |
Vacation ownership notes receivable | 727 | 910 |
Other assets | 0 | 6 |
Accrued liabilities | 1 | 0 |
Debt | 674 | 847 |
Other liabilities | $ 0 | $ 2 |
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amounts due from customers for goods, services, and vacation ownership contracts that have been delivered or sold in the normal course of business. Amounts are net of related allowances established for estimated uncollectible amounts. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified share-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) increases (decreases) net cash provided by financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified equity-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) reduces (increases) net cash provided by operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due from customers for the credit sale of goods and services; includes accounts receivable and other types of receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Increase (decrease) in the liability arising from revenue deferred or cost to provide future products or services resulting from customer loyalty program. Excludes liability associated with frequent flier programs. Includes liability associated with customer loyalty programs for other businesses, for example, but not limited to, hotels, supermarkets, credit card companies, automobile rental companies, and book sellers. No definition available.
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the obligation created by employee agreements whereby earned compensation will be paid in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total amount of new mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Other cash or noncash adjustments to reconcile net income to cash provided by (used in) operating activities that are not separately disclosed in the statement of cash flows (for example, cash received or cash paid during the current period for miscellaneous operating activities, net change during the reporting period in other assets or other liabilities). No definition available.
|
X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Provision charged for the period based on estimated losses to be realized from loan and lease transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow attributable to repayments of borrowings not otherwise defined in the taxonomy (with maturities initially due after one year or beyond the operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The value of restricted shares issued as compensation, net of the value of shares for the payment of withholding taxes. This element is to be used only if shares are used in lieu of cash to satisfy all or a portion of withholding taxes. No definition available.
|
X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount recognized as an expense during the period to reduce the carrying amount of several projects as part of the evaluation of the entire portfolio. The impairment charge includes inventory, and property, plant and equipment. No definition available.
|
X | ||||||||||
- Definition Equity distributions payable to former parent No definition available.
|
X | ||||||||||
- Definition Impairment Reversal on Equity Investment No definition available.
|
X | ||||||||||
- Definition Non cash financing activity attributed to spin-off from parent company. No definition available.
|
X | ||||||||||
- Definition Distributions to former parent company, net. No definition available.
|
X | ||||||||||
- Definition Settlement of Transactions Through Equity No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Divisional Equity |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Deficit |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance (As Previously Reported) at Dec. 31, 2009 | $ 2,223 | $ 2,203 | $ 20 | |||||||||||||
Balance (Restatement Adjustment, Accounting Standards Update 2009-17) | [1] | (141) | (141) | |||||||||||||
Balance at Dec. 31, 2009 | 2,082 | 2,062 | 20 | |||||||||||||
Net income (loss) | 67 | 67 | ||||||||||||||
Foreign currency translation adjustments | 8 | 8 | ||||||||||||||
Net transfers to Parent | (253) | (253) | ||||||||||||||
Ending Balance at Dec. 31, 2010 | 1,904 | 1,876 | 28 | |||||||||||||
Net income (loss) | (178) | (176) | $ (2) | |||||||||||||
Foreign currency translation adjustments | (9) | (9) | ||||||||||||||
Issuance of common stock (in shares) | 34,000,000 | |||||||||||||||
Issuance of common stock | 1 | $ 1 | ||||||||||||||
Amounts related to equity/share-based compensation | 3 | 3 | ||||||||||||||
Adjustment to / reclassification of Parent Company investment to Additional paid-in capital | [2] | (1,113) | 1,113 | |||||||||||||
Net distribution to Marriott International | $ (587) | $ (587) | ||||||||||||||
Ending Balance (in shares) at Dec. 30, 2011 | 33,845,700 | 34,000,000 | ||||||||||||||
Ending Balance at Dec. 30, 2011 | $ 1,134 | 1,117 | 19 | (2) | ||||||||||||
Net income (loss) | 16 | [3] | 16 | |||||||||||||
Foreign currency translation adjustments | 2 | 2 | ||||||||||||||
Amounts related to equity/share-based compensation | 20 | 20 | ||||||||||||||
Adjustment to / reclassification of Parent Company investment to Additional paid-in capital | [4] | $ (21) | (21) | |||||||||||||
Amounts related to equity/share-based compensation (in shares) | 1,000,000 | |||||||||||||||
Ending Balance (in shares) at Dec. 28, 2012 | 35,026,533 | 35,000,000 | ||||||||||||||
Ending Balance at Dec. 28, 2012 | $ 1,151 | $ 1,116 | $ 21 | $ 14 | ||||||||||||
|
X | ||||||||||
- Definition Represents increases or decreases in additional paid in capital not separately disclosed. No definition available.
|
X | ||||||||||
- Definition This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Net of tax and reclassification adjustments of the change in the balance sheet adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity. Also includes the following: gain (loss) on foreign currency forward exchange contracts; foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; and gain (loss) on a derivative instrument or nonderivative financial instrument that may give rise to a foreign currency transaction gain (loss) that has been designated and qualified as a hedging instrument for hedging of the foreign currency exposure of a net investment in a foreign operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The change in equity as a result of a spin-off transaction (a regular or reverse spin-off) which is based on the recorded amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
X | ||||||||||
- Definition Number of shares issued during the period as a result employee stock and cash incentive plans. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Summary Of Significant Accounting Policies |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2012 | ||||||||||||||||
Summary Of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Our Business Marriott Vacations Worldwide Corporation (“Marriott Vacations Worldwide,” “we” or “us,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity) is the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under the Ritz-Carlton Destination Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under the Ritz-Carlton Residences brand. The Ritz-Carlton Hotel Company, L.L.C. (“Ritz-Carlton”), a subsidiary of Marriott International, Inc. (“Marriott International”), generally provides on-site management for Ritz-Carlton branded properties. Our business is grouped into four reportable segments: North America, Luxury, Europe and Asia Pacific. We operate 64 properties in the United States and nine other countries and territories. We generate most of our revenues from four primary sources: selling vacation ownership products, managing our resorts, financing consumer purchases, and renting vacation ownership inventory. Our Spin-Off from Marriott International, Inc. On November 21, 2011, the spin-off of Marriott Vacations Worldwide from Marriott International (the “Spin-Off”) was completed pursuant to a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) between Marriott Vacations Worldwide and Marriott International. Marriott Vacations Worldwide became an independent public company as a result of the distribution pursuant to the Spin-Off of 100 percent of the outstanding shares of Marriott Vacations Worldwide common stock to the shareholders of Marriott International. Prior to the Spin-Off, Marriott International completed an internal reorganization to contribute its non-U.S. and U.S. subsidiaries that conducted its vacation ownership business to Marriott Vacations Worldwide, a newly formed wholly owned subsidiary of Marriott International; the contributed subsidiaries included Marriott Ownership Resorts, Inc., which does business under the name Marriott Vacation Club International. The distribution of Marriott Vacations Worldwide common stock was made on November 21, 2011, with Marriott International shareholders receiving one share of Marriott Vacations Worldwide common stock for every ten shares of Marriott International common stock held as of the close of business Eastern time on the record date of November 10, 2011. Fractional shares of Marriott Vacations Worldwide common stock were not distributed; any fractional share of Marriott Vacations Worldwide common stock otherwise issuable to a Marriott International shareholder was sold in the open market on such shareholder’s behalf, with such shareholders receiving a cash payment in lieu of such fractional share. In connection with the Spin-Off, we entered into the Separation and Distribution Agreement and several other agreements which govern the ongoing relationship between Marriott Vacations Worldwide and Marriott International. Principles of Consolidation and Basis of Presentation The consolidated financial statements presented herein and discussed below include 100 percent of the assets, liabilities, revenues, expenses and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities for which Marriott Vacations Worldwide is the primary beneficiary in accordance with the consolidation accounting guidance. Through the date of the Spin-Off, these financial statements present the historical consolidated results of operations, financial position and cash flows of the Marriott Vacations Worldwide business that now comprises our operations. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Through the date of the Spin-Off, the consolidated financial statements presented herein, and discussed below, were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Marriott International. These consolidated financial statements were prepared as if the reorganization described under “Our Spin-Off from Marriott International, Inc.” above had taken place as of the earliest period presented. The consolidated financial statements reflect our historical financial position, results of operations and cash flows as we have historically operated, in conformity with United States Generally Accepted Accounting Principles (“GAAP”). All significant intracompany transactions and accounts within these Consolidated Financial Statements have been eliminated. Prior to the Spin-Off, Marriott Vacations Worldwide was a subsidiary of Marriott International. The financial information included herein may not necessarily reflect our financial position, results of operations and cash flows in the future or what our financial position, results of operations and cash flows would have been had we been an independent, publicly traded company during all of the periods presented.
Our fiscal year ends on the Friday nearest to December 31. The fiscal years in the following table have 52 weeks. Unless otherwise specified, each reference to a particular year in these financial statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year:
We refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Operations as our “Statements of Operations,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” (iv) our Consolidated Statements of Cash Flows as our “Cash Flows” and (v) Accounting Standards Update (“ASU”) No. 2009-17, “Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” (“ASU No. 2009-17”), which we adopted on the first day of the 2010 fiscal year, as the new “Consolidation Standard.” All significant transactions between us and Marriott International have been included in these Financial Statements. The total net effect of the settlement of these intercompany transactions prior to the Spin-Off is reflected in the Cash Flows as a financing activity. In connection with the Spin-Off, we completed certain transactions with Marriott International related to our separation from Marriott International, which resulted in a net reduction to our equity of approximately $500 million. These transactions primarily consisted of the reversal of our deferred tax assets, which were retained by Marriott International following the Spin-Off, and establishment of deferred tax liabilities. Retained earnings represents the results of operations subsequent to November 20, 2011. Through the date of the Spin-Off, our Financial Statements include costs for services provided by Marriott International including, but not limited to, information technology support, systems maintenance, telecommunications, accounts payable, payroll and benefits, human resources, self-insurance and other shared services. Historically, these costs were charged to us based on specific identification or on a basis determined by Marriott International to reflect a reasonable allocation to us of the actual costs incurred to perform these services. Marriott International allocated indirect general and administrative costs to us for certain functions provided by Marriott International. The services provided to us included, but were not limited to, executive office, legal, tax, finance, government and public relations, internal audit, treasury, investor relations, human resources and other administrative support, which were allocated to us primarily on the basis of our proportion of Marriott International’s overall revenue. We consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. The allocations may not, however, reflect the expense we would have incurred as an independent, publicly traded company for the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Spin-Off, we perform these functions using our own resources or purchased services from either Marriott International or third parties. For an interim period some of these functions will continue to be provided by Marriott International under Transition Services Agreements (“TSAs”). In addition to the TSAs, we entered into a number of commercial agreements with Marriott International in connection with the Spin-Off, many of which have terms longer than one year. These agreements may not have existed prior to the Spin-Off, or may be on different terms than the terms of agreements between us and Marriott International that existed prior to Spin-Off. Prior to the Spin-Off, the majority of our domestic cash was transferred to Marriott International daily and Marriott International funded our operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Marriott International at the corporate level were not allocated to us for any of the periods prior to the Spin-Off presented. Prior to the Spin-Off, cash and cash equivalents in our Balance Sheets primarily represented cash held locally by international entities included in our Financial Statements. We included debt incurred from our limited direct financing and historical vacation ownership notes receivable securitizations on our Balance Sheets, as this debt is specific to our business. Marriott International did not allocate a portion of its external senior debt interest cost to us since none of the external senior debt recorded by Marriott International was directly related to our business. We also did not include any interest expense for cash advances from Marriott International since historically Marriott International did not allocate any interest expense related to intercompany advances to any of the historical Marriott International divisions. Prior to the Spin-Off, Marriott International allocated a portion of expenses associated with its self-insurance programs to us as part of the historical costs for services Marriott International provided. In connection with the Spin-Off, Marriott International did not allocate any portion of the related reserves as these reserves represent obligations of Marriott International which are not transferable. 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, property and equipment valuation, loan loss reserves, Marriott Rewards customer loyalty program liabilities, self-insured medical plan reserves, equity-based compensation, income taxes, loss contingencies and restructuring charge reserves. Actual amounts may differ from these estimated amounts.
We have also reclassified certain prior year amounts to conform to our 2012 presentation. Revenue Recognition Sales of Vacation Ownership Products We market and sell real estate and in substance real estate in our four reportable segments. Real estate and in substance real estate include deeded vacation ownership products, deeded beneficial interests, rights to use real estate, and other interests in trusts that solely hold real estate and deeded whole ownership units in residential buildings. Within the Luxury segment, we also market and sell residential units at certain properties on a limited basis. Our sales of vacation ownership products may be made for cash or we may provide financing. We generally do not provide financing on sales of whole ownership products. Except for revenue from the sale of residential stand-alone structures, which we recognize upon transfer of title to a third party, we recognize revenue when all of the following exist or are true: the customer has executed a binding sales contract, the statutory rescission period has expired (after which time the purchasers are not entitled to a refund except for non-delivery by us), we have deemed the receivable collectible and the remainder of our obligations are substantially completed. In addition, before we recognize any revenues, the purchaser must have met the initial investment criteria and, as applicable, the continuing investment criteria. A purchaser has met the initial investment criteria when we receive a minimum down payment. In accordance with the guidance for accounting for real estate time-sharing transactions, we must also take into consideration the fair value of certain incentives provided to the purchaser when assessing the adequacy of the purchaser’s initial investment. In those cases where we provide financing to the purchaser, the purchaser must be obligated to remit monthly payments under financing contracts that represent the purchaser’s continuing investment. If construction of the purchased vacation ownership product is not complete, we apply the percentage-of-completion method of accounting provided that the preliminary construction stage is complete and that a minimum sales level has been met (to ensure that the property will not revert to a rental property). We deem the preliminary stage of development to be complete when the engineering and design work is complete, the construction contracts have been executed, the site has been cleared, prepared and excavated, and the building foundation is complete. We determine completion percentage by comparing the proportion of inventory costs incurred to total estimated costs. We base these estimated costs on our historical experience, market conditions and the related contractual terms. The remaining revenues and related costs of sales, including commissions and direct expenses, are deferred and recognized as the remaining costs are incurred. Resort Management and Other Services Revenues Resort management and other services revenues consist primarily of ancillary revenues and management fees. Ancillary revenues consist of goods and services that are sold or provided by us at restaurants, golf courses and other retail and service outlets located at developed resorts. We recognize ancillary revenue when goods have been provided and/or services have been rendered. We provide day-to-day-management services, including housekeeping services, operation of a reservation system, maintenance and certain accounting and administrative services for property owners’ associations. We receive compensation for such management services which is generally based on either a percentage of total costs to operate such resorts or a fixed fee arrangement. We recognize revenues when earned in accordance with the terms of the contract and record them as a component of Resort management and other services revenues on our Statements of Operations. Management fee revenues were $67 million, $63 million and $60 million during 2012, 2011 and 2010, respectively. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is typically collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten years. Generally, payments commence under the financing contracts 30 to 60 days after closing and upon receipt of a minimum down payment of 10 percent. We record an estimate of uncollectible amounts at the time of the sale with a charge to the provision for loan losses, which we classify as a reduction of Sales of vacation ownership products on our Statements of Operations. Revisions to estimates of uncollectible amounts also impact the provision for loan losses and can increase or decrease revenue. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Statements of Operations. Rental Revenues We record rental revenues when occupancy has occurred or, in the case of unused prepaid rentals, upon forfeiture.
Fee Revenues Both Financing revenues and Resort management and other services revenues include additional fees for services we provide to our property owners’ associations, as well as certain annual and transaction based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Fee revenues included in Financing revenues were $6 million in 2012, $7 million in 2011 and $7 million in 2010, as reflected on our Statements of Operations. Fee revenues included in Resort management and other services revenues were $23 million in 2012, $17 million in 2011 and $10 million in 2010, as reflected on our Statements of Operations. Cost Reimbursements Cost reimbursements include direct and indirect costs that property owners’ associations and joint ventures reimburse to us. In accordance with the accounting guidance for gross versus net presentation, we record these revenues on a gross basis. These costs primarily consist of payroll and payroll-related costs for management of the property owners’ associations and other services we provide where we are the employer. We recognize cost reimbursements when we incur the related reimbursable costs. Cost reimbursements are based upon actual expenses with no added margin. Multiple-Element Transactions From time to time, we enter into transactions involving multiple elements. We analyze contracts with multiple elements under the accounting guidance for revenue recognition in multiple-element arrangements. If we enter into transactions for the sale of multiple products or services, we evaluate whether the delivered elements have value to the customer on a stand-alone basis, and whether there is objective and reliable evidence of fair value for each undelivered element in the transaction. If these criteria are met, then we account for each deliverable in the transaction separately. We generally recognize revenue for undelivered elements on a straight-line basis over the contractual performance period for time-based elements or upon delivery to the customer. If we are unable to determine the fair value of one or more undelivered elements in the transaction, we recognize the revenue on a straight-line basis over the period in which the last deliverable is provided to the customer. Multiple-element transactions require judgment to determine the selling price or fair value of the different elements. The judgments impact the amount of revenue and expenses recognized over the term of the contract, as well as the period in which they are recognized. Inventory Our inventory consists of completed vacation ownership products, vacation ownership products under construction and land held for future vacation ownership product development. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with time-sharing accounting standards, which define a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to time-sharing accounting standards, we do not reduce inventory for cost of vacation ownership products related to anticipated credit losses (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-ups, and are recorded in Cost of vacation ownership product expenses on the Statements of Operations to retrospectively adjust the margin previously recorded subject to those estimates. For 2012, 2011 and 2010, product cost true-ups relating to vacation ownership products increased carrying values of inventory by $30 million, $2 million and $6 million, respectively. For residential real estate projects, we allocate costs to individual residences in the projects based on the relative estimated sales value of each residence in accordance with ASC 970, “Real Estate—General,” which defines the accounting for costs of real estate projects. Under this method, we reduce the allocated cost of a unit from inventory and recognize that cost as cost of sales when we recognize the related sale. Changes in estimates within the relative sales value calculations for residential products (similar to condominiums) are accounted for as prospective adjustments to cost of vacation ownership products. Capitalization of Costs We capitalize interest and certain salaries and related costs incurred in connection with the following: (1) development and construction of sales centers; (2) internally developed software; and (3) development and construction projects for our real estate inventory. We capitalize interest expense and costs clearly associated with the acquisition, development and construction of a real estate project when it is probable that we will acquire a property or an option to acquire a property. We capitalize salary and related costs only to the extent they directly relate to the project. We capitalize taxes and insurance costs when activities that are necessary to get the property ready for its intended use are underway. We cease capitalization of costs during prolonged gaps in development when substantially all activities are suspended or when projects are considered substantially complete (such as typically three months after a project phase receives a certificate of occupancy). Capitalized salaries and related costs totaled $8 million, $11 million and $19 million for 2012, 2011 and 2010, respectively. Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. Our employees participated in Marriott International’s comparable plan prior to the Spin-Off. Subsequent to the Spin-Off, our employees are no longer eligible to participate in Marriott International’s defined contribution plan, and are now able to participate in the comparable defined contribution plan we established. We recognized compensation expense (net of cost reimbursements from property owners’ associations) for our participating employees totaling $5 million in 2012, $6 million in 2011 and $6 million in 2010. Of the $6 million compensation expense we recognized in 2011, $5 million was recognized prior to the Spin-Off and was associated with the Marriott International defined contribution plan and $1 million was recognized subsequent to the Spin-Off and was associated with our newly established defined contribution plan. Property and Equipment Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as land parcels that are not part of our approved development plan. We record property and equipment at cost, including interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. These capitalized costs may include structural costs, equipment, fixtures, floor and decorative items and signage. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to forty years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Marriott Rewards Customer Loyalty Program We participate in the Marriott Rewards customer loyalty program and we offer Marriott Rewards Points, or “points,” which we purchase from Marriott International, as incentives to purchase vacation ownership products and/or through exchange and other activities. Marriott International maintains and administers this program and points cannot be redeemed for cash. The associated expense is classified in the Statements of Operations based on the source of the expense and related revenue stream. For periods subsequent to 2011, we generally pay Marriott International for Marriott Rewards Points within 30 days of issuance. For Marriott Rewards Points issued for exchanges in the calendar fourth quarter, payment is due within 120 days of year-end. The rates we pay for the Marriott Rewards Points are based upon historical redemption costs. Our liability for these Marriott Rewards Points is included in Accrued liabilities on the Balance Sheets. For Marriott Rewards Points issued prior to 2012, we pay Marriott International for Marriott Rewards Points when the points are redeemed by program members. Our liability for Marriott Rewards Points issued prior to 2012 represents the net present value of future cash outlays that we are obligated to pay Marriott International based on actual point redemptions. We base the carrying value of this liability on a statistical model that projects the dollar value and timing of future point redemptions. The most significant estimates involve the future cost of redeemed points, the breakage for points that will never be redeemed, and the pace at which points are redeemed. We base our estimates for these items on our historical experience, current trends and other considerations. Actual results could differ from our projections so the actual discounted future cash outlays associated with our Marriott Rewards customer loyalty program liability could differ from the amounts currently recorded. Our liability for Marriott Rewards Points issued prior to 2012 represents the amount that we are obligated to pay to Marriott International based on future redemptions. These future redemptions consist of actual redemptions incurred during years 2013 to 2015, with a final lump sum payment in 2016. The lump sum payment represents an estimate of the present value of anticipated future redemptions of any remaining Marriott Rewards Points issued in connection with our business prior to 2012. Our liability for these Marriott Rewards Points is included in Liability for Marriott Rewards customer loyalty program on the Balance Sheets. See Footnote No. 12, “Other Liabilities” for more information. Guarantees We record a liability for the fair value of a guarantee on the date we issue or modify the guarantee. The offsetting entry depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we will record a loss.
Cash and Cash Equivalents We consider all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. Restricted Cash Restricted cash primarily consists of cash held in a reserve account related to notes receivable securitizations; cash collected for maintenance fees to be remitted to property owners’ associations; and deposits received, primarily associated with vacation ownership products and residential sales that are held in escrow until the associated contract has closed or the period in which it can be rescinded has passed, depending on legal requirements. Accounts and Contracts Receivable Accounts and contracts receivable are presented net of allowances of $2 million at the end of both 2012 and 2011. Loan Loss Reserves Vacation Ownership Notes Receivable We record an estimate of expected uncollectibility on all notes receivable from vacation ownership purchasers as a reduction of revenues from the sales of vacation ownership products at the time we recognize profit on a vacation ownership product sale. We fully reserve for all defaulted vacation ownership notes receivable in addition to recording a reserve on the estimated uncollectible portion of the remaining vacation ownership notes receivable. For those vacation ownership notes receivable that are not in default, we assess collectibility based on pools of vacation ownership notes receivable because we hold large numbers of homogeneous vacation ownership notes receivable. We use the same criteria to estimate uncollectibility for non-securitized vacation ownership notes receivable and securitized vacation ownership notes receivable because they perform similarly. We estimate uncollectibility for each pool based on historical activity for similar vacation ownership notes receivable. Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. We consider loans over 150 days past due to be in default. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all principal, interest, fees and penalties owed and fully reinstate the note. We write off uncollectible vacation ownership notes receivable against the reserve once we receive title of the vacation ownership products through the foreclosure or deed-in-lieu process or, in Europe or Asia Pacific, when revocation is complete. For both non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 7.42 percent and 7.71 percent as of December 28, 2012 and December 30, 2011, respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in our allowance for credit losses of $6 million as of December 28, 2012 and December 30, 2011. For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote No. 3, “Vacation Ownership Notes Receivable.” Other Loans Receivable On a regular basis, we individually assess other loans receivable for impairment. We use internally generated cash flow projections to determine if we expect the notes receivable will be repaid according to the terms of the loan agreements. If we conclude that it is probable that a loan will not be repaid in accordance with the loan agreement, we consider the loan impaired and begin recognizing interest income on a cash basis. To measure impairment, we calculate the present value of expected future cash flows discounted at the loan’s original effective interest rate or the estimated fair value of the collateral. If the present value or the estimated value of collateral is less than the carrying value of the note receivable, we establish a specific impairment reserve for the difference. It is our policy to charge off notes receivable that we believe will likely not be collected based on financial or other business indicators, including our historical experience, in the quarter in which we deem the note receivable to be uncollectible. Costs Incurred to Sell Vacation Ownership Products We charge the majority of marketing and sales costs we incur to sell vacation ownership products to expense when incurred. Deferred marketing and selling expenses, which are direct marketing and selling costs related either to an unclosed contract or a contract for which 100 percent of revenue has not yet been recognized, were $4 million at year-end 2012 and $3 million at year-end 2011 and are included in the accompanying Balance Sheets in the Other caption within Assets.
Valuation of Property and Equipment Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, and significant negative industry or economic trends. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect the plan will be completed within a year. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. Refer to Footnote No. 8, “Property and Equipment,” for additional information. For information on impairment losses that we recorded associated with long-lived assets, see Footnote No. 16, “Impairment Charges.” Investments We consolidate entities that we control. We account for investments in joint ventures using the equity method of accounting when we exercise significant influence over the venture. If we do not exercise significant influence, we account for the investment using the cost method of accounting. We account for investments in limited partnerships and limited liability companies using the equity method of accounting when we own more than a minimal investment. Our ownership interest in these equity method investments generally varies from 34 percent to 50 percent. Valuation of Investments in Ventures We evaluate an investment in a venture for impairment when circumstances indicate that the carrying value may not be recoverable due to loan defaults, significant under-performance relative to historical or projected performance, significant negative industry or economic trends, or otherwise. We impair investments we have accounted for using the equity and cost methods of accounting when we determine that the venture has had an “other than temporary” decline in its estimated fair value as compared to its carrying value. Additionally, a change in business plans or strategies of a venture could cause us to evaluate the recoverability for the individual long-lived assets in the venture and possibly the venture itself. We calculate the estimated fair value of an investment in a venture using the income approach. We use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed long-term growth rates and demand trends; expected future investments; and estimated discount rates. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations. Fair Value Measurements We have various financial instruments we must measure at fair value on a recurring basis. See Footnote No. 4, “Financial Instruments,” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. The applicable accounting standards define fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data.
