Travel + Leisure (TNL) 10-K 24 Feb 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Jan. 31, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-32876
Entity Registrant Name	Travel & Leisure Co.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0052541
Entity Address, Address Line One	6277 Sea Harbor Drive
Entity Address, City or Town	Orlando,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32821
City Area Code	407
Local Phone Number	626-5200
Title of 12(b) Security	Common Stock
Trading Symbol	TNL
Security Exchange Name	NYSE
Entity Well-know Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 2,355,189,546
Entity Common Stock, Shares Outstanding		85,931,284
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001361658
Current Fiscal Year End Date	--12-31
ICFR Auditor Attestation Flag	true

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Net revenues
Revenue from Contract with Customer, Excluding Assessed Tax		$ 2,160	$ 4,043		$ 3,931
Expenses
Operating		1,130	1,648		1,642
Cost of vacation ownership interests		2	186		183
Consumer financing interest		101	106		88
General and administrative		398	491		513
Marketing		329	666		609
Depreciation and amortization		126	121		138
COVID-19 related costs		88	0		0
Asset impairments		52	27	[1]	(4)	[1]
Restructuring		39	9		16
Separation and related costs	[2]	0	45		223
Total expenses		2,265	3,299		3,408
Gain on sale of business		0	(68)		0
Operating (loss)/income		(105)	812		523
Other (income), net		(14)	(23)		(38)
Interest expense		192	162		170
Interest (income)		7	7		5
(Loss)/income before income taxes		(276)	680		396
(Benefit from)/provision for income taxes		(23)	191		130
Net (loss)/income from continuing operations		(253)	489		266
Loss from operations of discontinued businesses, net of income taxes		0	0		(50)
(Loss)/gain on disposal of discontinued business, net of income taxes		(2)	18		456
Net (loss)/income attributable to Travel + Leisure shareholders		$ (255)	$ 507		$ 672
Basic earnings/(loss) per share
Continuing operations		$ (2.95)	$ 5.31		$ 2.69
Discontinued operations		(0.02)	0.19		4.11
Basic (in dollars per share)		(2.97)	5.50		6.80
Diluted earnings/(loss) per share
Continuing operations		(2.95)	5.29		2.68
Discontinued operations		(0.02)	0.19		4.09
Earnings Per Share, Diluted		$ (2.97)	$ 5.48		$ 6.77
Service and membership fees
Net revenues
Revenue from Contract with Customer, Excluding Assessed Tax		$ 1,139	$ 1,606		$ 1,611
Vacation ownership interest sales
Net revenues
Revenue from Contract with Customer, Excluding Assessed Tax		505	1,848		1,769
Consumer financing
Net revenues
Revenue from Contract with Customer, Excluding Assessed Tax		467	515		491
Other
Net revenues
Revenue from Contract with Customer, Excluding Assessed Tax		$ 49	$ 74		$ 60
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.
[2]	Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018.

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Income
Net (loss)/income attributable to Travel + Leisure shareholders	$ (255)	$ 507	$ 672
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments, net of tax	37	0	(38)
Defined benefit pension plans, net of tax	(1)	0	5
Other comprehensive income/(loss), net of tax	36	0	(33)
Comprehensive (loss)/income attributable to Travel + Leisure shareholders	$ (219)	$ 507	$ 639

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt	$ 4,184	$ 3,034
Assets
Cash and cash equivalents	1,196	355
Restricted cash (VIE - $92 as of 2020 and $110 as of 2019)	121	147
Trade receivables, net	115	144
Financing Receivable, after Allowance for Credit Loss	2,482	3,120
Inventory	1,347	1,199
Prepaid expenses	204	221
Property and equipment, net	666	680
Goodwill	964	970
Other intangibles, net	131	143
Other assets	387	474
Total assets	7,613	7,453
Liabilities and (deficit)
Accounts payable	62	73
Accrued expenses and other liabilities	929	973
Deferred income	447	541
Non-recourse vacation ownership debt (VIE)	2,234	2,541
Debt	4,184	3,034
Deferred income taxes	725	815
Total liabilities	8,581	7,977
Commitments and contingencies (Note 20)
Stockholders' (deficit):
Preferred stock, $.01 par value, authorized 6,000,000 shares, none issued and outstanding	0	0
Common stock, $.01 par value, 600,000,000 shares authorized, 221,755,960 issued as of 2020 and 220,863,070 as of 2019	2	2
Treasury stock, at cost – 135,824,676 shares as of 2020 and 132,759,876 shares as of 2019	(6,508)	(6,383)
Additional paid-in capital	4,157	4,118
Retained earnings	1,390	1,785
Accumulated other comprehensive loss	(16)	(52)
Total stockholders’ (deficit)	(975)	(530)
Noncontrolling interest	7	6
Total (deficit)	(968)	(524)
Total liabilities and (deficit)	$ 7,613	$ 7,453

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Restricted cash (VIE - $92 as of 2020 and $110 as of 2019)	$ 121	$ 147
Financing Receivable, after Allowance for Credit Loss	$ 2,482	$ 3,120
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in shares)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common Stock, Shares, Issued (in shares)	221,755,960	220,863,070
Treasury stock, shares (in shares)	135,824,676	132,759,876

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net (loss)/income attributable to Travel + Leisure shareholders	$ (255)	$ 507	$ 672
Loss from operations of discontinued businesses, net of income taxes	0	0	50
Loss/(gain) on disposal of discontinued business, net of income taxes	2	(18)	(456)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation and amortization	126	121	138
Provision for Loan and Lease Losses	415	479	456
Deferred income taxes	(88)	79	122
Stock-based compensation	20	24	129
Other Asset Impairment Charges	52	36	5
Gain on sale of business	0	(68)	0
Non-cash lease expense	23	31	0
Non-cash interest	23	21	20
Net change in assets and liabilities, excluding impact of acquisitions and dispositions:
Trade receivables	30	(15)	(27)
Vacation ownership contract receivables	237	(562)	(615)
Inventory	(119)	13	(27)
Prepaid expenses	15	(64)	(26)
Other assets	23	1	(17)
Deferred income	(100)	10	7
Accounts payable, accrued expenses, and other liabilities	(21)	(151)	(146)
Other, net	(9)	9	7
Net cash provided by operating activities - continuing operations	374	453	292
Net cash (used in)/provided by operating activities - discontinued operations	0	(1)	150
Net cash provided by operating activities	374	452	442
Investing activities
Property and equipment additions	(69)	(108)	(99)
Acquisition of business, net of cash acquired	0	(51)	(5)
Proceeds from asset sales	0	6	12
Proceeds from sale of business, net	0	106	1
Other, net	9	3	(8)
Net cash used in investing activities - continuing operations	(60)	(44)	(99)
Net cash used in investing activities - discontinued operations	(5)	(22)	(626)
Net cash used in investing activities	(65)	(66)	(725)
Financing activities
Proceeds from non-recourse vacation ownership debt	1,563	2,253	2,977
Principal payments on non-recourse vacation ownership debt	(1,896)	(2,068)	(2,713)
Proceeds from debt	1,062	2,677	3,203
Principal payments on debt	519	2,892	3,520
Repayments of commercial paper, net	0	0	(147)
Proceeds from notes issued and term loan	643	346	300
Repayment of notes	(43)	(3)	(790)
Repayments of vacation ownership inventory arrangement	(16)	(12)	(12)
Dividends to shareholders	(138)	(166)	(194)
Cash transferred to Wyndham Hotels related to Spin-off	0	(69)	(476)
Proceeds from issuance of common stock	7	11	0
Repurchase of common stock	(128)	(340)	(330)
Debt issuance/modification costs	(20)	(22)	(20)
Payment of deferred acquisition consideration	(11)	0	0
Net share settlement of incentive equity awards	(2)	(4)	(60)
Other, net	0	0	(4)
Net cash provided by/(used in) financing activities - continuing operations	502	(289)	(1,786)
Net cash provided by financing activities - discontinued operations	0	0	2,066
Net cash provided/(used in) by financing activities	502	(289)	280
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	4	1	(9)
Net change in cash, cash equivalents and restricted cash	815	98	(12)
Cash, cash equivalents and restricted cash, beginning of period	502	404	416
Cash, cash equivalents and restricted cash, end of period	1,317	502	404
Cash, cash equivalents and restricted cash, end of period	$ 502	$ 502	$ 416

Consolidated Statements Of Equi

Consolidated Statements Of Equity/(Deficit) - USD ($) shares in Millions, $ in Millions		Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/IncomeCumulative Effect, Period of Adoption, Adjustment	Non-controlling Interest
Balance, shares at Dec. 31, 2017				100
Beginning Balance, value at Dec. 31, 2017		$ 774	$ (17)	$ 2	$ (5,719)	$ 3,996	$ 2,501	$ (9)	$ (11)	$ (8)	$ 5
Net (loss)/income attributable to Travel + Leisure shareholders		672					672
Other comprehensive income/(loss)		(33)							(33)
Issuance of shares for RSU vesting				1
Net share settlement of stock-based compensation		(60)				(60)
Change in stock-based compensation		150				150
Change in stock-based compensation and impact of equity restructuring for Board of Directors		(9)				(9)
Repurchase of common stock, shares				(6)
Repurchase of common stock, value		(324)			(324)
Dividends	[1]	(191)					(191)
Distribution for separation of Wyndham Hotels and adjustments related to discontinued business		(1,531)					(1,531)
Balance, shares at Dec. 31, 2018				95
Ending Balance, value at Dec. 31, 2018		(569)		$ 2	(6,043)	4,077	1,442		(52)		5
Net (loss)/income attributable to Travel + Leisure shareholders		507					507
Other comprehensive income/(loss)		0
Issuance of shares for RSU vesting				1
Net share settlement of stock-based compensation		(4)				(4)
Employee stock purchase program issuances		11				11
Change in stock-based compensation		24				24
Repurchase of common stock, shares				(8)
Repurchase of common stock, value		(340)			(340)
Dividends		(167)					(167)
Distribution for separation of Wyndham Hotels and adjustments related to discontinued business		3					3
Acquisition of a business		10				10
Non-controlling interest ownership change		1									1
Balance, shares at Dec. 31, 2019				88
Ending Balance, value at Dec. 31, 2019		(524)		$ 2	(6,383)	4,118	1,785		(52)		6
Net (loss)/income attributable to Travel + Leisure shareholders		(255)					(255)
Other comprehensive income/(loss)		36							36
Issuance of shares for RSU vesting				1
Net share settlement of stock-based compensation		(2)				(2)
Employee stock purchase program issuances		7				7
Change in stock-based compensation		20				20
Repurchase of common stock, shares				(3)
Repurchase of common stock, value		(125)			(125)
Dividends		(140)					(140)
Acquisition of a business		14				14
Non-controlling interest ownership change		1									1
Balance, shares at Dec. 31, 2020				86
Ending Balance, value at Dec. 31, 2020		$ (968)		$ 2	$ (6,508)	$ 4,157	$ 1,390		$ (16)		$ 7
[1]	Includes dividends declared by Wyndham Worldwide Corporation during the first quarter of 2018, prior to the spin-off of Wyndham Hotels & Resorts, Inc. and subsequent dividends declared by Travel + Leisure Co. (formerly, Wyndham Destinations, Inc.).

Consolidated Statements Of Eq_2

Consolidated Statements Of Equity/(Deficit) (Parenthetical) - $ / shares

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Statement of Stockholders' Equity [Abstract]

Cash dividends per share (in usd per share)

$ 0.30

$ 0.30

$ 0.50

$ 0.50

$ 0.45

$ 0.45

$ 0.45

$ 0.45

$ 0.41

$ 0.41

$ 0.41

$ 0.66

$ 1.60

[1]

$ 1.80

[1]

$ 1.89

[1]

[1]

For each of the quarterly periods ended March 31, and June 30, 2020, the Company paid cash dividends of $0.50 per share and in the quarterly periods ended September 30, and December 31, 2020, the Company paid cash dividends of $0.30 per share. For each of the quarterly periods in 2019, the Company paid cash dividends of $0.45 per share. For the quarterly period ended March 31, 2018, Wyndham Worldwide Corporation paid cash dividends of $0.66 prior to the Spin-off. In each of the following periods ended June 30, September 30, and December 31, 2018, the Company paid cash dividends of $0.41.