Derivative Instruments From time to time, we may use derivative instruments to reduce market risk due to changes in interest rates and currency exchange rates, including interest rate derivatives that we may be required to enter into as a condition of the Warehouse Credit Facility (as defined in Footnote No. 10, “Debt”). As of December 28, 2012, we were not party to any material derivative instruments or hedges. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determines how the change in fair value of the derivative instrument is recorded in our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative to be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. The asset or liability value of the derivative will change in tandem with its fair value. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income (“OCI”). We release the derivative’s gain or loss from OCI to match the timing of the underlying hedged items’ effect on earnings. As a matter of policy, we only enter into hedging transactions that we believe will be highly effective at offsetting the underlying risk and do not use derivatives for trading or speculative purposes. Prior to the Spin-Off, Marriott International entered into derivative instruments on our behalf. Marriott International managed our exposure to market risks by monitoring available financing alternatives, as well as through development and application of credit granting policies. Marriott International also used derivative instruments, including cash flow hedges, net investment in non-U.S. operations hedges, fair value hedges, and other derivative instruments, as part of Marriott International’s overall strategy to manage our exposure to market risks. Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Statement of Operations accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, currently in operating costs and expenses. Legal Contingencies We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for 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 the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. Share-Based Compensation Costs In conjunction with the Spin-Off, we established the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (“Marriott Vacations Worldwide Stock Plan”) in order to compensate our employees and directors by issuing equity awards such as stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”) to them. Prior to the Spin-Off, certain of our employees received equity awards under the Marriott International, Inc. Stock and Cash Incentive Plan (“Marriott International Stock Plan”). For the fiscal year ended 2012 and the period from November 21, 2011 through December 30, 2011, our Statement of Operations includes expenses related to our employees’ participation in both the Marriott Vacations Worldwide Stock Plan and the Marriott International Stock Plan. For the period from January 1, 2011 through November 20, 2011 and the fiscal year ended 2010, our Statements of Operations include expenses related to our employees’ participation in the Marriott International Stock Plan. We follow the provisions of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees vest ratably over a four-year period, and we recognize the expense associated with these awards in our Statements of Operations on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. We measure the amount of compensation expense for share-based awards based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest. We generally determine the fair value of stock options and SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted. For awards granted after 2005, we recognize compensation cost for share-based awards ratably over the vesting period. See Footnote No. 14, “Share-Based Compensation,” for more information. Advertising Costs We expensed advertising costs as incurred of $2 million, $3 million and $3 million in 2012, 2011 and 2010, respectively. These costs are included in the Marketing and sales expense caption on our Statements of Operations. Income Taxes Although for periods prior to the Spin-Off we did not file separate tax returns from Marriott International, we have calculated the income tax provision included in these Financial Statements based on a separate return methodology, as if the entities were separate taxpayers in the respective jurisdictions. As a result, our deferred tax balances and effective tax rate as a stand-alone entity will likely differ significantly from those recognized historically. Prior to the Spin-Off, our results of operations were included in the consolidated tax filings of other Marriott International entities within the respective entity’s tax jurisdiction. Commencing with periods subsequent to November 21, 2011, we file our own consolidated U.S. federal and state income tax returns and any required filings for non-U.S. jurisdictions based on the applicable tax year in each jurisdiction. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes. For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. Prior to the Spin-Off, we did not maintain taxes payable to or from Marriott International and the tax balances outstanding at Spin-Off will be settled in accordance with the Tax Sharing and Indemnification Agreement that we entered into on November 17, 2011 with Marriott International. These deemed settlements are reflected as changes in Shareholder’s Equity. For information about income taxes and deferred tax assets and liabilities, see Footnote No. 2, “Income Taxes.” Earnings (Loss) Per Common Share Basic earnings (loss) per common share is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings (loss) per common share by application of the treasury stock methods. For 2011, basic weighted average shares outstanding were computed using the number of shares of common stock outstanding immediately following the Spin-Off, as if such shares were outstanding for the entire period prior to the Spin-Off, plus the weighted average of such shares outstanding following the Spin-Off date through year-end 2011. For 2010, basic and diluted weighted average shares outstanding were computed using the number of shares of common stock outstanding immediately following the Spin-Off, as if such shares were outstanding for the entire period.
New Accounting Standards Accounting Standards Update No. 2011-04—“Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU No. 2011-04”) ASU No. 2011-04 generally provides a uniform framework for fair value measurements and related disclosures between GAAP and International Financial Reporting Standards. Additional disclosure requirements in the update include: (1) for Level 3 fair value measurements, quantitative information about unobservable inputs used, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements to changes in the unobservable inputs; (2) for an entity’s use of a nonfinancial asset that is different from the asset’s highest and best use, the reason for the difference; (3) for financial instruments not measured at fair value but for which disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were determined; and (4) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. ASU No. 2011-04 became effective during our first quarter of 2012. The adoption of this update did not have a material impact on our Financial Statements. Accounting Standards Update No. 2011-05—“Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”) and Accounting Standards Update No. 2011-12—“Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05” (“ASU No. 2011-12”) ASU No. 2011-05 amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous statement of comprehensive income, or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. ASU No. 2011-12 defers until further notice ASU No. 2011-05’s requirement that items that are reclassified from other comprehensive income to net income be presented on the face of the financial statements. ASU No. 2011-05 requires retrospective application, and both ASU No. 2011-05 and ASU No. 2011-12 became effective during our first quarter of 2012. The adoption of these updates changed the order in which certain financial statements are presented and has required us to provide additional detail on those financial statements, but did not have a material impact on our Financial Statements. |
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes |
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Income Taxes | 2. INCOME TAXES Prior to the Spin-Off, our operating results were included in Marriott International’s combined U.S. federal and state income tax returns and in many of Marriott International’s tax filings for non-U.S. jurisdictions. Subsequent to the Spin-Off, Marriott Vacations Worldwide files its own U.S. consolidated federal and state tax returns, as well as separate tax filings for non-U.S. jurisdictions. For periods prior to the Spin-Off, we determined our provision for income taxes and our contribution to Marriott International’s tax losses and tax credits on a separate return basis and included each in these Financial Statements. Our separate return basis tax loss and tax credit carry backs may not reflect the tax positions taken or to be taken by Marriott International for tax losses occurring prior to the Spin-Off. In many cases tax losses and tax credits generated by us prior to the Spin-Off have been available for use by Marriott International and will largely continue to be available to Marriott International in the future. We entered into a Tax Sharing and Indemnification Agreement with Marriott International effective November 21, 2011 (as subsequently amended, the “Tax Sharing and Indemnification Agreement”), which governs the allocation of responsibility for federal, state, local and foreign income and other taxes related to taxable periods prior to and subsequent to the Spin-Off between Marriott International and Marriott Vacations Worldwide. Under this agreement, if any part of the Spin-Off fails to qualify for the tax treatment stated in the ruling Marriott International received from the U.S. Internal Revenue Service (the “IRS”) in connection with the Spin-Off, taxes imposed will be allocated between Marriott International and Marriott Vacations Worldwide and each will indemnify and hold harmless the other from and against the taxes so allocated. During 2012, Marriott International completed the valuation of the assets distributed to Marriott Vacations Worldwide at the time of the Spin-Off, which resulted in an increase in our Deferred tax liabilities of $12 million and a corresponding reduction of Additional paid-in capital. Based upon the completed valuations, we re-allocated basis within our consolidated subsidiaries and recorded a decrease to our Deferred tax liabilities of $8 million and a corresponding increase to Additional paid-in capital. Further, we increased our Deferred tax liabilities by $12 million for adjustments to the Deferred tax liabilities at the time of Spin-Off with a corresponding reduction of Additional paid-in capital. In addition, under the Tax Sharing and Indemnification Agreement, Marriott International is allocated the responsibility for payment of taxes for our taxable income prior to Spin-Off and we are allocated the responsibility for payment of taxes for our taxable income subsequent to Spin-Off.
The income (loss) before provision (benefit) of income taxes by geographic region is as follows:
Our current tax provision does not reflect the benefits attributable to us for the exercise or vesting of employee share-based awards of $3 million in 2012, less than $1 million in 2011 and $3 million in 2010. Our (provision for) benefit from income taxes consists of:
The deferred tax assets and related valuation allowances in these Financial Statements have been determined on a separate return basis. The assessment of the valuation allowances requires considerable judgment on the part of management, with respect to benefits that could be realized from future taxable income, as well as other positive and negative factors. Valuation allowances are recorded against the deferred tax assets of certain foreign operations for which historical losses, restructuring and impairment charges have been incurred. The change in the valuation allowances established were $4 million in 2012, $13 million in 2011 and $3 million in 2010. We have made no provision for U.S. income taxes or additional non-U.S. taxes on the cumulative unremitted earnings of non-U.S. subsidiaries ($66 million as of year-end 2012) because we consider these earnings to be permanently invested. These earnings could become subject to additional taxes if remitted as dividends, loaned to us or a U.S. affiliate or if we sold our interests in the affiliates. We cannot practically estimate the amount of additional taxes that might be payable on the unremitted earnings. We conduct business in countries that grant “holidays” from income taxes for five to thirty year periods. These holidays expire through 2034. Without these tax “holidays,” we would have incurred the following aggregate income taxes: $3 million in 2012, $4 million in 2011 and $5 million in 2010. As a large taxpayer, Marriott International is continuously under audit by the IRS and other taxing authorities. We have joined in the Marriott International U.S. Federal tax consolidated filing for all years prior to 2011 and the portion of 2011 up to the date of the Spin-Off. The IRS has examined Marriott International’s federal income tax returns, and it has settled all issues for the tax years through 2009. Marriott International participated in the IRS Compliance Assurance Program for the 2011 and 2010 tax years. Although we do not anticipate that a significant impact to our unrecognized tax benefit balance will occur during the next fiscal year as a result of these audits, it remains possible that the amount of our liability for unrecognized tax benefits could change over that time period. Pursuant to the Tax Sharing and Indemnification Agreement, Marriott International is liable and shall pay the relevant tax authority for all taxes related to the taxable income prior to the Spin-Off. Our tax years subsequent to the Spin-Off are subject to examination by relevant tax authorities. Our total unrecognized tax benefit balance was less than $1 million at year-end 2012, $2 million at year-end 2011 and $1 million at year-end 2010 that, if recognized, would impact our effective tax rate. Our unrecognized tax benefit reflects a decrease of $2 million in 2012, an increase of $1 million in 2011 and an increase of $1 million in 2010, in each case representing non-U.S. audit activity.
The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2010 to the end of 2012:
In accordance with our accounting policies, we recognize accrued interest and penalties related to our unrecognized tax benefits as a component of tax expense. Related interest expense and accrued interest expense each totaled less than $1 million in each of 2012, 2011 and 2010. Deferred Income Taxes Deferred income tax balances reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax bases, as well as from net operating loss and tax credit carry-forwards. We state those balances at the enacted tax rates we expect will be in effect when we actually pay or recover taxes. Deferred income tax assets represent amounts available to reduce income taxes we will pay on taxable income in future years. We evaluate our ability to realize these future tax deductions and credits by assessing whether we expect to have sufficient future taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies to utilize these future deductions and credits. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized. Total deferred tax assets and liabilities as of year-end 2012 and year-end 2011 were as follows:
The tax effect of each type of temporary difference and carry-forward that gives rise to a significant portion of our deferred tax assets and liabilities as of year-end 2012 and year-end 2011 were as follows:
At year-end 2012, we had approximately $177 million of foreign net operating losses (excluding valuation allowances) some of which begin expiring in 2013. However, a significant portion of these tax net operating losses have an indefinite carry forward period. We have no federal net operating losses and net operating losses of less than $1 million for state tax purposes.
Reconciliation of U.S. Federal Statutory Income Tax Rate to Actual Income Tax Rate The following table reconciles the benefit or expense related to the U.S. statutory income tax rate to our effective income tax rate for continuing operations:
Cash Taxes Paid Cash taxes paid in 2012 were $68 million. |
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Vacation Ownership Notes Receivable |
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Vacation Ownership Notes Receivable | 3. VACATION OWNERSHIP NOTES RECEIVABLE The following table shows the composition of our vacation ownership notes receivable balances, net of reserves:
The following tables show future principal payments, net of reserves, as well as interest rates for our securitized and non-securitized vacation ownership notes receivable:
We reflect interest income associated with vacation ownership notes receivable in our Statements of Operations in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable:
The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2012, 2011 and 2010:
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. As noted in Footnote No. 1, “Summary of Significant Accounting Policies,” we recognize interest income on a cash basis for these 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 December 28, 2012:
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 30, 2011:
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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments |
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Financial Instruments | 4. 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 current guidance for disclosures on 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 and Accounts payable, which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
See the “Fair Value Measurements” caption of Footnote No. 1, “Summary of Significant Accounting Policies” for additional information. Vacation Ownership Notes Receivable We estimate the fair value of our securitized vacation ownership notes receivable 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, that when applied in combination with pricing parameters, determines the fair value of the underlying notes receivable. We bifurcate our non-securitized vacation ownership notes receivable into two pools as follows:
We estimate the fair value of a portion of our non-securitized vacation ownership notes receivable that we believe will ultimately be securitized in the same manner as securitized vacation ownership notes receivable. We value the remaining non-securitized vacation ownership notes receivable 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 interest rates of these loans are consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates and loan terms.
Non-Recourse Debt Associated with Securitized Vacation Ownership Notes Receivable We internally 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 timeshare 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. Warehouse Credit Facility We internally generate cash flow estimates by modeling all funding activity for our non-recourse warehouse credit facility (the “Warehouse Credit Facility”) with consideration given to the collateral pledged to date. The key drivers in our analysis include default rates, prepayment rates, bond interest rates and structural factors, which we use to estimate the projected cash flows. The discount rate used to calculate the fair value of these cash flows is composed of the market swap rate for the specific average life of the cash flows plus a credit spread. Because the Warehouse Credit Facility debt is not traded in the market, we use a credit spread which is the average of indicative credit spreads obtained from investment banks on our securitized debt for the particular rating that the Warehouse Credit Facility is structured to achieve. Mandatorily Redeemable Preferred Stock of Consolidated Subsidiary We estimate the fair value of the mandatorily redeemable preferred stock of our consolidated subsidiary 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 includes an assessment of our subsidiary’s credit risk and the instrument’s contractual dividend rate. Liability for Marriott Rewards Customer Loyalty Program We determine the carrying value of the future redemption obligation of our liability for the Marriott Rewards customer loyalty program based on statistical formulas that project the timing of future redemption of Marriott Rewards Points based on historical levels, including estimates of the Marriott Rewards Points that will eventually be redeemed and the “breakage” for points that will never be redeemed, as discussed in Footnote No. 12, “Other Liabilities.” We estimate the fair value of the future redemption obligation by adjusting the contractual discount rate to an estimate of that of a market participant with similar nonperformance risk. Other Liabilities We estimate the fair value of our other liabilities that are financial instruments using expected future payments discounted at risk-adjusted rates. These liabilities represent guarantee costs and reserves and deposit liabilities. The carrying values of our guarantee costs and reserves approximate their fair values. We estimate the fair value of our deposit liabilities primarily by discounting future payments at a risk-adjusted rate. |
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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. No definition available.
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Acquisitions and Dispositions |
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Acquisitions and Dispositions | 5. ACQUISITIONS AND DISPOSITIONS 2012 Acquisitions and Dispositions In 2012, we paid into escrow the remaining $7 million of the $18 million purchase price for certain vacation ownership units and expect to complete the acquisition during 2013. We previously made deposits of $11 million in conjunction with this transaction, and we paid the remaining $7 million into escrow in 2012. In 2012, we completed the sale of the golf course, clubhouse and spa formerly known as The Ritz-Carlton Golf Club and Spa, Jupiter, classified within our Luxury segment, for $34 million, including $5 million of cash and the assumption by the purchaser of liabilities with a book value of $29 million. We accounted for the sale under the full accrual method and recorded a net gain of $8 million in Gains and other income on our Statements of Operations. 2011 Acquisitions and Dispositions In 2011, we completed a bulk sale of land and developed inventory, classified as inventory within our Luxury segment. Net cash proceeds from the sale totaled $17 million and we recorded a net gain of $2 million. We accounted for the sale under the full accrual method in accordance with the guidance on accounting for sales of real estate. We made no significant acquisitions in 2011. 2010 Acquisitions and Dispositions In 2010, we acquired vacation ownership units for sale in our Luxury segment for cash consideration of $111 million, which included a deposit of $11 million, paid in 2009. In 2010, we sold one operating hotel, classified within property and equipment within our Asia Pacific segment, that we acquired for conversion to vacation ownership products. Net cash proceeds from the sale totaled $38 million and we recorded a net gain of $21 million in Gains and other income on our Statements of Operations. We accounted for the sale under the full accrual method in accordance with the guidance on accounting for sales of real estate. |
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- Definition This element is used to capture disclosure pertaining to significant acquisitions and disposals. No definition available.
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Earnings Per Share |
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Earnings Per Share | 6. EARNINGS PER SHARE Basic earnings (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of shares of common stock issued and outstanding during the reporting period. Diluted earnings (loss) per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings (loss) per common share by application of the treasury stock method using average market prices during the period. On November 21, 2011, we ceased to be a subsidiary of Marriott International and became an independent publicly traded company. On November 21, 2011, Marriott International distributed 33.7 million shares of $.01 par value Marriott Vacations Worldwide common stock to Marriott International’s shareholders of record as of the close of business Eastern time on the record date of November 10, 2011. This share amount is being utilized for the calculation of basic earnings (loss) per common share for periods presented prior to 2011 because all 100 shares of our common stock outstanding prior to November 21, 2011 were held by Marriott International. For periods prior to 2011, the same number of shares is being used for diluted earnings (loss) per common share as for basic earnings (loss) per common share as no dilutive securities were outstanding for any prior period. For 2011, in determining the weighted average number of common shares outstanding for basic income (loss) per common share, we assumed 33.7 million shares were outstanding for the period from January 1, 2011 through November 20, 2011. Diluted income (loss) per common share subsequent to the distribution date of November 21, 2011 reflects the potential dilution of outstanding equity-based compensation awards by application of the treasury stock method. The table below illustrates the reconciliation of the earnings (loss) and number of shares used in our calculation of basic and diluted earnings (loss) per share.
We excluded 2,127 shares of the common stock underlying SARs with exercise prices ranging from $32.74 to $40.97 in our calculation of diluted earnings (loss) per share for the year ended December 28, 2012, because those exercise prices were greater than the average market prices for the applicable period. |
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventory |
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Inventory | 7. INVENTORY The following table shows the composition of our inventory balances:
Interest capitalized as a cost of inventory totaled $3 million, $7 million and $3 million in 2012, 2011 and 2010, respectively. We value vacation ownership and residential products at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or market value. |
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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Property And Equipment |
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Property And Equipment | 8. PROPERTY AND EQUIPMENT The following table details the composition of our property and equipment balances:
Interest capitalized as a cost of property and equipment totaled less than $1 million in each of 2012, 2011 and 2010. Depreciation expense totaled $30 million in 2012, $33 million in 2011 and $35 million in 2010. |
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- Definition The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Contingencies And Commitments |
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Contingencies And Commitments | 9. CONTINGENCIES AND COMMITMENTS Guarantees We issue guarantees to certain lenders in connection with the provision of third-party financing for our sales of vacation ownership products for the Luxury and Asia Pacific segments. The terms of guarantees to lenders generally require us to fund if the purchaser fails to pay under the term of its note payable. Prior to the Spin-Off, Marriott International guaranteed our performance under these arrangements, and subsequent to the Spin-Off continues to hold a standby letter of credit related to the Asia Pacific segment guarantee. If Marriott International is required to fund any draws by lenders under this letter of credit it would seek recourse from us. Marriott International no longer guarantees our performance with respect to third-party financing for sales of products in the Luxury segment. We are entitled to recover any funding to third-party lenders related to these guarantees through reacquisition and resale of the vacation ownership product. Our commitments under these guarantees expire as notes mature or are repaid. The terms of the underlying notes extend to 2022. The following table shows the maximum potential amount of future fundings for financing guarantees where we are the primary obligor and the carrying amount of the liability for expected future fundings.
We included our liability for expected future fundings for guarantees in our Balance Sheets in the Other caption within Liabilities. In addition to the guarantees we describe in the preceding paragraphs, in conjunction with financing obtained for specific projects or properties owned by joint ventures in which we are a party, we may provide industry standard indemnifications to the lender for loss, liability or damage occurring as a result of the actions of the other joint venture owners or our own actions. Commitments and Letters of Credit In addition to the guarantees we note in the preceding paragraphs, as of December 28, 2012, we had the following commitments outstanding:
Surety bonds issued as of December 28, 2012 totaled $91 million, the majority of which were requested by federal, state or local governments related to our operations. Prior to the Spin-Off, Marriott International also guaranteed our performance using letters of credit under certain agreements necessary to operate our Europe segment. Subsequent to the Spin-Off, Marriott International continues to hold $1 million of standby letters of credit related to these guarantees. If Marriott International is required to fund any draws under these letters of credit it would seek recourse from us. Additionally, as of December 28, 2012, we had $6 million of letters of credit outstanding under our four-year $200 million revolving credit facility (the “Revolving Corporate Credit Facility”). Loss Contingencies In 2012, we agreed to settle two lawsuits in which certain of our subsidiaries were defendants. The plaintiffs in the lawsuits, residential unit owners at The Ritz-Carlton Club and Residences, San Francisco (the “RCC San Francisco”), a project within our Luxury segment, questioned the adequacy of disclosures made prior to 2008, when our business was part of Marriott International, regarding bonds issued for that project under California’s Mello-Roos Community Facilities Act of 1982 (the “Mello-Roos Act”) and their payment obligations with respect to such bonds. A third lawsuit is pending in which one owner at the RCC San Francisco has asserted similar claims. This lawsuit is distinct from the settled lawsuits, and we believe that we have defenses with respect to the claims asserted in such lawsuit and intend to vigorously defend against it. As a result of the settlements and the pending lawsuit, we recorded a charge in connection with these matters of $41 million in the year ended December 28, 2012, of which $39 million was recorded in the 2012 fourth quarter. In addition, we repurchased units owned by certain of the plaintiffs in the settled lawsuits which were recorded in inventory at fair value less cost to sell of $13 million. We used Level 3 inputs in a discounted cash flow model to determine the fair value of these assets. While we believe that the amounts accrued will be adequate, depending on the outcome of the pending lawsuit, we may be required to record additional charges in connection with the remaining matter. An additional lawsuit has been filed against us primarily relating to disclosure provided to purchasers of fractional interests at the RCC San Francisco. On December 21, 2012, Jon Benner, an owner of fractional interests in the RCC San Francisco, filed suit in Superior Court for the State of California, County of San Francisco against us and certain of our subsidiaries on behalf of a putative class consisting of all owners of fractional interests at the RCC San Francisco who allegedly did not receive proper notice of their payment obligations under the Mello-Roos Act. The plaintiff alleges that the disclosures made about bonds issued for the project under this Act and the payment obligations of fractional interest purchasers with respect to such bonds were inadequate, and this and other alleged statutory violations constitute intentional and negligent misrepresentation, fraud and fraudulent concealment. The relief sought includes damages in an unspecified amount, rescission of the purchases, restitution and disgorgement of profits. This lawsuit is distinct from the other lawsuits described above relating to the RCC San Francisco because the disclosure process for the sale of fractional interests differs from that applicable to the sale of whole-ownership units. We dispute the material allegations in the complaint and intend to vigorously defend this action. Given the early stages of the action, we cannot at this time estimate a range of the potential liability, if any. On December 11, 2012, Steven B. Hoyt and Bradley A. Hoyt, purchasers of fractional interests in two Ritz-Carlton Club projects, filed suit in the United States District Court for the District of Minnesota against us, certain of our subsidiaries and The Ritz-Carlton Hotel Company, L.L.C. on behalf of a putative class consisting of all purchasers of fractional interests at Ritz-Carlton Club projects. The plaintiffs allege that program changes beginning in 2009 caused an actionable decrease in the value of the fractional interests purchased. The relief sought includes declaratory and injunctive relief, damages in an unspecified amount, rescission of the purchases, restitution, disgorgement of profits, interest and attorneys’ fees. We dispute the material allegations in the complaint and intend to defend this action vigorously. Given the early procedural stages of the action and the inherent uncertainties of litigation, we cannot at this time estimate a range of the potential liability, if any. On January 30, 2013, Krishna and Sherrie Narayan and 13 other owners of residential units at The Ritz-Carlton Residences, Kapalua Bay (“Kapalua Bay”) filed an amended complaint, related to a suit originally filed in Circuit Court for Maui County, Hawaii in June 2012, against us, certain of our subsidiaries, Marriott International, certain of its subsidiaries, and the joint venture in which we have an equity investment that developed and marketed vacation ownership and residential products at Kapalua Bay. In the original complaint, the plaintiffs alleged that defendants mismanaged funds of the owners association, created a conflict of interest by permitting their employees to serve on the association’s board, and failed to disclose documents to which the plaintiffs were allegedly entitled. In the amended complaint, the plaintiffs allege breach of fiduciary duty, violations of the Hawaii Unfair and Deceptive Trade Practices Act and the Hawaii condominium statute, intentional misrepresentation and concealment, unjust enrichment and civil conspiracy. The relief sought includes injunctive relief, repayment of all sums paid to us and our subsidiaries and Marriott International and its subsidiaries, compensatory and punitive damages, and treble damages under the Hawaii Unfair and Deceptive Trade Practices Act. We dispute the material allegations in the amended complaint and intend to continue to defend this action vigorously. Given the recent filing of the amended complaint and the inherent uncertainties of litigation, we cannot at this time estimate a range of potential liability, if any. Other We estimate the cash outflow associated with completing the phases of our existing portfolio of vacation ownership projects currently under development will be approximately $164 million, of which $13 million is included within liabilities on our Balance Sheet. This estimate is based on our current development plans, which remain subject to change, and we expect the phases currently under development will be completed by 2016. Leases We have various land, real estate and equipment operating leases. The land leases primarily consist of two long-term golf course land leases with terms of 20 and 50 years. The corporate facilities leases are for our corporate headquarters and have lease terms of approximately 8 years. The other operating leases are primarily for office and retail space as well as equipment supporting our operations and have lease terms of between 3 and 10 years. We have summarized our future obligations under operating leases at December 28, 2012 below:
Certain of these leases provide for minimum rentals and additional rentals based on our operations of the leased property. The total minimum lease payments above exclude approximately $7 million in future lease payments which have been accrued on the Balance Sheets as part of historical restructuring charges. The future lease payments accrued as restructuring charges are expected to be paid as follows: $5 million in 2013 and $2 million in 2014. The following table details the composition of rent expense associated with operating leases, net of sublease income, for the last three years:
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt | 10. DEBT The following table provides detail on our debt balances:
See Footnote No. 15, “Variable Interest Entities,” for a discussion of the collateral for the non-recourse debt associated with the securitized vacation ownership notes receivable and the Warehouse Credit Facility. All of our other debt was, and to the extent currently outstanding, is recourse to us but unsecured. Although no cash borrowings were outstanding as of December 28, 2012 under our Revolving Corporate Credit Facility, any amounts that are borrowed under that facility, as well as obligations with respect to letters of credit issued pursuant to that facility, are secured by a perfected first priority security interest in substantially all of our assets and the assets of the guarantors of that facility, in each case including inventory, subject to certain exceptions.
The following table shows scheduled future principal payments for our debt:
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. We paid cash for interest, net of amounts capitalized, of $38 million in 2012, $45 million in 2011 and $54 million in 2010. Non-Recourse Debt Associated with Securitized Vacation Ownership Notes Receivable Each of our securitized vacation ownership notes receivable pools is subject to 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 (related to the interests we retained) to accelerate the principal payments to investors based on the subordination of the different tranches until the performance trigger is cured. In 2012, four of our securitized vacation ownership notes receivable pools reached performance triggers in different months throughout the year as a result of increased defaults. As of December 28, 2012, performance improved sufficiently in these vacation ownership notes receivable pools and none have reached performance triggers. For 2012 and 2011, approximately $1 million and $3 million, respectively, of cash flows were redirected as a result of reaching the performance triggers during those years. At December 28, 2012, we had 8 securitized vacation ownership notes receivable pools outstanding. Warehouse Credit Facility On September 11, 2012, we amended and restated agreements associated with the warehouse credit facility that we entered into in September 2011 (as amended by such agreements, the “Warehouse Credit Facility”). The borrowing capacity of the Warehouse Credit Facility is $250 million, and the revolving period will end on September 10, 2014. The Warehouse Credit Facility allows for the securitization of vacation ownership notes receivable on a non-recourse basis. The vacation ownership notes receivable that we securitize under the facility are similar in nature to the vacation ownership notes receivable we have securitized in the past. Borrowings under the Warehouse Credit Facility bear interest at a rate based on the one-month LIBOR and bank conduit commercial paper rates plus 1.5 percent and are limited at any point to the advance rate on the aggregate amount of eligible vacation ownership notes receivable at such time. The advance rate of receivables securitized using the Warehouse Credit Facility will vary based on the characteristics of the obligor on each securitized vacation ownership note receivable. Revolving Corporate Credit Facility On November 30, 2012, we amended and restated the credit agreement that we closed in November 2011 with a syndicate of banks led by JP Morgan Chase Bank (as amended, the “Revolving Corporate Credit Facility”). The Revolving Corporate Credit Facility has a borrowing capacity of $200 million, including a letter of credit sub-facility of $120 million, and provides support for our business, including ongoing liquidity and letters of credit. The termination date of the commitments of the lenders under the Revolving Corporate Credit Facility is November 21, 2016. Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate at the Eurodollar rate plus an applicable margin that varies from 2 percent to 3.5 percent depending on our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Agreement at a rate that varies from 25 basis points per annum to 55 basis points per annum. The Revolving Corporate Credit Facility contains affirmative and negative covenants and representations and warranties customary for financings of this type. In addition, the Revolving Corporate Credit Facility contains financial covenants, including covenants requiring us to maintain (1) minimum consolidated tangible net worth of not less than the sum of 80 percent of our consolidated tangible net worth as set forth in our audited financial statements for the fiscal year ended December 30, 2011 plus 80 percent of any increase in consolidated tangible net worth attributable to net cash proceeds received in connection with the issuance of equity after November 21, 2011; (2) a maximum ratio of consolidated total debt to consolidated adjusted EBITDA (as defined in the Revolving Corporate Credit Facility) of 6 to 1 through the end of the first quarter of 2013, at which time the maximum ratio decreases to 5.25 to 1 through the end of the 2014 fiscal year and to 4.75 to 1 thereafter; and (3) a minimum consolidated adjusted EBITDA, as defined in the Revolving Corporate Credit Facility, to interest expense ratio of not less than 3 to 1. We are also required to maintain a ratio of our borrowing base amount (as calculated under the Revolving Corporate Credit Facility) to total extensions of credit under the Revolving Corporate Credit Facility of at least 1.25 to 1. The Revolving Corporate Credit Facility is guaranteed by Marriott Vacations Worldwide and by each of our direct and indirect, existing and future, domestic subsidiaries (excluding certain bankruptcy remote special purpose subsidiaries), and is secured by a perfected first priority security interest in substantially all of our assets and the assets of the guarantors, subject to certain exceptions. As of December 28, 2012, we were in compliance with the requirements of applicable financial and operating covenants. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Mandatorily Redeemable Preferred Stock of Consolidated Subsidiary |
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Mandatorily Redeemable Preferred Stock of Consolidated Subsidiary | 11. MANDATORILY REDEEMABLE PREFERRED STOCK OF CONSOLIDATED SUBSIDIARY In October 2011, our subsidiary, MVW US Holdings, Inc. (“MVW US Holdings”) issued $40 million of its mandatorily redeemable Series A (non-voting) preferred stock to Marriott International as part of Marriott International’s internal reorganization prior to the Spin-Off. Subsequently Marriott International sold all of this preferred stock to third-party investors. For the first five years after issuance, the Series A preferred stock will pay an annual cash dividend equal to the five-year U.S. Treasury Rate as of October 19, 2011, plus a spread of 10.958 percent, for a total annual cash dividend rate of 12 percent. On the fifth anniversary of issuance, the annual cash dividend rate will be reset to the five-year U.S. Treasury Rate in effect on such date plus the same 10.958 percent spread. The Series A preferred stock is mandatorily redeemable by MVW US Holdings upon the tenth anniversary of the date of issuance but can be redeemed at our option after five years. The Series A preferred stock has an aggregate liquidation preference of $40 million plus any accrued and unpaid dividends and an additional premium if liquidation occurs during the first five years after the issuance of the preferred stock. As of December 28, 2012, 1,000 shares of Series A preferred stock were authorized, of which 40 shares were issued and outstanding. The dividends are recorded as a component of Interest expense as the Series A preferred stock is treated as a liability for accounting purposes. |
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- Definition Disclosure of the purchase or issuance of mandatorily redeemable preferred stock of a consolidated subsidiary No definition available.
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Other Liabilities |
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Other Liabilities | 12. OTHER LIABILITIES Liability for Marriott Rewards Customer Loyalty Program We participate in the Marriott Rewards customer loyalty program. Program members earn Marriott Rewards Points based on their purchases of vacation ownership products and/or through exchange and other activities related to our vacation ownership products, as well as through hotel stays and other activities that are not related to our business. Points are tracked on members’ behalf and can be redeemed for stays at most of Marriott International’s lodging properties, airline tickets, airline frequent flyer program miles, rental cars and a variety of other awards; however, points cannot be redeemed for cash. For Marriott Rewards Points issued prior to 2012, we pay Marriott International upon redemption of Marriott Rewards Points by program members. Historically, we determined the carrying value of the future redemption obligation based on statistical formulas that project timing of future point redemption based on historical levels, including estimates of the points that will eventually be redeemed and the “breakage” for points that will never be redeemed. These judgment factors determine the required liability for outstanding points. The liability is relieved upon redemption of points by program members. Our Marriott Rewards customer loyalty program’s liability for those Marriott Rewards Points issued prior to 2012 totaled $159 million at December 28, 2012, and $225 million at December 30, 2011. We completed a stress test on the carrying value of our Marriott Rewards customer loyalty program liability for Marriott Rewards Points issued prior to 2012 to measure the change in obligation associated with independent changes in key estimates as described in Footnote No. 1, “Summary of Significant Accounting Policies.” We applied this methodology to unfavorable changes that would be statistically significant and we concluded that each change to a variable shown in the table below would have the following impact on the valuation of our customer loyalty liability at December 28, 2012:
Although we did not specifically perform stress tests on the redemption curve because it is difficult to isolate a single quantitative measure against which to perform such a test, changes in the redemption curve could also have an impact on the valuation of our Marriott Rewards customer loyalty program liability for Marriott Rewards Points issued prior to 2012. For periods subsequent to 2011, we generally pay Marriott International for Marriott Rewards Points upon issuance. The liability for Marriott Rewards Points issued after 2011 totaled $47 million at December 28, 2012 and $0 at December 30, 2011, and is included within Accrued liabilities on the Balance Sheets. Deferred Compensation Liability Prior to the Spin-Off, certain of our senior management had the opportunity to supplement their retirement and other tax-deferred savings under the Marriott International, Inc. Executive Deferred Compensation Plan (“Marriott International EDC”), which Marriott International maintains and administers. Under the Marriott International EDC, participating employees may defer payment and income taxation of a portion of their salary and bonus. The plan also gives participants the opportunity for long-term capital appreciation by crediting their accounts with notional earnings (at a fixed annual rate of return of 5.4 percent for 2012 and 5.5 percent for 2011). Additional discretionary contributions to the participant’s EDC accounts may be made based on subjective factors such as individual performance, key contributions and retention needs. No additional discretionary contributions were made for our employees in 2012, less than $1 million were made in 2011 and no additional discretionary contributions were made in 2010. Subsequent to the Spin-Off, we do not offer a similar executive deferred compensation plan, however we remain liable to reimburse Marriott International for distributions for participants that were employees of Marriott Vacations Worldwide at the time of the Spin-Off including earnings thereon. |
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- Definition The entire disclosure for other liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Shareholders' Equity |
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Dec. 28, 2012 | |
Shareholders' Equity | 13. SHAREHOLDERS’ EQUITY Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $.01 per share and 2,000,000 authorized shares of preferred stock, par value of $.01 per share. At December 28, 2012, 35,026,533 shares of Marriott Vacations Worldwide common stock were outstanding and zero shares of Marriott Vacations Worldwide preferred stock were outstanding. |
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- Definition The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-Based Compensation |
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Share-Based Compensation | 14. SHARE-BASED COMPENSATION Marriott Vacations Worldwide Share-Based Compensation Plans We maintain the Marriott Vacations Worldwide Stock Plan for the benefit of our officers, directors and employees. Under the Marriott Vacations Worldwide Stock Plan, we award to certain of our employees: (1) stock options to purchase Marriott Vacations Worldwide common stock (“Stock Option Program”); (2) SARs for Marriott Vacations Worldwide common stock (“SAR Program”); and (3) RSUs of Marriott Vacations Worldwide common stock. In addition, pursuant to the Separation and Distribution Agreement, we agreed to issue awards under the Marriott Vacations Worldwide Stock Plan to certain current and former directors, officers, and employees of Marriott International who held awards under the Marriott International Stock Plan relating to Marriott International common stock at November 10, 2011, the record date for the Spin-Off. A total of 6 million shares are authorized for issuance under the Marriott Vacations Worldwide Stock Plan. As of December 28, 2012, approximately 2 million shares were available for grants under the Marriott Vacations Worldwide Stock Plan subsequent to the issuance of shares effective with the Spin-Off. Effective as of the completion of the Spin-Off, all holders of Marriott International RSUs on the November 10, 2011 record date for the Spin-Off received Marriott Vacations Worldwide RSUs in an amount consistent with the Distribution Ratio, with terms and conditions substantially similar to the terms and conditions applicable to the Marriott International RSUs. Also, effective as of the completion of the Spin-Off, the holders of Marriott International stock options and SARs on the record date received Marriott Vacations Worldwide stock options and SARs, in an amount consistent with the Distribution Ratio, with terms and conditions substantially similar to the terms and conditions applicable to the Marriott International stock options and SARs. The exercise prices of the outstanding Marriott International stock options and SARs were adjusted, and the exercise prices of the Marriott Vacations Worldwide stock options and SARs were set, in a manner intended to preserve the aggregate intrinsic value of the stock options and SARs prior to the Spin-Off. The exercise prices of the Marriott International awards were adjusted based on the proportion of the Marriott International ex-distribution closing stock price to the sum of the total of the Marriott International ex-distribution and Marriott Vacations Worldwide “when issued” closing stock prices on the distribution date. The exercise prices of the Marriott Vacations Worldwide awards were set based on the proportion of the Marriott Vacations Worldwide “when issued” closing stock price on the distribution date to the sum of the total of the Marriott International ex-distribution and Marriott Vacations Worldwide “when issued” closing stock prices on the distribution date. These adjustments were designed to equalize the fair value of each award before and after the Spin-Off. Deferred compensation costs as of the date of the Spin-Off reflected the unamortized balance of the original grant date fair value of the equity awards held by Marriott Vacations Worldwide employees (regardless of whether those awards are linked to Marriott International stock or Marriott Vacations Worldwide stock). Accordingly, in connection with the Spin-Off, we issued RSUs, SARs, and stock options to current and former directors, officers, and employees of Marriott International and Marriott Vacations Worldwide as described above. For all share-based awards, we measure compensation expense related to share-based payment transactions with our employees at fair value on the grant date and recognize this expense in the Statement of Operations over the vesting period during which the employees provide service in exchange for the award. Subsequent to the Spin-Off, we recognize share-based compensation expense related to our employees and Marriott International recognizes compensation expense related to Marriott International employees, regardless of whether the underlying awards represent Marriott International or Marriott Vacations Worldwide awards.
We recorded share-based compensation expense related to award grants to our employees of $12 million in 2012, $11 million in 2011 and $10 million in 2010. Deferred compensation costs related to unvested awards held by our employees totaled $14 million at December 28, 2012 and $19 million at December 30, 2011. As of December 28, 2012, we expect that deferred compensation expense for our employees will be recognized over a weighted average period of two years. For Marriott International Stock Plan awards granted after 2005, we recognized share-based compensation expense over the period from the grant date to the date on which the award is no longer contingent on the employee providing additional service (the “substantive vesting period”). We continued to follow the stated vesting period for the unvested portion of Marriott International Stock Plan awards granted to our employees before 2006 and the adoption of the current guidance for share-based compensation and follow the substantive vesting period for Marriott International Stock Plan and Marriott Vacations Worldwide Stock Plan awards granted to our employees after 2005. In accordance with the guidance for share-based compensation, we presented the tax benefits and costs resulting from the exercise or vesting of Marriott International Stock Plan share-based awards related to our employees as financing cash flows. The exercise of share-based awards for our employees resulted in tax benefits of $3 million in 2012, less than $1 million in 2011 and $3 million in 2010. Marriott International received $3 million in 2012, $2 million in 2011 and $12 million in 2010 in cash from our employees for the exercise of stock options granted under the Marriott International Stock Plan. We received less than $1 million in cash from our employees for the exercise of Marriott Vacations Worldwide stock options prior to 2012. Approximately $1 million of Marriott Vacations Worldwide stock options were exercised prior to December 30, 2011; however cash proceeds had not yet been paid to us by our stock plan service provider as of December 30, 2011. RSUs RSUs issued to our employees under the Marriott International Stock Plan and the Marriott Vacations Worldwide Stock Plan generally vest over four years in annual installments commencing one year after the date of grant. We recognize compensation expense for the RSUs over the service period equal to the fair market value of the stock units on the date of issuance. At year-end 2012 and 2011, we had approximately $13 million and $16 million, respectively, in deferred compensation costs related to RSUs for our employees granted under the Marriott International Stock Plan and Marriott Vacations Worldwide Stock Plan. The weighted average remaining term for RSU grants outstanding at year-end 2012 for our employees was two years. During 2012, we granted RSUs with performance-based vesting criteria to key members of management. The number of RSUs earned, if any, will be determined following the end of a three-year performance period based upon our cumulative achievement over that period of specific quantitative operating financial measures. The maximum amount of RSUs that may vest under the performance-based RSUs is approximately 157,000. The following table provides additional information on outstanding RSUs issued to our employees for the last three fiscal years:
The following table shows the 2012 changes in Marriott Vacations Worldwide RSUs issued to Marriott International and Marriott Vacations Worldwide employees:
Stock Options and SARs We may grant employee non-qualified stock options to officers and key employees of our business at exercise prices or strike prices equal to the market price of our common stock on the date of grant. Non-qualified stock options generally expire ten years after the date of grant. Most stock options are exercisable in cumulative installments of one quarter at the end of each of the first four years following the date of grant. The following table shows the 2012 changes in outstanding Marriott Vacations Worldwide stock options for Marriott International and Marriott Vacations Worldwide employees:
Stock options awarded under the Marriott International Stock Plan were granted at exercise prices or strike prices equal to the market price of Marriott International common stock on the date of grant. We recognized no stock option compensation expense for our employees in each of 2012, 2011 and 2010. There was no deferred compensation expense related to stock options held by our employees at both year-end 2012 and 2011. The following table shows the Marriott Vacations Worldwide stock options issued to Marriott International and Marriott Vacations Worldwide employees that were outstanding and exercisable at year-end 2012:
No Marriott Vacations Worldwide stock options, other than those granted as part of the Spin-Off, were granted to Marriott International or to our employees in 2012, 2011 or 2010. The following table shows the intrinsic value of outstanding Marriott International stock options and exercisable stock options held by our employees at year-end 2012 and 2011:
The intrinsic value of both the outstanding Marriott Vacations Worldwide stock options and the exercisable stock options held by our employees at year-end 2012 was less than $1 million. The approximate total intrinsic value of stock options for Marriott International stock exercised by our employees was $5 million in 2012, $2 million in 2011 and $10 million in 2010. The approximate total intrinsic value of stock options for Marriott Vacations Worldwide stock exercised by our employees was $1 million in 2012. SARs awarded under the Marriott International Stock Plan were granted at exercise prices or strike prices equal to the market price of Marriott International common stock on the date of grant. SARs awarded under the Marriott Vacations Worldwide Stock Plan are granted at exercise prices or strike prices equal to the market price of Marriott Vacations Worldwide common stock on the date of grant (this price is referred to as the “base value”). SARs generally expire ten years after the date of grant and both vest and may be exercised in cumulative installments of one quarter at the end of each of the first four years following the date of grant. Upon exercise of SARs, our employees receive the number of shares of Marriott International common stock or Marriott Vacations Worldwide common stock, as applicable, equal to the number of SARs being exercised, multiplied by the quotient of (a) the market price of the common stock on the date of exercise (this price is referred to as the “final value”) minus the base value, divided by (b) the final value.
We recognized compensation expense associated with SARs held by our employees of $2 million in 2012, less than $1 million in 2011 and $1 million in 2010. At year-end 2012 and year-end 2011, we had $1 million and $3 million, respectively, in deferred compensation costs related to SARs held by our employees. Upon the exercise of SARs held by our employees, Marriott International or Marriott Vacations Worldwide will issue shares from treasury shares or authorized shares, as applicable. The following table shows the 2012 changes in outstanding Marriott Vacations Worldwide SARs issued to both Marriott International and Marriott Vacations Worldwide employees:
We use the Black-Scholes model to estimate the fair value of the stock options or SARs granted. For stock options or SARs granted under the Marriott Vacations Worldwide Stock Plan subsequent to the Spin-Off, the expected stock price volatility was calculated based on the historical volatility from the stock prices of a group of identified peer companies. The average expected life was calculated based on the simplified method. 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 expected annual dividend per share was $0 based on our expected dividend rate. The following table outlines the assumptions used to estimate the fair value of grants for the fiscal year ended 2012 and 2011:
Marriott International used a binomial method to estimate the fair value of the stock options or SARs granted, under which Marriott International calculated the weighted average expected stock option or SAR as the product of a lattice-based binomial valuation model that uses suboptimal exercise factors. Marriott International used historical data to estimate exercise behaviors for separate groups of retirement eligible and non-retirement eligible employees of our business. The following table shows the assumptions used to estimate the fair value of stock options and SARs our employees were awarded under the Marriott International Stock Plan for 2011 (prior to the Spin-Off) and 2010:
In making these assumptions, Marriott International based risk-free interest rates on the corresponding U.S. Treasury spot rates for the expected duration at the date of grant, which Marriott International converted to a continuously compounded rate. Marriott International based the expected volatility on the weighted-average historical volatility of the Marriott International Common Stock, with periods with atypical stock movement given a lower weight to reflect stabilized long-term mean volatility.
The differences in the assumptions used by Marriott International and by us to estimate fair value are a result of the Spin-Off and Marriott Vacations Worldwide operating as an independent company. |
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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Variable Interest Entities | 15. VARIABLE INTEREST ENTITIES In accordance with the applicable accounting guidance for the consolidation of variable interest entities, we analyze our variable interests, including loans, guarantees and equity investments, to determine if an entity in which we have a variable interest is a variable interest entity. Our analysis includes both quantitative and qualitative reviews. We base our quantitative analysis on the forecasted cash flows of the entity, and our qualitative analysis on our review of the design of the entity, its organizational structure including decision-making ability, and relevant financial agreements. We also use our qualitative analyses to determine if we must consolidate a variable interest entity as its primary beneficiary. Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations We periodically securitize, without recourse, through bankruptcy remote special purpose entities, notes receivable originated in connection with the sale of vacation ownership products. These vacation ownership notes receivable securitizations provide funding for us and transfer the economic risks and substantially all the benefits of the loans to third parties. In a vacation ownership notes receivable securitization, various classes of debt securities that the special purpose entities issue are generally collateralized by a single tranche of transferred assets, which consist of vacation ownership notes receivable. We service the vacation ownership notes receivable. With each vacation ownership notes receivable securitization, we may retain a portion of the securities, subordinated tranches, interest-only strips, subordinated interests in accrued interest and fees on the securitized vacation ownership notes receivable or, in some cases, overcollateralization and cash reserve accounts.
We created these entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them variable interest entities. We continue to service the vacation ownership notes receivable, transfer all proceeds collected to these special purpose entities, and retain rights to receive benefits that are potentially significant to the entities. Accordingly, we concluded that we are the entities’ primary beneficiary and, therefore, consolidate them. The following table shows consolidated assets, which are collateral for the obligations of these variable interest entities, and consolidated liabilities included in our Balance Sheet at December 28, 2012.
The noncontrolling interest balance was zero. The creditors of these entities do not have general recourse to us. The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during 2012:
The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities:
The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity:
Under the terms of our vacation ownership notes receivable securitizations, we have the right at our option to repurchase defaulted mortgage notes at the outstanding principal balance. The transaction documents typically limit such repurchases to 15 to 20 percent of the transaction’s initial mortgage balance. We made voluntary repurchases of defaulted vacation ownership notes receivable of $39 million during 2012, $52 million during 2011 and $68 million during 2010. We also made voluntary repurchases of $86 million, $24 million and $25 million of other non-defaulted vacation ownership notes receivable during 2012, 2011 and 2010, respectively, to retire previous vacation ownership notes receivable securitizations. Our maximum exposure to loss relating to the entities that own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral. Other Variable Interest Entities We have an equity investment in and notes receivable due from a variable interest entity that develops and markets vacation ownership and residential products in Hawaii pursuant to a joint venture arrangement. We concluded that the entity is a variable interest entity because the equity investment at risk is not sufficient to permit the entity to finance its activities without additional support from other venture parties. We determined that we are not the primary beneficiary of this entity, as power to direct the activities that most significantly impact the entity’s economic performance is shared among the variable interest holders and, therefore, we do not consolidate the entity. We provided a completion guarantee in favor of the project lenders for which the joint venture has delivered a completed operational project. Although we have not received a release of the guarantee from the lenders, we do not believe we have any exposure for funding. In 2009, we fully impaired our equity investment in the entity and in certain notes receivable due from the entity. In 2010, the continued application of equity losses to our investment in the remaining outstanding notes receivable balance reduced its carrying value to zero. In addition, the venture was unable to pay promissory notes that matured on December 31, 2010 and August 1, 2011. Subsequently, the lenders issued a notice of default to the venture. The lenders initiated foreclosure proceedings with respect to unsold interests in the project. A foreclosure auction was held and, on January 31, 2013, a bid was accepted and confirmed. If the sale is completed, we may receive some payment on our notes receivable due from the entity. We gave notice of breach or termination of various agreements, including management agreements with the owners’ associations at the project, marketing and sales agreements with the venture, and other agreements pursuant to which we provided services to the venture and, as we were unable to reach agreement with the owners’ associations with respect to our continued provision of services, termination of these agreements was effective on December 31, 2012, subsequent to year-end 2012. During the year ended December 28, 2012, we reversed $2 million of our previously recorded impairment of this equity investment because the actual costs incurred to suspend the marketing and sales operations were lower than previously estimated. At December 28, 2012 we have a remaining accrual of $10 million for potential future funding included in other liabilities on our Balance Sheet, representing our remaining expected exposure to loss related to our involvement with this entity. See Footnote No. 9, “Contingencies and Commitments,” for a discussion of certain litigation related to this project. In 2010, we completed the acquisition of the noncontrolling interest in an entity that develops and markets vacation ownership and residential products. We had previously concluded that the entity was a variable interest entity because the voting rights of the entity’s owners were not proportionate to the economic interests of the entity’s owners and we had consolidated the entity because we were the primary beneficiary. Following our acquisition of the noncontrolling interest, we determined that this now wholly owned entity was no longer a variable interest entity.
In 2010, we caused the sale of substantially all of the assets and liabilities of an entity whose equity was subject to a call option that we held, resulting in an $18 million gain (plus $3 million recorded in wholly owned entities) and net cash flow of $38 million (of a total $42 million in various entities). We had previously concluded that the entity, which holds property and land acquired for vacation ownership development that we operated as a hotel, was a variable interest entity because the equity investment at risk was not sufficient to permit it to finance its activities without additional support from other parties. We concluded we were the primary beneficiary because we had ultimate power to direct the activities that most significantly impacted the entity’s economic performance. Our involvement with the entity did not have a material effect on our financial performance or cash flows before 2010. Subsequent to the sale we no longer hold a call option on the equity and thus have no variable interest in this entity. |
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- Definition Disclosure of variable interest entities (VIE), including, but not limited to the nature, purpose, size, and activities of the VIE, the carrying amount and classification of consolidated assets that are collateral for the VIE's obligations, lack of recourse if creditors (or beneficial interest holders) of a consolidated VIE have no recourse to the general credit of the primary beneficiary. An enterprise that holds a significant variable interest in a VIE but is not the primary beneficiary may disclose the nature of its involvement with the VIE and when that involvement began, the nature, purpose, size, and activities of the VIE and the enterprise's maximum exposure to loss as a result of its involvement with the VIE. No definition available.
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Impairment Charges |
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Impairment Charges | 16. IMPAIRMENT CHARGES In accordance with ASC 978, “Real Estate—Time-sharing Activities,” and ASC 360, “Property, Plant, and Equipment,” we have recorded impairment adjustments to inventory, property and equipment and one joint venture investment and related party notes receivable to adjust the carrying value of underlying assets to our estimate of its fair value when required.