Background and Basis Of Present

Background and Basis Of Presentation	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure	Background and Basis of Presentation Background On January 5, 2021, Wyndham Destinations, Inc. acquired the Travel + Leisure brand and all related assets from Meredith Corporation (“Meredith”). In connection with this acquisition, Wyndham Destinations, Inc. changed its name to Travel + Leisure Co. and changed its ticker symbol to TNL on February 17, 2021. The newly named Travel + Leisure Co. and its subsidiaries (collectively, “Travel + Leisure,” or the “Company,” formerly Wyndham Destinations, Inc.) is a global provider of hospitality services and travel products. The Company operates in two segments: Vacation Ownership (formerly Wyndham Vacation Clubs) and Travel and Membership (formerly Vacation Exchange or Panorama). In connection with the Travel + Leisure brand acquisition the Company elected to update its segment names to better align with how the segments will be referred to internally and externally. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (“VOIs”) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Travel and Membership segment operates a variety of travel businesses, including three vacation exchange brands, a home exchange network, travel technology platforms, travel memberships, and direct-to-consumer rentals. The results of operations for 2020 include impacts related to the novel coronavirus global pandemic (“COVID-19”), which have been significantly negative for the travel industry, the Company, its customers, and employees. The Company’s response to COVID-19 initially focused on the health and safety of its owners, members, guests, and employees, when it closed the majority of its resorts and sales centers. As a result, the Company significantly reduced its workforce and furloughed thousands of employees. As of December 31, 2020, the Company has reopened 81% of its resorts (92% as of the date of this filing) and reopened 86% of its sales offices (92% as of the date of this filing). Throughout 2020, many of the Company’s employees returned to work as locations reopened; however, the Company exited the year with approximately 5,300 employees either laid off or furloughed. The Company’s reopening plans were negatively impacted in the fourth quarter of 2020 by government shutdowns in California and Hawaii, which required temporarily closing resorts previously reopened. The Company estimates that the remaining suspended operations will resume in early 2021. Given these significant events, the Company’s revenues were negatively impacted and $385 million of charges related to COVID-19 were incurred during the year ended December 31, 2020, which are discussed in further detail in Note 26— COVID-19 Related Items . The Company was also keenly focused on preserving cash, cutting costs, and managing liquidity. As a precautionary measure to enhance liquidity, the Company drew down its $1.0 billion revolving credit facility at the end of the first quarter of 2020, and subsequently issued new $650 million senior secured notes, with a portion of these proceeds used to pay down borrowings under its revolving credit facility. The Company also amended the credit agreement for its revolving credit facility and term loan B, which provided flexibility during the relief period spanning from July 15, 2020 through April 1, 2022. See Note 16— Debt for additional details. Additionally, the Company suspended share repurchase activity since March 2020. On April 29, 2020, the Company successfully closed on a $325 million private securitization financing. While this transaction was at a higher cost compared to transactions the Company has completed in the past, it was favorable to similar transactions completed in the public market at that time. The Company also closed on a $575 million securitization financing on August 13, 2020, at a similar cost compared to transactions it has completed in the past. These transactions positively impacted the Company’s liquidity and reinforced its expectation to maintain adequate liquidity for the near future. On August 7, 2019, the Company acquired Alliance Reservations Network (“ARN”) for $102 million ($97 million net of cash acquired). ARN provides private-label travel booking technology solutions. This acquisition was undertaken for the purpose of accelerating growth at Travel and Membership by increasing the offerings available to its members and affiliates. The Company has recognized the assets and liabilities of ARN based on estimates of their acquisition date fair values, including the impacts of certain post-closing adjustments. ARN is reported within the Travel and Membership segment. See Note 5— Acquisitions for additional details. During 2018, the Company completed the sale of its European vacation rentals business and completed the spin-off of its hotel business (“Spin-off”) into a separate publicly traded company, Wyndham Hotels & Resorts, Inc. (“Wyndham Hotels”). This transaction was effected through a pro rata distribution of the new hotel entity’s stock to Travel + Leisure shareholders. In connection with the Spin-off, the Company entered into certain agreements with Wyndham Hotels to implement the legal and structural separation, govern the relationship between the Company and Wyndham Hotels up to and after the completion of the separation, and allocate various assets, liabilities, and obligations, including, among other things, employee benefits, intellectual property, and tax-related assets and liabilities between the Company and Wyndham Hotels. The two public companies have entered into long-term exclusive license agreements to retain their affiliations with one of the industry’s top-rated loyalty programs, Wyndham Rewards, as well as to continue to collaborate on inventory-sharing and customer cross-sell initiatives. For all relevant periods presented, the Company has classified the results of operations for its hotel business and its European vacation rentals business as discontinued operations. See Note 6— Discontinued Operations for further details. Also during 2018, the Company decided to explore strategic alternatives for its North American vacation rentals business and on October 22, 2019, completed the sale of this business for $162 million. The assets and liabilities of this business were classified as held-for-sale as of December 31, 2018. This business did not meet the criteria to be classified as a discontinued operation; therefore, the results of operations are reflected within continuing operations on the Consolidated Statements of (Loss)/Income through the date of sale. See Note 7— Held-for-Sale Business for further details. Basis of Presentation The accompanying Consolidated Financial Statements in this Annual Report on Form 10-K include the accounts and transactions of Travel + Leisure, as well as the entities in which Travel + Leisure directly or indirectly has a controlling financial interest. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. All intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. In addition, certain prior period amounts have been reclassified to comply with newly adopted accounting standards. The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice. In presenting the Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of annual results reported.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies PRINCIPLES OF CONSOLIDATION When evaluating an entity for consolidation, the Company first determines whether an entity is a variable interest entity (“VIE”). If the entity is deemed to be a VIE, the Company determines whether it would be the entity’s primary beneficiary and consolidates those VIEs for which the Company would be the primary beneficiary. The Company will also consolidate an entity not deemed a VIE upon determination that the Company has a controlling financial interest. For entities where the Company does not have a controlling financial interest, the investments in such entities are accounted for using the equity or cost method, as appropriate. REVENUE RECOGNITION In 2018, the Company adopted the Revenue from Contracts with Customers guidance utilizing the full retrospective transition method. Refer to Note 3— Revenue Recognition for full details of the Company’s revenue recognition policies. CASH AND CASH EQUIVALENTS The Company considers highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents. RESTRICTED CASH The largest portion of the Company’s restricted cash relates to securitizations. The remaining portion is comprised of cash held in escrow accounts. Securitizations. In accordance with the contractual requirements of the Company’s various vacation ownership contract receivable (“VOCR”) securitizations, a dedicated lockbox account, subject to a blocked control agreement, is established for each securitization. At each month end, the total cash in the collection account from the previous month is analyzed and a monthly servicer report is prepared by the Company, which details how much cash should be remitted to the note holders for principal and interest payments, and any cash remaining is transferred by the trustee back to the Company. Additionally, as required by various securitizations, the Company holds an agreed-upon percentage of the aggregate outstanding principal balances of the VOI contract receivables collateralizing the asset-backed notes in a segregated trust account as credit enhancement. Each time a securitization closes and the Company receives cash from the note holders, a portion of the cash is deposited in the trust account. As of December 31, 2020 and 2019, restricted cash for securitizations totaled $92 million and $110 million. Escrow Deposits. Laws in most U.S. states require the escrow of down payments on VOI sales, with the typical requirement mandating that the funds be held in escrow until the rescission period expires. As sales transactions are consummated, down payments are collected and are subsequently placed in escrow until the rescission period has expired. Rescission periods vary by state, but range on average from five seven RECEIVABLE VALUATION Trade receivables The Company provides for estimated bad debts based on its assessment of the ultimate ability to realize receivables, considering historical collection experience, the economic environment, and specific customer information. When the Company determines that an account is not collectible, the account is written-off to the allowance for doubtful accounts. The following table illustrates the Company’s allowance for doubtful accounts activity from continuing operations for the year ended December 31 (in millions): 2020 2019 2018 Beginning balance $ 154 $ 104 $ 78 Bad debt expense 125 100 75 Write-offs (58) (51) (49) Translation and other adjustments — 1 — Ending balance $ 221 $ 154 $ 104 Vacation ownership contract receivables In the Vacation Ownership segment, the Company provides for estimated VOCR defaults at the time of VOI sales by recording a provision for loan losses as a reduction of Vacation ownership interest sales on the Consolidated Statements of (Loss)/Income. The Company assesses the adequacy of the allowance for loan losses related to these VOIs using a technique referred to as a static pool analysis. This analysis is based upon the historical performance of similar VOCRs and incorporates more recent history of default information. Management prepares a model to track defaults for each year's sales over the entire life of the contract receivable as a means to project future expected losses. A qualitative assessment is also performed to determine whether any external economic conditions or internal portfolio characteristics indicate an adjustment is necessary to reflect expected impacts on the contract receivables portfolio. If current or expected future conditions differ from the conditions in effect when the historical experience was generated, the Company adjusts the allowance for loan losses to reflect the expected effects of the current environment on the collectability of VOCR. Due to the economic disruption resulting from COVID-19, the Company estimated an additional loan loss allowance related to the impacts on its owners’ ability to repay their contract receivables. The Company based its COVID-19 loan loss estimate upon historical data on the relationship between unemployment rates and net new defaults observed during the most recent recession in 2008. INVENTORY Inventory primarily consists of completed VOIs, VOIs under construction, land held for future VOI development, vacation exchange credits, and real estate interests sold subject to conditional repurchase. The Company applies the relative sales value method for relieving VOI inventory and recording the related cost of sales. Under the relative sales value method, cost of sales is recorded using a percentage ratio of total estimated development cost to total estimated VOI revenue, including estimated future revenue and incorporating factors such as changes in prices and the recovery of VOIs generally as a result of contract receivable defaults. The effect of such changes in estimates under the relative sales value method is accounted for in each period using a current-period adjustment to inventory and cost of sales. Inventory is stated at the lower of cost, including capitalized interest, property taxes, and certain other carrying costs incurred during the construction process, or estimated fair value less costs to sell. Capitalized interest was less than $1 million in 2020, and $1 million in both 2019 and 2018. PROPERTY AND EQUIPMENT Property and equipment (including leasehold improvements) are recorded at cost, and presented net of accumulated depreciation and amortization. Depreciation, recorded as a component of Depreciation and amortization on the Consolidated Statements of (Loss)/Income, is computed utilizing the straight-line method over the lesser of the lease terms or estimated useful lives of the related assets. Amortization of leasehold improvements, also recorded as a component of Depreciation and amortization, is computed utilizing the straight-line method over the lesser of the estimated benefit period of the related assets or the lease terms. Useful lives are generally 30 years for buildings, up to 20 years for leasehold improvements, up to 30 years for vacation rental properties, and from three The Company capitalizes the costs of software developed for internal use in accordance with the guidance for accounting for costs of computer software developed or obtained fo r internal use. Capitalization of software costs developed for internal use commences during the development phase of the pro ject. The Company amortizes software developed or obtained for internal use on a straight-line basis over its estimated useful life, which is generally three The net carrying value of software developed or obtained for internal use was $191 million and $193 million as of December 31, 2020 and 2019. Capitalized interest was $1 million, $2 million, and $1 million during 2020, 2019, and 2018. DERIVATIVE INSTRUMENTS The Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. As a matter of policy, the Company does not use derivatives for trading or speculative purposes. All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments and of derivatives designated as fair value hedging instruments are recognized in Operating (loss)/income and net interest expense, based upon the nature of the hedged item, on the Consolidated Statements of (Loss)/Income. Changes in fair value of derivatives designated as cash flow hedging instruments are recorded as components of other comprehensive income. Amounts included in other comprehensive income are reclassified into earnings in the same period during which the hedged item affects earnings. INCOME TAXES The Company recognizes deferred tax assets and liabilities using the asset and liability method, under which deferred tax assets and liabilities are calculated based upon the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. These differences are based upon estimated differences between the book and tax basis of the assets and liabilities for the Company as of December 31, 2020 and 2019. The Company recognizes the effects of changes in tax laws, or rates, as a component of income taxes from continuing operations within the period that includes the enactment date. The Company’s deferred tax assets are recorded net of a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. Decreases to the valuation allowance are recorded as reductions to the Company’s provision for income taxes and increases to the valuation allowance result in additional provision for income taxes. The realization of the Company’s deferred tax assets, net of the valuation allowance, is primarily dependent on estimated future taxable income. A change in the Company’s estimate of future taxable income may require an addition to or reduction from the valuation allowance. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not threshold, under which the Company 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 recognize or continue to recognize the benefit. In determining the Company’s provision for income taxes, the Company uses judgment, reflecting its estimates and assumptions, in applying the more likely than not threshold. The Company classifies interest and penalties associated with unrecognized tax benefits as a component of (Benefit from)/provision for income taxes on the Consolidated Statements of (Loss)/Income. During 2018, the Financial Accounting Standards Board (“FASB”) issued guidance on the accounting for tax on the global intangible low-taxed income provisions of the recently enacted tax law. These provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat taxes due on future inclusions in taxable income as a current-period expense when incurred. During the fourth quarter of 2018, in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 118 - Income Tax Accounting Implications of the Tax Cuts and Jobs Act , the Company completed its accounting for the tax effects of the U.S. tax reform recorded for 2017. LOYALTY PROGRAMS The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Revenues relating to the RCI Elite Rewards program, which are recorded in Other revenues on the Consolidated Statements of (Loss)/Income, were $13 million, $15 million, and $12 million during 2020, 2019, and 2018. Expenses related to this program, which are recorded within Operating expenses on the Consolidated Statements of (Loss)/Income, were $7 million, $9 million, and $5 million during 2020, 2019, and 2018. The liabilities associated with the program as of December 31, 2020 and 2019, were $15 million and $18 million, and are included within Deferred income on the Consolidated Balance Sheets. As a result of the Spin-off, the Company has entered into long-term exclusive license agreements to retain its affiliations with one of the industry’s top-rated loyalty programs, Wyndham Rewards. Wyndham Rewards members accumulate points by staying in hotels franchised under one of the Wyndham Hotels brands, and by purchasing everyday services and products utilizing their co-branded credit cards. Members may redeem their points for hotel stays, airline tickets, rental cars, resort vacations, electronics, sporting goods, movie and theme park tickets, gift certificates, vacation ownership maintenance fees, annual membership dues, and exchange fees for transactions. ADVERTISING EXPENSE Advertising costs are expensed in the period incurred and are recorded within Marketing expense on the Consolidated Statements of (Loss)/Income. Advertising costs were $26 million, $37 million, and $27 million in 2020, 2019, and 2018. STOCK-BASED COMPENSATION In accordance with the guidance for stock-based compensation, the Company measures all stock-based compensation awards using a fair value method and records the related expense in its Consolidated Statements of (Loss)/Income. LONG-LIVED ASSETS Assets such as customer lists, management agreements, and trademarks acquired by the Company are classified as intangible assets and recorded at their fair value as of the date of the acquisition and categorized as having either a finite life or an indefinite life. Assets deemed to have a finite life are assigned an appropriate useful life and amortized on a straight-line basis. IMPAIRMENT OF LONG-LIVED ASSETS The Company has goodwill and other indefinite-lived intangible assets recorded in connection with business combinations. The Company annually (during the fourth quarter of each year subsequent to completing the Company’s annual forecasting process), or more frequently if circumstances indicate that the value of goodwill may be impaired, reviews the reporting units’ carrying values as required by the guidance for goodwill and other indefinite-lived intangible assets. This is done either by performing a qualitative assessment or a quantitative assessment, with an impairment being recognized only if a reporting unit’s fair value is less than carrying value. In any given year the Company can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or the Company elects to bypass the qualitative assessment, it would utilize the quantitative assessment. The qualitative factors evaluated include macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, the Company’s historical share price as well as other industry-specific considerations. Under current accounting guidance, goodwill and other intangible assets with indefinite lives are not subject to amortization. However, goodwill and other intangibles with indefinite lives are subject to fair value-based rules for measuring impairment, and resulting write-downs, if any, are reflected in Asset impairments. The Company has goodwill recorded at its Vacation Ownership and Travel and Membership reporting units. The Company performed a qualitative analysis for each of its reporting units for each quarter of 2020, including its annual fourth quarter analysis as of October 1, 2020. Additionally, the Company performed quantitative assessments of the goodwill acquired as part of the ARN acquisition during the third and fourth quarters of 2020 which resulted in the fair value exceeding the carrying value. For the quantitative assessment performed in the fourth quarter as part of the Company’s annual impairment analysis on October 1, 2020, it was determined that the fair value exceeded the carrying amount by approximately 20%. Based on the results of these qualitative and quantitative assessments the Company determined that ARN’s goodwill is not impaired and that it is more likely than not that goodwill is not impaired at the Company’s other reporting units. The Company also evaluates the recoverability of its other long-lived assets, including property and equipment and amortizable intangible assets, if circumstances indicate impairment may have occurred, pursuant to guidance for impairment or disposal of long-lived assets. This analysis is performed by comparing the respective carrying values of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. Property and equipment is evaluated separately within each segment. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value. In addition to the goodwill assessment mentioned above, as a result of the impacts of COVID-19 the Company performed an impairment analysis on select long-lived assets during 2020. As a result of this analysis, the Company recorded $56 million of COVID-19 related impairment charges during 2020 with $51 million included in Asset impairments and $5 million included in Operating expenses on the Consolidated Statements of (Loss)/Income. See Note 26— COVID-19 Related Items for additional details. ACCOUNTING FOR RESTRUCTURING ACTIVITIES The Company’s restructuring activities require it to make significant estimates in several areas including (i) expenses for severance and related benefit costs, (ii) the ability to generate sublease income, as well as its ability to terminate lease obligations, and (iii) contract terminations. The amount that the Company accrued as of December 31, 2020, represents its best estimate of the obligations incurred in connection with these actions, but could change due to various factors including market conditions, the outcome of negotiations with third parties, or the continuing effects of the COVID-19 pandemic. OTHER INCOME During 2020, the Company recorded $14 million of other income primarily related to (i) settlements of various business interruption claims at its Vacation Ownership segment and (ii) value added tax provision releases at its Travel and Membership segment. During 2019, the Company recorded $23 million of other income primarily related to (i) settlements of various business interruption claims, (ii) value added tax provision releases at its Travel and Membership segment, and (iii) profit sharing at its Travel and Membership segment. During 2018, the Company recorded $38 million of income related to (i) value added tax refunds at its Travel and Membership segment, (ii) settlements of various business interruption claims, and (iii) co-branded revenue at its Vacation Ownership segment. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Simplifying the Accounting for Income Taxes . In December 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance amends the accounting for hybrid tax regimes where a tax jurisdiction imposes the greater of tax based on income versus tax based on another measurement basis, addresses the recognition of tax basis in goodwill not generated through a business combination, eliminates certain exceptions to the approach for intraperiod tax allocation when a loss from continuing operations exists, calculating interim period taxes related to enacted changes in tax law, requirements in the recognition of deferred tax liabilities for outside basis differences and exceptions to the ability not to recognize deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary. The issued guidance also clarifies the financial statement presentation for tax benefits related to tax deductible dividends. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. Reference Rate Reform . In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. This guidance was effective as of March 12, 2020, and will apply through December 31, 2022. The transition from LIBOR based benchmark rates is expected to begin January 1, 2022 and be completed when U.S. Dollar (“USD”) LIBOR rates are phased out by June 30, 2023. The Company is currently evaluating the impact of the transition from LIBOR on its financial statements and related disclosures and the related impact of this guidance on the transition. On October 27, 2020, the Company closed on the renewal of its USD bank conduit facility (see Note 16— Debt for additional details) and adopted appropriate LIBOR disclosures for asset-backed securities (“ABS”) financing structures as part of the renewal. The Company intends to adopt such language, as appropriate, in its other relevant agreements prior to the end of 2021. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Financial Instruments - Credit Losses . In June 2016, the FASB issued guidance which amends the guidance on measuring credit losses on financial assets held at amortized cost. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance was effective for the Company on January 1, 2020, including interim periods within the fiscal year. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements as the Company’s prior approach in estimating the allowance for loan losses generally aligned with the expected credit loss model required upon adoption of this guidance. The Company has included additional disclosures in accordance with the adoption of this guidance, which are included in Note 10— Vacation Ownership Contract Receivables . As part of the adoption of this accounting pronouncement, the Company made an accounting policy election to present accrued interest receivable within Trade receivables, net separate from its Vacation ownership contract receivables, net on the Consolidated Balance Sheets and elected not to estimate an allowance for credit losses on the accrued interest receivable balance. Once a contract is 91 days past due, the Company ceases accruing interest and reverses all accrued interest recognized to date against interest income included within Consumer financing revenue on the Consolidated Statements of (Loss)/Income. The Company resumes accruing interest for contracts which it had previously ceased accruing interest once the contract is less than 91 days past due. Simplifying the Test for Goodwill Impairment . In January 2017, the FASB issued guidance which simplifies the current two-step goodwill impairment test by eliminating step two of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance was effective for the Company on January 1, 2020, including interim periods within the fiscal year, and was applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Vacation Ownership The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible. For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class. In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company bifurcates the sale and allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of 18 months or less and are recognized at a point in time upon transfer of control. The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less, and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Consolidated Statements of (Loss)/Income. The Company reduces its management fees for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer. Property management fee revenues are recognized when the services are performed and are recorded as a component of Service and membership fees on the Consolidated Statements of (Loss)/Income. Property management revenues, which are comprised of management fee revenue and reimbursable revenue, for the years ended December 31, were (in millions): 2020 2019 2018 Management fee revenue $ 343 $ 394 $ 314 Reimbursable revenues 252 308 351 Property management revenues $ 595 $ 702 $ 665 One of the associations that the Company manages paid its Travel and Membership segment $27 million for exchange services during 2020, and $29 million during both 2019 and 2018. Travel and Membership As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. Travel and Membership derives a majority of revenues from membership dues and fees for facilitating members’ trading of their intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in the actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for both members and non-members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations. The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Other vacation exchange related product fees are deferred and recognized as revenue upon the occurrence of a future exchange, event, or other related transaction. The Company also derives revenue from other travel products and services, enabled as a result of the 2019 acquisition of ARN and via the Company’s resort services solution business, optimizing business to business (“B2B”) capabilities, and integration for consumer travel planning. The Company’s relationships and buying power with major travel suppliers provide its partners with access to some of the most compelling travel inventory in the industry. The Company’s affiliates and members enjoy inventory from accommodation wholesalers, airfare, and rental car providers. The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Prior to the sale of the vacation rental businesses, the Company’s vacation rental brands derived revenue from fees associated with the rental of vacation properties managed and marketed by the Company on behalf of independent owners. The Company remitted the rental fee received from the renter to the independent owner, net of the Company’s agreed-upon fee. The related revenue from such fees, net of expected refunds, was recognized over the renter’s stay. The Company’s vacation rental brands also derived revenues from additional services delivered to independent owners, vacation rental guests, and property owners’ associations which were generally recognized when the service was delivered. Other Items The Company records property management services revenues and RCI Elite Rewards revenues for its Vacation Ownership and Travel and Membership segments gross as a principal. Contract Liabilities Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities as of December 31, were as follows (in millions): 2020 2019 Deferred subscription revenue $ 176 $ 206 Deferred VOI trial package revenue 115 145 Deferred VOI incentive revenue 74 107 Deferred exchange-related revenue (a) 59 58 Deferred co-branded credit card programs revenue 16 19 Deferred other revenue 8 4 Total $ 448 $ 539 (a) Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. In the Company’s vacation ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within one year of purchase. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within one year of the VOI sale. Within the Company’s vacation exchange business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s vacation exchange programs which are recognized in future periods. Deferred exchange-related revenue primarily represents payments received in advance from members for the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and for other leisure-related services and products which are generally recognized as revenue within one year. Changes in contract liabilities for the years ended December 31, follow (in millions): 2020 2019 2018 Beginning balance $ 539 $ 519 $ 556 Additions 223 387 352 Revenue recognized (314) (367) (341) Held-for-sale — — (38) Other — — (10) Ending balance $ 448 $ 539 $ 519 Capitalized Contract Costs The Company’s Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently amortized over the utilization period, which is typically within one year of the sale. As of December 31, 2020 and 2019, these capitalized costs were $41 million and $53 million; and are included within Other assets on the Consolidated Balance Sheets. The Company’s Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of December 31, 2020 and 2019, these capitalized costs were $16 million and $20 million; and are included within Other assets on the Consolidated Balance Sheets. Practical Expedients The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company satisfied the performance obligation and when the customer paid for that good or service was one year or less. Performance Obligations A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions): 2021 2022 2023 Thereafter Total Subscription revenue $ 105 $ 37 $ 17 $ 17 $ 176 VOI trial package revenue 115 — — — 115 VOI incentive revenue 74 — — — 74 Exchange-related revenue 55 3 1 — 59 Co-branded credit card programs revenue 4 3 3 6 16 Other revenue 8 — — — 8 Total $ 361 $ 43 $ 21 $ 23 $ 448 Disaggregation of Net Revenues The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions): Year Ended December 31, 2020 2019 2018 Vacation Ownership Property management fees and reimbursable revenues $ 595 $ 702 $ 665 Vacation ownership interest sales (a) 505 1,848 1,769 Consumer financing 467 515 491 Fee-for-Service commissions 22 18 31 Ancillary revenues 48 68 60 Total Vacation Ownership 1,637 3,151 3,016 Travel and Membership Exchange revenues 474 647 658 Vacation rental revenues (b) — 153 170 Ancillary revenues 54 98 90 Total Travel and Membership 528 898 918 Corporate and other Ancillary revenues — 1 — Eliminations (5) (7) (3) Total Corporate and other (5) (6) (3) Net revenues $ 2,160 $ 4,043 $ 3,931 (a) The Company increased its loan loss allowance by $205 million during 2020, due to an expected increase in defaults driven by higher unemployment associated with COVID-19, which is reflected as a reduction to Vacation ownership interest sales on the Consolidated Statements of (Loss)/Income. (b) The Company completed the sale of the North American vacation rentals business on October 22, 2019.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share Reconciliation [Abstract]
Earnings Per Share	Earnings/(Loss) Per Share The computations of basic and diluted earnings/(loss) per share (“EPS”) are based on Net (loss)/income attributable to Travel + Leisure shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding. The following table sets forth the computations of basic and diluted EPS (in millions, except per share data): Year Ended December 31, 2020 2019 2018 Net (loss)/income from continuing operations attributable to Travel + Leisure shareholders $ (253) $ 489 $ 266 Loss from operations of discontinued businesses attributable to Travel + Leisure shareholders, net of income taxes — — (50) (Loss)/gain on disposal of discontinued business attributable to Travel + Leisure shareholders, net of income taxes (2) 18 456 Net (loss)/income attributable to Travel + Leisure shareholders $ (255) $ 507 $ 672 Basic earnings/(loss) per share Continuing operations $ (2.95) $ 5.31 $ 2.69 Discontinued operations (0.02) 0.19 4.11 $ (2.97) $ 5.50 $ 6.80 Diluted earnings/(loss) per share Continuing operations $ (2.95) $ 5.29 $ 2.68 Discontinued operations (0.02) 0.19 4.09 $ (2.97) $ 5.48 $ 6.77 Basic weighted average shares outstanding 86.1 92.1 98.9 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) — 0.3 0.3 Diluted weighted average shares outstanding (c)(d) 86.1 92.4 99.2 Dividends: Cash dividends per share (e) $ 1.60 $ 1.80 $ 1.89 Aggregate dividends paid to shareholders $ 138 $ 166 $ 194 (a) Excludes 1.1 million, 0.4 million, and 0.5 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018, of which 0.2 million would have been dilutive during 2020 had the Company not been in a net loss position. These shares could potentially dilute EPS in the future. (b) Excludes performance-vested restricted stock units (“PSUs”) of 0.3 million and 0.2 million for the years 2020 and 2019, as the Company had not met the required performance metrics. As a result of the Spin-off during the second quarter of 2018, the Company accelerated the vesting of outstanding PSUs and there were no outstanding PSUs as of December 31, 2018. (c) Excludes 2.1 million, 1.2 million, and 0.5 million of outstanding stock option awards that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018. These outstanding stock option awards could potentially dilute EPS in the future. (d) The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period. (e) For each of the quarterly periods ended March 31, and June 30, 2020, the Company paid cash dividends of $0.50 per share and in the quarterly periods ended September 30, and December 31, 2020, the Company paid cash dividends of $0.30 per share. For each of the quarterly periods in 2019, the Company paid cash dividends of $0.45 per share. For the quarterly period ended March 31, 2018, Wyndham Worldwide Corporation paid cash dividends of $0.66 prior to the Spin-off. In each of the following periods ended June 30, September 30, and December 31, 2018, the Company paid cash dividends of $0.41. Share Repurchase Program As of December 31, 2020, the total authorization under the Company’s current share repurchase program was $6.0 billion, of which $351 million remains available. Proceeds received from stock option exercises have increased the repurchase capacity by $78 million since the inception of this program. In March 2020, the Company suspended its share repurchase activity due to the uncertainty resulting from COVID-19. On July 15, 2020, the Company amended the credit agreement for its revolving credit facility and term loan B. Among other changes, the amendment places the Company into a relief period from July 15, 2020 through April 1, 2022 (“Relief Period”) that prohibits the use of cash for share repurchases until such time as the Company chooses to exercise its option to exit the amendment. The following table summarizes stock repurchase activity under the current share repurchase program (in millions): Shares Cost As of December 31, 2019 108.2 $ 5,602 Repurchases 3.1 125 As of December 31, 2020 111.3 $ 5,727