2010 Impairment Charges We incurred total impairment charges during 2010 as follows:
We estimated the fair value of the underlying assets using cash flow models that reflected our expectations of future performance discounted at varying rates to capture the inherent risk in each model. In 2010, we decided to pursue the disposition of a golf course and related assets. In accordance with the guidance for the impairment of long-lived assets, we evaluated the property and related assets for recovery and in 2010 we recorded an impairment charge of $14 million to adjust the carrying value of the assets to our estimate of fair value. We estimated fair value using an income approach reflecting internally developed Level 3 discounted cash flows based on negotiations with a qualified prospective third-party purchaser of the asset. Further, we recorded $6 million of additional inventory impairment charges in our Luxury segment due to continued sluggish sales pace. Also, in 2010, we negotiated an amendment to a purchase commitment for vacation ownership units to be delivered to our Asia Pacific segment in 2011, resulting in a reversal of $5 million of a previously recorded impairment charge for anticipated funding in connection with the purchase commitment. 2011 Impairment Charges We incurred total impairment charges during 2011 as follows:
In preparation for the Spin-Off, management assessed the intended use of excess undeveloped land and built inventory and the current market conditions for those assets. During 2011, management approved a plan to accelerate cash flow through the monetization of certain excess undeveloped land in the United States, Mexico, and the Bahamas and to accelerate sales of excess built Luxury fractional and residential inventory. As a result, in accordance with the guidance for accounting for the impairment or disposal of long-lived assets, because the nominal cash flows from the planned land sales and the estimated fair values of the land and excess built Luxury inventory were less than their respective carrying values, we recorded a pre-tax non-cash impairment charge of $324 million ($234 million after-tax) under the “Impairment” caption. We estimated the fair value of the land by using recent comparable sales data for the land parcels, which we determined were Level 3 inputs. We estimated the fair value of the excess built Luxury fractional and residential inventory using cash flow projections discounted at risk premiums commensurate with the market conditions of the related projects. We used Level 3 inputs for these discounted cash flow analyses and our assumptions included: growth rate and sales pace projections, additional sales incentives such as pricing discounts, and marketing and sales cost estimates. Grouped by product type and/or geographic location, these impairment charges consisted of $117 million associated with nine Luxury fractional and mixed use properties, $2 million related to one project in our European vacation ownership business, and $205 million associated with Corporate and Other, including $199 million related to undeveloped land parcels associated with five vacation ownership properties and $6 million of software previously under development that will not be completed and used under our new strategy. Additionally, we reclassified $52 million of these land parcels previously in our development plans from inventory to property and equipment. We also reviewed the remainder of our inventory assets and determined that there were no other adjustments needed to our vacation ownership inventory, which is recorded at the lower of cost or fair value less cost to sell. |
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- Definition Disclosure related to the expense recognized during the period to reduce the carrying amount of several vacation ownership projects. The impairment charges include inventory, property, plant and equipment, and other impairments related to these vacation ownership projects. No definition available.
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Related Party Transactions |
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Related Party Transactions | 17. RELATED PARTY TRANSACTIONS Effective upon the completion of the Spin-Off, Marriott Vacations Worldwide ceased to be a related party of Marriott International. Through November 21, 2011 (the effective date of the Spin-Off), our expenses included allocations from Marriott International of costs associated with services provided by Marriott International to us including, but not limited to, information technology support, systems maintenance, telecommunications, accounts payable, payroll and benefits, human resources, self-insurance and other shared services. Historically, these costs were charged to us based on specific identification or on a basis determined by Marriott International to reflect a reasonable allocation to us of the actual costs incurred to perform these services. These allocated costs were $23 million and $30 million for the period from January 1, 2011 through date of the Spin-Off and 2010, respectively. Marriott International allocated indirect general and administrative costs to us for certain functions and services provided to us by Marriott International, including, but not limited to, executive office, legal, tax, finance, government and public relations, internal audit, treasury, investor relations, human resources and other administrative support primarily on the basis of our proportion of Marriott International’s overall revenue. Accordingly, we were allocated $12 million for the period from January 1, 2011 through date of the Spin-Off and $15 million in 2010 of Marriott International’s indirect general and corporate overhead expenses and have included these expenses in General and administrative expenses on our Statements of Operations. Marriott International ceased allocating expenses to us after the Spin-Off on November 21, 2011. We determined that our relative revenue was a reasonable reflection of Marriott International time dedicated to the oversight of our historical business. The allocations may not, however, reflect the expense we would have incurred as an independent, publicly traded company for the periods presented. All significant intercompany transactions between us and Marriott International were included in our historical financial statements and are considered to be effectively settled as of the time of the Spin-Off. The total net effect of the settlement of these intercompany transactions is reflected in the Statements of Cash Flows as a financing activity. |
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Organizational and Separation Related Charges |
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Organizational and Separation Related Charges | 18. ORGANIZATIONAL AND SEPARATION RELATED CHARGES Since the Spin-Off, Marriott International has continued to provide us with certain information technology, payroll, human resources and other administrative services pursuant to transition services agreements. In connection with our continued organizational and separation related activities, we have incurred expenses to complete our separation from Marriott International. These costs primarily relate to establishing our own information technology systems and services, independent payroll functions and reorganizing certain existing administrative organizations to support our stand-alone public company needs. We expect these efforts to continue through 2014. Organizational and separation related charges were $16 million for 2012, as reflected in our Statements of Operations. In addition, during 2012, $2 million was capitalized to Property and equipment on our Balance Sheets. |
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- Definition Organizational and Separation Related Charges [Text Block] No definition available.
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Business Segments |
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Business Segments | 19. BUSINESS SEGMENTS We operate in four reportable business segments:
We evaluate the performance of our segments based primarily on the results of the segment without allocating corporate expenses, income taxes or indirect general and administrative expenses. We do not allocate corporate interest expense or other financing expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate other gains and losses, equity in earnings or losses from our joint ventures, and certain general and administrative expenses. Corporate and other represents that portion of our revenues, general, administrative and other expenses, equity in earnings or losses, and other gains or losses that are not allocable to our segments. Revenues
Net Income (Loss)
Equity in Earnings (Losses) of Equity Method Investees
Depreciation
Assets
Equity Method Investments
Capital Expenditures
Our Financial Statements include the following items related to operations located outside the United States (which are predominately related to our Europe and Asia Pacific segments):
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Results | 20. QUARTERLY RESULTS (UNAUDITED)
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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary Of Significant Accounting Policies (Policies) |
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Business Operations | Our Business Marriott Vacations Worldwide Corporation (“Marriott Vacations Worldwide,” “we” or “us,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity) is the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club and Grand Residences by Marriott brands. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under the Ritz-Carlton Destination Club brand, and we have the non-exclusive right to develop, market and sell whole ownership residential products under the Ritz-Carlton Residences brand. The Ritz-Carlton Hotel Company, L.L.C. (“Ritz-Carlton”), a subsidiary of Marriott International, Inc. (“Marriott International”), generally provides on-site management for Ritz-Carlton branded properties. Our business is grouped into four reportable segments: North America, Luxury, Europe and Asia Pacific. We operate 64 properties in the United States and nine other countries and territories. We generate most of our revenues from four primary sources: selling vacation ownership products, managing our resorts, financing consumer purchases, and renting vacation ownership inventory. |
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Our Spin-Off from Marriott International, Inc. | Our Spin-Off from Marriott International, Inc. On November 21, 2011, the spin-off of Marriott Vacations Worldwide from Marriott International (the “Spin-Off”) was completed pursuant to a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) between Marriott Vacations Worldwide and Marriott International. Marriott Vacations Worldwide became an independent public company as a result of the distribution pursuant to the Spin-Off of 100 percent of the outstanding shares of Marriott Vacations Worldwide common stock to the shareholders of Marriott International. Prior to the Spin-Off, Marriott International completed an internal reorganization to contribute its non-U.S. and U.S. subsidiaries that conducted its vacation ownership business to Marriott Vacations Worldwide, a newly formed wholly owned subsidiary of Marriott International; the contributed subsidiaries included Marriott Ownership Resorts, Inc., which does business under the name Marriott Vacation Club International. The distribution of Marriott Vacations Worldwide common stock was made on November 21, 2011, with Marriott International shareholders receiving one share of Marriott Vacations Worldwide common stock for every ten shares of Marriott International common stock held as of the close of business Eastern time on the record date of November 10, 2011. Fractional shares of Marriott Vacations Worldwide common stock were not distributed; any fractional share of Marriott Vacations Worldwide common stock otherwise issuable to a Marriott International shareholder was sold in the open market on such shareholder’s behalf, with such shareholders receiving a cash payment in lieu of such fractional share. In connection with the Spin-Off, we entered into the Separation and Distribution Agreement and several other agreements which govern the ongoing relationship between Marriott Vacations Worldwide and Marriott International. |
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Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The consolidated financial statements presented herein and discussed below include 100 percent of the assets, liabilities, revenues, expenses and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities for which Marriott Vacations Worldwide is the primary beneficiary in accordance with the consolidation accounting guidance. Through the date of the Spin-Off, these financial statements present the historical consolidated results of operations, financial position and cash flows of the Marriott Vacations Worldwide business that now comprises our operations. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Through the date of the Spin-Off, the consolidated financial statements presented herein, and discussed below, were prepared on a stand-alone basis and were derived from the consolidated financial statements and accounting records of Marriott International. These consolidated financial statements were prepared as if the reorganization described under “Our Spin-Off from Marriott International, Inc.” above had taken place as of the earliest period presented. The consolidated financial statements reflect our historical financial position, results of operations and cash flows as we have historically operated, in conformity with United States Generally Accepted Accounting Principles (“GAAP”). All significant intracompany transactions and accounts within these Consolidated Financial Statements have been eliminated. Prior to the Spin-Off, Marriott Vacations Worldwide was a subsidiary of Marriott International. The financial information included herein may not necessarily reflect our financial position, results of operations and cash flows in the future or what our financial position, results of operations and cash flows would have been had we been an independent, publicly traded company during all of the periods presented.
Our fiscal year ends on the Friday nearest to December 31. The fiscal years in the following table have 52 weeks. Unless otherwise specified, each reference to a particular year in these financial statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year:
We refer throughout to (i) our Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Operations as our “Statements of Operations,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” (iv) our Consolidated Statements of Cash Flows as our “Cash Flows” and (v) Accounting Standards Update (“ASU”) No. 2009-17, “Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” (“ASU No. 2009-17”), which we adopted on the first day of the 2010 fiscal year, as the new “Consolidation Standard.” All significant transactions between us and Marriott International have been included in these Financial Statements. The total net effect of the settlement of these intercompany transactions prior to the Spin-Off is reflected in the Cash Flows as a financing activity. In connection with the Spin-Off, we completed certain transactions with Marriott International related to our separation from Marriott International, which resulted in a net reduction to our equity of approximately $500 million. These transactions primarily consisted of the reversal of our deferred tax assets, which were retained by Marriott International following the Spin-Off, and establishment of deferred tax liabilities. Retained earnings represents the results of operations subsequent to November 20, 2011. Through the date of the Spin-Off, our Financial Statements include costs for services provided by Marriott International including, but not limited to, information technology support, systems maintenance, telecommunications, accounts payable, payroll and benefits, human resources, self-insurance and other shared services. Historically, these costs were charged to us based on specific identification or on a basis determined by Marriott International to reflect a reasonable allocation to us of the actual costs incurred to perform these services. Marriott International allocated indirect general and administrative costs to us for certain functions provided by Marriott International. The services provided to us included, but were not limited to, executive office, legal, tax, finance, government and public relations, internal audit, treasury, investor relations, human resources and other administrative support, which were allocated to us primarily on the basis of our proportion of Marriott International’s overall revenue. We consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by us during the periods presented. The allocations may not, however, reflect the expense we would have incurred as an independent, publicly traded company for the periods presented. Actual costs that might have been incurred had we been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions we might have performed ourselves or outsourced and strategic decisions we might have made in areas such as information technology and infrastructure. Following the Spin-Off, we perform these functions using our own resources or purchased services from either Marriott International or third parties. For an interim period some of these functions will continue to be provided by Marriott International under Transition Services Agreements (“TSAs”). In addition to the TSAs, we entered into a number of commercial agreements with Marriott International in connection with the Spin-Off, many of which have terms longer than one year. These agreements may not have existed prior to the Spin-Off, or may be on different terms than the terms of agreements between us and Marriott International that existed prior to Spin-Off. Prior to the Spin-Off, the majority of our domestic cash was transferred to Marriott International daily and Marriott International funded our operating and investing activities as needed. Accordingly, the cash and cash equivalents held by Marriott International at the corporate level were not allocated to us for any of the periods prior to the Spin-Off presented. Prior to the Spin-Off, cash and cash equivalents in our Balance Sheets primarily represented cash held locally by international entities included in our Financial Statements. We included debt incurred from our limited direct financing and historical vacation ownership notes receivable securitizations on our Balance Sheets, as this debt is specific to our business. Marriott International did not allocate a portion of its external senior debt interest cost to us since none of the external senior debt recorded by Marriott International was directly related to our business. We also did not include any interest expense for cash advances from Marriott International since historically Marriott International did not allocate any interest expense related to intercompany advances to any of the historical Marriott International divisions. Prior to the Spin-Off, Marriott International allocated a portion of expenses associated with its self-insurance programs to us as part of the historical costs for services Marriott International provided. In connection with the Spin-Off, Marriott International did not allocate any portion of the related reserves as these reserves represent obligations of Marriott International which are not transferable. 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, property and equipment valuation, loan loss reserves, Marriott Rewards customer loyalty program liabilities, self-insured medical plan reserves, equity-based compensation, income taxes, loss contingencies and restructuring charge reserves. Actual amounts may differ from these estimated amounts.
We have also reclassified certain prior year amounts to conform to our 2012 presentation. |
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Revenue Recognition | Revenue Recognition Sales of Vacation Ownership Products We market and sell real estate and in substance real estate in our four reportable segments. Real estate and in substance real estate include deeded vacation ownership products, deeded beneficial interests, rights to use real estate, and other interests in trusts that solely hold real estate and deeded whole ownership units in residential buildings. Within the Luxury segment, we also market and sell residential units at certain properties on a limited basis. Our sales of vacation ownership products may be made for cash or we may provide financing. We generally do not provide financing on sales of whole ownership products. Except for revenue from the sale of residential stand-alone structures, which we recognize upon transfer of title to a third party, we recognize revenue when all of the following exist or are true: the customer has executed a binding sales contract, the statutory rescission period has expired (after which time the purchasers are not entitled to a refund except for non-delivery by us), we have deemed the receivable collectible and the remainder of our obligations are substantially completed. In addition, before we recognize any revenues, the purchaser must have met the initial investment criteria and, as applicable, the continuing investment criteria. A purchaser has met the initial investment criteria when we receive a minimum down payment. In accordance with the guidance for accounting for real estate time-sharing transactions, we must also take into consideration the fair value of certain incentives provided to the purchaser when assessing the adequacy of the purchaser’s initial investment. In those cases where we provide financing to the purchaser, the purchaser must be obligated to remit monthly payments under financing contracts that represent the purchaser’s continuing investment. If construction of the purchased vacation ownership product is not complete, we apply the percentage-of-completion method of accounting provided that the preliminary construction stage is complete and that a minimum sales level has been met (to ensure that the property will not revert to a rental property). We deem the preliminary stage of development to be complete when the engineering and design work is complete, the construction contracts have been executed, the site has been cleared, prepared and excavated, and the building foundation is complete. We determine completion percentage by comparing the proportion of inventory costs incurred to total estimated costs. We base these estimated costs on our historical experience, market conditions and the related contractual terms. The remaining revenues and related costs of sales, including commissions and direct expenses, are deferred and recognized as the remaining costs are incurred. Resort Management and Other Services Revenues Resort management and other services revenues consist primarily of ancillary revenues and management fees. Ancillary revenues consist of goods and services that are sold or provided by us at restaurants, golf courses and other retail and service outlets located at developed resorts. We recognize ancillary revenue when goods have been provided and/or services have been rendered. We provide day-to-day-management services, including housekeeping services, operation of a reservation system, maintenance and certain accounting and administrative services for property owners’ associations. We receive compensation for such management services which is generally based on either a percentage of total costs to operate such resorts or a fixed fee arrangement. We recognize revenues when earned in accordance with the terms of the contract and record them as a component of Resort management and other services revenues on our Statements of Operations. Management fee revenues were $67 million, $63 million and $60 million during 2012, 2011 and 2010, respectively. Financing Revenues We offer consumer financing as an option to qualifying customers purchasing vacation ownership products, which is typically collateralized by the underlying vacation ownership products. We recognize interest income on an accrual basis. The contractual terms of the financing agreements require that the contractual level of annual principal payments be sufficient to amortize the loan over a customary period for the vacation ownership product being financed, which is generally ten years. Generally, payments commence under the financing contracts 30 to 60 days after closing and upon receipt of a minimum down payment of 10 percent. We record an estimate of uncollectible amounts at the time of the sale with a charge to the provision for loan losses, which we classify as a reduction of Sales of vacation ownership products on our Statements of Operations. Revisions to estimates of uncollectible amounts also impact the provision for loan losses and can increase or decrease revenue. We earn interest income from the financing arrangements on the principal balance outstanding over the life of the arrangement and record that interest income in Financing revenues on our Statements of Operations.
Rental Revenues We record rental revenues when occupancy has occurred or, in the case of unused prepaid rentals, upon forfeiture. Fee Revenues Both Financing revenues and Resort management and other services revenues include additional fees for services we provide to our property owners’ associations, as well as certain annual and transaction based fees we charge to owners and other third parties for services. We recognize fee revenues when services have been rendered. Fee revenues included in Financing revenues were $6 million in 2012, $7 million in 2011 and $7 million in 2010, as reflected on our Statements of Operations. Fee revenues included in Resort management and other services revenues were $23 million in 2012, $17 million in 2011 and $10 million in 2010, as reflected on our Statements of Operations. Cost Reimbursements Cost reimbursements include direct and indirect costs that property owners’ associations and joint ventures reimburse to us. In accordance with the accounting guidance for gross versus net presentation, we record these revenues on a gross basis. These costs primarily consist of payroll and payroll-related costs for management of the property owners’ associations and other services we provide where we are the employer. We recognize cost reimbursements when we incur the related reimbursable costs. Cost reimbursements are based upon actual expenses with no added margin. |
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Multiple-Element Transactions | Multiple-Element Transactions From time to time, we enter into transactions involving multiple elements. We analyze contracts with multiple elements under the accounting guidance for revenue recognition in multiple-element arrangements. If we enter into transactions for the sale of multiple products or services, we evaluate whether the delivered elements have value to the customer on a stand-alone basis, and whether there is objective and reliable evidence of fair value for each undelivered element in the transaction. If these criteria are met, then we account for each deliverable in the transaction separately. We generally recognize revenue for undelivered elements on a straight-line basis over the contractual performance period for time-based elements or upon delivery to the customer. If we are unable to determine the fair value of one or more undelivered elements in the transaction, we recognize the revenue on a straight-line basis over the period in which the last deliverable is provided to the customer. Multiple-element transactions require judgment to determine the selling price or fair value of the different elements. The judgments impact the amount of revenue and expenses recognized over the term of the contract, as well as the period in which they are recognized. |
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Inventory | Inventory Our inventory consists of completed vacation ownership products, vacation ownership products under construction and land held for future vacation ownership product development. We carry our inventory at the lower of (1) cost, including costs of improvements and amenities incurred subsequent to acquisition, capitalized interest and real estate taxes plus other costs incurred during construction, or (2) estimated fair value, less costs to sell, which can result in impairment charges and/or recoveries of previous impairments. We account for vacation ownership inventory and cost of vacation ownership products in accordance with time-sharing accounting standards, which define a specific application of the relative sales value method for reducing vacation ownership inventory and recording cost of sales as described in our policy for revenue recognition for vacation ownership products. Also, pursuant to time-sharing accounting standards, we do not reduce inventory for cost of vacation ownership products related to anticipated credit losses (accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable). These standards provide for changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as product cost true-ups, and are recorded in Cost of vacation ownership product expenses on the Statements of Operations to retrospectively adjust the margin previously recorded subject to those estimates. For 2012, 2011 and 2010, product cost true-ups relating to vacation ownership products increased carrying values of inventory by $30 million, $2 million and $6 million, respectively. For residential real estate projects, we allocate costs to individual residences in the projects based on the relative estimated sales value of each residence in accordance with ASC 970, “Real Estate—General,” which defines the accounting for costs of real estate projects. Under this method, we reduce the allocated cost of a unit from inventory and recognize that cost as cost of sales when we recognize the related sale. Changes in estimates within the relative sales value calculations for residential products (similar to condominiums) are accounted for as prospective adjustments to cost of vacation ownership products. |
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Capitalization of Costs | Capitalization of Costs We capitalize interest and certain salaries and related costs incurred in connection with the following: (1) development and construction of sales centers; (2) internally developed software; and (3) development and construction projects for our real estate inventory. We capitalize interest expense and costs clearly associated with the acquisition, development and construction of a real estate project when it is probable that we will acquire a property or an option to acquire a property. We capitalize salary and related costs only to the extent they directly relate to the project. We capitalize taxes and insurance costs when activities that are necessary to get the property ready for its intended use are underway. We cease capitalization of costs during prolonged gaps in development when substantially all activities are suspended or when projects are considered substantially complete (such as typically three months after a project phase receives a certificate of occupancy). Capitalized salaries and related costs totaled $8 million, $11 million and $19 million for 2012, 2011 and 2010, respectively. |
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Defined Contribution Plan | Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. Our employees participated in Marriott International’s comparable plan prior to the Spin-Off. Subsequent to the Spin-Off, our employees are no longer eligible to participate in Marriott International’s defined contribution plan, and are now able to participate in the comparable defined contribution plan we established. We recognized compensation expense (net of cost reimbursements from property owners’ associations) for our participating employees totaling $5 million in 2012, $6 million in 2011 and $6 million in 2010. Of the $6 million compensation expense we recognized in 2011, $5 million was recognized prior to the Spin-Off and was associated with the Marriott International defined contribution plan and $1 million was recognized subsequent to the Spin-Off and was associated with our newly established defined contribution plan. |
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Property and Equipment | Property and Equipment Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as land parcels that are not part of our approved development plan. We record property and equipment at cost, including interest and real estate taxes incurred during active development. We capitalize the cost of improvements that extend the useful life of property and equipment when incurred. These capitalized costs may include structural costs, equipment, fixtures, floor and decorative items and signage. We expense all repair and maintenance costs as incurred. We compute depreciation using the straight-line method over the estimated useful lives of the assets (three to forty years), and we amortize leasehold improvements over the shorter of the asset life or lease term. |
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Marriott Rewards Customer Loyalty Program | Marriott Rewards Customer Loyalty Program We participate in the Marriott Rewards customer loyalty program and we offer Marriott Rewards Points, or “points,” which we purchase from Marriott International, as incentives to purchase vacation ownership products and/or through exchange and other activities. Marriott International maintains and administers this program and points cannot be redeemed for cash. The associated expense is classified in the Statements of Operations based on the source of the expense and related revenue stream. For periods subsequent to 2011, we generally pay Marriott International for Marriott Rewards Points within 30 days of issuance. For Marriott Rewards Points issued for exchanges in the calendar fourth quarter, payment is due within 120 days of year-end. The rates we pay for the Marriott Rewards Points are based upon historical redemption costs. Our liability for these Marriott Rewards Points is included in Accrued liabilities on the Balance Sheets. For Marriott Rewards Points issued prior to 2012, we pay Marriott International for Marriott Rewards Points when the points are redeemed by program members. Our liability for Marriott Rewards Points issued prior to 2012 represents the net present value of future cash outlays that we are obligated to pay Marriott International based on actual point redemptions. We base the carrying value of this liability on a statistical model that projects the dollar value and timing of future point redemptions. The most significant estimates involve the future cost of redeemed points, the breakage for points that will never be redeemed, and the pace at which points are redeemed. We base our estimates for these items on our historical experience, current trends and other considerations. Actual results could differ from our projections so the actual discounted future cash outlays associated with our Marriott Rewards customer loyalty program liability could differ from the amounts currently recorded. Our liability for Marriott Rewards Points issued prior to 2012 represents the amount that we are obligated to pay to Marriott International based on future redemptions. These future redemptions consist of actual redemptions incurred during years 2013 to 2015, with a final lump sum payment in 2016. The lump sum payment represents an estimate of the present value of anticipated future redemptions of any remaining Marriott Rewards Points issued in connection with our business prior to 2012. Our liability for these Marriott Rewards Points is included in Liability for Marriott Rewards customer loyalty program on the Balance Sheets. See Footnote No. 12, “Other Liabilities” for more information. |
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Guarantees | Guarantees We record a liability for the fair value of a guarantee on the date we issue or modify the guarantee. The offsetting entry depends on the circumstances in which the guarantee was issued. Funding under the guarantee reduces the recorded liability. On a quarterly basis, we evaluate all material estimated liabilities based on the operating results and the terms of the guarantee. If we conclude that it is probable that we will be required to fund a greater amount than previously estimated, we will record a loss. |
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Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. |
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Restricted Cash | Restricted Cash Restricted cash primarily consists of cash held in a reserve account related to notes receivable securitizations; cash collected for maintenance fees to be remitted to property owners’ associations; and deposits received, primarily associated with vacation ownership products and residential sales that are held in escrow until the associated contract has closed or the period in which it can be rescinded has passed, depending on legal requirements. |
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Accounts and Contracts Receivable | Accounts and Contracts Receivable Accounts and contracts receivable are presented net of allowances of $2 million at the end of both 2012 and 2011. |
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Loan Loss Reserves | Loan Loss Reserves Vacation Ownership Notes Receivable We record an estimate of expected uncollectibility on all notes receivable from vacation ownership purchasers as a reduction of revenues from the sales of vacation ownership products at the time we recognize profit on a vacation ownership product sale. We fully reserve for all defaulted vacation ownership notes receivable in addition to recording a reserve on the estimated uncollectible portion of the remaining vacation ownership notes receivable. For those vacation ownership notes receivable that are not in default, we assess collectibility based on pools of vacation ownership notes receivable because we hold large numbers of homogeneous vacation ownership notes receivable. We use the same criteria to estimate uncollectibility for non-securitized vacation ownership notes receivable and securitized vacation ownership notes receivable because they perform similarly. We estimate uncollectibility for each pool based on historical activity for similar vacation ownership notes receivable. Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. We consider loans over 150 days past due to be in default. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all principal, interest, fees and penalties owed and fully reinstate the note. We write off uncollectible vacation ownership notes receivable against the reserve once we receive title of the vacation ownership products through the foreclosure or deed-in-lieu process or, in Europe or Asia Pacific, when revocation is complete. For both non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 7.42 percent and 7.71 percent as of December 28, 2012 and December 30, 2011, respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in our allowance for credit losses of $6 million as of December 28, 2012 and December 30, 2011. For additional information on our vacation ownership notes receivable, including information on the related reserves, see Footnote No. 3, “Vacation Ownership Notes Receivable.” Other Loans Receivable On a regular basis, we individually assess other loans receivable for impairment. We use internally generated cash flow projections to determine if we expect the notes receivable will be repaid according to the terms of the loan agreements. If we conclude that it is probable that a loan will not be repaid in accordance with the loan agreement, we consider the loan impaired and begin recognizing interest income on a cash basis. To measure impairment, we calculate the present value of expected future cash flows discounted at the loan’s original effective interest rate or the estimated fair value of the collateral. If the present value or the estimated value of collateral is less than the carrying value of the note receivable, we establish a specific impairment reserve for the difference. It is our policy to charge off notes receivable that we believe will likely not be collected based on financial or other business indicators, including our historical experience, in the quarter in which we deem the note receivable to be uncollectible. |
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Costs Incurred to Sell Vacation Ownership Products | Costs Incurred to Sell Vacation Ownership Products We charge the majority of marketing and sales costs we incur to sell vacation ownership products to expense when incurred. Deferred marketing and selling expenses, which are direct marketing and selling costs related either to an unclosed contract or a contract for which 100 percent of revenue has not yet been recognized, were $4 million at year-end 2012 and $3 million at year-end 2011 and are included in the accompanying Balance Sheets in the Other caption within Assets. |
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Valuation of Property and Equipment | Valuation of Property and Equipment Property and equipment includes our sales centers, golf courses, information technology and other assets used in the normal course of business, as well as land parcels that are not part of an approved development plan and do not meet the criteria to be classified as held for sale. We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable, for example, when there are material adverse changes in projected revenues or expenses, significant underperformance relative to historical or projected operating results, and significant negative industry or economic trends. We also perform a test for recoverability when management has committed to a plan to sell or otherwise dispose of an asset group and we expect the plan will be completed within a year. We evaluate recoverability of an asset group by comparing its carrying value to the future net undiscounted cash flows that we expect will be generated by the asset group. If the comparison indicates that the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of carrying value over the estimated fair value. When we recognize an impairment loss for assets to be held and used, we depreciate the adjusted carrying amount of those assets over their remaining useful life. Refer to Footnote No. 8, “Property and Equipment,” for additional information. For information on impairment losses that we recorded associated with long-lived assets, see Footnote No. 16, “Impairment Charges.” |
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Investments | Investments We consolidate entities that we control. We account for investments in joint ventures using the equity method of accounting when we exercise significant influence over the venture. If we do not exercise significant influence, we account for the investment using the cost method of accounting. We account for investments in limited partnerships and limited liability companies using the equity method of accounting when we own more than a minimal investment. Our ownership interest in these equity method investments generally varies from 34 percent to 50 percent. Valuation of Investments in Ventures We evaluate an investment in a venture for impairment when circumstances indicate that the carrying value may not be recoverable due to loan defaults, significant under-performance relative to historical or projected performance, significant negative industry or economic trends, or otherwise. We impair investments we have accounted for using the equity and cost methods of accounting when we determine that the venture has had an “other than temporary” decline in its estimated fair value as compared to its carrying value. Additionally, a change in business plans or strategies of a venture could cause us to evaluate the recoverability for the individual long-lived assets in the venture and possibly the venture itself. We calculate the estimated fair value of an investment in a venture using the income approach. We use internally developed discounted cash flow models that include the following assumptions, among others: projections of revenues and expenses and related cash flows based on assumed long-term growth rates and demand trends; expected future investments; and estimated discount rates. We base these assumptions on our historical data and experience, third-party appraisals, industry projections, micro and macro general economic condition projections, and our expectations. |
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Fair Value Measurements | Fair Value Measurements We have various financial instruments we must measure at fair value on a recurring basis. See Footnote No. 4, “Financial Instruments,” for further information. We also apply the provisions of fair value measurement to various non-recurring measurements for our financial and non-financial assets and liabilities. The applicable accounting standards define fair value as the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). We measure fair value of our assets and liabilities using inputs from the following three levels of the fair value hierarchy: Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
Level 3 includes unobservable inputs that reflect our assumptions about what factors market participants would use in pricing the asset or liability. We develop these inputs based on the best information available, including our own data. |
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Derivative Instruments | Derivative Instruments From time to time, we may use derivative instruments to reduce market risk due to changes in interest rates and currency exchange rates, including interest rate derivatives that we may be required to enter into as a condition of the Warehouse Credit Facility (as defined in Footnote No. 10, “Debt”). As of December 28, 2012, we were not party to any material derivative instruments or hedges. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determines how the change in fair value of the derivative instrument is recorded in our Financial Statements. A derivative qualifies for hedge accounting if, at inception, we expect the derivative to be highly effective in offsetting the underlying hedged cash flows or fair value and we fulfill the hedge documentation standards at the time we enter into the derivative contract. We designate a hedge as a cash flow hedge, fair value hedge, or a net investment in non-U.S. operations hedge based on the exposure we are hedging. The asset or liability value of the derivative will change in tandem with its fair value. For the effective portion of qualifying hedges, we record changes in fair value in other comprehensive income (“OCI”). We release the derivative’s gain or loss from OCI to match the timing of the underlying hedged items’ effect on earnings. As a matter of policy, we only enter into hedging transactions that we believe will be highly effective at offsetting the underlying risk and do not use derivatives for trading or speculative purposes. Prior to the Spin-Off, Marriott International entered into derivative instruments on our behalf. Marriott International managed our exposure to market risks by monitoring available financing alternatives, as well as through development and application of credit granting policies. Marriott International also used derivative instruments, including cash flow hedges, net investment in non-U.S. operations hedges, fair value hedges, and other derivative instruments, as part of Marriott International’s overall strategy to manage our exposure to market risks. |
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Non-U.S. Operations | Non-U.S. Operations The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency for our consolidated entities operating outside of the United States is generally the currency of the economic environment in which the entity primarily generates and expends cash. For consolidated entities whose functional currency is not the U.S. dollar, we translate their financial statements into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate Statement of Operations accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of equity. We report gains and losses from currency exchange rate changes related to intercompany receivables and payables that are not of a long-term investment nature, as well as gains and losses from non-U.S. currency transactions, currently in operating costs and expenses. |
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Legal Contingencies | Legal Contingencies We are subject to various legal proceedings and claims in the normal course of business, the outcomes of which are subject to significant uncertainty. We record an accrual for 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 the loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. |
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Share-Based Compensation Costs | Share-Based Compensation Costs In conjunction with the Spin-Off, we established the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (“Marriott Vacations Worldwide Stock Plan”) in order to compensate our employees and directors by issuing equity awards such as stock options, stock appreciation rights (“SARs”) and restricted stock units (“RSUs”) to them. Prior to the Spin-Off, certain of our employees received equity awards under the Marriott International, Inc. Stock and Cash Incentive Plan (“Marriott International Stock Plan”). For the fiscal year ended 2012 and the period from November 21, 2011 through December 30, 2011, our Statement of Operations includes expenses related to our employees’ participation in both the Marriott Vacations Worldwide Stock Plan and the Marriott International Stock Plan. For the period from January 1, 2011 through November 20, 2011 and the fiscal year ended 2010, our Statements of Operations include expenses related to our employees’ participation in the Marriott International Stock Plan. We follow the provisions of ASC 718, “Compensation—Stock Compensation” (“ASC 718”), which requires that a company measure the expense of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. Generally, share-based awards granted to our employees vest ratably over a four-year period, and we recognize the expense associated with these awards in our Statements of Operations on a straight-line basis over the period during which an employee is required to provide service in exchange for the award. We measure the amount of compensation expense for share-based awards based on the fair value of the awards as of the date that the share-based awards are granted and adjust that expense to the estimated number of awards that we expect will vest. We generally determine the fair value of stock options and SARs using the Black-Scholes option valuation model which incorporates assumptions about expected volatility, risk free interest rate, dividend yield and expected term. The fair value of RSUs represents the number of awards granted multiplied by the average of the high and low market price of our common stock on the date the awards are granted. For awards granted after 2005, we recognize compensation cost for share-based awards ratably over the vesting period. See Footnote No. 14, “Share-Based Compensation,” for more information |
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Advertising Costs | Advertising Costs We expensed advertising costs as incurred of $2 million, $3 million and $3 million in 2012, 2011 and 2010, respectively. These costs are included in the Marketing and sales expense caption on our Statements of Operations. |
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Income Taxes | Income Taxes Although for periods prior to the Spin-Off we did not file separate tax returns from Marriott International, we have calculated the income tax provision included in these Financial Statements based on a separate return methodology, as if the entities were separate taxpayers in the respective jurisdictions. As a result, our deferred tax balances and effective tax rate as a stand-alone entity will likely differ significantly from those recognized historically. Prior to the Spin-Off, our results of operations were included in the consolidated tax filings of other Marriott International entities within the respective entity’s tax jurisdiction. Commencing with periods subsequent to November 21, 2011, we file our own consolidated U.S. federal and state income tax returns and any required filings for non-U.S. jurisdictions based on the applicable tax year in each jurisdiction. We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of deferred tax liabilities or the valuations of deferred tax assets over time. Our accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates. We record net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In the event we determine that we would be able to realize our deferred income tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which impacts the provision for income taxes. For tax positions we have taken, or expect to take, in a tax return we apply a more likely than not threshold, under which we must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, in order to continue to recognize the benefit. In determining our provision for income taxes, we use judgment, reflecting our estimates and assumptions, in applying the more likely than not threshold. Prior to the Spin-Off, we did not maintain taxes payable to or from Marriott International and the tax balances outstanding at Spin-Off will be settled in accordance with the Tax Sharing and Indemnification Agreement that we entered into on November 17, 2011 with Marriott International. These deemed settlements are reflected as changes in Shareholder’s Equity. For information about income taxes and deferred tax assets and liabilities, see Footnote No. 2, “Income Taxes.” |
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Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share Basic earnings (loss) per common share is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings (loss) per common share by application of the treasury stock methods. For 2011, basic weighted average shares outstanding were computed using the number of shares of common stock outstanding immediately following the Spin-Off, as if such shares were outstanding for the entire period prior to the Spin-Off, plus the weighted average of such shares outstanding following the Spin-Off date through year-end 2011. For 2010, basic and diluted weighted average shares outstanding were computed using the number of shares of common stock outstanding immediately following the Spin-Off, as if such shares were outstanding for the entire period. |
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New Accounting Standards | New Accounting Standards Accounting Standards Update No. 2011-04 – “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs” (“ASU No. 2011-04”) ASU No. 2011-04 generally provides a uniform framework for fair value measurements and related disclosures between GAAP and International Financial Reporting Standards. Additional disclosure requirements in the update include: (1) for Level 3 fair value measurements, quantitative information about unobservable inputs used, a description of the valuation processes used by the entity, and a qualitative discussion about the sensitivity of the measurements to changes in the unobservable inputs; (2) for an entity’s use of a nonfinancial asset that is different from the asset’s highest and best use, the reason for the difference; (3) for financial instruments not measured at fair value but for which disclosure of fair value is required, the fair value hierarchy level in which the fair value measurements were determined; and (4) the disclosure of all transfers between Level 1 and Level 2 of the fair value hierarchy. ASU No. 2011-04 became effective during our first quarter of 2012. The adoption of this update did not have a material impact on our Financial Statements. Accounting Standards Update No. 2011-05 – “Comprehensive Income (Topic 220): Presentation of Comprehensive Income” (“ASU No. 2011-05”) and Accounting Standards Update No. 2011-12 – “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05” (“ASU No. 2011-12”) ASU No. 2011-05 amends existing guidance by allowing only two options for presenting the components of net income and other comprehensive income: (1) in a single continuous statement of comprehensive income, or (2) in two separate but consecutive financial statements, consisting of an income statement followed by a separate statement of other comprehensive income. ASU No. 2011-12 defers until further notice ASU No. 2011-05’s requirement that items that are reclassified from other comprehensive income to net income be presented on the face of the financial statements. ASU No. 2011-05 requires retrospective application, and both ASU No. 2011-05 and ASU No. 2011-12 became effective during our first quarter of 2012. The adoption of these updates changed the order in which certain financial statements are presented and has required us to provide additional detail on those financial statements, but did not have a material impact on our Financial Statements. |
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- Definition Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for its derivative instruments and hedging activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated domestic subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. Additionally, this element describes the entity's application of the cost method to equity investments or other interests that are not consolidated or accounted for under the equity method of accounting. The disclosure provided may include how equity method or cost investments are assessed for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for fair value measurements, which may include, but is not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for minimum guarantees, including the nature of each guarantee given to contract holders under long-duration contracts, and the methods of determining the amounts of the guarantees reflected as liabilities in the balance sheet or disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting. No definition available.
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- Definition Disclosure of accounting policy for pension plans. This accounting policy may address (1) the types of plans sponsored by the entity (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for assessing and recognizing impairments of its property, plant and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for revenue recognition for multiple-deliverable arrangements including, at a minimum (as applicable): (1) the nature of such arrangements, (2) the significant deliverables within the arrangements, (3) the general timing of delivery or performance of service for the deliverables within the arrangements, (4) performance-, cancellation-, termination- or refund-type provisions, (5) a discussion of the significant factors, inputs, assumptions, and methods used to determine selling price (whether vendor-specific objective evidence, third-party evidence, or estimated selling price) for the significant deliverables, (6) whether the significant deliverables in the arrangements qualify as separate units of accounting and the reasons that they do not qualify as separate units of accounting, if applicable, and (7) the general timing of revenue recognition for significant units of accounting. This element is applicable to all multiple-deliverable arrangements, including software arrangements (for example, software products, upgrades or enhancements, postcontract customer support, or services). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for accounts and contracts receivable. This disclosure may include Amounts due from customers for goods, services, and vacation ownership contracts that have been delivered or sold in the normal course of business. Amounts are net of related allowances established for estimated uncollectible amounts. No definition available.
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- Definition Basis of Presentation and Principles of Consolidation No definition available.
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- Definition Disclosure of accounting policy for the capitalization of costs including interest and certain salaries and related costs incurred in connection with development and construction of sales centers, internally developed software and development and construction projects for our real estate inventory. No definition available.
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- Definition Policy for costs incurred to sell vacation ownership products. No definition available.
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- Definition Policy for measuring impairment and recording a reserve on vacation ownership notes receivable and other loans receivable. No definition available.
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- Definition Nature of Operations No definition available.
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- Definition Disclosure of accounting policy for rewards loyalty program No definition available.
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- Definition Spin Off Disclosure Policy No definition available.
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Summary Of Significant Accounting Policies (Tables) |
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Each Reference to Particular Year in These Financial Statements Means Fiscal Year Ended on Date Shown | Unless otherwise specified, each reference to a particular year in these financial statements means the fiscal year ended on the date shown in the following table, rather than the corresponding calendar year:
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- Definition Tabular disclosure may include identification of the fiscal period end-date, the length of the fiscal period, any reporting period lag between the entity and its subsidiaries, or equity investees. If a reporting lag exists, the closing date of the entity having a different period end is generally noted, along with an explanation of the necessity for using different closing dates. Any intervening events that materially affect the entity's financial position or results of operations are generally also disclosed. No definition available.
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Income Taxes (Tables) |
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Income (Loss) Before Provision of Income Taxes by Geographic Region | The income (loss) before provision (benefit) of income taxes by geographic region is as follows:
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Benefit from (Provision for) Income Taxes | Our (provision for) benefit from income taxes consists of:
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Reconciliation of Unrecognized Tax Benefit | The following table reconciles our unrecognized tax benefit balance for each year from the beginning of 2010 to the end of 2012:
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Total Deferred Tax Assets and Liabilities | Total deferred tax assets and liabilities as of year-end 2012 and year-end 2011 were as follows:
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Tax Effect of Each Type of Temporary Difference and Carry-Forward That Gives Rise to Significant Portion of Deferred Tax Assets And Liabilities | The tax effect of each type of temporary difference and carry-forward that gives rise to a significant portion of our deferred tax assets and liabilities as of year-end 2012 and year-end 2011 were as follows:
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Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate | The following table reconciles the benefit or expense related to the U.S. statutory income tax rate to our effective income tax rate for continuing operations:
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. No definition available.
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- Definition Tabular disclosure of the change in unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total deferred tax assets and liabilities, net of valuation allowances. No definition available.
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Vacation Ownership Notes Receivable (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable | The following tables show future principal payments, net of reserves, as well as interest rates for our securitized and non-securitized vacation ownership notes receivable:
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Interest Income Associated With Vacation Ownership Notes Receivable | The following table summarizes interest income associated with vacation ownership notes receivable:
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Recorded Investment in Non-accrual Notes Receivable that are 90 Days or More Past Due | The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. As noted in Footnote No. 1, “Summary of Significant Accounting Policies,” we recognize interest income on a cash basis for these vacation ownership notes receivable.
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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 December 28, 2012:
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of December 30, 2011:
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Vacation Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Receivable Reserves | The following table summarizes the activity related to our vacation ownership notes receivable reserve for 2012, 2011 and 2010:
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X | ||||||||||
- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the annual minimum payments due from financing receivables, such as, but not limited to accounts, notes, loans, and other financing receivables. No definition available.
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- Definition Tabular disclosure of nonaccrual and past due financing receivables (such as loans and trade receivables), including: (a) the recorded investment in loans and trade receivables, if applicable, on nonaccrual status as of each balance sheet date (b) the recorded investment in loans and trade receivables, if applicable, past due 90 days or more and still accruing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Notes Receivable, Balances, Net Of Reserves [Table Text Block] No definition available.
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- Definition Interest Income associated with vacation ownership notes receivable. No definition available.
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- Details
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Financial Instruments (Tables) |
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Dec. 28, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Values and Estimated Fair Values of Financial Assets and Liabilities | The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with current guidance for disclosures on 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 and Accounts payable, which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
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Non-Securitized Vacation Ownership Notes Receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Values and Estimated Fair Values of Financial Assets and Liabilities | We bifurcate our non-securitized vacation ownership notes receivable into two pools as follows:
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Earnings Per Share (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share | The table below illustrates the reconciliation of the earnings (loss) and number of shares used in our calculation of basic and diluted earnings (loss) per share.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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Inventory (Tables) |
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Dec. 28, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Inventory | The following table shows the composition of our inventory balances:
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- Definition Inventory Table No definition available.
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Property And Equipment (Tables) |
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Dec. 28, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Property and Equipment | The following table details the composition of our property and equipment balances:
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- Definition Disclosure of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and excess land held for resale. No definition available.
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Contingencies And Commitments (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Potential Amount of Future Fundings for Financing Guarantees and Carrying Amount of Liability for Expected Future Fundings | The following table shows the maximum potential amount of future fundings for financing guarantees where we are the primary obligor and the carrying amount of the liability for expected future fundings.
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Summary of Future Obligations Under Operating Leases | We have summarized our future obligations under operating leases at December 28, 2012 below:
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Composition of Rental Expense Associated with Operating Leases | The following table details the composition of rent expense associated with operating leases, net of sublease income, for the last three years:
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of rental expense from operating leases for each period for which an income statement is presented with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Balances | The following table provides detail on our debt balances:
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Scheduled Future Principal Payments for Debt | The following table shows scheduled future principal payments for our debt:
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Other Liabilities (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||
Variable Change Impact on Valuation of Customer Loyalty Liability | The table below would have the following impact on the valuation of our customer loyalty liability at December 28, 2012:
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- Definition Other Liabilities Table Disclosure [Text Block] No definition available.
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Share-Based Compensation (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information on Outstanding RSUs Issued to Employees | The following table provides additional information on outstanding RSUs issued to our employees for the last three fiscal years:
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Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees | The following table shows the 2012 changes in Marriott Vacations Worldwide RSUs issued to Marriott International and Marriott Vacations Worldwide employees:
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Changes in Outstanding Marriott Vacations Worldwide Stock Options for Marriott International and Marriott Vacations Worldwide Employees | The following table shows the 2012 changes in outstanding Marriott Vacations Worldwide stock options for Marriott International and Marriott Vacations Worldwide employees:
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Marriott Vacations Worldwide Stock Options Issued to Marriott International and Marriott Vacations Worldwide Employees that were Outstanding and Exercisable | The following table shows the Marriott Vacations Worldwide stock options issued to Marriott International and Marriott Vacations Worldwide employees that were outstanding and exercisable at year-end 2012:
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Intrinsic Value of Outstanding Marriott International Stock Options and Exercisable Stock Options held by Employees | The following table shows the intrinsic value of outstanding Marriott International stock options and exercisable stock options held by our employees at year-end 2012 and 2011:
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Changes in Outstanding Marriott Vacations Worldwide SARs Issued to Both Marriott International and Marriott Vacations Worldwide Employees | The following table shows the 2012 changes in outstanding Marriott Vacations Worldwide SARs issued to both Marriott International and Marriott Vacations Worldwide employees:
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Assumptions Used to Estimate Fair Value of Grants | The following table outlines the assumptions used to estimate the fair value of grants for the fiscal year ended 2012 and 2011:
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Pre Spin Off | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions Used to Estimate Fair Value of Grants | The following table shows the assumptions used to estimate the fair value of stock options and SARs our employees were awarded under the Marriott International Stock Plan for 2011 (prior to the Spin-Off) and 2010:
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock appreciation rights awards that were outstanding at the beginning and end of the year, and the number of stock appreciation rights awards that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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- Definition Schedule of Share Based Compensation Stock Options, Outstanding and Exercisable [Table Text Block] No definition available.
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- Definition Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions [Table Text Block] No definition available.
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- Details
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Variable Interest Entities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classifications of Consolidated VIE Assets and Liabilities | The following table shows consolidated assets, which are collateral for the obligations of these variable interest entities, and consolidated liabilities included in our Balance Sheet at December 28, 2012.
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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 variable interest entities during 2012:
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Note Receivable Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows Between Company and Variable Interest Entities | The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities:
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Warehouse Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows Between Company and Variable Interest Entities | The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity:
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X | ||||||||||
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Cash Flows Between Securitization Special Purpose Entity SPE And Transferor Text Block No definition available.
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- Definition Schedule of Variable Interest Entities Table No definition available.
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- Details
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- Details
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Impairment Charges (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Impairment Charges | In accordance with ASC 978, “Real Estate—Time-sharing Activities,” and ASC 360, “Property, Plant, and Equipment,” we have recorded impairment adjustments to inventory, property and equipment and one joint venture investment and related party notes receivable to adjust the carrying value of underlying assets to our estimate of its fair value when required.
2010 Impairment Charges We incurred total impairment charges during 2010 as follows:
2011 Impairment Charges We incurred total impairment charges during 2011 as follows:
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- Definition Disclosure related to the composition of the impairment expense recognized during the period to reduce the carrying amount of several assets. The impairment charges include inventory, and property, plant and equipment. No definition available.
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Business Segments (Tables) |
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Dec. 28, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues
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Net Income (Loss) | Net Income (Loss)
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Equity in Losses of Equity Method Investees | Equity in Earnings (Losses) of Equity Method Investees
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Depreciation | Depreciation
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Assets | Assets
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Equity Method Investments | Equity Method Investments
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Capital Expenditures | Capital Expenditures
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- Definition Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated net income. No definition available.
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- Definition Schedule Of Capital Expenditures By Segment Table [Text Block] No definition available.
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- Definition Schedule Of Equity Method Investments Results From Operations Table [Text Block] No definition available.
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- Definition Tabular disclosure of segment depreciation and amortization. No definition available.
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Quarterly Results (Tables) |
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Dec. 28, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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- Definition Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions |
12 Months Ended | |||
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Dec. 28, 2012
USD ($)
Property
Location
Segment
Line
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Dec. 30, 2011
USD ($)
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Dec. 31, 2010
USD ($)
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Nov. 21, 2011
USD ($)
shares
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Significant Accounting Policies [Line Items] | ||||
Number of business segments | Segment | 4 | |||
Number of properties | Property | 64 | |||
Number of primary sources of revenues generated | Line | 4 | |||
Percentage of distribution of the outstanding shares of common stock to the shareholders of Marriott International | 100.00% | |||
Spin-off distribution ratio, spinnee shares received | shares | 1 | |||
Spin-off distribution ratio, spinnor shares held | shares | 10 | |||
Number of weeks in the last three fiscal years | 52 weeks | |||
Reduction in equity related to the Spin-Off | $ 500 | |||
Management fee revenues | $ 67 | $ 63 | $ 60 | |
Contractual financing term | 10 years | |||
Payment period | 30 days | |||
Minimum down payment percentage | 10.00% | |||
Increase in carrying value of inventories | $ 30 | 2 | 6 | |
Capitalized salaries and related costs | 8 | 11 | 19 | |
Defined contribution plan compensation expense (net of cost reimbursements from property owners' associations) participating employees | $ 5 | 6 | 6 | |
Rewards points,payment days | 120 days | |||
Allowances for accounts and contracts receivable | $ 2 | $ 2 | ||
Period in which loan considered past due | 30 days | |||
Period in which loan suspend accrual of interest | 90 days | |||
Period in which loan considered default loan | 150 days | |||
Notes receivable estimated average remaining default rates | 7.42% | 7.71% | ||
Estimated default rate increases that would have resulted an increase in allowance for credit losses | 0.50% | |||
Allowance for credit losses that would have been increased | $ 6 | $ 6 | ||
Stock awards, vesting period | 4 years | |||
Advertising costs | $ 2 | 3 | 3 | |
Financial Services Revenue | ||||
Significant Accounting Policies [Line Items] | ||||
Fee revenues | 6 | 7 | 7 | |
Resort | ||||
Significant Accounting Policies [Line Items] | ||||
Fee revenues | 23 | 17 | $ 10 | |
Other Assets | ||||
Significant Accounting Policies [Line Items] | ||||
Deferred marketing and selling expenses, which are direct marketing and selling costs related either to an unclosed contract or a contract for which 100 percent of revenue has not yet been recognized | $ 4 | 3 | ||
Leasehold Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Amortization period | We amortize leasehold improvements over the shorter of the asset life or lease term. | |||
Pre Spin Off | ||||
Significant Accounting Policies [Line Items] | ||||
Defined contribution plan compensation expense (net of cost reimbursements from property owners' associations) participating employees | 5 | |||
Subsequent to Spin - Off | ||||
Significant Accounting Policies [Line Items] | ||||
Defined contribution plan compensation expense (net of cost reimbursements from property owners' associations) participating employees | $ 1 | |||
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Payment period | 30 days | |||
Estimated useful lives of the assets | 3 years | |||
Ownership interest in equity method investments | 34.00% | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Payment period | 60 days | |||
Estimated useful lives of the assets | 40 years | |||
Highly liquid investments maturity period | 3 months | |||
Ownership interest in equity method investments | 50.00% | |||
Operations located outside the United States | ||||
Significant Accounting Policies [Line Items] | ||||
Number of countries and territories in which company operates | Location | 9 |
X | ||||||||||
- Definition Amount charged to advertising expense for the period, which are expenses incurred with the objective of increasing revenue for a specified brand, product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The valuation allowance as of the balance sheet date to reduce the gross amount of receivables to estimated net realizable value, which would be presented in parentheses on the face of the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Base revenue, as contractually stipulated, for operating and managing another entity's business during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of countries in which the entity operates as of balance sheet date. No definition available.
|
X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
X | ||||||||||
- Definition The amount of pension benefit costs recognized during the period for (1) defined benefit plans and (2) defined contribution plans. For defined benefit plans, pension expense includes the following components: service cost, interest cost, expected return on plan assets, gain (loss) on plan assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. For defined contribution plans, the pension expense generally equals the firm's contribution to employees' accounts (if the firm contributes) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
X | ||||||||||
- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Capitalized Salaries and Related Costs No definition available.
|
X | ||||||||||
- Definition Cash Equivalents, Maturity Period No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Allowance for Credit Losses, That Would Have Been Increased No definition available.
|
X | ||||||||||
- Definition Financing Receivable Term No definition available.
|
X | ||||||||||
- Definition Loan Payments Delinquency Period Beyond which Loan is Considered Defaulted No definition available.
|
X | ||||||||||
- Definition Notes Receivable, Estimated Average Default Rates No definition available.
|
X | ||||||||||
- Definition Number of Properties No definition available.
|
X | ||||||||||
- Definition Number of Sources of Revenues No definition available.
|
X | ||||||||||
- Definition Number Of Weeks In Fiscal Years No definition available.
|
X | ||||||||||
- Definition Past Due Loan Suspend Accrual of Interest Period No definition available.