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Acquistions	Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Consolidated Statements of (Loss)/Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the measurement period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts, and exiting and consolidating other activities. These costs will be recorded on the Consolidated Statements of (Loss)/Income as expenses. 2019 ACQUISITIONS Alliance Reservations Network. On August 7, 2019, the Company acquired all of the equity of ARN. ARN provides private-label travel booking technology solutions. This acquisition was undertaken for the purpose of accelerating growth at Travel and Membership by increasing the offerings available to its members and affiliates. ARN was acquired for $102 million ($97 million net of cash acquired). The fair value of purchase consideration was comprised of: (i) $48 million delivered at closing; (ii) Travel + Leisure stock valued at $10 million (253,350 shares at $39.29 per share) delivered at closing; (iii) $21 million to be paid over 24 months post-closing ($11 million of which was paid on August 7, 2020); (iv) $10 million of contingent consideration based on achieving certain financial and operational metrics; and (v) additional shares of Travel + Leisure stock valued at $14 million (468,100 shares at $28.84 per share) delivered on August 7, 2020. The Company recognized the assets and liabilities of ARN based on estimates of their acquisition date fair values. The determination of the fair values of the acquired assets and assumed liabilities, including goodwill and other intangible assets, requires significant judgment. The purchase price allocation, including the impacts of certain post-closing adjustments, consists of: (i) $27 million of developed software with a weighted average life of 10 years included within Property and equipment, net; (ii) $38 million of Goodwill; (iii) $35 million of definite-lived intangible assets with a weighted average life of 12 years primarily consisting of customer relationships; and (iv) $4 million of Accounts payable. All of the goodwill and other intangible assets are deductible for income tax purposes. ARN is reported within the Travel and Membership segment. The Company completed purchase accounting for this transaction during the third quarter of 2020. The details above reflect the following final purchase accounting adjustments: $7 million increase in developed software and $7 million decrease in Goodwill. Given the impact of COVID-19 on the industry, the Company performed assessments of the goodwill acquired as part of the ARN acquisition at each interim period in 2020, including the annual assessment on October 1, 2020, and concluded at each assessment that the goodwill of ARN was not impaired. For the assessment performed on October 1, 2020, it was determined that the fair value exceeded the carrying amount by approximately 20%. Although the Company has determined that the goodwill of ARN is not impaired at this time, to the extent estimated discounted cash flows are revised downward, whether as a result of continued and worsening COVID-19 impacts or if management’s current negotiations to expand ARN programs both internally and externally do not materialize as expected, the Company may be required to write-down all or a portion of this goodwill, which would negatively impact earnings. As a result of the impacts of COVID-19, the Company also performed impairment analysis of ARN’s property and equipment and other intangible assets during each quarter of 2020, including the fourth quarter as part of its annual impairment analysis on October 1, 2020, and determined in all periods that it is more likely than not that these assets were not impaired. Other . During the third quarter of 2019, the Company completed a business acquisition at its Vacation Ownership segment for $13 million ($10 million net of cash acquired). The acquisition resulted in the recognition of (i) $4 million of Inventory, (ii) $7 million of definite-lived intangible assets, and (iii) $1 million of Accrued expenses and other liabilities. 2018 ACQUISITIONS La Quinta Holdings Inc. (“La Quinta”). In January 2018, the Company entered into an agreement with La Quinta to acquire its hotel franchising and management businesses for $1.95 billion. This acquisition closed on May 30, 2018, prior to the hotel business Spin-off on May 31, 2018. Upon completion of the Spin-off, La Quinta became a wholly-owned subsidiary of Wyndham Hotels.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During 2018, the Company completed the Spin-off of its hotel business and the sale of its European vacation rentals business. As a result, the Company has classified the results of operations for these businesses as discontinued operations in its Consolidated Financial Statements and related notes. Discontinued operations include direct expenses clearly identifiable to the businesses being discontinued. The sale of the European vacation rentals business resulted in final net proceeds of $1.06 billion and a 2018 after-tax gain of $456 million, net of $139 million in taxes. During 2020, the Company recognized a $2 million loss on disposal resulting from a tax audit related to the European vacation rentals business. During 2019, the Company recognized an additional $18 million gain on disposal of discontinued operations. This gain was related to $12 million of tax benefits associated with additional foreign tax credit utilization and lower than anticipated state income taxes, as well as $6 million in returned escrow for an expired guarantee and other changes in expired guarantees related to the sale of the European vacation rentals business. The Company does not expect to incur significant ongoing expenses classified as discontinued operations except for certain tax adjustments that may be required as final tax returns are completed. Discontinued operations exclude the allocation of corporate overhead and interest. Prior to their classification as discontinued operations, the hotel business comprised the Hotel Group segment and the European vacation rentals business was part of the Travel and Membership segment. The following table presents information regarding certain components of income from discontinued operations, net of income taxes for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Net revenues $ — $ — $ 720 Expenses: Operating — — 343 Marketing — — 200 General and administrative — — 71 Separation and related costs — — 111 Depreciation and amortization — — 52 Total expenses — — 777 Benefit for income taxes — — (7) Loss from operations of discontinued businesses, net of income taxes — — (50) (Loss)/gain on disposal of discontinued business, net of income taxes (2) 18 456 Net (loss)/income from discontinued operations, net of income taxes $ (2) $ 18 $ 406 The following table presents information regarding certain components of cash flows from discontinued operations for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Cash flows (used in)/provided by operating activities $ — $ (1) $ 150 Cash flows used in investing activities (5) (22) (626) Cash flows provided by financing activities — — 2,066 Non-cash items: Forgiveness of intercompany debt from Wyndham Hotels — — 197 Depreciation and amortization — — 52 Stock-based compensation — — 22 Deferred income taxes — — (23) Property and equipment additions — — (38) Net assets of business acquired, net of cash acquired — — (1,696) Proceeds from sale of businesses and asset sales — — 1,099

Held-for Sale Business

Held-for Sale Business	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Held-for Sale Business	Discontinued Operations During 2018, the Company completed the Spin-off of its hotel business and the sale of its European vacation rentals business. As a result, the Company has classified the results of operations for these businesses as discontinued operations in its Consolidated Financial Statements and related notes. Discontinued operations include direct expenses clearly identifiable to the businesses being discontinued. The sale of the European vacation rentals business resulted in final net proceeds of $1.06 billion and a 2018 after-tax gain of $456 million, net of $139 million in taxes. During 2020, the Company recognized a $2 million loss on disposal resulting from a tax audit related to the European vacation rentals business. During 2019, the Company recognized an additional $18 million gain on disposal of discontinued operations. This gain was related to $12 million of tax benefits associated with additional foreign tax credit utilization and lower than anticipated state income taxes, as well as $6 million in returned escrow for an expired guarantee and other changes in expired guarantees related to the sale of the European vacation rentals business. The Company does not expect to incur significant ongoing expenses classified as discontinued operations except for certain tax adjustments that may be required as final tax returns are completed. Discontinued operations exclude the allocation of corporate overhead and interest. Prior to their classification as discontinued operations, the hotel business comprised the Hotel Group segment and the European vacation rentals business was part of the Travel and Membership segment. The following table presents information regarding certain components of income from discontinued operations, net of income taxes for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Net revenues $ — $ — $ 720 Expenses: Operating — — 343 Marketing — — 200 General and administrative — — 71 Separation and related costs — — 111 Depreciation and amortization — — 52 Total expenses — — 777 Benefit for income taxes — — (7) Loss from operations of discontinued businesses, net of income taxes — — (50) (Loss)/gain on disposal of discontinued business, net of income taxes (2) 18 456 Net (loss)/income from discontinued operations, net of income taxes $ (2) $ 18 $ 406 The following table presents information regarding certain components of cash flows from discontinued operations for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Cash flows (used in)/provided by operating activities $ — $ (1) $ 150 Cash flows used in investing activities (5) (22) (626) Cash flows provided by financing activities — — 2,066 Non-cash items: Forgiveness of intercompany debt from Wyndham Hotels — — 197 Depreciation and amortization — — 52 Stock-based compensation — — 22 Deferred income taxes — — (23) Property and equipment additions — — (38) Net assets of business acquired, net of cash acquired — — (1,696) Proceeds from sale of businesses and asset sales — — 1,099

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of (in millions): As of December 31, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Unamortized Intangible Assets: Goodwill $ 964 $ 970 Trademarks (a) $ 47 $ 51 Amortized Intangible Assets: Customer lists (b) $ 75 $ 25 $ 50 $ 74 $ 19 $ 55 Management agreements (c) 53 31 22 52 27 25 Trademarks (d) 8 5 3 8 4 4 Other (e) 9 — 9 9 1 8 $ 145 $ 61 $ 84 $ 143 $ 51 $ 92 (a) Comprised of trademarks that the Company has acquired that are expected to generate future cash flows for an indefinite period of time. (b) Amortized between 4 to 15 years with a weighted average life of 13 years. (c) Amortized between 10 to 25 years with a weighted average life of 17 years. (d) Amortized between 7 to 8 years with a weighted average life of 7 years. (e) Includes business contracts, which are amortized between 10 to 69 years with a weighted average life to 57 years. Goodwill The Company performed a qualitative analysis for each of its reporting units for each quarter of 2020, including its annual fourth quarter analysis as of October 1, 2020. Additionally, the Company performed quantitative assessments of the goodwill acquired as part of the ARN acquisition during the third and fourth quarters of 2020 which resulted in the fair value exceeding the carrying value. For the quantitative assessment performed in the fourth quarter as part of the Company’s annual impairment analysis on October 1, 2020, it was determined that the fair value of the ARN goodwill exceeded the carrying amount by approximately 20%. Based on the results of these qualitative and quantitative assessments, the Company determined that ARN’s goodwill is not impaired and that it is more likely than not that goodwill is not impaired at the Company’s other reporting units. During the fourth quarters of 2019 and 2018, the Company performed its annual goodwill impairment test and determined no impairment existed as the fair value of goodwill at its reporting units was in excess of the carrying value. The changes in the carrying amount of goodwill are as follows (in millions): Balance as of December 31, 2019 Adjustments to Goodwill During 2020 Foreign Exchange Balance as of December 31, 2020 Vacation Ownership $ 27 $ — $ — $ 27 Travel and Membership 943 (7) (a) 1 937 Total Company $ 970 $ (7) $ 1 $ 964 (a) Represents purchase price adjustments related to the acquisition of ARN. Unamortized Trademarks The changes in the carrying amount of unamortized trademarks are as follows (in millions): Balance as of December 31, 2019 Adjustments to unamortized trademarks during 2020 Balance as of December 31, 2020 Travel and Membership $ 51 $ (4) (a) $ 47 Total Company $ 51 $ (4) $ 47 (a) Represents impairment of Love Home Swap trade name. See Note 27 — Impairments and Other Charges for additional details. Amortizable Intangible Assets Amortization expense relating to amortizable intangible assets is included as a component of Depreciation and amortization on the Consolidated Statements of (Loss)/Income, and was as follows (in millions): 2020 2019 2018 Customer lists $ 6 $ 6 $ 1 Management agreements 3 3 8 Other 1 — 3 Total $ 10 $ 9 $ 12 Based on the Company’s amortizable intangible assets as of December 31, 2020, the Company expects related amortization expense for the next five years as follows (in millions): Amount 2021 $ 10 2022 10 2023 10 2024 9 2025 8

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was established to provide emergency assistance and health care for individuals, families, and businesses affected by COVID-19 and generally support the U.S. economy. The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The Company recorded $26 million of employee retention tax credits for the year ended December 31, 2020, including credits from similar programs outside the U.S. This provision of the CARES Act has no additional requirements or restrictions. The Company has deferred social security payments and additional depreciation deductions relating to qualified improvement property. While the Company continues to review and consider any additional available benefits under the CARES Act or similar legislation that has been or in the future may be enacted in response to the COVID-19 pandemic for which it qualifies, the Company cannot predict the manner in which such benefits will be allocated or administered and cannot assure that it will be able to receive such benefits in a timely manner or at all. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act, which is also commonly referred to as ‘‘U.S. tax reform,’’ and significantly changed U.S. corporate income tax laws by reducing the U.S. corporate income tax rate from 35.0% to 21.0% starting in 2018, and imposing a one-time mandatory deemed repatriation tax on undistributed historic earnings of foreign subsidiaries. Other provisions of the law include, but are not limited to, creating a territorial tax system which generally eliminates U.S. federal income taxes on dividends from foreign subsidiaries, eliminating or limiting the deduction of certain expenses, and imposing a minimum tax on earnings generated by foreign subsidiaries. The Company made a reasonable estimate for the impact of U.S. tax reform on December 31, 2017, and finalized the accounting for the tax effects of U.S. tax reform in 2018. The following table presents the impact of the accounting for the enactment of U.S. tax reform on the Company’s benefit/provision for income taxes for the year ended December 31, 2018 (in millions). T here were no such amounts for the years ended December 31, 2020 and 2019. 2018 Remeasurement of net deferred income tax and uncertain tax liabilities $ (24) One-time mandatory repatriation tax on undistributed historic earnings of foreign subsidiaries 8 Valuation allowance established for the impact of the law on certain tax attributes (13) Net (benefit) for income taxes impact $ (29) Although the one-time mandatory deemed repatriation tax during 2017 and the territorial tax system created as a result of U.S. tax reform generally eliminate U.S. federal income taxes on dividends from foreign subsidiaries, the Company asserts that substantially all of the undistributed foreign earnings of $805 million will be reinvested indefinitely as of December 31, 2020. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes, as well as U.S. taxes on currency transaction gains and losses, the determination of which is not practicable. The income tax provision consisted of the following for the years ended December 31 (in millions): 2020 2019 2018 Current Federal $ 42 $ 74 $ (24) State 12 9 (6) Foreign 11 29 38 65 112 8 Deferred Federal (82) 57 77 State (3) 17 44 Foreign (3) 5 1 (88) 79 122 (Benefit)/provision for income taxes $ (23) $ 191 $ 130 Pre-tax (loss)/income for domestic and foreign operations consisted of the following for the years ended December 31 (in millions): 2020 2019 2018 Domestic $ (326) $ 452 $ 258 Foreign 50 228 138 (Loss)/income before income taxes $ (276) $ 680 $ 396 Deferred income tax assets and liabilities, as of December 31, were comprised of the following (in millions): 2020 2019 Deferred income tax assets: Net operating loss carryforward $ 37 $ 33 Foreign tax credit carryforward 75 78 Tax basis differences in assets of foreign subsidiaries 12 12 Accrued liabilities and deferred income 80 49 Provision for doubtful accounts and loan loss reserves for vacation ownership contract receivables 227 229 Other comprehensive income 69 64 Other 92 82 Valuation allowance (a) (153) (133) Deferred income tax assets 439 414 Deferred income tax liabilities: Depreciation and amortization 228 189 Installment sales of vacation ownership interests 780 876 Estimated VOI recoveries 60 68 Other comprehensive income 49 47 Other 20 23 Deferred income tax liabilities 1,137 1,203 Net deferred income tax liabilities $ 698 $ 789 Reported in: Other assets $ 27 $ 26 Deferred income taxes 725 815 Net deferred income tax liabilities $ 698 $ 789 (a) The valuation allowance of $153 million at December 31, 2020, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $50 million, $22 million, and $81 million. The valuation allowance of $133 million at December 31, 2019, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $35 million, $21 million, and $77 million. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized. As of December 31, 2020, the Company’s net operating loss carryforwards primarily relate to state net operating losses which are due to expire at various dates, but no later than 2040. As of December 31, 2020, the Company had $75 million of foreign tax credits. These foreign tax credits expire between 2021 and 2030. The Company’s effective income tax rate differs from the U.S. federal statutory rate as follows for the years ended December 31: 2020 2019 2018 Federal statutory rate 21.0% 21.0% 21.0% State and local income taxes, net of federal tax benefits (0.9) 6.8 1.7 Taxes on foreign operations at rates different than U.S. federal statutory rates (0.9) 1.4 2.1 Taxes on foreign income, net of tax credits 0.2 0.4 2.7 Valuation allowance (7.1) (2.4) 10.8 Non-deductible expenses (1.6) — — Impact of U.S. tax reform — — (5.5) Other (2.4) 0.9 — 8.3% 28.1% 32.8% The effective income tax rate for 2020 differed from the statutory U.S. Federal income tax rate of 21.0% primarily due to net increases in valuation allowances on the Company’s deferred tax assets. The effective income tax rate for 2019 differed from the statutory U.S. Federal income tax rate of 21.0% primarily due to the effect of state income taxes, which were mainly related to additional taxes resulting from 2019 state legislative changes retroactively applicable to 2018 tax filings. The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions): 2020 2019 2018 Beginning balance $ 29 $ 28 $ 28 Increases related to tax positions taken during a prior period — 1 1 Increases related to tax positions taken during the current period 2 4 4 Decreases related to settlements with taxing authorities — (1) — Decreases as a result of a lapse of the applicable statute of limitations (3) (2) (2) Decreases related to tax positions taken during a prior period (2) (1) (3) Ending balance $ 26 $ 29 $ 28 The gross amount of the unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate was $26 million, $29 million, and $28 million as of December 31, 2020, 2019, and 2018. The Company accrued potential penalties and interest as a component of (Benefit from)/provision for income taxes on the Consolidated Statements of (Loss)/Income related to these unrecognized tax benefits of $1 million, $2 million, and $1 million during 2020, 2019, and 2018. The Company had a liability for potential penalties of $4 million as of December 31, 2020, 2019, and 2018, and potential interest of $10 million, $9 million, and $7 million as of December 31, 2020, 2019, and 2018. Such liabilities are reported as a component of Accrued expenses and other liabilities on the Consolidated Balance Sheets. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company files U.S. federal and state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The Company is currently under a U.S. federal exam for the 2016 tax year and generally remains subject to examination by U.S. federal tax authorities for tax years 2017 through 2020. The 2011 through 2020 tax years generally remain subject to examination by many U.S. state tax authorities. In significant foreign jurisdictions, the 2013 through 2020 tax years generally remain subject to examination by their respective tax authorities. The statutes of limitations are scheduled to expire within 12 months of the reporting date in certain taxing jurisdictions, and the Company believes that it is reasonably possible that the total amount of its unrecognized tax benefits could decrease by $3 million to $5 million.

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	12 Months Ended
	Dec. 31, 2020
Vacation Ownership Contract Receivables [Abstract]
Vacation Ownership Contract Receivables	Vacation Ownership Contract Receivables The Company generates VOCRs by extending financing to the purchasers of its VOIs. As of December 31, Vacation ownership contract receivables, net consisted of (in millions): 2020 2019 Vacation ownership contract receivables: Securitized (a) $ 2,458 $ 2,984 Non-securitized (b) 717 883 Vacation ownership contract receivables, gross 3,175 3,867 Less: Allowance for loan losses 693 747 Vacation ownership contract receivables, net $ 2,482 $ 3,120 (a) Excludes $23 million and $25 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets. (b) Excludes $9 million and $7 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets. Principal payments due on the Company’s VOCRs during each of the five years subsequent to December 31, 2020, and thereafter are as follows (in millions): Securitized Non - Total 2021 $ 245 $ 70 $ 315 2022 263 69 332 2023 280 76 356 2024 294 81 375 2025 287 74 361 Thereafter 1,089 347 1,436 $ 2,458 $ 717 $ 3,175 During 2020, 2019, and 2018, the Company’s securitized VOCRs generated interest income of $391 million, $405 million, and $363 million. Such interest income is included within Consumer financing revenue on the Consolidated Statements of (Loss)/Income. During 2020, 2019, and 2018, the Company originated VOCRs of $481 million, $1.5 billion, and $1.51 billion and received principal collections of $718 million, $937 million, and $890 million. The weighted average interest rate on outstanding VOCRs was 14.4%, 14.4%, and 14.1% during 2020, 2019, and 2018. The activity in the allowance for loan losses on VOCRs was as follows (in millions): Amount Allowance for loan losses as of December 31, 2017 $ 691 Provision for loan losses 456 Contract receivables written off, net (413) Allowance for loan losses as of December 31, 2018 734 Provision for loan losses 479 Contract receivables write-offs, net (466) Allowance for loan losses as of December 31, 2019 747 Provision for loan losses 415 Contract receivables write-offs, net (469) Allowance for loan losses as of December 31, 2020 $ 693 The Company recorded a provision for loan losses of $415 million as a reduction of net revenues during the year ended December 31, 2020, and $479 million for the year ended December 31, 2019. Due to the economic downturn resulting from COVID-19, the Company evaluated the potential impact of COVID-19 on its owners’ ability to repay their contract receivables and as a result of current and projected unemployment rates at that time, the Company increased its loan loss allowance in the first quarter of 2020. This was reflected as a $225 million reduction to Vacation ownership interest sales and a $55 million reduction to Cost of vacation ownership interests on the Consolidated Statements of (Loss)/Income. During the fourth quarter of 2020, the Company updated its evaluation of the impact of COVID-19 on its owners’ ability to repay their contract receivables and, as a result of an improvement in net new defaults and lower than expected unemployment rates, reduced the reserve by $20 million with a corresponding $7 million change in Cost of vacation ownership interests. The total impact of COVID-19 on the ability for owners’ to repay their contracts receivables for the year ended December 31, 2020, is reflected as a $205 million reduction to Vacation ownership interest sales and a $48 million reduction to Cost of vacation ownership interests on the Consolidated Statements of (Loss)/Income. Estimating the amount of the additional loan loss allowance for COVID-19 involved the use of significant estimates and assumptions. Management based its estimates upon historical data on the relationship between unemployment rates and net new defaults observed during the most recent recession in 2008. Specifically, historical data indicated that net new defaults did not return to prior levels until 15-20 months after the peak in unemployment. As of December 31, 2020, given the significant amount of government assistance provided to consumers in the early stages of the pandemic, the Company estimated default rates would remain elevated for the next 12-15 months as a result of COVID-19. The Company will continue to monitor this reserve as more information becomes available. Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Vacation Ownership Asia Pacific business for which scores are not readily available). The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of December 31, 2020 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,706 $ 835 $ 160 $ 96 $ 221 $ 3,018 31 - 60 days 20 25 13 4 2 64 61 - 90 days 13 18 12 3 1 47 91 - 120 days 12 16 14 3 1 46 Total (a) $ 1,751 $ 894 $ 199 $ 106 $ 225 $ 3,175 As of December 31, 2019 700+ 600-699 <600 No Score Asia Pacific Total Current $ 2,019 $ 1,049 $ 196 $ 134 $ 250 $ 3,648 31 - 60 days 25 37 21 5 2 90 61 - 90 days 18 28 17 3 1 67 91 - 120 days 13 21 24 3 1 62 Total (a) $ 2,075 $ 1,135 $ 258 $ 145 $ 254 $ 3,867 (a) Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million. The Company ceases to accrue interest on VOI contract receivables once the contract has remained delinquent for greater than 90 days and reverses all of the associated accrued interest recognized to date against interest income included within Consumer financing revenue on the Consolidated Statements of (Loss)/Income. At greater than 120 days, the VOI contract receivable is written off to the allowance for loan losses. In accordance with its policy, the Company assesses the allowance for loan losses using a static pool methodology and thus does not assess individual loans for impairment separate from the pool. The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of December 31, 2020 700+ 600-699 <600 No Score Asia Pacific Total 2020 $ 424 $ 173 $ 11 $ 17 $ 55 $ 680 2019 476 269 67 27 70 909 2018 339 183 50 21 36 629 2017 220 115 31 16 22 404 2016 128 63 16 10 16 233 Prior 164 91 24 15 26 320 Total $ 1,751 $ 894 $ 199 $ 106 $ 225 $ 3,175 As of December 31, 2019 700+ 600-699 <600 No Score Asia Pacific Total 2019 $ 866 $ 454 $ 54 $ 53 $ 119 $ 1,546 2018 486 285 80 32 49 932 2017 303 166 51 23 29 572 2016 173 89 29 14 20 325 2015 99 56 17 9 14 195 Prior 148 85 27 14 23 297 Total $ 2,075 $ 1,135 $ 258 $ 145 $ 254 $ 3,867