|
X | ||||||||||
- Definition Past Due Period No definition available.
|
X | ||||||||||
- Definition Payment, Period No definition available.
|
X | ||||||||||
- Definition Percentage of down payments to total purchase price of property No definition available.
|
X | ||||||||||
- Definition Period Of Payment No definition available.
|
X | ||||||||||
- Definition Changes in estimates within the relative sales value calculations accounted for as real estate inventory true-ups. No definition available.
|
X | ||||||||||
- Definition The projected increased default rate to apply to the allowance for credit losses. No definition available.
|
X | ||||||||||
- Definition Significant Accounting Policies [Line Items] No definition available.
|
X | ||||||||||
- Definition Spin Off Transaction And Distribution Of Common Stock, Percentage No definition available.
|
X | ||||||||||
- Definition Number of spinnee shares received by shareholders of spinnor in spin-off transaction, used to determine how many spinnee shares were distributed. No definition available.
|
X | ||||||||||
- Definition Number of shares held by shareholders of the spinnor, used to determine how many spinnee shares were distributed. No definition available.
|
X | ||||||||||
- Definition The change in equity as a result of a spin-off transaction (a regular or reverse spin-off) which is based on the recorded amounts at date of spin. No definition available.
|
X | ||||||||||
- Definition Total fee revenue No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Each Reference to Particular Year in Financial Statements Means Fiscal Year Ended on Date Shown (Detail) |
Dec. 28, 2012 |
---|---|
Fiscal Year 2012 | |
Other Financial Information By Period [Line Items] | |
Fiscal Year-End Date | Dec. 28, 2012 |
Fiscal Year 2011 | |
Other Financial Information By Period [Line Items] | |
Fiscal Year-End Date | Dec. 30, 2011 |
Fiscal Year 2010 | |
Other Financial Information By Period [Line Items] | |
Fiscal Year-End Date | Dec. 31, 2010 |
X | ||||||||||
- Definition Other Financial Information By Period [Line Items] No definition available.
|
X | ||||||||||
- Definition Period End Date No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Income Taxes - Additional Information (Detail) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 28, 2012
USD ($)
yr
|
Dec. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
|||
Income Taxes [Line Items] | |||||
Increase/(decrease) Additional paid-in capital | [1] | $ (21) | |||
Employee share-based awards from which tax provision not reflected in current tax provision | 3 | $ 3 | |||
Change in valuation allowance | $ 4 | $ 13 | 3 | ||
Income Tax Holiday expiration year | 2034 | ||||
Aggregate Income Tax Incurred Without Tax Holidays | $ 3 | 4 | 5 | ||
Income Tax Examination Description | We have joined in the Marriott International U.S. Federal tax consolidated filing for all years prior to 2011 and the portion of 2011 up to the date of the Spin-Off. The IRS has examined Marriott International's federal income tax returns, and it has settled all issues for the tax years through 2009. Marriott International participated in the IRS Compliance Assurance Program for the 2011 and 2010 tax years. | ||||
Unrecognized tax benefits including current and prior period tax positions | 2 | 1 | |||
Unrecognized tax benefits increase (decrease) | $ (2) | 1 | 1 | ||
Net operating losses carry forwards expiration year | 2013 | ||||
Taxes paid | $ 68 | ||||
Non United States Subsidiaries | |||||
Income Taxes [Line Items] | |||||
Cumulative unremitted earnings | 66 | ||||
Foreign | |||||
Income Taxes [Line Items] | |||||
Net operating loss carry forwards | 177 | ||||
Federal | |||||
Income Taxes [Line Items] | |||||
Net operating loss carry forwards | 0 | ||||
State | |||||
Income Taxes [Line Items] | |||||
Net operating loss carry forwards | $ 1 | ||||
Maximum | |||||
Income Taxes [Line Items] | |||||
Employee share-based awards from which tax provision not reflected in current tax provision | 1 | ||||
Income Tax Holiday Period | yr | 30 | ||||
Unrecognized tax benefits including current and prior period tax positions | $ 1 | ||||
Unrecognized tax benefits income tax penalties and interest accrued | $ 1 | $ 1 | $ 1 | ||
Minimum | |||||
Income Taxes [Line Items] | |||||
Income Tax Holiday Period | yr | 5 | ||||
Marriott International | |||||
Income Taxes [Line Items] | |||||
Increase/(decrease) in deferred tax liabilities | $ 12 | ||||
Increase/(decrease) Additional paid-in capital | (12) | ||||
Marriott International | Based upon completed valuations | |||||
Income Taxes [Line Items] | |||||
Increase/(decrease) in deferred tax liabilities | (8) | ||||
Increase/(decrease) Additional paid-in capital | 8 | ||||
Marriott International | Based upon further valuations | |||||
Income Taxes [Line Items] | |||||
Increase/(decrease) in deferred tax liabilities | 12 | ||||
Increase/(decrease) Additional paid-in capital | $ (12) | ||||
|
X | ||||||||||
- Definition Represents increases or decreases in additional paid in capital not separately disclosed. No definition available.
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards that are subject to expiration dates. No definition available.
|
X | ||||||||||
- Definition A brief description of status of the tax examination, significant findings to date, and the entity's position with respect to the findings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents the total of accruals as of the date of the statement of financial position for interest recognized for an underpayment of income taxes computed by applying the applicable statutory rate of interest to the difference between a tax position recognized for financial reporting purposes and the amount previously taken or expected to be taken in a tax return of the entity and the amount of statutory penalties for a tax position claimed or expected to be claimed by the entity, in its tax return, that does not meet the minimum statutory threshold to avoid payment of penalties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The net amount of all increases and decreases in unrecognized tax benefits for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of the change in the period in the valuation allowance for a specified deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The total recognized tax benefit related to compensation cost for equity-based payment arrangements or realized from the exercise of stock options and the conversion of similar instruments during the annual period recognized in income during the period. No definition available.
|
X | ||||||||||
- Definition Income Tax Holiday Period No definition available.
|
X | ||||||||||
- Definition Income Tax Holiday, Tax Savings No definition available.
|
X | ||||||||||
- Definition Income Tax Holiday, Termination Year No definition available.
|
X | ||||||||||
- Definition Income Taxes [Line Items] No definition available.
|
X | ||||||||||
- Definition Increase Decrease In Deferred Tax Liabilities No definition available.
|
X | ||||||||||
- Definition The year in which net operating losses begin expiring. No definition available.
|
X | ||||||||||
- Definition Undistributed Earnings of Foreign Subsidiaries Reinvested Indefinitely No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Income (Loss) Before Provision of Income Taxes by Geographic Region (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Schedule of Income Before Income Tax [Line Items] | |||
United States | $ 45 | $ (129) | $ 88 |
Non-U.S. jurisdictions | (8) | (85) | 24 |
INCOME (LOSS) BEFORE INCOME TAXES | $ 37 | $ (214) | $ 112 |
X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of earnings or loss from continuing operations before income taxes that is attributable to foreign operations, which is defined as Income or Loss generated from operations located outside the entity's country of domicile. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Schedule of Income Before Income Tax [Line Items] No definition available.
|
Benefit from (Provision for) Income Taxes (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Components Of Income Tax Expense Benefit [Line Items] | |||
Current - U.S. Federal | $ (62) | $ (10) | $ 39 |
- U.S. State | (9) | (1) | 1 |
- Non-U.S. | (10) | (9) | |
Current Income Tax Expense (Benefit) | (71) | (21) | 31 |
Deferred - U.S. Federal | 43 | 55 | (68) |
- U.S. State | 6 | 6 | (7) |
- Non-U.S. | 1 | (4) | (1) |
Deferred income taxes | 50 | 57 | (76) |
(Provision) benefit for income taxes | $ (21) | $ 36 | $ (45) |
X | ||||||||||
- Definition The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of foreign enacted tax law to the foreign taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of total income tax expense for the period comprised of the increase (decrease) during the period in the entity's domestic deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the federally enacted tax law. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of total income tax expense for the period comprised of the increase (decrease) in the entity's net foreign deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of applicable enacted tax laws of countries other than the country of domicile. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The component of total income tax expense for the period comprised of the increase (decrease) in the entity's state and local deferred tax assets and liabilities attributable to continuing operations as determined by applying the provisions of the applicable enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Components Of Income Tax Expense Benefit [Line Items] No definition available.
|
X | ||||||||||
- Definition Total Deferred Income Tax Expense (Benefit) No definition available.
|
Reconciliation of Unrecognized Tax Benefit (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Reconciliation of Unrecognized Tax Benefits [Line Items] | |||
Unrecognized tax benefit beginning balance | $ 2 | $ 1 | |
Change attributable to tax positions taken during a prior period | 1 | $ 1 | |
Decrease attributable to settlements with taxing authorities | $ (2) | ||
Unrecognized tax benefit ending balance | $ 2 | $ 1 |
X | ||||||||||
- Definition The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The gross amount of decreases in unrecognized tax benefits resulting from tax positions taken in prior period tax returns, excluding amounts pertaining to examined tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The gross amount of decreases in unrecognized tax benefits resulting from settlements with taxing authorities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Reconciliation of Unrecognized Tax Benefits [Line Items] No definition available.
|
Total Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax assets | $ 128 | $ 106 |
Deferred tax liabilities | (171) | (184) |
Net deferred tax liability | $ (43) | $ (78) |
X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Deferred Tax Assets And Liabilities [Line Items] No definition available.
|
Tax Effect of Each Type of Temporary Difference and Carry-Forward That Gives Rise to Significant Portion of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ||
Inventory | $ (55) | $ (58) |
Reserves | (43) | |
Deferred income | (1) | 6 |
Property and equipment | (13) | (21) |
Vacation Ownership financing | 4 | |
Marriott Rewards customer loyalty program | 10 | |
Deferred sales of vacation ownership interests | (34) | |
Long lived intangible assets | 38 | 35 |
Net operating loss carry-forwards | 35 | 27 |
Other, net | 26 | 25 |
Deferred tax asset (liability) | 6 | (25) |
Less: Valuation allowance | (49) | (53) |
Net deferred tax liability | $ (43) | $ (78) |
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from intangible assets including goodwill. No definition available.
|
X | ||||||||||
- Definition Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of deferred tax consequences attributable to taxable temporary differences derived from inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from reserves and accruals. No definition available.
|
X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Deferred taxes relating to vacation ownership financing. No definition available.
|
X | ||||||||||
- Definition Deferred Tax Assets (Liabilities), Gross No definition available.
|
X | ||||||||||
- Definition Amount of deferred taxes attributed to deferred sales of vacation ownership interests. No definition available.
|
X | ||||||||||
- Definition Deferred Tax Liabilities, Rewards Loyalty Program No definition available.
|
X | ||||||||||
- Definition Schedule of Deferred Income Tax Assets and Liabilities [Line Items] No definition available.
|
Reconciliation of US Statutory Income Tax Rate to Effective Tax Rate (Detail) |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
||||||||||
Reconciliation of Statutory Federal Tax Rate [Line Items] | ||||||||||||
U.S. statutory income tax rate expense/(benefit) | 35.00% | (35.00%) | 35.00% | |||||||||
U.S. state income taxes, net of U.S. federal tax benefit | 3.99% | (2.34%) | 3.07% | |||||||||
Permanent differences | [1] | 9.03% | 0.17% | 0.05% | ||||||||
Non-U.S. income | [2] | 6.01% | 14.44% | 1.61% | ||||||||
Accrual to return adjustment | [3] | (10.83%) | ||||||||||
Other items | 5.47% | |||||||||||
Change in valuation allowance | [4] | 8.87% | 5.94% | 0.33% | ||||||||
Effective rate expense/(benefit) | 57.54% | (16.79%) | 40.06% | |||||||||
|
X | ||||||||||
- Definition A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to changes in the valuation allowance for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate that can be explained by the difference between statutory income tax rates in foreign jurisdictions and the domestic federal statutory income tax rate recorded during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to nondeductible expenses under enacted tax laws, or differences in the methodologies used to determine expense amounts for financial statements prepared in accordance with generally accepted accounting principles, not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to all other items not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate that can be explained by the state and local income tax expense or benefit, net of the federal tax benefit (expense) thereon, recorded during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Adjustments attributed to difference in the provision for income taxes and the actual tax paid upon filing. No definition available.
|
X | ||||||||||
- Definition Reconciliation of Statutory Federal Tax Rate [Line Items] No definition available.
|
Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
|||
---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Vacation ownership notes receivable | $ 1,056 | $ 1,149 | |||
Securitized Vacation Ownership Notes Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Vacation ownership notes receivable | 727 | 910 | |||
Eligible for Securitization | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Vacation ownership notes receivable | [1] | 127 | 41 | ||
Not Eligible for Securitization | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Vacation ownership notes receivable | [1] | 202 | 198 | ||
Non-Securitized Vacation Ownership Notes Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Vacation ownership notes receivable | $ 329 | $ 239 | |||
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Detail) $ in Millions |
Dec. 28, 2012
USD ($)
|
---|---|
Future Minimum Payments Receivable [Line Items] | |
2013 | $ 174 |
2014 | 150 |
2015 | 143 |
2016 | 132 |
2017 | 118 |
Thereafter | 339 |
Notes receivable | $ 1,056 |
Weighted average stated interest rate | 12.50% |
Range of stated interest rates, minimum | 0.00% |
Range of stated interest rates, maximum | 19.50% |
Non-Securitized Vacation Ownership Notes Receivable | |
Future Minimum Payments Receivable [Line Items] | |
2013 | $ 74 |
2014 | 47 |
2015 | 35 |
2016 | 29 |
2017 | 28 |
Thereafter | 116 |
Notes receivable | $ 329 |
Weighted average stated interest rate | 11.50% |
Range of stated interest rates, minimum | 0.00% |
Range of stated interest rates, maximum | 19.50% |
Securitized Vacation Ownership Notes Receivable | |
Future Minimum Payments Receivable [Line Items] | |
2013 | $ 100 |
2014 | 103 |
2015 | 108 |
2016 | 103 |
2017 | 90 |
Thereafter | 223 |
Notes receivable | $ 727 |
Weighted average stated interest rate | 13.00% |
Range of stated interest rates, minimum | 6.10% |
Range of stated interest rates, maximum | 18.70% |
X | ||||||||||
- Definition Aggregate total of all maturities of notes receivable after the first five years following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of notes receivable related to time share sales, net of allowance for uncollectible accounts and deferred profit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Maturities for the fifth year following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Maturities for the fourth year following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Maturities for the first year following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Maturities for the third year following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Maturities for the second year following the date of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Future Minimum Payments Receivable [Line Items] No definition available.
|
X | ||||||||||
- Definition Notes Receivable, Range of Stated Interest Rates, Maximum No definition available.
|
X | ||||||||||
- Definition Notes Receivable, Range of Stated Interest Rates, Minimum No definition available.
|
X | ||||||||||
- Definition Notes Receivable, Weighted Average Stated Interest Rate. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Interest Income Associated With Vacation Ownership Notes Receivable (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income associated with vacation ownership notes receivable | $ 145 | $ 161 | $ 179 |
Securitized Vacation Ownership Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income associated with vacation ownership notes receivable | 114 | 131 | 139 |
Non-Securitized Vacation Ownership Notes Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income associated with vacation ownership notes receivable | $ 31 | $ 30 | $ 40 |
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Interest On Notes Receivable No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Notes Receivable Reserves (Detail) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning Balance | $ 171 | $ 218 | $ 27 | |||||||
One-time impact of the new Consolidation Standard | [1] | 218 | ||||||||
Provision for loan losses | 42 | 38 | 52 | |||||||
Write-offs | (66) | (85) | (79) | |||||||
Ending Balance | 147 | 171 | 218 | |||||||
Non-Securitized Vacation Ownership Notes Receivable | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning Balance | 104 | 129 | 27 | |||||||
One-time impact of the new Consolidation Standard | [1] | 84 | ||||||||
Provision for loan losses | 19 | 20 | 47 | |||||||
Securitizations | (21) | (14) | (21) | |||||||
Clean-up call | [2] | 18 | 2 | 3 | ||||||
Write-offs | (66) | (85) | (79) | |||||||
Defaulted vacation ownership notes receivable repurchase activity | [3] | 39 | 52 | 68 | ||||||
Ending Balance | 93 | 104 | 129 | |||||||
Securitized Vacation Ownership Notes Receivable | ||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||||||
Beginning Balance | 67 | 89 | ||||||||
One-time impact of the new Consolidation Standard | [1] | 134 | ||||||||
Provision for loan losses | 23 | 18 | 5 | |||||||
Securitizations | 21 | 14 | 21 | |||||||
Clean-up call | [2] | (18) | (2) | (3) | ||||||
Defaulted vacation ownership notes receivable repurchase activity | [3] | (39) | (52) | (68) | ||||||
Ending Balance | $ 54 | $ 67 | $ 89 | |||||||
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition The sum of the periodic provision charged to earnings, based on an assessment of uncollectibility from the counterparty on account of loan, lease or other credit losses, to reduce these accounts to the amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Allowance for uncollectible accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Direct write-offs charged against the allowance in the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Financing Receivables, Allowance for Credit Losses, Clean-Up Call Activity associated with retirement of a notes receivable securitization. No definition available.
|
X | ||||||||||
- Definition Financing receivable allowance for credit losses, impact of change in accounting principle. No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Allowance for Credit Losses, Repurchase Activity No definition available.
|
X | ||||||||||
- Definition Securitized Financing Receivable No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Investment in notes receivable on non-accrual status | $ 84 | $ 101 |
Non-Securitized Vacation Ownership Notes Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Investment in notes receivable on non-accrual status | 73 | 90 |
Securitized Vacation Ownership Notes Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Investment in notes receivable on non-accrual status | $ 11 | $ 11 |
X | ||||||||||
- Definition Recorded investment in financing receivables that are on nonaccrual status as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-90 days past due | $ 33 | $ 35 |
91-150 days past due | 15 | 19 |
Greater than 150 days past due | 69 | 82 |
Total past due | 117 | 136 |
Current | 1,086 | 1,184 |
Total vacation ownership notes receivable | 1,203 | 1,320 |
Non-Securitized Vacation Ownership Notes Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-90 days past due | 14 | 11 |
91-150 days past due | 7 | 8 |
Greater than 150 days past due | 66 | 82 |
Total past due | 87 | 101 |
Current | 335 | 242 |
Total vacation ownership notes receivable | 422 | 343 |
Securitized Vacation Ownership Notes Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
31-90 days past due | 19 | 24 |
91-150 days past due | 8 | 11 |
Greater than 150 days past due | 3 | |
Total past due | 30 | 35 |
Current | 751 | 942 |
Total vacation ownership notes receivable | $ 781 | $ 977 |
X | ||||||||||
- Definition Financing receivables that are current. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Recorded Investment in financing receivables that are past due at the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Recorded Investment, Before Reserves No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Recorded Investment, Greater Than 150 Days Past Due No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Recorded Investment, 91 to 150 Days Past Due No definition available.
|
X | ||||||||||
- Definition Financing Receivable, Recorded Investment, 31 to 90 Days Past Due No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
|||
---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | $ 1,056 | $ 1,149 | |||
Debt | (678) | (850) | |||
Mandatorily redeemable preferred stock of consolidated subsidiary | (40) | (40) | |||
Liability for Marriott Rewards customer loyalty program | (159) | (225) | |||
Other liabilities | (38) | (76) | |||
Non-Recourse Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (674) | (729) | |||
Warehouse Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (118) | ||||
Other Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (4) | (3) | |||
Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 727 | 910 | |||
Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 329 | 239 | |||
Carrying Amount | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 1,056 | 1,149 | |||
Mandatorily redeemable preferred stock of consolidated subsidiary | (40) | (40) | |||
Liability for Marriott Rewards customer loyalty program | (159) | (225) | |||
Other liabilities | (1) | (29) | |||
Total financial liabilities | (878) | (1,144) | |||
Carrying Amount | Non-Recourse Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (674) | (729) | |||
Carrying Amount | Warehouse Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (118) | ||||
Carrying Amount | Other Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | (4) | (3) | |||
Carrying Amount | Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 727 | 910 | |||
Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 329 | 239 | |||
Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | [1] | 1,256 | 1,306 | ||
Mandatorily redeemable preferred stock of consolidated subsidiary | [1] | (46) | (40) | ||
Liability for Marriott Rewards customer loyalty program | [1] | (150) | (206) | ||
Other liabilities | [1] | (1) | (32) | ||
Total financial liabilities | [1] | (912) | (1,147) | ||
Fair Value | Non-Recourse Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | [1] | (711) | (750) | ||
Fair Value | Warehouse Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | [1] | (116) | |||
Fair Value | Other Debt | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Debt | [1] | (4) | (3) | ||
Fair Value | Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | [1] | 895 | 1,061 | ||
Fair Value | Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | [1] | $ 361 | $ 245 | ||
|
X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount that would be paid, determined under the conditions specified in the contract, if as of the reporting date, the holder of the share has the right to redeem the shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The company's future redemption obligation for its rewards loyalty program. No definition available.
|
X | ||||||||||
- Definition Total Instruments, Financial Liabilities No definition available.
|
X | ||||||||||
- Details
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- Details
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- Details
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- Details
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- Details
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- Details
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- Details
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Carrying Values and Estimated Fair Values of Financial Assets and Liabilities - Non-securitized Notes Receivable (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
|||
---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | $ 1,056 | $ 1,149 | |||
Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 329 | 239 | |||
Carrying Amount | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 1,056 | 1,149 | |||
Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 329 | 239 | |||
Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | Eligible for Securitization | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 127 | 41 | |||
Carrying Amount | Non-Securitized Vacation Ownership Notes Receivable | Not Eligible for Securitization | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 202 | 198 | |||
Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | [1] | 1,256 | 1,306 | ||
Fair Value | Non-Securitized Vacation Ownership Notes Receivable | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | [1] | 361 | 245 | ||
Fair Value | Non-Securitized Vacation Ownership Notes Receivable | Eligible for Securitization | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | 159 | 47 | |||
Fair Value | Non-Securitized Vacation Ownership Notes Receivable | Not Eligible for Securitization | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Vacation ownership notes receivable | $ 202 | $ 198 | |||
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Details
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- Details
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- Details
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Acquisitions and Dispositions - Additional information (Detail) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 28, 2012
USD ($)
|
Dec. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
Hotel
|
Dec. 31, 2009
USD ($)
|
|
Significant Acquisitions and Disposals [Line Items] | ||||
Amount paid to during the year for vacation ownership units | $ 7 | |||
Deposit included in Consideration | 11 | $ 11 | ||
Cash Consideration for Business Acquisition | 18 | $ 111 | ||
Sale of property | 34 | |||
Net Cash Proceed from the Sale of Land & developed Inventory | 5 | $ 17 | 38 | |
Liabilities assumed | 29 | |||
Gain on sale of land | $ 8 | $ 2 | $ 21 | |
Number of Hotel Sold | Hotel | 1 |
X | ||||||||||
- Definition The value of all consideration given or received by the Entity in the significant acquisition or disposal. No definition available.
|
X | ||||||||||
- Definition The difference between the value of the consideration received by the Entity on the sale or disposal and net book value of assets sold or disposed, before any tax related impact. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Number of Hotels Sold No definition available.
|
X | ||||||||||
- Definition Deposits made in prior periods for acquisition of vacation ownership units. No definition available.
|
X | ||||||||||
- Definition The cash paid or proceeds received by the entity in the significant acquisition or disposal. No definition available.
|
X | ||||||||||
- Definition The liabilities transferred to the buyer in the significant disposition. No definition available.
|
X | ||||||||||
- Definition Cash paid into escrow for acquisition of vacation ownership units. No definition available.
|
X | ||||||||||
- Definition Total purchase price for acquisition of vacation ownership units. No definition available.
|
Earnings Per Share - Additional Information (Detail) - $ / shares |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 30, 2011 |
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
Nov. 21, 2011 |
||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares outstanding | 33,845,700 | 35,026,533 | 33,845,700 | |||||
Shares used in computing basic income per share | 34,400,000 | [1] | 33,700,000 | 33,700,000 | ||||
Shares used in computing diluted income per share | 34,200,000 | 36,200,000 | [1] | 33,700,000 | 33,700,000 | |||
Stock Appreciation Rights (SARs) | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Shares excluded from the calculation of diluted earnings per share (in shares) | 2,127 | |||||||
Stock Appreciation Rights (SARs) | Minimum | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices | $ 32.74 | |||||||
Stock Appreciation Rights (SARs) | Maximum | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Stock options and SARs not included in the calculation of diluted earning per share because exercise prices exceeded market prices, exercise prices | $ 40.97 | |||||||
Marriott International | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Distribution of common stock to the shareholders of Marriott International | 33,700,000 | |||||||
Common stock, par value | $ 0.01 | |||||||
Marriott International | Prior to November 21, 2011 | ||||||||
Earnings Per Share Disclosure [Line Items] | ||||||||
Common stock, shares outstanding | 100 | |||||||
|
X | ||||||||||
- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Earnings Per Share Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Definition Exercise Price, stock options and SARs not included in the calculation of diluted earnings per share because exercise prices exceeded average market prices for the applicable periods. No definition available.
|
X | ||||||||||
- Definition Common stock distributed to former parent shareholders resulting from Spin-off transaction No definition available.
|
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- Details
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- Details
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- Details
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- Details
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- Details
|
Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2012 |
[2],[3],[4] | Sep. 07, 2012 |
[2],[3],[4] | Jun. 15, 2012 |
[2],[3],[4] | Mar. 23, 2012 |
[2],[3],[4] | Dec. 30, 2011 |
Sep. 09, 2011 |
[3],[4],[5] | Jun. 17, 2011 |
[3],[4],[5] | Mar. 25, 2011 |
[3],[4],[5] | Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|||||||||||||||||
Computation of Basic Earnings (Loss) Per Share | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ 16 | [1] | $ (178) | $ 67 | ||||||||||||||||||||||||||||||
Weighted average shares outstanding | 34,400 | [1] | 33,700 | 33,700 | ||||||||||||||||||||||||||||||
Basic earnings (loss) per share | $ (0.22) | $ 0.18 | $ 0.25 | $ 0.25 | $ 0.24 | [3],[4],[5] | $ (6.57) | $ 0.47 | $ 0.58 | $ 0.46 | [1],[2],[3],[4] | $ (5.29) | [3],[4],[5] | $ 2.00 | ||||||||||||||||||||
Computation of Diluted Earnings (Loss) Per Share | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ 16 | [1] | $ (178) | $ 67 | ||||||||||||||||||||||||||||||
Weighted average shares outstanding | 34,400 | [1] | 33,700 | 33,700 | ||||||||||||||||||||||||||||||
Effect of dilutive securities | ||||||||||||||||||||||||||||||||||
Employee stock options and SARs | [1] | 1,000 | ||||||||||||||||||||||||||||||||
Restricted stock units | [1] | 800 | ||||||||||||||||||||||||||||||||
Shares for diluted earnings (loss) per share | 34,200 | 36,200 | [1] | 33,700 | 33,700 | |||||||||||||||||||||||||||||
Diluted earnings (loss) per share | $ (0.22) | $ 0.17 | $ 0.24 | $ 0.24 | $ 0.23 | [3],[4],[5],[6] | $ (6.57) | $ 0.47 | $ 0.58 | $ 0.44 | [1],[2],[3],[4] | $ (5.29) | [3],[4],[5] | $ 2.00 | ||||||||||||||||||||
|
X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements for Restricted Stock Units using the treasury stock method. No definition available.