Inventory

Inventory	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory, as of December 31, consisted of (in millions): 2020 2019 Completed VOI inventory $ 1,049 $ 802 Estimated VOI recoveries 246 281 VOI construction in process 30 24 Inventory sold subject to repurchase 13 24 Vacation exchange credits and other 8 65 Land held for VOI development 1 3 Total inventory $ 1,347 $ 1,199 The Company had net transfers of $30 million and $41 million of VOI inventory to property and equipment during 2020 and 2019. During 2020, as a result of resort closures and cancellations surrounding COVID-19, the Company recorded a $48 million reduction to exchange inventory consisting of costs previously incurred by RCI to provide enhanced out-of-network travel options to members. The write-off was included within Operating expenses on the Consolidated Statements of (Loss)/Income. The Company anticipates that remaining inventory will be fully utilized to maximize exchange supply for its members in 2021 and beyond. Inventory Sale Transactions During 2020, the Company acquired properties in Orlando, Florida, and Moab, Utah, from third-party developers for vacation ownership inventory and property and equipment. During 2017, the Company acquired property located in Austin, Texas, from a third-party developer for vacation ownership inventory and property and equipment. During 2013, the Company sold real property located in Las Vegas, Nevada, and Avon, Colorado, to a third-party developer, consisting of vacation ownership inventory and property and equipment. The Company recognized no gain or loss on these sales transactions. In accordance with the agreements with the third-party developers, the Company has conditional rights and conditional obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company's vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale. The following table summarizes the activity related to the Company’s inventory obligations (in millions): Avon (a) Austin (a) Las Vegas (a) Moab (a) Orlando (a) Other (b) Total December 31, 2018 $ 11 $ 31 $ 52 $ — $ — $ 6 $ 100 Purchases — 1 27 — — 148 176 Payments (11) (32) (36) — — (148) (227) December 31, 2019 — — 43 — — 6 49 Purchases — — 36 41 44 107 228 Payments — — (66) (10) (22) (96) (194) December 31, 2020 $ — $ — $ 13 $ 31 $ 22 $ 17 $ 83 (a) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. (b) Included in Accounts payable on the Consolidated Balance Sheets. The Company has committed to repurchase the completed property located in Las Vegas, Nevada, from third-party developers subject to the property meeting the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the property to another party. The maximum potential future payments that the Company may be required to make under these commitments was $59 million as of December 31, 2020.

Property And Equipment, Net

Property And Equipment, Net	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property And Equipment, Net	Property and Equipment, net Property and equipment, net, as of December 31, consisted of (in millions): 2020 2019 Land $ 30 $ 28 Building and leasehold improvements 591 572 Furniture, fixtures and equipment 207 218 Capitalized software 694 652 Finance leases 14 14 Construction in progress 12 40 Total property and equipment 1,548 1,524 Less: Accumulated depreciation and amortization 882 844 Property and equipment, net $ 666 $ 680 During 2020, 2019, and 2018, the Company recorded depreciation and amortization expense from continuing operations of $117 million, $113 million, and $126 million related to property and equipment. As of December 31, 2020 and 2019, the Company had accrued capital expenditures of $3 million and $2 million.

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	Leases The Company adopted the new Leases accounting standard as of January 1, 2019, resulting in the recognition of $158 million of right-of-use assets and $200 million of related lease liabilities. Right-of-use assets were decreased by $42 million of tenant improvement allowances and deferred rent balances reclassified from other liabilities. Both the right-of-use assets and related lease liabilities recognized upon adoption included $21 million associated with the Company’s held-for-sale business. The new standard requires a lessee to recognize right-of-use assets and lease liabilities on the balance sheet for all lease obligations and disclose key information about leasing arrangements, such as the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the standard using the modified retrospective approach; therefore, prior year financial statements were not recast. The Company elected the package of transition provisions available for expired or existing contracts, which allowed the Company to carryforward its historical assessments of (i) whether contracts are leases or contain leases, (ii) lease classification, and (iii) initial direct costs. The Company leases property and equipment under finance and operating leases for its corporate headquarters, administrative functions, marketing and sales offices, and various other facilities and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of its leases include rental escalation clauses, lease incentives, renewal options and/or termination options that are factored into the Company’s determination of lease payments. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments on a straight-line basis over the lease term in the statements of (loss)/income. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The majority of the Company’s leases have remaining lease terms of one The table below presents information related to the lease costs for finance and operating leases for the year ended December 31, (in millions): 2020 2019 Operating lease cost $ 30 $ 37 Short-term lease cost $ 14 $ 23 Finance lease cost: Amortization of right-of-use assets $ 3 $ 2 Interest on lease liabilities — — Total finance lease cost $ 3 $ 2 The table below presents the lease-related assets and liabilities recorded on the balance sheet: Balance Sheet Classification December 31, 2020 December 31, 2019 Operating Leases (in millions): Operating lease right-of-use assets Other assets $ 92 $ 136 Operating lease liabilities Accrued expenses and other liabilities $ 157 $ 180 Finance Leases (in millions): Finance lease assets (a) Property and equipment, net $ 8 $ 5 Finance lease liabilities Debt $ 7 $ 5 Weighted Average Remaining Lease Term: Operating leases 7.1 years 7.8 years Finance leases 2.6 years 2.8 years Weighted Average Discount Rate: Operating leases (b) 5.9 % 6.2 % Finance leases 5.6 % 4.2 % (a) Presented net of accumulated depreciation. (b) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. The table below presents supplemental cash flow information related to leases for the year ended December 31, (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36 $ 48 Operating cash flows from finance leases — — Financing cash flows from finance leases 4 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 3 $ 8 Finance leases 6 3 The table below presents maturities of lease liabilities as of December 31, 2020 (in millions): Operating Leases Finance 2021 $ 35 $ 3 2022 30 3 2023 28 2 2024 27 — 2025 23 — Thereafter 49 — Total minimum lease payments 192 8 Less: Amount of lease payments representing interest (35) (1) Present value of future minimum lease payments $ 157 $ 7 Subsequent to the Spin-off and in accordance with the Company’s decision to further reduce its corporate footprint, the Company focused on rationalizing existing facilities which included abandoning portions of its administrative offices in New Jersey. As a result, during 2019 the Company recorded $12 million of non-cash impairment charges associated with the write-off of right-of-use assets and furniture, fixtures and equipment. During 2019, the Company also entered into an early termination agreement for an operating lease in Chicago, Illinois, resulting in $6 million of non-cash impairment charges associated with the write-off of right-of-use assets, related lease liabilities, and furniture, fixtures and equipment. These charges were offset by a $9 million indemnification receivable from Wyndham Hotels. Such amounts are included within Separation and related costs on the Consolidated Statements of (Loss)/Income. Due to the impact of COVID-19 during 2020, the Company decided to abandon the remaining portion of its administrative offices in New Jersey. The Company was also notified that Wyndham Hotels exercised its early termination rights under the sublease agreement for this building. As a result, the Company recorded $22 million of restructuring charges associated with non-lease components of the office space and $24 million of impairment charges associated with the write-off of right-of-use assets and furniture, fixtures and equipment. Additionally during 2020, the Company incurred $5 million of impairment charges related to right-of-use assets at closed sales centers within its Vacation Ownership segment, and $1 million of restructuring charges at each of the Vacation Ownership and corporate segments related to right-of-use assets at its corporate headquarters.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Other Current Assets [Abstract]
Other Assets	Other Assets Other assets, as of December 31, consisted of (in millions): 2020 2019 Right-of-use assets $ 92 $ 136 Deferred costs 90 106 Non-trade receivables, net 77 82 Deferred tax asset 27 26 Investments 26 35 Tax receivables 20 34 Deposits 20 15 Marketable securities 9 10 Other 26 30 $ 387 $ 474

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses And Other Current Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities, as of December 31, consisted of (in millions): 2020 2019 Accrued payroll and related costs $ 166 $ 205 Lease liabilities (a) 157 180 Accrued taxes 73 86 Guarantees 67 72 Inventory sale obligation (b) 66 43 Accrued interest 65 41 Accrued advertising and marketing 61 54 Payables associated with separation and sale of business activities 39 41 Resort related obligations 39 33 Restructuring liabilities (c) 26 7 Accrued VOI maintenance fees 24 19 Deferred consideration 21 44 Accrued legal and professional fees 20 22 Accrued legal settlements 13 13 Customer advances 10 20 Accrued separation costs 7 14 COVID-19 liabilities (d) 6 — Accrued other 69 79 $ 929 $ 973 (a) See Note 13— Leases for details. (b) See Note 11— Inventory for details. (c) See Note 28— Restructuring for details. (d) See Note 26— COVID-19 Related Items for details.

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company’s indebtedness, as of December 31, consisted of (in millions): 2020 2019 Non-recourse vacation ownership debt : (a) Term notes (b) $ 1,893 $ 1,969 AUD/NZD bank conduit facility (due September 2021) (c) 173 64 USD bank conduit facility (due October 2022) (d) 168 508 Total $ 2,234 $ 2,541 Debt : (e) $1.0 billion secured revolving credit facility (due May 2023) (f) $ 547 $ — $300 million secured term loan B (due May 2025) (g) 291 293 $40 million 7.375% secured notes (due March 2020) — 40 $250 million 5.625% secured notes (due March 2021) 250 249 $650 million 4.25% secured notes (due March 2022) (h) 650 649 $400 million 3.90% secured notes (due March 2023) (i) 402 404 $300 million 5.65% secured notes (due April 2024) (j) 299 298 $350 million 6.60% secured notes (due October 2025) (k) 344 342 $650 million 6.625% secured notes (due July 2026) 641 — $400 million 6.00% secured notes (due April 2027) (l) 408 409 $350 million 4.625% secured notes (due March 2030) 345 345 Finance leases 7 5 Total $ 4,184 $ 3,034 (a) Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.57 billion and $3.12 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2020 and 2019. (b) The carrying amounts of the term notes are net of debt issuance costs of $21 million and $23 million as of December 31, 2020 and 2019. (c) The Company has a borrowing capacity of 255 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through September 2021. Borrowings under this facility are required to be repaid no later than September 2023. (d) The Company has a borrowing capacity of $800 million under the USD bank conduit facility through October 2022. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than November 2023. (e) The carrying amounts of the secured notes and term loan are net of unamortized discounts of $16 million and $12 million as of December 31, 2020 and 2019, and net of unamortized debt financing costs of $7 million as of December 31, 2020 and 2019. (f) The weighted average effective interest rate on borrowings from this facility was 3.02% and 5.19% as of December 31, 2020 and 2019. In late March 2020, the Company drew down its $1.0 billion secured revolving credit facility as a precautionary measure due to COVID-19. The Company used a portion of the proceeds from the issuance of the $650 million secured notes to repay a portion of this debt. At December 31, 2020, the Company had $1.2 billion in Cash and cash equivalents on the Consolidated Balance Sheet. (g) The weighted average effective interest rate on borrowings from this facility was 2.93% and 4.71% as of December 31, 2020 and 2019. (h) Includes less than $1 million and $1 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019. (i) Includes $3 million and $5 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019. (j) Effective October 1, 2020, the interest rate of these notes were increased from 5.40% to 5.65% as a result of the Company’s corporate notes being downgraded on May 6, 2020. (k) Effective October 1, 2020, the interest rate of these notes were increased from 6.35% to 6.60% as a result of the Company’s corporate notes being downgraded on May 6, 2020. Includes $5 million and $6 million of unamortized losses from the settlement of a derivative as of December 31, 2020 and 2019. (l) Effective October 1, 2020, the interest rate of these notes were increased from 5.75% to 6.00% as a result of the Company’s corporate notes being downgraded on May 6, 2020. Includes $11 million and $13 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019. Maturities and Capacity The Company’s outstanding debt as of December 31, 2020 matures as follows (in millions): Non-recourse Vacation Ownership Debt Debt Total Within 1 year $ 369 $ 256 $ 625 Between 1 and 2 years 341 656 997 Between 2 and 3 years 223 954 1,177 Between 3 and 4 years 224 301 525 Between 4 and 5 years 241 622 863 Thereafter 836 1,395 2,231 $ 2,234 $ 4,184 $ 6,418 Required principal payments on the non-recourse vacation ownership debt are based on the contractual repayment terms of the underlying VOCRs. Actual maturities may differ as a result of prepayments by the VOCR obligors. As of December 31, 2020, the available capacity under the Company’s borrowing arrangements was as follows (in millions): Non-recourse Conduit Facilities (a) Revolving Credit Facilities (b) Total capacity $ 1,031 $ 1,000 Less: Outstanding borrowings 341 547 Less: Letters of credit — 96 Available capacity $ 690 $ 357 (a) Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings. (b) Consists of the Company’s $1.0 billion secured revolving credit facility. Non-recourse Vacation Ownership Debt As discussed in Note 17— Variable Interest Entities , the Company issues debt through the securitization of VOCRs. Sierra Timeshare 2020-1 Receivables Funding, LLC. On April 29, 2020, the Company closed on a private securitization financing, issued by Sierra Timeshare 2020-1 Receivables Fundings LLC, with an initial principal amount of $325 million, which are secured by VOCRs and bearing a floating interest rate of 3.50% a s of December 31, 2020 . The advance rate for this transaction was 85%. As of December 31, 2020, the Company had $222 million of outstanding borrowings under these term notes, net of debt issuance costs. Sierra Timeshare 2020-2 Receivables Funding LLC. On August 13, 2020, the Company closed on a placement of a series of term notes payable, issued by Sierra Timeshare 2020-2 Receivables Funding LLC, with an initial principal amount of $575 million, which are secured by VOCRs and bear interest at a weighted average coupon rate of 2.81%. The advance rate for this transaction was 90%. As of December 31, 2020, the Company had $479 million of outstanding borrowings under these term notes, net of debt issuance costs. Term Notes. In addition to the 2020 term notes described above, as of December 31, 2020, the Company had $1.19 billion of outstanding non-recourse borrowings, net of debt issuance costs, under term notes entered into prior to December 31, 2019. The Company’s non-recourse term notes include fixed and floating rate term notes for which the weighted average interest rate was 4.5%, 4.5%, and 4.1% during 2020, 2019, and 2018. USD bank conduit facility . The Company has a non-recourse timeshare receivables conduit facility with a total capacity of $800 million and bears interest at variable rates based on the base rate or the LIBOR rate plus a spread. On October 27, 2020, the Company renewed the facility, extending the end of the commitment period from August 30, 2021 to October 31, 2022 and making certain other amendments, including to the advance rate, the LIBOR replacement mechanism, certain default and delinquency triggers, the applicable commercial paper rate and certain concentration limits. The facility bears interest based on variable commercial paper rates plus a spread or LIBOR (or a successor rate), plus a spread. Borrowings under this facility are required to be repaid as the collateralized receivables amortize, no later than November 2023. As of December 31, 2020, the Company had $168 million of outstanding borrowings under these term notes. AUD/NZD bank conduit facility. The Company has a non-recourse timeshare receivables conduit facility with a total capacity of A$255 million and NZ$48 million, which is secured by VOCRs and bears interest at variable rates based on the Bank Bill Swap Bid Rate plus 1.50%. Borrowings under this facility are required to be repaid no later than September 2023. As of December 31, 2020, the Company had $173 million of outstanding borrowings under these term notes. As of December 31, 2020, the Company’s non-recourse vacation ownership debt of $2.23 billion was collateralized by $2.57 billion of underlying gross VOCRs and related assets. Additional usage of the capacity of the Company’s non-recourse bank conduit facilities are subject to the Company’s ability to provide additional assets to collateralize such facilities. The combined weighted average interest rate on the Company’s total non-recourse vacation ownership debt was 4.2%, 4.4%, and 4.2% during 2020, 2019, and 2018. Debt $1.0 billion Revolving Credit Facility and $300 million Term Loan B. In 2018, the Company entered into a credit agreement with Bank of America, N.A. as administrative agent and collateral agent. The agreement provides for new senior secured credit facilities in the amount of $1.3 billion, consisting of secured term loan B of $300 million maturing in 2025 and a new secured revolving facility of $1.0 billion maturing in 2023. The interest rate per annum applicable to term loan B is equal to, at the Company’s option, either a base rate plus a margin of 1.25% or LIBOR plus a margin of 2.25%. The interest rate per annum applicable to borrowings under the revolving credit facility prior to and after the Relief Period terminates (as per the credit agreement amendment) is equal to, at the Company’s option, either a base rate plus a margin ranging from 0.75% to 1.25% or LIBOR plus a margin ranging from 1.75% to 2.25%, however, during the Relief Period, the margin ranges are 0.75% to 1.75% for base rates and 1.75% to 2.75% for LIBOR based rates. The LIBOR rate with respect to either term loan B or the revolving credit facility borrowings are subject to a “floor” of 0.00%. As of December 31, 2020, the Company’s interest rate per annum applicable to term loan B and borrowings under the revolving credit facility was the applicable LIBOR based rate plus a margin of 2.25%. In connection with this credit agreement, the Company entered into a security agreement with Bank of America, N.A., as collateral agent, as defined in the security agreement, for the secured parties. The security agreement granted a security interest in the collateral of the Company and added the holders of Travel + Leisure’s outstanding 7.375% notes due 2020, 5.625% notes due 2021, 4.25% notes due 2022, 3.90% notes due 2023, 5.65% notes due 2024, 6.60% notes due 2025, and 6.00% notes due 2027, as “secured parties,” as defined in the security agreement, that share equally and ratably in the collateral owned by the Company for so long as indebtedness under the credit agreement is secured by such collateral. The interest rates on the aforementioned notes reflect increases resulting from rating agency downgrades of the Company’s corporate notes. Pursuant to the terms of the indentures governing such series of notes, the interest rate on each such series of notes may be subject to future increases or decreases, as a result of future downgrades or upgrades to the credit ratings of such notes by Standard & Poor’s Rating Services (“S&P”), Moody’s Investors Services, Inc. (“Moody’s”), or a substitute rating agency. Since issuance the interest rates on these notes have increased 150 basis points as of December 31, 2020, with a maximum potential for additional increase of 50 basis points. Secured Notes. On July 24, 2020, the Company issued secured notes, with a face value of $650 million and an interest rate of 6.625%, for net proceeds of $643 million. Debt discount and deferred financing costs were collectively $9 million, which will be amortized over the life of the notes. Interest is payable semi-annually in arrears on the notes. The notes will mature on July 31, 2026, and are redeemable at the Company’s option at a redemption price equal to the greater of (i) the sum of the principal being redeemed, and (ii) a “make-whole” price specified in the Indenture and the notes, plus, in each case, accrued and unpaid interest. The proceeds will be used for general corporate purposes, which may include the repayment of outstanding indebtedness under its secured revolving credit facility, the future repayment of the Company’s 5.625% secured notes due March 2021 and the payment of related fees and expenses. In the third quarter, the Company used a portion of the secured notes proceeds to repay $350 million of its indebtedness under the secured revolving credit facility. As of December 31, 2020, the Company had $2.7 billion of outstanding secured notes issued prior to December 31, 2019. Interest is payable semi-annually in arrears on the notes. The notes are redeemable at the Company’s option at a redemption price equal to the greater of (i) the sum of the principal being redeemed, and (ii) a “make-whole” price specified in the Indenture of the notes, plus, in each case, accrued and unpaid interest. These notes rank equally in right of payment with all of the Company’s other secured indebtedness. Deferred Financing Costs The Company classifies debt issuance costs related to its revolving credit facilities and the bank conduit facilities within Other assets on the Consolidated Balance Sheets. Such costs were $11 million as of December 31, 2020 and 2019. Fair Value Hedges During 2017, the Company entered into pay-variable/receive-fixed interest rate swap agreements on its 6.00% secured notes with notional amounts of $400 million. The fixed interest rates on these notes were effectively modified to a variable LIBOR-based index. During 2019, the Company terminated these swap agreements resulting in a gain of $13 million which will be amortized over the remaining life of the secured notes as a reduction to Interest expense on the Consolidated Statements of (Loss)/Income. The Company had $11 million and $13 million of deferred gains associated with this transaction as of December 31, 2020 and 2019, which are included within Debt on the Consolidated Balance Sheets. During 2013, the Company entered into pay-variable/receive-fixed interest rate swap agreements on its 3.90% and 4.25% senior unsecured notes with notional amounts of $400 million and $100 million. The fixed interest rates on these notes were effectively modified to a variable LIBOR-based index. During May 2015, the Company terminated the swap agreements resulting in a gain of $17 million, which is being amortized over the remaining life of the senior unsecured notes as a reduction to Interest expense on the Consolidated Statements of (Loss)/Income. The Company had $4 million and $6 million of deferred gains as of December 31, 2020 and 2019, which are included within Debt on the Consolidated Balance Sheets. Debt Covenants The revolving credit facilities and term loan B are subject to covenants including the maintenance of specific financial ratios as defined in the credit agreement. The financial ratio covenants consist of a minimum interest coverage ratio of at least 2.5 to 1.0 as of the measurement date and a maximum first lien leverage ratio not to exceed 4.25 to 1.0 as of the measurement date. The interest coverage ratio is calculated by dividing consolidated EBITDA (as defined in the credit agreement) by consolidated interest expense (as defined in the credit agreement), both as measured on a trailing 12-month basis preceding the measurement date. The first lien leverage ratio is calculated by dividing consolidated first lien debt (as defined in the credit agreement) as of the measurement date by consolidated EBITDA (as defined in the credit agreement) as measured on a trailing 12-month basis preceding the measurement date. On July 15, 2020, the Company entered into an amendment to the Company’s credit agreement (“Credit Agreement Amendment”). The Credit Agreement Amendment established a relief period with respect to the Company’s secured revolving credit facility, which commenced on July 15, 2020, and will end on April 1, 2022, or upon termination by the Company of the relief period, subject to certain conditions. The Credit Agreement Amendment increased the existing leverage-based financial covenant of 4.25 to 1.0 by varying levels for each applicable quarter during the Relief Period. As of December 31, 2020, the Credit Agreement Amendment increased the maximum first lien leverage ratio to 7.50 to 1.0. Following the Relief Period, the Credit Agreement Amendment reestablishes the existing leverage-based financial covenant of 4.25 to 1.0, tested on the basis of trailing 12-month consolidated EBITDA (as defined in the credit agreement). In addition, the Credit Agreement Amendment, among other things, increased the interest rate applicable to borrowings under the Company’s secured revolving credit facility based on the Company’s first lien leverage ratio in any quarter it exceeds 4.25 to 1.0, until the end of the Relief Period; added a new minimum liquidity covenant, tested quarterly until the end of the Relief Period, of (i) $250 million plus (ii) 50% of the aggregate amount of dividends paid after the effective date of the Credit Agreement Amendment, and on or prior to the last day of the relevant fiscal quarter; and requires the Company and its subsidiaries to maintain an interest coverage ratio (as defined in the credit agreement) of not less than 2.00 to 1.0, which shall increase to 2.50 to 1.0 after the Relief Period, the level existing prior to the effective date of the Credit Agreement Amendment. Finally, the Credit Agreement Amendment amends the definition of “Material Adverse Effect” in the credit agreement to take into consideration the impacts of the COVID-19 pandemic during the Relief Period, to the extent disclosed prior to July 15, 2020, in the Company’s public filings and certain other specified materials. The Relief Period includes certain restrictions on the use of cash including the prohibition of share repurchases until such time as the Company chooses to exercise its option to exit the amendment. Additionally, the amendment limits the payout of dividends during the Relief Period to not exceed $0.50 per share, the rate in effect prior to the amendment. The Company has the option to terminate the Relief Period at any time it can demonstrate compliance with the 4.25 to 1.0 first lien leverage ratio. As of December 31, 2020, the Company’s interest coverage ratio was 3.0 to 1.0 and the first lien leverage ratio was 5.4 to 1.0. These ratios do not include interest expense or indebtedness related to any qualified securitization financing (as defined in the credit agreement). As of December 31, 2020, the Company was in compliance with all of the financial covenants described above. Under the Credit Agreement Amendment, if the first lien leverage ratio exceeds 4.25 to 1.0, the interest rate on revolver borrowings would increase, and the Company would be subject to higher fees associated with its letters of credit. Given the first lien leverage ratio at December 31, 2020, the interest rate on the revolver borrowings will increase 25 basis points effective March 1, 2021. This interest rate is subject to future changes based on the Company’s first lien ratio which could serve to further increase the rate up to an additional 25 basis points, or reduce this rate. Each of the Company’s non-recourse securitized term notes, and the bank conduit facilities contain various triggers relating to the performance of the applicable loan pools. If the VOCR pool that collateralizes one of the Company’s securitization notes fails to perform within the parameters established by the contractual triggers (such as higher default or delinquency rates), there are provisions pursuant to which the cash flows for that pool will be maintained in the securitization as extra collateral for the note holders or applied to accelerate the repayment of outstanding principal to the note holders. As of December 31, 2020, all of the Company’s securitized loan pools were in compliance with applicable contractual triggers. Interest Expense The Company incurred interest expense of $192 million during 2020. Such amount consisted primarily of interest on debt, excluding non-recourse vacation ownership debt, and included an offset of $1 million of capitalized interest. Cash paid related to such interest was $163 million. The Company incurred interest expense of $162 million during 2019. Such amount consisted primarily of interest on debt, excluding non-recourse vacation ownership debt, and included an offset of $3 million of capitalized interest. Cash paid related to such interest was $158 million. The Company incurred interest expense of $170 million during 2018. Such amount consisted primarily of interest on debt, excluding non-recourse vacation ownership debt, and included an offset of $2 million of capitalized interest. Cash paid related to such interest was $159 million. Interest expense incurred in connection with the Company’s non-recourse vacation ownership debt was $101 million, $106 million, and $88 million during 2020, 2019, and 2018, and is reported within Consumer financing interest on the Consolidated Statements of (Loss)/Income. Cash paid related to such interest was $74 million, $81 million, and $58 million during 2020, 2019, and 2018.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of a VIE, the Company analyzes its variable interests, including loans, guarantees, SPEs, and equity investments, to determine if an entity in which the Company has a variable interest is a VIE. If the entity is considered to be a VIE, the Company determines whether it would be considered the entity’s primary beneficiary. The Company consolidates into its financial statements those VIEs for which it has determined that it is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations The Company pools qualifying VOCRs and sells them to bankruptcy-remote entities. VOCRs qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. VOCRs are securitized through bankruptcy-remote SPEs that are consolidated within the Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the VOCRs. The Company services the securitized VOCRs pursuant to servicing agreements negotiated on an arm’s-length basis based on market conditions. The activities of these SPEs are limited to (i) purchasing VOCRs from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases, and (iii) entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors of these SPEs have no recourse to the Company for principal and interest. The assets and liabilities of these vacation ownership SPEs are as follows (in millions): December 31, December 31, Securitized contract receivables, gross (a) $ 2,458 $ 2,984 Securitized restricted cash (b) 92 110 Interest receivables on securitized contract receivables (c) 23 25 Other assets (d) 5 4 Total SPE assets 2,578 3,123 Non-recourse term notes (e)(f) 1,893 1,969 Non-recourse conduit facilities (e) 341 572 Other liabilities (g) 2 4 Total SPE liabilities 2,236 2,545 SPE assets in excess of SPE liabilities $ 342 $ 578 (a) Included in Vacation ownership contract receivables, net on the Consolidated Balance Sheets. (b) Included in Restricted cash on the Consolidated Balance Sheets. (c) Included in Trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in Other assets on the Consolidated Balance Sheets. (e) Included in Non-recourse vacation ownership debt on the Consolidated Balance Sheets. (f) Includes deferred financing costs of $21 million and $23 million as of December 31, 2020 and 2019, related to non-recourse debt. (g) Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. In addition, the Company has VOCRs that have not been securitized through bankruptcy-remote SPEs. Such gross receivables were $717 million and $883 million as of December 31, 2020 and 2019. A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows (in millions): December 31, December 31, SPE assets in excess of SPE liabilities $ 342 $ 578 Non-securitized contract receivables 717 883 Less: Allowance for loan losses 693 747 Total, net $ 366 $ 714 Clearwater, Florida Property During 2015, the Company entered into an agreement with a third-party partner whereby the partner would develop and construct VOI inventory through an SPE. The Company is considered to be the primary beneficiary for specified assets and liabilities of the SPE and, therefore, during 2017 the Company consolidated $51 million of both its Property and equipment, net and Debt on its Consolidated Balance Sheets. During 2018, the Company made its final purchase of VOI inventory from the SPE, and the mortgage note was extinguished. Saint Thomas, U.S. Virgin Islands Property During 2015, the Company sold real property located in Saint Thomas, U.S. Virgin Islands, to a third-party developer to construct VOI inventory through an SPE. In accordance with the agreements with the third-party developer, the Company has conditional rights and conditional obligations to repurchase the completed property from the developer subject to the property conforming to the Company's vacation ownership resort standards and provided that the third-party developer has not sold the property to another party. As a result of a disruption to VOI sales caused by the impact of the hurricanes on Saint Thomas, U.S. Virgin Islands, in 2017, there was a change in the economics of the transaction due to a reduction in the fair value of the assets of the SPE. As such, during 2017, the Company was considered the primary beneficiary for specified assets and liabilities of the SPE, and therefore consolidated $64 million of Property and equipment, net and $104 million of Debt on its Consolidated Balance Sheets. As a result of this consolidation, the Company incurred a non-cash $37 million loss due to the write-down

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company measures its financial assets and liabilities at fair value on a recurring basis and utilizes the fair value hierarchy to determine such fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable. Level 3: Unobservable inputs used when little or no market data is available. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level 3) that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company’s derivative instruments currently consist of interest rate caps and foreign exchange forward contracts. See Note 19— Financial Instruments for additional details. As of December 31, 2020, the Company had foreign exchange contracts resulting in $3 million of assets which are included within Other assets and less than $1 million of liabilities which are included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. On a recurring basis, such assets and liabilities are remeasured at estimated fair value (all of which are Level 2) and thus are equal to the carrying value. The impact of interest rate caps was immaterial as of December 31, 2020. For assets and liabilities that are measured using quoted prices in active markets, the fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using other significant observable inputs are valued by reference to similar assets and liabilities. For these items, a significant portion of fair value is derived by reference to quoted prices of similar assets and liabilities in active markets. For assets and liabilities that are measured using significant unobservable inputs, fair value is primarily derived using a fair value model, such as a discounted cash flow model. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, accounts payable, and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The carrying amounts and estimated fair values of all other financial instruments were as follows (in millions): December 31, 2020 December 31, 2019 Carrying Estimated Fair Value Carrying Estimated Fair Value Assets Vacation ownership contract receivables, net (Level 3) $ 2,482 $ 3,035 $ 3,120 $ 3,907 Liabilities Debt (Level 2) $ 6,418 $ 6,705 $ 5,575 $ 5,709 The Company estimates the fair value of its VOCRs using a discounted cash flow model which it believes is comparable to the model that an independent third-party would use in the current market. The model uses Level 3 inputs consisting of default rates, prepayment rates, coupon rates, and loan terms for the contract receivables portfolio as key drivers of risk and relative value that, when applied in combination with pricing parameters, determines the fair value of the underlying contract receivables. The Company estimates the fair value of its non-recourse vacation ownership debt by obtaining Level 2 inputs comprised of indicative bids from investment banks that actively issue and facilitate the secondary market for timeshare securities. The Company estimates the fair value of its debt, excluding finance leases, using Level 2 inputs based on indicative bids from investment banks and determines the fair value of its secured notes using quoted market prices (such secured notes are not actively traded).