|
X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements for stock options and Stock Appreciation Rights using the treasury stock method. No definition available.
|
Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) |
12 Months Ended |
---|---|
Dec. 28, 2012
shares
| |
Performance-based awards | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | |
Shares excluded from the calculation of diluted earnings per share (in shares) | 157,000 |
X | ||||||||||
- Definition Maximum amount of Restricted Stock Units that may vest under performance-based vesting criteria. No definition available.
|
X | ||||||||||
- Definition Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] No definition available.
|
X | ||||||||||
- Details
|
Composition of Inventory (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
||
---|---|---|---|---|
Inventory Disclosure [Line Items] | ||||
Finished goods | [1] | $ 484 | $ 448 | |
Work-in-progress | 120 | 215 | ||
Land and infrastructure | 270 | 290 | ||
Real estate inventory | 874 | 953 | ||
Operating supplies and retail inventory | 7 | 6 | ||
Inventory | $ 881 | $ 959 | ||
|
X | ||||||||||
- Definition Amount before last-in first-out (LIFO) and valuation reserves of merchandise or goods held by the entity that are readily available for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Gross amount of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Inventory Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Definition Inventory, Land and Infrastructure No definition available.
|
X | ||||||||||
- Definition Total of (1) improvements, (2) held-for-sale, (3) land and land under development, (4) construction-in-process, and (5) operating supplies, held in the normal course of business. No definition available.
|
X | ||||||||||
- Definition Total of (1) improvements, (2) held-for-sale, (3) land and land under development, and (4) construction-in-process. No definition available.
|
X | ||||||||||
- Definition Operating Supplies and Inventories No definition available.
|
Inventory - Additional information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Inventory | |||
Inventory Disclosure [Line Items] | |||
Interest cost capitalized | $ 3 | $ 7 | $ 3 |
X | ||||||||||
- Definition Amount of interest capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Inventory Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Details
|
Composition of Property and Equipment (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 145 | $ 152 |
Buildings and leasehold improvements | 204 | 227 |
Furniture and equipment | 58 | 72 |
Information technology | 188 | 199 |
Construction in progress | 9 | 9 |
Property, plant and equipment, gross | 604 | 659 |
Accumulated depreciation | (343) | (374) |
Property, plant and equipment, net | $ 261 | $ 285 |
X | ||||||||||
- Definition The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Gross amount of fixtures and equipment as of the date of the statement of financial position. Fixtures may include and consist of: machinery, equipment, engines, boilers, incinerators, installed building materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity, gas, water, air, or light; antennas, cable, wiring and conduits used in connection with radio, television, security, fire prevention, or fire detection or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall coverings; fences, trees and plants; swimming pools; and such other items as defined by the reporting entity. No definition available.
|
X | ||||||||||
- Definition Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Information technology assets, Gross No definition available.
|
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 30 | $ 33 | $ 35 |
Property And Equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Interest costs capitalized | $ 1 | $ 1 | $ 1 |
X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of interest capitalized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Contingencies and Commitments - Additional Information (Detail) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jan. 30, 2013
Plaintiff
|
Dec. 28, 2012
USD ($)
Property
|
Dec. 28, 2012
USD ($)
Property
|
Dec. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
Dec. 28, 2012
EUR (€)
Property
|
|
Commitments and Contingencies Disclosure [Line Items] | ||||||
Surety bonds issued | $ 91 | $ 91 | ||||
Letters of credit outstanding | 6 | 6 | ||||
Litigation settlement, expense | 39 | 41 | $ 3 | $ 2 | ||
Repurchased inventory units at fair value from plaintiffs in settled lawsuits | 13 | 13 | ||||
Future lease payments accrued as restructuring charges expected to be paid | $ 7 | $ 7 | ||||
Golf Land Leases | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of primary land leases | Property | 2 | 2 | 2 | |||
Golf Land Leases | Initial developer sales of interests | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 20 years | |||||
Golf Land Leases | Resales of interests | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 50 years | |||||
Other Operating Leases | Minimum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 3 years | |||||
Other Operating Leases | Maximum | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 10 years | |||||
Corporate Facilities Leases | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Lease term | 8 years | |||||
Project Completion Guarantee | Vacation Ownership | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Estimated cash outflow associated with completing all phases of existing portfolio of projects | $ 164 | $ 164 | ||||
Liabilities related to projects | $ 13 | $ 13 | ||||
Project estimated completion year | 2016 | |||||
Revolving Credit Facility | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Revolving credit facility, maturity term | 4 years | 4 years | 4 years | |||
Revolving credit facility amount | $ 200 | $ 200 | ||||
Marriott International | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Standby letters of credit | 1 | 1 | ||||
Subsequent Event | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Number of plaintiffs in lawsuits | Plaintiff | 13 | |||||
Other Purchase Commitment | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Unfunded purchase commitments | 2 | 2 | € 1 | |||
Unfunded purchase commitments due in 2013 | 1 | 1 | ||||
Unfunded purchase commitments due in 2014 | 1 | 1 | ||||
Information technology hardware and software | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Contractual Commitments Future Minimum Payments due in 2013 | 10 | 10 | ||||
Contractual Commitments Future Minimum Payments due in 2014 | 9 | 9 | ||||
Contractual Commitments Future Minimum Payments due in 2015 | 9 | 9 | ||||
Contractual Commitments Future Minimum Payments due in 2016 | 5 | 5 | ||||
Contractual Commitments Future Minimum Payments due in 2017 | 5 | 5 | ||||
Contractual Commitments Future Minimum Payments Due | 38 | 38 | ||||
Commitments | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Commitments to subsidize vacation ownership associations | 7 | 7 | ||||
2013 | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Future lease payments accrued as restructuring charges expected to be paid | 5 | 5 | ||||
2014 | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Future lease payments accrued as restructuring charges expected to be paid | $ 2 | $ 2 | ||||
Extended Term | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Underlying notes extended expiration year | 2022 |
X | ||||||||||
- Definition Amount of contractual obligation, including but not limited to, long-term debt, capital lease obligations, operating lease obligations, purchase obligations, and other commitments. No definition available.
|
X | ||||||||||
- Definition Amount of contractual obligation maturing in the second fiscal year following the latest fiscal year. No definition available.
|
X | ||||||||||
- Definition Amount of contractual obligation maturing in the third fiscal year following the latest fiscal year. No definition available.
|
X | ||||||||||
- Definition The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of plaintiffs that have filed claims pertaining to a loss contingency. No definition available.
|
X | ||||||||||
- Definition Number of separate real estate development properties located on land subject to ground leases. No definition available.
|
X | ||||||||||
- Definition Estimated cost to complete improvements and promised amenities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Additional Land Lease Payments No definition available.
|
X | ||||||||||
- Definition Commitments and Contingencies Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Definition Commitments Expiration, Year No definition available.
|
X | ||||||||||
- Definition Commitments to Subsidize Associations No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due Current No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due In Five Years No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due In Four Years No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due In Three Years No definition available.
|
X | ||||||||||
- Definition Contractual Commitments Future Minimum Payments Due In Two Years No definition available.
|
X | ||||||||||
- Definition Expected Construction Completion, Year No definition available.
|
X | ||||||||||
- Definition Fair Value Of Inventory Acquired In Connection With Litigation Settlement No definition available.
|
X | ||||||||||
- Definition Lease Term No definition available.
|
X | ||||||||||
- Definition Line of Credit Maturity Term No definition available.
|
X | ||||||||||
- Definition Expense recorded for litigation settlements. No definition available.
|
X | ||||||||||
- Definition Standby Letters of Credit No definition available.
|
X | ||||||||||
- Definition Surety Bonds issued. No definition available.
|
X | ||||||||||
- Definition The portion of the total estimated cost to complete phases of existing portfolio which is included within liabilities on the balance sheet. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Maximum Potential Amount of Future Fundings for Financing Guarantees and Carrying Amount of Liability for Expected Future Fundings (Detail) - Primary Obligor $ in Millions |
Dec. 28, 2012
USD ($)
|
---|---|
Guarantor Obligations [Line Items] | |
Maximum Potential Amount of Future Fundings | $ 21 |
Liability for Expected Future Fundings | 1 |
Asia Pacific | |
Guarantor Obligations [Line Items] | |
Maximum Potential Amount of Future Fundings | 18 |
Luxury | |
Guarantor Obligations [Line Items] | |
Maximum Potential Amount of Future Fundings | 3 |
Liability for Expected Future Fundings | $ 1 |
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Guarantee Obligations, Carrying Value No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Summary of Future Obligations Under Operating Leases (Detail) $ in Millions |
Dec. 28, 2012
USD ($)
|
---|---|
Leases Future Minimum Payments [Line Items] | |
Operating leases, future minimum payments due 2013 | $ 10 |
Operating leases, future minimum payments due 2014 | 9 |
Operating leases, future minimum payments due 2015 | 9 |
Operating leases, future minimum payments due 2016 | 7 |
Operating leases, future minimum payments due 2017 | 7 |
Operating leases, future minimum payments due thereafter | 55 |
Operating leases, future minimum payments due, total | 97 |
Golf Land Leases | |
Leases Future Minimum Payments [Line Items] | |
Operating leases, future minimum payments due 2013 | 1 |
Operating leases, future minimum payments due 2014 | 1 |
Operating leases, future minimum payments due 2015 | 1 |
Operating leases, future minimum payments due 2016 | 1 |
Operating leases, future minimum payments due 2017 | 1 |
Operating leases, future minimum payments due thereafter | 33 |
Operating leases, future minimum payments due, total | 38 |
Corporate Facilities Leases | |
Leases Future Minimum Payments [Line Items] | |
Operating leases, future minimum payments due 2014 | 1 |
Operating leases, future minimum payments due 2015 | 4 |
Operating leases, future minimum payments due 2016 | 4 |
Operating leases, future minimum payments due 2017 | 4 |
Operating leases, future minimum payments due thereafter | 16 |
Operating leases, future minimum payments due, total | 29 |
Other Operating Leases | |
Leases Future Minimum Payments [Line Items] | |
Operating leases, future minimum payments due 2013 | 9 |
Operating leases, future minimum payments due 2014 | 7 |
Operating leases, future minimum payments due 2015 | 4 |
Operating leases, future minimum payments due 2016 | 2 |
Operating leases, future minimum payments due 2017 | 2 |
Operating leases, future minimum payments due thereafter | 6 |
Operating leases, future minimum payments due, total | $ 30 |
X | ||||||||||
- Definition Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Leases Future Minimum Payments [Line Items] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Composition of Rental Expense Associated with Operating Leases (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Lease and Rental Expense [Line Items] | |||
Minimum rentals | $ 10 | $ 10 | $ 11 |
Additional rentals | 5 | 5 | 6 |
Operating Leases, Rent Expense, Net, Total | $ 15 | $ 15 | $ 17 |
X | ||||||||||
- Definition The increases or decreases in lease payments that result from changes occurring after the inception of the lease in the factors (other than the passage of time) on which lease payments are based, except that any escalation of minimum lease payments relating to increases in construction or acquisition cost of the leased property or for increases in some measure of cost or value during the construction or preconstruction period, are excluded from contingent rentals. Contingent rentals also may include amounts for which the triggering events have not yet occurred or the specified targets for which have not yet been achieved (such as sales based percentage rent), but which events are considered probable of occurring or which specified targets are considered probable of being achieved. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition This element represents the payments that the lessee is obligated to make or can be required to make in connection with a property under the terms of an agreement classified as an operating lease, excluding contingent rentals and a guarantee by the lessee of the lessor's debt and the lessee's obligation to pay (apart from the rental payments) executory costs such as insurance, maintenance, and taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Lease and Rental Expense [Line Items] No definition available.
|
Debt Balances (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt | $ 678 | $ 850 |
Non-Recourse Debt | ||
Debt Instrument [Line Items] | ||
Debt | 674 | 729 |
Warehouse Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt | 118 | |
Other Debt | ||
Debt Instrument [Line Items] | ||
Debt | $ 4 | $ 3 |
X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Debt Balances (Parenthetical) (Detail) - Non-Recourse Debt |
Dec. 28, 2012 |
---|---|
Debt Instrument [Line Items] | |
Debt, weighted average interest rate | 4.36% |
Minimum | |
Debt Instrument [Line Items] | |
Debt, stated interest rate | 2.62% |
Maximum | |
Debt Instrument [Line Items] | |
Debt, stated interest rate | 7.20% |
X | ||||||||||
- Definition Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of debt outstanding by type or by instrument at that time. No definition available.
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Debt - Additional Information (Detail) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Nov. 30, 2012
USD ($)
|
Sep. 11, 2012
USD ($)
|
Dec. 28, 2012
USD ($)
Loan
|
Dec. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
|
Debt Disclosure [Line Items] | |||||
Cash paid for interest, net of amounts capitalized | $ 38 | $ 45 | $ 54 | ||
Number of notes receivable pools under performance triggers | Loan | 4 | ||||
Number of notes receivable pools outstanding | Loan | 8 | ||||
Securitized Vacation Ownership Notes Receivable | Performance Triggers | |||||
Debt Disclosure [Line Items] | |||||
Cash flows redirected as a result of reaching performance triggers | $ 1 | $ 3 | |||
Revolving Credit Facility | |||||
Debt Disclosure [Line Items] | |||||
Amount borrowed under revolving corporate credit facility | $ 0 | ||||
Line of credit facility, maximum borrowing capacity | $ 200 | ||||
Line of credit facility expiration date | Nov. 21, 2016 | ||||
Credit facility covenant description | In addition, the Revolving Corporate Credit Facility contains financial covenants, including covenants requiring us to maintain (1) minimum consolidated tangible net worth of not less than the sum of 80 percent of our consolidated tangible net worth as set forth in our audited financial statements for the fiscal year ended December 30, 2011 plus 80 percent of any increase in consolidated tangible net worth attributable to net cash proceeds received in connection with the issuance of equity after November 21, 2011; (2) a maximum ratio of consolidated total debt to consolidated adjusted EBITDA (as defined in the Revolving Corporate Credit Facility) of 6 to 1 through the end of the first quarter of 2013, at which time the maximum ratio decreases to 5.25 to 1 through the end of the 2014 fiscal year and to 4.75 to 1 thereafter; and (3) a minimum consolidated adjusted EBITDA, as defined in the Revolving Corporate Credit Facility, to interest expense ratio of not less than 3 to 1. We are also required to maintain a ratio of our borrowing base amount (as calculated under the Revolving Corporate Credit Facility) to total extensions of credit under the Revolving Corporate Credit Facility of at least 1.25 to 1. The Revolving Corporate Credit Facility is guaranteed by Marriott Vacations Worldwide and by each of our direct and indirect, existing and future, domestic subsidiaries (excluding certain special purpose subsidiaries), and is secured by a perfected first priority security interest in substantially all of our assets and the assets of the guarantors, subject to certain exceptions. | ||||
Revolving Credit Facility | Letter of Credit | |||||
Debt Disclosure [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 120 | ||||
Revolving Credit Facility | Minimum | |||||
Debt Disclosure [Line Items] | |||||
Commitment Fee | 0.25% | ||||
EBITDA to interest expense ratio | 3 | ||||
Line Of Credit Facility Required Ratio | 1.25 | ||||
Revolving Credit Facility | Minimum | Euro Dollar Rate | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, percentage points added to the reference rate | 2.00% | ||||
Revolving Credit Facility | Maximum | |||||
Debt Disclosure [Line Items] | |||||
Commitment Fee | 0.55% | ||||
Revolving Credit Facility | Maximum | Through the end of the first quarter of 2013 | |||||
Debt Disclosure [Line Items] | |||||
Debt to EBITDA ratio | 6 | ||||
Revolving Credit Facility | Maximum | Through the end of the 2014 fiscal year | |||||
Debt Disclosure [Line Items] | |||||
Debt to EBITDA ratio | 5.25 | ||||
Revolving Credit Facility | Maximum | Thereafter | |||||
Debt Disclosure [Line Items] | |||||
Debt to EBITDA ratio | 4.75 | ||||
Revolving Credit Facility | Maximum | Euro Dollar Rate | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, percentage points added to the reference rate | 3.50% | ||||
Warehouse Credit Facility | Amended and Restated Credit Agreement | |||||
Debt Disclosure [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 250 | ||||
Line of credit facility maturity date | Sep. 10, 2014 | ||||
Warehouse Credit Facility | Amended and Restated Credit Agreement | LIBOR Rate | |||||
Debt Disclosure [Line Items] | |||||
Debt instrument, percentage points added to the reference rate | 1.50% |
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- Definition The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
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X | ||||||||||
- Definition Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Decrease for amounts repaid on the debt instrument for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
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- Definition Date the credit facility terminates, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Debt Disclosure [Line Items] No definition available.
|
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- Definition Line Of Credit Facility Covenant Debt To Ebitda Ratio No definition available.
|
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- Definition Line Of Credit Facility Covenant Ebitda To Interest Ratio No definition available.
|
X | ||||||||||
- Definition Line Of Credit Facility Required Ratio No definition available.
|
X | ||||||||||
- Definition Number of Consolidated Notes Receivable Pools No definition available.
|
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- Definition Number of Notes Receivable Pools Under Performance Triggers No definition available.
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Scheduled Future Principal Payments for Debt (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2013 | $ 104 | |
2014 | 106 | |
2015 | 111 | |
2016 | 103 | |
2017 | 78 | |
Thereafter | 176 | |
Balance at end of period | 678 | $ 850 |
Non-Recourse Debt | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2013 | 104 | |
2014 | 106 | |
2015 | 111 | |
2016 | 103 | |
2017 | 78 | |
Thereafter | 172 | |
Balance at end of period | 674 | 729 |
Other Debt | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
Thereafter | 4 | |
Balance at end of period | $ 4 | $ 3 |
X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of all debt, including all short-term borrowings, long-term debt, and capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Long Term Debt Maturities Repayments Of Principal [Line Items] No definition available.
|
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Mandatorily Redeemable Preferred Stock Of Consolidated Subsidiary - Additional Information (Detail) - Series A Preferred Stock - Non-voting - USD ($) $ in Millions |
1 Months Ended | |
---|---|---|
Oct. 31, 2011 |
Dec. 28, 2012 |
|
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Series A preferred stock issued value | $ 40 | |
Preferred stock dividend payment terms | Subsequently Marriott International sold all of this preferred stock to third-party investors. For the first five years after issuance, the Series A preferred stock will pay an annual cash dividend equal to the five-year U.S. Treasury Rate as of October 19, 2011, plus a spread of 10.958 percent, for a total annual cash dividend rate of 12 percent. On the fifth anniversary of issuance, the annual cash dividend rate will be reset to the five-year U.S. Treasury Rate in effect on such date plus the same 10.958 percent spread. | |
Series A preferred stock, basic point | 10.958% | |
Series A preferred stock, dividend rate | 12.00% | |
Preferred Stock Redemption Terms | The Series A preferred stock is mandatorily redeemable by MVW US Holdings upon the tenth anniversary of the date of issuance but can be redeemed at our option after five years. The Series A preferred stock has an aggregate liquidation preference of $40 million plus any accrued and unpaid dividends and an additional premium if liquidation occurs during the first five years after the issuance of the preferred stock. | |
Series A preferred stock, aggregate liquidation preference value | $ 40 | |
Series A preferred stock, share authorized | 1,000 | |
Series A preferred stock, share issued | 40 | |
Series A preferred stock, share outstanding | 40 |
X | ||||||||||
- Definition The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Specific information regarding dividend payment dates or timing and whether or not dividends are paid on a cumulative basis. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The percentage rate used to calculate dividend payments on preferred stock. No definition available.
|
X | ||||||||||
- Definition Value of the difference between preference in liquidation and the par or stated values of the preferred shares. No definition available.
|
X | ||||||||||
- Definition The redemption terms of preferred stock of an entity that has priority over common stock in the distribution of dividends and in the event of liquidation of the entity. The redemption features of this capital stock are solely within the control of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition The maximum number of mandatorily redeemable preferred shares permitted to be issued by an entity's charter and bylaws. No definition available.
|
X | ||||||||||
- Definition Total number of mandatorily redeemable preferred shares issued to shareholders. No definition available.
|
X | ||||||||||
- Definition Aggregate share number for all mandatorily redeemable preferred stock held by stockholders. No definition available.
|
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- Definition Redeemable Preferred Stock Value, Issued No definition available.
|
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- Details
|
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Other Liabilities - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
|
Other Liabilities [Line Items] | ||
Customer loyalty program's liability | $ 159 | $ 225 |
Annual rate of return | 5.40% | 5.50% |
Accrued Liabilities Current | ||
Other Liabilities [Line Items] | ||
Accruals For Customer Rewards | $ 47 | $ 0 |
Maximum | ||
Other Liabilities [Line Items] | ||
Additional discretionary contributions | $ 1 |
X | ||||||||||
- Definition Amount of discretionary contributions made by an employer to a defined contribution plan. No definition available.
|
X | ||||||||||
- Definition Accruals For Customer Rewards No definition available.
|
X | ||||||||||
- Definition Annual rate of return on executive deferred compensation plan. No definition available.
|
X | ||||||||||
- Definition The company's future redemption obligation for its rewards loyalty program. No definition available.
|
X | ||||||||||
- Definition Other Liabilities [Line Items] No definition available.
|
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- Details
|
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Variable Change Impact on Valuation of Customer Loyalty Liability (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Other Liabilities [Line Items] | ||
Customer loyalty program liability | $ 159 | $ 225 |
5 percent change in the cost per point | ||
Other Liabilities [Line Items] | ||
Customer loyalty program liability | 7 | |
10 percent change in the cost per point | ||
Other Liabilities [Line Items] | ||
Customer loyalty program liability | 15 | |
100 basis point change in the breakage rate | ||
Other Liabilities [Line Items] | ||
Customer loyalty program liability | 8 | |
200 basis point change in the breakage rate | ||
Other Liabilities [Line Items] | ||
Customer loyalty program liability | $ 16 |
X | ||||||||||
- Definition The company's future redemption obligation for its rewards loyalty program. No definition available.
|
X | ||||||||||
- Definition Other Liabilities [Line Items] No definition available.
|
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Shareholder's Equity - Additional Information (Detail) - $ / shares |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Stockholders Equity [Line Items] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares outstanding | 35,026,533 | 33,845,700 |
Preferred stock, outstanding | 0 | 0 |
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- Definition Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Stockholders Equity [Line Items] No definition available.
|
Share Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation costs related to unvested awards | $ 14 | $ 19 | |||
Deferred compensation expense weighted average expected recognition period | 2 years | ||||
Tax benefits by exercise of share-based award of employees | $ 3 | $ 3 | |||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period | 4 years | ||||
Stock option compensation expense | $ 0 | 0 | $ 0 | ||
Deferred compensation expense related to stock options held by our employees | $ 0 | $ 0 | |||
Stock Options granted other than part of Spin-Off Marriott International or to employees | 0 | 0 | 0 | ||
Compensation expense | $ 12 | $ 11 | $ 10 | ||
Expected annual dividend per share | $ 0 | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefits by exercise of share-based award of employees | 1 | ||||
Intrinsic value of both outstanding and exercisable stock options | $ 1 | ||||
Officers and Key Management Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense related to award grants | 12 | 11 | 10 | ||
Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefits by exercise of share-based award of employees | $ 3 | 3 | |||
Employees | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Tax benefits by exercise of share-based award of employees | 1 | ||||
Marriott Vacations Worldwide Share-Based Compensation Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized for issuance under the plan | 6,000,000 | ||||
Shares available for grants under the plan | 2,000,000 | ||||
Stock Options Exercised | 1 | ||||
Marriott Vacations Worldwide Share-Based Compensation Plans | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash received from employees by exercise of stock options | $ 1 | ||||
Marriott Vacations Worldwide Share-Based Compensation Plans | Employees | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of stock options exercised | 1 | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred compensation costs related to unvested awards | $ 13 | 16 | |||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period | 4 years | ||||
Weighted average remaining term | 2 years | ||||
Compensation expense | [1] | $ 10 | 10 | 9 | |
Performance Based Restricted Stock Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period | 3 years | ||||
Performance Based Restricted Stock Unit | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum amount of RSU subject to vesting | 157,000 | ||||
Nonqualified Stock Options | Officers and Key Management Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period | 4 years | ||||
Stock awards, expiration from grant date | 10 years | ||||
Stock Appreciation Rights (SARs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Period | 4 years | ||||
Stock awards, expiration from grant date | 10 years | ||||
Compensation expense | $ 2 | 1 | |||
Deferred compensation costs related to other than stock option held by our employees | 1 | 3 | |||
Stock Appreciation Rights (SARs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | 1 | ||||
Marriott International | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash received from employees by exercise of stock options | 3 | 2 | 12 | ||
Marriott International | Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value of stock options exercised | $ 5 | $ 2 | $ 10 | ||
|
X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate proceeds received by the entity during the annual period from exercises of stock or unit options and conversion of similar instruments granted under equity-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate unrecognized cost of share-based awards, other than options, made to employees under an equity-based compensation plan, that have yet to vest. No definition available.
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X | ||||||||||
- Definition Aggregate unrecognized cost of option awards made to employees under a stock option plan or plans, that have yet to vest. No definition available.
|
X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Weighted average remaining contractual term for equity-based awards excluding options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- 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. No definition available.