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial Instruments The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how the change in fair value of the derivative instrument will be reflected on the Consolidated Financial Statements. A derivative qualifies for hedge accounting if, at inception, the derivative is expected to be highly effective in offsetting the underlying hedged cash flows or fair value, and the hedge documentation standards are fulfilled at the time the Company enters into the derivative contract. A hedge is designated as a cash flow hedge based on the exposure being hedged. The asset or liability value of the derivative will change in tandem with its fair value. Changes in fair value for qualifying cash flow hedges, are recorded in Accumulated other comprehensive loss (“AOCL”). The derivative’s gain or loss is released from AOCL to match the timing of the underlying hedged cash flows effect on earnings. A hedge is designated as a fair value hedge when the derivative is used to manage an exposure to changes in the fair value of a recognized asset or liability. For fair value hedges, the portion of the gain or loss on the derivative instrument designated as a fair value hedge will be recognized in earnings. The Company concurrently records changes in the value of the hedged asset or liability via a basis adjustment to the hedged item. These two changes in fair value offset one another in whole or in part and are reported in the same statement of income line item as the hedged risk. The Company reviews the effectiveness of its hedging instruments on an ongoing basis, recognizes current period hedge ineffectiveness immediately in earnings and discontinues hedge accounting for any hedge that it no longer considers to be highly effective. The Company recognizes changes in fair value for derivatives not designated as hedges or those not qualifying for hedge accounting in current period earnings. Upon termination of cash flow hedges, the Company releases gains and losses from AOCL based on the timing of the underlying cash flows, unless the termination results from the failure of the intended transaction to occur in the expected time frame. Such untimely transactions require the Company to immediately recognize in earnings gains and losses previously recorded in AOCL. Changes in interest rates and foreign exchange rates expose the Company to market risk. The Company has used cash flow and fair value hedges as part of its overall strategy to manage its exposure to market risks associated with fluctuations in interest rates and foreign currency exchange rates. As a matter of policy, the Company only enters into transactions that it believes will be highly effective at offsetting the underlying risk and it does not use derivatives for trading or speculative purposes. The Company uses the following derivative instruments to mitigate its foreign currency exchange rate and interest rate risks: Foreign Currency Risk The Company has foreign currency rate exposure to exchange rate fluctuations worldwide with particular exposure to the euro, British pound sterling, Australian and Canadian dollars, and Mexican peso. The Company uses freestanding foreign currency forward contracts to manage a portion of its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables, payables, and forecasted earnings of foreign subsidiaries. Additionally, the Company has used foreign currency forward contracts designated as cash flow hedges to manage a portion of its exposure to changes in forecasted foreign currency denominated vendor payments. The amount of gains or losses relating to contracts designated as cash flow hedges that the Company expects to reclassify from AOCL to earnings over the next 12 months is not material. Interest Rate Risk A portion of the debt used to finance the Company’s operations is exposed to interest rate fluctuations. The Company periodically uses financial derivatives to strategically adjust its mix of fixed to floating rate debt. The derivative instruments utilized include interest rate swaps which convert fixed-rate debt into variable-rate debt (i.e. fair value hedges) to manage the overall interest cost. For relationships designated as fair value hedges, changes in fair value of the derivatives are recorded in income, with offsetting adjustments to the carrying amount of the hedged debt. As of December 31, 2020, the Company did not have any interest rate derivatives designated as cash flow hedges. The following table summarizes information regarding the losses recognized in AOCL for the years ended December 31 (in millions): 2020 2019 2018 Designated hedging instruments Foreign exchange contracts $ — $ — $ (1) The following table summarizes information regarding the gains recognized in income on the Company’s freestanding derivatives for the years ended December 31 (in millions): 2020 2019 2018 Non-designated hedging instruments Foreign exchange contracts (a) $ 3 $ 1 $ 2 (a) Included within Operating expenses on the Consolidated Statements of (Loss)/Income, which is primarily offset by changes in the value of the underlying assets and liabilities. Credit Risk and Exposure The Company is exposed to counterparty credit risk in the event of nonperformance by counterparties to various agreements and sales transactions. The Company manages such risk by evaluating the financial position and creditworthiness of such counterparties and by requiring collateral in instances in which financing is provided. The Company mitigates counterparty credit risk associated with its derivative contracts by monitoring the amounts at risk with each counterparty to such contracts, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing its risk among multiple counterparties. As of December 31, 2020, there were no significant concentrations of credit risk with any individual counterparty or groups of counterparties. However, 18% of the Company’s outstanding VOCRs portfolio relates to customers who reside in California. With the exception of the financing provided to customers of its vacation ownership businesses, the Company does not normally require collateral or other security to support credit sales. Market Risk The Company is subject to risks relating to the geographic concentrations of (i) areas in which the Company is currently developing and selling vacation ownership properties, (ii) sales offices in certain vacation areas, and (iii) customers of the Company’s vacation ownership business, which in each case, may result in the Company’s results of operations being more sensitive to local and regional economic conditions and other factors, including competition, natural disasters, and economic downturns, than the Company’s results of operations would be, absent such geographic concentrations. Local and regional economic conditions and other factors may differ materially from prevailing conditions in other parts of the world. Florida and Nevada are examples of areas with concentrations of sales offices. For the year ended December 31, 2020, 16% and 15% of the Company’s VOI sales revenues were generated in sales offices located in Florida and Nevada. Included within the Consolidated Statements of (Loss)/Income are net revenues generated from transactions in the state of Florida of 18%, 19%, and 16% during 2020, 2019, and 2018. There were 12% of net revenues generated from transactions in the state of California during 2020, and 11% during 2019 and 2018.

Commitments And Contingencies

Commitments And Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies C OMMITMENTS Leases The Company is committed to making finance and operating lease payments covering various facilities and equipment. Total future minimum lease obligations are $200 million, including finance leases, operating leases, leases signed but not yet commenced, and leases with a lease term of less than 12 months. See Note 13— Leases for additional detail. Purchase Commitments In the normal course of business, the Company makes various commitments to purchase goods or services from specific suppliers, including those related to vacation ownership resort development and other capital expenditures. Purchase commitments made by the Company as of December 31, 2020, aggregated to $973 million, of which $714 million were for marketing-related activities, $143 million were related to the development of vacation ownership properties, and $31 million were for information technology activities. Commitments for marketing related activities decreased $317 million from 2019 to 2020, primarily related to renegotiated and exited contracts as a result of COVID-19. Inventory Sold Subject to Conditional Repurchase In the normal course of business, the Company makes various commitments to repurchase completed vacation ownership properties from third-party developers. Inventory sold subject to conditional repurchase made by the Company as of December 31, 2020, aggregated to $59 million. See Note 11— Inventory for additional detail. Letters of Credit As of December 31, 2020, the Company had $127 million of irrevocable standby letters of credit outstanding, of which $96 million were under its revolving credit facilities. As of December 31, 2019, the Company had $60 million of irrevocable standby letters of credit outstanding, of which $17 million were under its revolving credit facilities. Such letters of credit issued during 2020 includes a $48 million letter of credit for guarantees related to the sale of the European vacation rentals business in which Wyndham Hotels and Travel + Leisure are required to maintain certain credit ratings, see Note 29— Transactions with Former Parent and Former Subsidiaries for additional details. The letters of credit issued during 2020 and 2019 also supported the securitization of VOCR fundings, certain insurance policies, and development activity at the Company’s Vacation Ownership segment. Surety Bonds A portion of the Company’s vacation ownership sales and developments are supported by surety bonds provided by affiliates of certain insurance companies in order to meet regulatory requirements of certain states. In the ordinary course of the Company’s business, it has assembled commitments from 12 surety providers in the amount of $2.3 billion, of which the Company had $261 million outstanding as of December 31, 2020. The availability, terms and conditions, and pricing of bonding capacity are dependent on, among other things, continued financial strength and stability of the insurance company affiliates providing the bonding capacity, general availability of such capacity and the Company’s corporate credit rating. If the bonding capacity is unavailable or, alternatively, the terms and conditions and pricing of the bonding capacity are unacceptable to the Company, its vacation ownership business could be negatively impacted. L ITIGATION The Company is involved in claims, legal and regulatory proceedings, and governmental inquiries related to its business, none of which, in the opinion of management, is expected to have a material effect on the Company’s results of operations or financial condition. Travel + Leisure Litigation The Company may be from time to time involved in claims, legal and regulatory proceedings, and governmental inquiries arising in the ordinary course of its business including but not limited to: for its Vacation Ownership business — breach of contract, bad faith, conflict of interest, fraud, consumer protection and other statutory claims by property owners’ associations, owners and prospective owners in connection with the sale or use of VOIs or land, or the management of vacation ownership resorts, construction defect claims relating to vacation ownership units or resorts or in relation to guest reservations and bookings; and negligence, breach of contract, fraud, consumer protection and other statutory claims by guests and other consumers for alleged injuries sustained at or acts or occurrences related to vacation ownership units or resorts or in relation to guest reservations and bookings; for its Travel and Membership business — breach of contract, fraud and bad faith claims by affiliates and customers in connection with their respective agreements, negligence, breach of contract, fraud, consumer protection and other statutory claims asserted by members, guests and other consumers for alleged injuries sustained at or acts or occurrences related to affiliated resorts, or in relation to guest reservations and bookings; and for each of its businesses, bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters including but not limited to, claims of wrongful termination, retaliation, discrimination, harassment and wage and hour claims, whistleblower claims, claims of infringement upon third parties’ intellectual property rights, claims relating to information security, privacy and consumer protection, fiduciary duty/trust claims, tax claims, environmental claims, and landlord/tenant disputes. The Company records an accrual for legal contingencies when it determines, after consultation with outside counsel, that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company’s ability to make a reasonable estimate of loss. The Company reviews these accruals each fiscal quarter and makes revisions based on changes in facts and circumstances including changes to its strategy in dealing with these matters. The Company believes that it has adequately accrued for such matters with reserves of $13 million as of December 31, 2020 and 2019. Such reserves are exclusive of matters relating to the Company’s separation from Cendant, matters relating to the Spin-off, matters relating to the sale of the European vacation rentals business, and matters relating to the sale of the North American vacation rentals business, which are discussed in Note 29— Transactions with Former Parent and Former Subsidiaries . Litigation is inherently unpredictable and, although the Company believes that its accruals are adequate and/or that it has valid defenses in these matters, unfavorable results could occur. As such, an adverse outcome from such proceedings for which claims are awarded in excess of the amounts accrued, if any, could be material to the Company with respect to earnings and/or cash flows in any given reporting period. As of December 31, 2020, the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $35 million in excess of recorded accruals. However, the Company does not believe that the impact of such litigation should result in a material liability to the Company in relation to its consolidated financial position and/or liquidity. For matters deemed reasonably possible, therefore not requiring accrual, the Company believes that such matters will not have a material effect on its results of operations, financial position or cash flows based on information currently available. As of December 31, 2020, the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to an amount less than $1 million. G UARANTEES /I NDEMNIFICATIONS Standard Guarantees/Indemnifications In the ordinary course of business, the Company enters into agreements that contain standard guarantees and indemnities whereby the Company indemnifies another party for specified breaches of, or third-party claims relating to, an underlying agreement. Such underlying agreements are typically entered into by one of the Company’s subsidiaries. The various underlying agreements generally govern purchases, sales or outsourcing of products or services, leases of real estate, licensing of software and/or development of vacation ownership properties, access to credit facilities, derivatives and issuances of debt securities. Also in the ordinary course of business, the Company provides corporate guarantees for its operating business units relating to merchant credit-card processing for prepaid customer stays and other deposits. While a majority of these guarantees and indemnifications extend only for the duration of the underlying agreement, some survive the expiration of the agreement. The Company is not able to estimate the maximum potential amount of future payments to be made under these guarantees and indemnifications as the triggering events are not predictable. In certain cases, the Company maintains insurance coverage that may mitigate any potential payments. Other Guarantees and Indemnifications Vacation Ownership The Company has committed to repurchase completed property located in Las Vegas, Nevada, from a third-party developer subject to such property meeting the Company’s vacation ownership resort standards and provided that the third-party developer has not sold such property to another party. See Note 11— Inventory for additional details. In connection with the Company’s vacation ownership inventory sale transactions, for which it has conditional rights and conditional obligations to repurchase the completed properties, the Company was required to maintain an investment-grade credit rating from at least one rating agency. As a result of the Spin-off, the Company failed to maintain an investment-grade credit rating with at least one rating agency, which triggered a default. During 2018, the Company agreed to pay $8 million in fees in lieu of posting collateral in favor of the development partner in an amount equal to the remaining obligations under the agreements. As part of the Fee-for-Service program, the Company may guarantee to reimburse the developer a certain payment or to purchase inventory from the developer, for a percentage of the original sale price if certain future conditions exist. As of December 31, 2020, the maximum potential future payments that the Company may be required to make under these guarantees is $32 million. As of December 31, 2020 and 2019, the Company had no recognized liabilities in connection with these guarantees. For information on guarantees and indemnifications related to the Company’s former parent and subsidiaries see Note 29— Transactions with Former Parent and Former Subsidiaries .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income/(Loss)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income/(Loss)	Accumulated Other Comprehensive Income/(Loss) The components of accumulated other comprehensive income/(loss) are as follows (in millions): Pretax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ (96) $ (2) $ (5) $ (103) Other comprehensive (loss)/income before reclassifications (75) — 1 (74) Amount reclassified to earnings 24 — 6 30 Balance as of December 31, 2018 (147) (2) 2 (147) Other comprehensive (loss) before reclassifications (1) — (1) (2) Amount reclassified to earnings — 1 — 1 Balance as of December 31, 2019 (148) (1) 1 (148) Other comprehensive income/(loss) before reclassifications 35 — (1) 34 Balance as of December 31, 2020 $ (113) $ (1) $ — $ (114) Tax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ 89 $ 2 $ 1 $ 92 Other comprehensive income before reclassifications 13 — — 13 Amount reclassified to earnings — — (2) (2) Effect of adoption of new accounting principle (a) (8) — — (8) Balance as of December 31, 2018 94 2 (1) 95 Other comprehensive income/(loss) before reclassifications 1 (1) 1 1 Amount reclassified to earnings — — — — Balance as of December 31, 2019 95 1 — 96 Other comprehensive income before reclassifications 2 — — 2 Balance as of December 31, 2020 $ 97 $ 1 $ — $ 98 Net of Tax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ (7) $ — $ (4) $ (11) Other comprehensive (loss)/income before reclassification (62) — 1 (61) Amount reclassified to earnings 24 — 4 28 Other comprehensive (loss)/income (38) — 5 (33) Effect of adoption of new accounting principle (a) (8) — — (8) Balance as of December 31, 2018 (53) — 1 (52) Other comprehensive (loss) before reclassifications — (1) — (1) Amount reclassified to earnings — 1 — 1 Balance as of December 31, 2019 (53) — 1 (52) Other comprehensive income/(loss) before reclassifications 37 — (1) 36 Balance as of December 31, 2020 $ (16) $ — $ — $ (16) (a) Impact of the Company’s adoption of new accounting guidance which allowed for the reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act of 2017. This adoption resulted in an $8 million reclassification of tax benefit from AOCL to Retained Earnings. Currency translation adjustments exclude income taxes related to investments in foreign subsidiaries where the Company intends to reinvest the undistributed earnings indefinitely in those foreign operations. Reclassifications out of AOCL are presented in the following table. Amounts in parentheses indicate debits to the Consolidated Statements of (Loss)/Income (in millions): Year Ended December 31, 2020 2019 Unrealized losses on cash flow hedge, net (Loss)/gain on disposal of discontinued business, net of income taxes $ — $ (1) Net income attributable to Travel + Leisure shareholders $ — $ (1)