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X | ||||||||||
- Definition The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Value of stock issued as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The total recognized tax benefit related to compensation cost for equity-based payment arrangements or realized from the exercise of stock options and the conversion of similar instruments during the annual period recognized in income during the period. No definition available.
|
X | ||||||||||
- Definition Maximum amount of Restricted Stock Units that may vest under performance-based vesting criteria. No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Dividends Per Share No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding and Exercisable, Aggregate Intrinsic Value No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement, Award Expiration. No definition available.
|
X | ||||||||||
- Definition Stock Based Compensation Stock Options Granted No definition available.
|
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Additional Information on Outstanding RSUs Issued to Employees (Detail) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 12 | $ 11 | $ 10 | |||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | [1] | $ 10 | 10 | 9 | ||
Weighted average grant-date fair value | [1] | $ 25 | ||||
Aggregate intrinsic value of converted and distributed | $ 3 | $ 2 | $ 8 | |||
Restricted stock units | Pre Spin Off | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant-date fair value | $ 31 | $ 40 | $ 27 | |||
Restricted stock units | Subsequent to Spin - Off | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant-date fair value | [1] | $ 22 | $ 19 | |||
|
X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Aggregate Intrinsic Value No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Changes in Marriott Vacations Worldwide RSUs Issued to Marriott International and Marriott Vacations Worldwide Employees (Detail) - Restricted stock units |
12 Months Ended | |||
---|---|---|---|---|
Dec. 28, 2012
$ / shares
shares
| ||||
Number of Shares | ||||
Outstanding at beginning of year | shares | 1,144,510 | |||
Granted | shares | 387,701 | [1] | ||
Distributed | shares | (357,253) | |||
Forfeited | shares | (36,635) | [1] | ||
Outstanding at year-end | shares | 1,138,323 | |||
Weighted Average Grant Date Fair Value | ||||
Outstanding at beginning of year | $ / shares | $ 17 | |||
Granted | $ / shares | 25 | [1] | ||
Distributed | $ / shares | 26 | |||
Forfeited | $ / shares | 22 | [1] | ||
Outstanding at year-end | $ / shares | $ 17 | |||
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Share based Compensation Arrangement by Share based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Abstract] No definition available.
|
X | ||||||||||
- Details
|
Changes in Outstanding Marriott Vacations Worldwide Stock Options for Marriott International and Marriott Vacations Worldwide Employees (Detail) - Marriott Vacations Worldwide Share-Based Compensation Plans |
12 Months Ended |
---|---|
Dec. 28, 2012
$ / shares
shares
| |
Shares | |
Outstanding at beginning of year | shares | 1,587,441 |
Granted | shares | |
Exercised | shares | (937,644) |
Forfeited | shares | (892) |
Outstanding at year-end | shares | 648,905 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $ / shares | $ 10 |
Granted | $ / shares | |
Exercised | $ / shares | 10 |
Forfeited | $ / shares | 18 |
Outstanding at year-end | $ / shares | $ 11 |
X | ||||||||||
- Definition The number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
X | ||||||||||
- Definition Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated. No definition available.
|
X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded. No definition available.
|
X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Marriott Vacations Worldwide Stock Options Issued to Marriott International and Marriott Vacations Worldwide Employees that were Outstanding and Exercisable (Detail) |
12 Months Ended |
---|---|
Dec. 28, 2012
$ / shares
shares
| |
Range One | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | $ 8 |
Range of Exercise Prices Upper Limit | $ 12 |
Stock Options Outstanding, Number of Stock Options | shares | 418,831 |
Stock Options Outstanding, Weighted Average Exercise Price | $ 9 |
Stock Options Outstanding, Weighted Average Remaining Life (in years) | 1 year |
Stock Options Exercisable, Number of Stock Options | shares | 418,831 |
Stock Options Exercisable, Weighted Average Exercise Price | $ 9 |
Stock Options Exercisable, Weighted Average Remaining Life (in years) | 1 year |
Range Two | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | $ 13 |
Range of Exercise Prices Upper Limit | $ 17 |
Stock Options Outstanding, Number of Stock Options | shares | 141,262 |
Stock Options Outstanding, Weighted Average Exercise Price | $ 14 |
Stock Options Outstanding, Weighted Average Remaining Life (in years) | 2 years |
Stock Options Exercisable, Number of Stock Options | shares | 136,283 |
Stock Options Exercisable, Weighted Average Exercise Price | $ 14 |
Stock Options Exercisable, Weighted Average Remaining Life (in years) | 2 years |
Range Three | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | $ 18 |
Range of Exercise Prices Upper Limit | $ 22 |
Stock Options Outstanding, Number of Stock Options | shares | 84,996 |
Stock Options Outstanding, Weighted Average Exercise Price | $ 19 |
Stock Options Outstanding, Weighted Average Remaining Life (in years) | 2 years |
Stock Options Exercisable, Number of Stock Options | shares | 84,996 |
Stock Options Exercisable, Weighted Average Exercise Price | $ 19 |
Stock Options Exercisable, Weighted Average Remaining Life (in years) | 2 years |
Range Four | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | $ 23 |
Range of Exercise Prices Upper Limit | $ 28 |
Stock Options Outstanding, Number of Stock Options | shares | 3,816 |
Stock Options Outstanding, Weighted Average Exercise Price | $ 26 |
Stock Options Outstanding, Weighted Average Remaining Life (in years) | 6 years |
Stock Options Exercisable, Number of Stock Options | shares | 2,377 |
Stock Options Exercisable, Weighted Average Exercise Price | $ 27 |
Stock Options Exercisable, Weighted Average Remaining Life (in years) | 5 years |
Range Five | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Lower Limit | $ 8 |
Range of Exercise Prices Upper Limit | $ 28 |
Stock Options Outstanding, Number of Stock Options | shares | 648,905 |
Stock Options Outstanding, Weighted Average Exercise Price | $ 11 |
Stock Options Outstanding, Weighted Average Remaining Life (in years) | 2 years |
Stock Options Exercisable, Number of Stock Options | shares | 642,487 |
Stock Options Exercisable, Weighted Average Exercise Price | $ 11 |
Stock Options Exercisable, Weighted Average Remaining Life (in years) | 2 years |
X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of shares reserved for issuance pertaining to the outstanding stock options as of the balance sheet date for all option plans in the customized range of exercise prices. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Weighted average exercise price as of the balance sheet date for those equity-based payment arrangements exercisable and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Weighted average remaining contractual term of exercisable stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Weighted average remaining contractual term of outstanding stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Intrinsic Value of Outstanding Marriott International Stock Options and Exercisable Stock Options held by Employees (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding stock options | $ 4 | $ 5 |
Exercisable stock options | $ 4 | $ 5 |
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Changes in Outstanding Marriott Vacations Worldwide Sars Issued to Both Marriott International and Marriott Vacations Worldwide Employees (Detail) - Stock Appreciation Rights (SARs) |
12 Months Ended |
---|---|
Dec. 28, 2012
$ / shares
shares
| |
Number of Shares | |
Outstanding at beginning of year | shares | 798,089 |
Granted | shares | 4,905 |
Exercised | shares | (86,281) |
Forfeited | shares | (6,544) |
Outstanding at year-end | shares | 710,169 |
Weighted Average Exercise Price | |
Outstanding at beginning of year | $ / shares | $ 18 |
Granted | $ / shares | 31 |
Exercised | $ / shares | 19 |
Forfeited | $ / shares | 18 |
Outstanding at year-end | $ / shares | $ 18 |
X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Number of non-option equity instruments exercised by participants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercises in Period, Weighted Average Exercise Price No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Weighted Average Exercise Price No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Granted Weighted Average Exercise Price No definition available.
|
X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Exercise Price No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Rollforward [Abstract] No definition available.
|
X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price [Abstract] No definition available.
|
X | ||||||||||
- Details
|
Assumptions Used to Estimate Fair Value of Grants (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 54.30% | 47.40% | |
Dividend yield | 0.00% | 0.00% | |
Risk-free interest rate | 1.03% | 1.38% | |
Expected term (in years) | 6 years 3 months | 6 years 3 months | |
Pre Spin Off | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 32.00% | 32.00% | |
Dividend yield | 0.73% | 0.71% | |
Risk-free interest rate | 3.40% | 3.30% | |
Expected term (in years) | 8 years | 7 years |
X | ||||||||||
- Definition The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
Classifications of Consolidated VIE Assets and Liabilities (Detail) $ in Millions |
Dec. 28, 2012
USD ($)
|
---|---|
Variable Interest Entity [Line Items] | |
VIE Assets | $ 763 |
VIE Liabilities | 675 |
Vacation Ownership Notes Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 727 |
Interest Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 5 |
Restricted Cash | |
Variable Interest Entity [Line Items] | |
VIE Assets | 31 |
Interest Payable | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | 1 |
Debt | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | 674 |
Securitized Vacation Ownership Notes Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 763 |
VIE Liabilities | 675 |
Securitized Vacation Ownership Notes Receivable | Vacation Ownership Notes Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 727 |
Securitized Vacation Ownership Notes Receivable | Interest Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 5 |
Securitized Vacation Ownership Notes Receivable | Restricted Cash | |
Variable Interest Entity [Line Items] | |
VIE Assets | 31 |
Securitized Vacation Ownership Notes Receivable | Interest Payable | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | 1 |
Securitized Vacation Ownership Notes Receivable | Debt | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | 674 |
Warehouse Credit Facility | |
Variable Interest Entity [Line Items] | |
VIE Assets | 0 |
VIE Liabilities | 0 |
Warehouse Credit Facility | Vacation Ownership Notes Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 0 |
Warehouse Credit Facility | Interest Receivable | |
Variable Interest Entity [Line Items] | |
VIE Assets | 0 |
Warehouse Credit Facility | Restricted Cash | |
Variable Interest Entity [Line Items] | |
VIE Assets | 0 |
Warehouse Credit Facility | Interest Payable | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | 0 |
Warehouse Credit Facility | Debt | |
Variable Interest Entity [Line Items] | |
VIE Liabilities | $ 0 |
X | ||||||||||
- Definition The carrying amount of the consolidated Variable Interest Entity's assets included in the reporting entity's statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The carrying amount of the consolidated Variable Interest Entity's liabilities included in the reporting entity's statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Variable Interest Entities - Additional Information (Detail) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Variable Interest Entity [Line Items] | |||
Noncontrolling interest | $ 0 | ||
Voluntary repurchase of defaulted notes receivable | 39,000,000 | $ 52,000,000 | $ 68,000,000 |
Voluntary repurchase of other non-defaulted notes receivable | 86,000,000 | 24,000,000 | $ 25,000,000 |
Vacation ownership notes receivable | $ 1,056,000,000 | 1,149,000,000 | |
Minimum | |||
Variable Interest Entity [Line Items] | |||
Limit to repurchasing defaulted mortgage notes at the outstanding principal balance | 15.00% | ||
Maximum | |||
Variable Interest Entity [Line Items] | |||
Limit to repurchasing defaulted mortgage notes at the outstanding principal balance | 20.00% | ||
Variable Interest Entity | |||
Variable Interest Entity [Line Items] | |||
Maximum Loss Exposure, Determination Methodology | Our maximum exposure to loss relating to the entities that own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral | ||
Vacation ownership notes receivable | $ 727,000,000 | $ 910,000,000 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity Description | We had previously concluded that the entity, which holds property and land acquired for vacation ownership development that we operated as a hotel, was a variable interest entity because the equity investment at risk was not sufficient to permit it to finance its activities without additional support from other parties. We concluded we were the primary beneficiary because we had ultimate power to direct the activities that most significantly impacted the entity's economic performance. Our involvement with the entity did not have a material effect on our financial performance or cash flows before 2010. Subsequent to the sale we no longer hold a call option on the equity and thus have no variable interest in this entity. | ||
Variable Interest Entity, Not Primary Beneficiary | Entity whose equity was subject to call option | |||
Variable Interest Entity [Line Items] | |||
Gain on sale of assets and liabilities | $ 18,000,000 | ||
Cash flow from sale of assets and liabilities | 38,000,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Wholly owned entities | |||
Variable Interest Entity [Line Items] | |||
Gain on sale of assets and liabilities | 3,000,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Various Entities | |||
Variable Interest Entity [Line Items] | |||
Cash flow from sale of assets and liabilities | $ 42,000,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Equity Investment And Loan Receivable | |||
Variable Interest Entity [Line Items] | |||
Maximum Loss Exposure, Determination Methodology | We have a remaining accrual of $10 million for potential future funding included in other liabilities on our Balance Sheet, representing our remaining expected exposure to loss related to our involvement with this entity. | ||
Vacation ownership notes receivable | $ 0 | ||
Accrued liability for additional funding | 10,000,000 | ||
Reversal of impairment cost on investment | $ 2,000,000 |
X | ||||||||||
- Definition Adjustment, net of tax, to an amount previously reported in discontinued operations that is directly related to the disposal of the component in a prior period. Examples of circumstances leading to such adjustments include the resolution of contingencies relating to the terms of the disposal transaction or relating to the operations of the component prior to its disposal, and the settlement of certain employee benefit plan obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Describes and explains the methodology (for example, procedures or techniques) for estimating the maximum exposure to loss of the reporting entity as a result of its involvement with the Variable Interest Entity (VIE). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Net amount of the investment in a contractual right to receive money on demand or on fixed or determinable dates that is recognized as an asset in the creditor's statement of financial position. Examples include, but are not limited to, credit card receivables, notes receivable and receivables relating to lessor's rights to payments from leases other than operating leases that have been recorded as assets. Excludes trade accounts receivable with contractual maturity of one year or less and arose from the sale of goods or services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Description of the amount of activity, consisting of a transaction or a measure not described elsewhere in the taxonomy, occurring during the period between the reporting entity and the Variable Interest Entity (VIE) or potential VIE. Such description provides an understanding of the nature of the other measure of activity being disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition The current carrying amount of the liability for potential future funding. No definition available.
|
X | ||||||||||
- Definition The amount of defaulted mortgage notes receivable that were voluntarily repurchased for the period." No definition available.
|
X | ||||||||||
- Definition Disposal Group, Including Discontinued Operation, Assets (Liabilities) Net No definition available.
|
X | ||||||||||
- Definition Impairment Reversal on Investments No definition available.
|
X | ||||||||||
- Definition The amount of non-defaulted notes receivable that were voluntatily repurchased for the period. No definition available.
|
X | ||||||||||
- Definition The percentage of the initial mortgage balance of securitized mortgage notes receivable that we are limited in repurchasing upon default, based on the Timeshare note securitization transaction documents for each transaction. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Interest Income and Expense Recognized As a Result of Our Involvement with Variable Interest Entities (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Variable Interest Entity [Line Items] | |||
Debt issuance cost amortization | $ 7 | $ 4 | $ 4 |
Variable Interest Entity | |||
Variable Interest Entity [Line Items] | |||
Interest income | 114 | ||
Interest expense to investors | 36 | ||
Debt issuance cost amortization | 5 | ||
Variable Interest Entity | Securitized Vacation Ownership Notes Receivable | |||
Variable Interest Entity [Line Items] | |||
Interest income | 106 | ||
Interest expense to investors | 33 | ||
Debt issuance cost amortization | 3 | ||
Variable Interest Entity | Warehouse Credit Facility | |||
Variable Interest Entity [Line Items] | |||
Interest income | 8 | ||
Interest expense to investors | 3 | ||
Debt issuance cost amortization | $ 2 |
X | ||||||||||
- Definition Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The amount of interest expense incurred during the period on a debt or other obligation to a related party. No definition available.
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Interest Income No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Cash Flows Between Company and Variable Interest Entities (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Variable Interest Entity [Line Items] | |||
Voluntary repurchases of defaulted vacation ownership notes receivable | $ (39) | $ (52) | $ (68) |
Securitized Vacation Ownership Notes Receivable | |||
Variable Interest Entity [Line Items] | |||
Net proceeds from vacation ownership notes receivable securitization | 233 | ||
Principal receipts | 188 | 209 | |
Interest receipts | 107 | 126 | |
Total | 528 | 335 | |
Principal to investors | (184) | (214) | |
Voluntary repurchases of defaulted vacation ownership notes receivable | (37) | (52) | |
Voluntary retirement clean-up call | (72) | (21) | |
Interest to investors | (34) | (44) | |
Total | (327) | (331) | |
Net Cash Flows | 201 | 4 | |
Warehouse Credit Facility | |||
Variable Interest Entity [Line Items] | |||
Net proceeds from vacation ownership notes receivable securitization | 122 | ||
Principal receipts | 16 | 10 | |
Interest receipts | 9 | 5 | |
Reserve Release | 1 | ||
Total | 26 | 137 | |
Principal to investors | (15) | (8) | |
Voluntary repurchases of defaulted vacation ownership notes receivable | (2) | ||
Repayment of Warehouse Credit Facility | (101) | ||
Interest to investors | (2) | (1) | |
Total | (120) | (9) | |
Net Cash Flows | $ (94) | $ 128 |
X | ||||||||||
- Definition Proceeds from securitizations of receivables treated as collateralized borrowings, which are classified as financing transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Net. No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Proceeds From Interest Receipts No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Proceeds From Principal Receipts No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Proceeds Total No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Repayments Of Interest To Investors No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Repayments Of Principal To Investors No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee and Transferor Repayments of Warehouse Credit Facility No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee And Transferor Repayments Total No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferee and Transferor Reserve Release No definition available.
|
X | ||||||||||
- Definition Cash Flows Between Transferor and Transferee, Payment to Purchaser No definition available.
|
X | ||||||||||
- Definition The amount of defaulted mortgage notes receivable that were voluntarily repurchased for the period." No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Composition of Impairment Charges (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Impairment Charge | ||
Inventory impairment | $ 251 | $ 1 |
Property and equipment impairment | 73 | 14 |
Total impairment charge | 324 | 15 |
2011 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 251 | |
Property and equipment impairment | 73 | |
Total impairment charge | 324 | |
2010 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 1 | |
Property and equipment impairment | 14 | |
Total impairment charge | 15 | |
Luxury | ||
Impairment Charge | ||
Total impairment charge | 117 | |
Luxury | 2011 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 111 | |
Property and equipment impairment | 6 | |
Total impairment charge | 117 | |
Luxury | 2010 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 6 | |
Property and equipment impairment | 14 | |
Total impairment charge | 20 | |
Europe | 2011 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 2 | |
Total impairment charge | 2 | |
Corporate and Other | ||
Impairment Charge | ||
Total impairment charge | 205 | |
Corporate and Other | 2011 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | 138 | |
Property and equipment impairment | 67 | |
Total impairment charge | $ 205 | |
Asia and Pacific | 2010 Impairment Charges | ||
Impairment Charge | ||
Inventory impairment | (5) | |
Total impairment charge | $ (5) |
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount recognized as an expense during the period to reduce the carrying amount of several projects as part of the evaluation of the entire portfolio. The impairment charge includes inventory, and property, plant and equipment. No definition available.
|
X | ||||||||||
- Definition The charge against earnings in the period to reduce the carrying amount of inventory to fair value. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Impairment Charges - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Impairment Costs [Line Items] | ||
Impairment charge | $ 324 | $ 15 |
Reclassification from inventory to property and equipment | 52 | |
Luxury | ||
Impairment Costs [Line Items] | ||
Impairment charge | 117 | |
European Segment | ||
Impairment Costs [Line Items] | ||
Impairment charge | 2 | |
Corporate and Other | ||
Impairment Costs [Line Items] | ||
Impairment charge | 205 | |
Undeveloped Land | ||
Impairment Costs [Line Items] | ||
Impairment charge | 199 | |
Software | ||
Impairment Costs [Line Items] | ||
Impairment charge | 6 | |
Property And Equipment Impairment | ||
Impairment Costs [Line Items] | ||
Impairment charge | 14 | |
Inventory Impairment | ||
Impairment Costs [Line Items] | ||
Impairment charge | 6 | |
Asia and Pacific | ||
Impairment Costs [Line Items] | ||
Other impairments (reversals) | $ (5) | |
Pre Tax | ||
Impairment Costs [Line Items] | ||
Impairment charge | 324 | |
After Tax | ||
Impairment Costs [Line Items] | ||
Impairment charge | $ 234 |
X | ||||||||||
- Definition Amount recognized as an expense during the period to reduce the carrying amount of several projects as part of the evaluation of the entire portfolio. The impairment charge includes inventory, and property, plant and equipment. No definition available.
|
X | ||||||||||
- Definition Impairment Costs [Line Items] No definition available.
|
X | ||||||||||
- Definition Inventory Reclassified To Buildings And Other Depreciable Property No definition available.
|
X | ||||||||||
- Definition Other Asset Impairment Charges (Recoveries) No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Related Party Transactions - Additional Information (Detail) - Marriott International - USD ($) $ in Millions |
11 Months Ended | 12 Months Ended |
---|---|---|
Nov. 20, 2011 |
Dec. 31, 2010 |
|
Related Party Transaction [Line Items] | ||
Costs for services | $ 23 | $ 30 |
Indirect general and corporate overhead expenses | $ 12 | $ 15 |
X | ||||||||||
- Definition Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Definition The aggregate allocation of indirect general and corporate overhead expenses from the former parent entity. Includes expenses of managing and administering the affairs of the entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
X | ||||||||||
- Details
|
Organizational and Separation Related Charges - Additional Information (Detail) $ in Millions |
12 Months Ended |
---|---|
Dec. 28, 2012
USD ($)
| |
Organizational and Separation Related Charges [Line Items] | |
Organizational and Separation Related Charges | $ 16 |
Capitalized Asset Costs | $ 2 |
X | ||||||||||
- Definition Capitalized organizational and separation related costs. No definition available.
|
X | ||||||||||
- Definition Organization [Line Items] No definition available.
|
X | ||||||||||
- Definition Expense recorded for organization and separation related charges. No definition available.
|
Business Segments - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012
USD ($)
Segment
|
Dec. 30, 2011
USD ($)
|
Dec. 31, 2010
USD ($)
|
|
Segment Reporting Disclosure [Line Items] | |||
Number of business segments | Segment | 4 | ||
Property and equipment | $ 261 | $ 285 | |
Operations located outside the United States | |||
Segment Reporting Disclosure [Line Items] | |||
Revenues, excluding reimbursed costs | 245 | 288 | $ 274 |
Property and equipment | $ 101 | $ 91 |
X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
X | ||||||||||
- Definition Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Revenues Excluding Reimbursed Costs No definition available.
|
X | ||||||||||
- Definition Segment Reporting Disclosure [Line Items] No definition available.
|
X | ||||||||||
- Details
|
Revenues (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | $ 1,648 | $ 1,613 | $ 1,584 |
North America | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 1,363 | 1,272 | 1,251 |
Luxury | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 81 | 114 | 103 |
Europe | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 121 | 135 | 134 |
Asia Pacific | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | 83 | 92 | 96 |
Total reportable segment | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenue | $ 1,648 | $ 1,613 | $ 1,584 |
X | ||||||||||
- Definition Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Net Income (Loss) (Detail) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | $ 37 | $ (214) | $ 112 | |||
Provision for income taxes | (21) | 36 | (45) | |||
Net income (loss) | 16 | [1] | (178) | 67 | ||
North America | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | 309 | 263 | 280 | |||
Luxury | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | (48) | (130) | (47) | |||
Europe | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | 7 | 12 | 15 | |||
Asia Pacific | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | 3 | 3 | 29 | |||
Total reportable segment | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | 271 | 148 | 277 | |||
Corporate and Other | ||||||
Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] | ||||||
Segment financial results | $ (234) | $ (362) | $ (165) | |||
|
X | ||||||||||
- Definition This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Segment Reporting, Reconciliation of Net Income (Loss) Segment to Consolidated [Line Items] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Equity in Losses of Equity Method Investees (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 28, 2012 |
Dec. 31, 2010 |
|
Subsidiary or Equity Method Investee [Line Items] | ||
Equity in Losses of Equity Method Investees | $ 1 | $ (8) |
Luxury | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Equity in Losses of Equity Method Investees | $ (8) | |
Asia Pacific | ||
Subsidiary or Equity Method Investee [Line Items] | ||
Equity in Losses of Equity Method Investees | $ 1 |
X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Depreciation (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | $ 30 | $ 33 | $ 35 |
North America | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | 10 | 10 | 14 |
Luxury | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | 2 | 3 | 3 |
Europe | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | 2 | 3 | 3 |
Asia Pacific | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | 1 | 2 | |
Total reportable segment | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | 14 | 17 | 22 |
Corporate and Other | |||
Reconciliation of Depreciation by Segment [Line Items] | |||
Depreciation | $ 16 | $ 16 | $ 13 |
X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Reconciliation of Depreciation by Segment [Line Items] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Assets (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Total Assets | $ 2,604 | $ 2,845 |
North America | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 2,083 | 2,235 |
Luxury | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 140 | 185 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 113 | 128 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 85 | 90 |
Total reportable segment | ||
Segment Reporting Information [Line Items] | ||
Total Assets | 2,421 | 2,638 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total Assets | $ 183 | $ 207 |
X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Equity Method Investments (Detail) - USD ($) $ in Millions |
Dec. 28, 2012 |
Dec. 30, 2011 |
---|---|---|
Asia Pacific | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 1 | $ 1 |
X | ||||||||||
- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
Capital Expenditures (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 28, 2012 |
Dec. 30, 2011 |
Dec. 31, 2010 |
|
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ 17 | $ 15 | $ 24 |
North America | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 97 | 113 | 100 |
Luxury | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 21 | 5 | 120 |
Europe | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 4 | 5 | 7 |
Asia Pacific | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 11 | 3 | 2 |
Total reportable segment | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 133 | 126 | 229 |
Corporate and Other | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | 5 | 9 | 9 |
Capital Expenditures | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Capital Expenditures | $ 138 | $ 135 | $ 238 |
X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2012 |
[1] | Sep. 07, 2012 |
[1] | Jun. 15, 2012 |
[1] | Mar. 23, 2012 |
[1] | Dec. 30, 2011 |
[4] | Sep. 09, 2011 |
[4] | Jun. 17, 2011 |
[4] | Mar. 25, 2011 |
[4] | Dec. 28, 2012 |
[1] | Dec. 30, 2011 |
[4] | Dec. 31, 2010 |
||||||||||||||
Quarterly Information [Line Items] | ||||||||||||||||||||||||||||||||||
Revenues | [2],[3] | $ 499 | $ 386 | $ 387 | $ 376 | $ 484 | $ 378 | $ 380 | $ 371 | $ 1,648 | $ 1,613 | |||||||||||||||||||||||
Expenses | [2],[3] | (519) | (368) | (377) | (359) | (459) | (684) | (352) | (338) | (1,623) | (1,833) | |||||||||||||||||||||||
Net income (loss) | [2],[3] | $ (7) | $ 6 | $ 8 | $ 9 | $ 8 | $ (221) | $ 16 | $ 19 | $ 16 | $ (178) | |||||||||||||||||||||||
Basic earnings (loss) per share | $ (0.22) | [2],[3] | $ 0.18 | [2],[3] | $ 0.25 | [2],[3] | $ 0.25 | [2],[3] | $ 0.24 | [2],[3] | $ (6.57) | [2],[3] | $ 0.47 | [2],[3] | $ 0.58 | [2],[3] | $ 0.46 | [2],[3],[5] | $ (5.29) | [2],[3] | $ 2.00 | |||||||||||||
Diluted earnings (loss) per share | $ (0.22) | [2],[3] | $ 0.17 | [2],[3] | $ 0.24 | [2],[3] | $ 0.24 | [2],[3] | $ 0.23 | [2],[3],[6] | $ (6.57) | [2],[3] | $ 0.47 | [2],[3] | $ 0.58 | [2],[3] | $ 0.44 | [2],[3],[5] | $ (5.29) | [2],[3] | $ 2.00 | |||||||||||||
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X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Quarterly Information [Line Items] No definition available.
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Schedule of Quarterly Financial Information (Parenthetical) (Detail) - shares shares in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 30, 2011 |
Sep. 09, 2011 |
Jun. 17, 2011 |
Mar. 25, 2011 |
Dec. 28, 2012 |
[1] | Dec. 30, 2011 |
Dec. 31, 2010 |
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Quarterly Information [Line Items] | ||||||||||
Weighted average number of shares outstanding | 33.7 | 33.7 | 33.7 | 33.7 | ||||||
Weighted average number of shares outstanding | 34.2 | 36.2 | 33.7 | 33.7 | ||||||
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X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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X | ||||||||||
- Definition Quarterly Information [Line Items] No definition available.
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