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has a stock-based compensation plan available to grant RSUs, PSUs, SSARs, non-qualified stock options (“NQs”), and other stock-based awards to key employees, non-employee directors, advisors, and consultants. The Wyndham Worldwide Corporation 2006 Equity and Incentive Plan was originally adopted in 2006 and was amended and restated in its entirety and approved by shareholders on May 17, 2018, (the “Amended and Restated Equity Incentive Plan”). Under the Amended and Restated Equity Incentive Plan, a maximum of 15.7 million shares of common stock may be awarded. As of December 31, 2020, 11.9 million shares remain available. Incentive Equity Awards Granted by the Company During the year ended December 31, 2020, the Company granted incentive equity awards to key employees and senior officers totaling $35 million in the form of RSUs, $8 million in the form of PSUs, and $8 million in the form of stock options. Of these awards, the majority of NQs and RSUs will vest ratably over a period of four years. The PSUs will cliff vest on the third anniversary of the grant date, contingent upon the Company achieving certain performance metrics. During the year ended December 31, 2019, the Company granted incentive equity awards totaling $26 million in the form of RSUs, $7 million in the form of PSUs, and $5 million in the form of stock options. During 2018, the Company granted incentive equity awards totaling $58 million in the form of RSUs and $7 million in the form of stock options. The activity related to incentive equity awards granted to the Company’s key employees and senior officers by the Company for the year ended December 31, 2020, consisted of the following (in millions, except grant prices): Balance as of December 31, 2019 Granted Vested/Exercised Forfeitures (a) Balance as of December 31, 2020 RSUs Number of RSUs 1.0 1.0 (0.3) (0.1) 1.6 (b) Weighted average grant price $ 46.32 $ 33.64 $ 46.44 $ 42.95 $ 38.22 PSUs Number of PSUs 0.2 0.1 — — 0.3 (c) Weighted average grant price $ 44.38 $ 41.04 $ — $ — $ 42.57 SSARs Number of SSARs 0.2 — — — 0.2 (d) Weighted average grant price $ 34.24 $ — $ — $ — $ 34.51 NQs (f) Number of NQs 1.3 1.1 — (0.1) 2.3 (e) Weighted average grant price $ 46.84 $ 41.04 $ — $ 43.43 $ 44.15 (a) The Company recognizes forfeitures as they occur. (b) Aggregate unrecognized compensation expense related to RSUs was $45 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.4 years. (c) There was no unrecognized compensation expense related to PSUs as of December 31, 2020. (d) There were 0.2 million SSARs that were exercisable as of December 31, 2020. There was no unrecognized compensation expense related to SSARs as of December 31, 2020, as all SSARs were vested. (e) There were 0.5 million NQs which were exercisable as of December 31, 2020. These NQs will expire over a weighted average period of 7.7 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for the NQs was $11 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.8 years. (f) Upon execution of NQs, the Company issues new shares to participants. The fair value of stock options granted by the Company during 2020 and 2019 were estimated on the dates of these grants using the Black-Scholes option-pricing model with the relevant weighted average assumptions outlined in the table below. Expected volatility was based on both historical and implied volatilities of the Company’s stock and the stock of comparable companies over the estimated expected life for options. The expected life represents the period of time these awards are expected to be outstanding. The risk-free interest rate is based on yields on U.S. Treasury strips with a maturity similar to the estimated expected life of the options. The projected dividend yield was based on the Company’s anticipated annual dividend divided by the price of the Company’s stock on the date of the grant. Stock Options 2020 2019 Grant date fair value $7.27 - $7.28 $8.98 Grant date strike price $41.04 $44.38 Expected volatility 32.60 % - 32.88% 29.97% Expected life 6.25 - 7.50 years 6.25 years Risk-free interest rate 0.95 % - 1.03% 2.59% Projected dividend yield 4.87% 4.06% Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $20 million, $24 million, and $151 million during 2020, 2019, and 2018, related to the incentive equity awards granted to key employees, senior officers, and non-employee directors. Such stock-based compensation expense included expense related to discontinued operations of $22 million for 2018. Stock-based compensation expense for 2019 and 2018 included $4 million and $105 million of expense which has been classified within Separation and related costs in continuing operations on the Consolidated Statements of (Loss)/Income. The Company paid $2 million, $4 million, and $60 million of taxes for the net share settlement of incentive equity awards that vested during 2020, 2019, and 2018. Such amounts are included within Financing activities on the Consolidated Statements of Cash Flows. Employee Stock Purchase Plan During 2019, the Company implemented an employee stock purchase plan. This plan allows eligible employees to purchase common shares of Company stock through payroll deductions at a 10% discount from the fair market value at the grant date. The Company issued 0.2 million shares in both 2020 and 2019 and recognized $1 million of compensation expense related to the grants under this plan in each period. The value of shares issued under this plan was $7 million and $11 million for 2020 and 2019.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Defined Contribution Benefit Plans Travel + Leisure sponsors domestic defined contribution savings plans and a domestic deferred compensation plan that provide eligible employees of the Company an opportunity to accumulate funds for retirement. The Company matches the contributions of participating employees on the basis specified by each plan. The Company’s cost for these plans was $19 million during 2020, and $33 million during both 2019 and 2018. In addition, the Company contributes to several foreign employee benefit contributory plans which also provide eligible employees with an opportunity to accumulate funds for retirement. The Company’s contributory cost for these plans was $7 million during 2020, $8 million during 2019, and $10 million during 2018. Defined Benefit Pension Plans The Company sponsors defined benefit pension plans for certain foreign subsidiaries, which were primarily part of the Company’s European vacation rentals business, which is presented as discontinued operations. Under these plans, benefits are based on an employee’s years of credited service and a percentage of final average compensation or as otherwise described by the plan. During 2018, the Company recognized a $4 million loss related to the settlement of its obligation under these plans for the European vacation rentals business which was included as a component of the (Loss)/gain on disposal of discontinued business, net of income taxes on the Consolidated Statements of (Loss)/Income. The Company had $5 million and $4 million of net pension liability as of December 31, 2020 and 2019, included within Accrued expenses and other liabilities. As of December 31, 2020 and 2019, the Company had less than $1 million of unrecognized gains included within Accumulated other comprehensive loss on the Consolidated Balance Sheets. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts that the Company determines to be appropriate. The Company had no pension expense related to these plans during 2020, 2019, and 2018.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has two operating segments: Vacation Ownership and Travel and Membership. The Vacation Ownership segment develops, markets and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Travel and Membership segment operates a variety of travel businesses, including three vacation exchange brands, a home exchange network, travel technology platforms, travel memberships, and direct-to-consumer rentals. During 2018, the Company decided to explore strategic alternatives for its North American vacation rentals business, which was part of its Travel and Membership segment and completed the sale of this business on October 22, 2019. The assets and liabilities of this business were classified as held-for-sale until the sale was completed. This business did not meet the criteria to be classified as a discontinued operation; therefore, the results of operations through the date of sale are included in the 2018 and 2019 results presented in the tables below. The reportable segments presented below represent the Company’s operating segments for which discrete financial information is available and which are utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management uses net revenues and Adjusted EBITDA to assess the performance of the reportable segments. Adjusted EBITDA is defined by the Company as Net (loss)/income from continuing operations before Depreciation and amortization, Interest expense (excluding Consumer financing interest), early extinguishment of debt, Interest income (excluding Consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, transaction costs, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. The Company believes that Adjusted EBITDA is a useful measure of performance for its segments which, when considered with generally accepted accounting principles in the U.S. (“GAAP”) measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. The following tables present the Company’s segment information (in millions): Year Ended December 31, Net revenues 2020 2019 2018 Vacation Ownership $ 1,637 $ 3,151 $ 3,016 Travel and Membership 528 898 918 Total reportable segments 2,165 4,049 3,934 Corporate and other (a) (5) (6) (3) Total Company $ 2,160 $ 4,043 $ 3,931 Year Ended December 31, Reconciliation of Net income to Adjusted EBITDA 2020 2019 2018 Net (loss)/income attributable to Travel + Leisure shareholders $ (255) $ 507 $ 672 Loss from operations of discontinued businesses, net of income taxes — — 50 Loss/(gain) on disposal of discontinued business, net of income taxes 2 (18) (456) (Benefit from)/provision for income taxes (23) 191 130 Depreciation and amortization 126 121 138 Interest expense 192 162 170 Interest (income) (7) (7) (5) Gain on sale of business — (68) — Asset impairments (b) 57 27 (4) COVID-19 related costs (c) 56 — — Exchange inventory write-off 48 — — Restructuring 39 9 16 Stock-based compensation 20 20 23 Legacy items (d) 4 1 1 Acquisition and divestiture related costs — 1 — Value-added tax refund — — (16) Separation and related costs (e) — 45 223 Adjusted EBITDA $ 259 $ 991 $ 942 Year Ended December 31, Adjusted EBITDA 2020 2019 2018 Vacation Ownership $ 121 $ 756 $ 731 Travel and Membership 191 289 278 Total reportable segments 312 1,045 1,009 Corporate and other (a) (53) (54) (67) Total Company $ 259 $ 991 $ 942 (a) Includes the elimination of transactions between segments. (b) Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income. (c) Reflects severance and other employee costs associated with layoffs due to the COVID-19 workforce reduction offset in part by employee retention credits received in connection with the U.S. CARES Act and similar international programs for wages paid to certain employees despite having operations suspended. This amount does not include costs associated with idle pay. (d) Represents the resolution of and adjustment to certain contingent liabilities resulting from the Spin-off, the sale of the European vacation rentals business, and the Company’s separation from Cendant. (e) Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018. Year Ended December 31, Segment Assets (a) 2020 2019 Vacation Ownership $ 5,009 $ 5,582 Travel and Membership 1,362 1,482 Total reportable segments 6,371 7,064 Corporate and other 1,242 389 Total Company $ 7,613 $ 7,453 (a) Excludes investment in consolidated subsidiaries. Year Ended December 31, Capital Expenditures 2020 2019 2018 Vacation Ownership $ 41 $ 69 $ 66 Travel and Membership 21 27 25 Total reportable segments 62 96 91 Corporate and other 7 12 8 Total Company $ 69 $ 108 $ 99 The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries (in millions): Year Ended December 31, Year Ended December 31, Net Revenues Net Long-lived Assets 2020 2019 2018 2020 2019 United States $ 1,904 $ 3,513 $ 3,500 $ 1,471 $ 1,497 All other countries 256 530 431 290 296 Total $ 2,160 $ 4,043 $ 3,931 $ 1,761 $ 1,793

Separation and Transaction Cost

Separation and Transaction Costs	12 Months Ended
	Dec. 31, 2020
Separation and Related Costs [Abstract]
Separation and Transaction Costs	Separation and Transaction Costs During 2019, the Company incurred $45 million of expenses in connection with the Spin-off completed on May 31, 2018, which are reflected within continuing operations. These separation costs were related to stock compensation, severance and other employee costs, as well as impairment charges due to the write-off of right-of-use assets and furniture, fixtures and equipment as a result of the Company abandoning portions of its administrative offices in New Jersey. This decision was part of the Company’s continued focus on rationalizing existing facilities in order to reduce its corporate footprint. These expenses also include additional impairment charges associated with the write-off of assets and liabilities related to the early termination of an operating lease in Chicago, Illinois, partially offset by an indemnification receivable from Wyndham Hotels. Refer to Note 13— Leases for additional detail regarding these impairments. During 2018, the Company incurred $223 million of expenses in connection with the Spin-off which are reflected within continuing operations and include related costs of the Spin-off, of which $217 million were related to stock compensation modification expense, severance and other employee costs offset, in part, by favorable foreign currency. In addition, these costs include certain impairment charges related to the separation including property sold to Wyndham Hotels.

COVID-19 Related Items (Notes)

COVID-19 Related Items (Notes)	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
COVID-19 Related Impacts [Text Block]	COVID-19 Related Items For the year ended December 31, 2020, the Company incurred $88 million of expenses directly related to COVID-19 which are included within COVID-19 related costs on the Consolidated Statements of (Loss)/Income and $297 million of additional items directly related to COVID-19 that are reflected elsewhere on the Consolidated Statements of (Loss)/Income as displayed in the table below (in millions): Vacation Ownership Travel and Membership Corporate Consolidated Income Statement Classification Allowance for loan losses: Provision $ 205 $ — $ — $ 205 Vacation ownership interest sales Recoveries (48) — — (48) Cost of vacation ownership interests Employee compensation related and other 65 9 14 88 COVID-19 related costs Asset impairments 21 34 1 56 Asset impairments/Operating expenses Exchange inventory write-off — 48 — 48 Operating expenses Lease-related 14 22 — 36 Restructuring Total COVID-19 $ 257 $ 113 $ 15 $ 385 Allowance for loan losses - During 2020, the Company evaluated the potential impact of COVID-19 on its owners’ ability to repay their contract receivables and as a result of higher unemployment, the Company increased its loan loss allowance. This was reflected as a $205 million reduction to Vacation ownership interest sales and a $48 million reduction to Cost of vacation ownership interests on the Consolidated Statements of (Loss)/Income. The net negative impact of the additional provision related to COVID-19 on Adjusted EBITDA was $157 million for the year ended December 31, 2020. The Company will continue to monitor this reserve as more information becomes available. Refer to Note 10— Vacation Ownership Contract Receivables for additional details. Employee Compensation Related and Other - These costs included $97 million related to severance and other employee costs resulting from the layoffs, salary and benefits continuation for certain employees while operations were suspended, and vacation payments associated with furloughed employees, $17 million related to professional fees and expenses related to renegotiating or exiting certain agreements; partially offset by $26 million of employee retention credits earned in connection with government programs, primarily the CARES Act. A reduction in workforce in March resulted in the layoff or furlough of approximately 9,000 employees, with an additional 1,400 of furloughs during the remainder of the year. As of December 31, 2020, there were approximately 5,300 employees that were laid off or remained furloughed. As of December 31, 2020, the Company had liabilities of $6 million for COVID-19 employee-related costs included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. The activity associated with the Company’s COVID-19 related liabilities is summarized as follows (in millions): Liability as of Liability as of December 31, 2019 Costs Recognized (a) Cash Payments Other (b) December 31, 2020 COVID-19 employee-related $ — $ 71 $ (64) $ (1) $ 6 Ending balance $ — $ 71 $ (64) $ (1) $ 6 (a) These charges consisted of (i) $54 million at the Vacation Ownership segment, (ii) $8 million at the Travel and Membership segment, and (iii) $9 million at the Company’s corporate operations during 2020. (b) Includes employee-related write-offs. Asset Impairments - During 2020, the Company incurred $56 million of COVID-19 related impairments, including $51 million recorded within Asset Impairments and $5 million included in Operating expenses on the Consolidated Statements of (Loss)/Income. Refer to Note 27 — Impairments and Other Charges for additional details. Exchange Inventory write-off - During 2020, the Company wrote-off $48 million of exchange inventory as discussed in Note 11— Inventory. Lease-Related - During 2020, the Company also recognized $36 million of COVID-19 related charges including $22 million related to the New Jersey lease discussed in Note 28— Restructuring

Impairments and Other Charges

Impairments and Other Charges	12 Months Ended
	Dec. 31, 2020
Asset Impairments and Other Charges [Abstract]
Impairment and Other Charges	Impairments and Other Charges Impairments During 2020, the Company recorded $52 million of asset impairments, $51 million which were COVID-19 related. In the first quarter of 2020, there were $6 million of impairments at the Vacation Ownership segment related to prepaid development costs and undeveloped land and $4 million at the Travel and Membership segment related to the Love Home Swap trade name. In the second quarter, the Company recorded a $24 million impairment at the Travel and Membership segment related to the New Jersey lease discussed in Note 28— Restructuring and the associated furniture, fixtures and equipment, a $6 million impairment for equity investments held at the Travel and Membership segment, and a $3 million impairment at the Vacation Ownership segment related to lease assets and furniture, fixtures and equipment. During the third quarter, $6 million of impairments were driven by right-to-use leases and related fixed assets within the Vacation Ownership operating segment due to sales center closures. During the fourth quarter, there was $1 million of impairments at the Vacation Ownership segment and $1 million of impairments at the corporate segment. These impairments are recorded within Asset impairments on the Consolidated Statements of (Loss)/Income. In addition to the COVID-19 related impairments mentioned above, the Company also recorded an additional $1 million of impairment charges at the Vacation Ownership segment that were unrelated to COVID-19. During 2019, the Company sold certain property for $52 million in cash and a note receivable of $4 million. The Company recorded a loss of $27 million, which is recorded within Asset impairments on the Consolidated Statements of (Loss)/Income. During 2018, the Company sold a property which was previously impaired by $27 million as part of a fair value assessment on land held for VOI development. The Company received net proceeds of $11 million, resulting in a gain on sale of $8 million, which is included within Asset impairments on the Consolidated Statements of (Loss)/Income. Also, as a result of changes in market conditions, the Company updated its long-term development goals during 2018 which resulted in $4 million of additional impairment charges on previously impaired properties. This additional impairment expense and the aforementioned reversal, resulted in a net impairment reversal of $4 million during 2018. Other Charges Refer to Note 25— Separation and Transaction Costs, for discussion of the additional 2019 and 2018 impairments associated with the Spin-off.

Restructuring

Restructuring	12 Months Ended
	Dec. 31, 2020
Restructuring Charges [Abstract]
Restructuring	Restructuring 2020 Restructuring Plans During 2020, the Company recorded $37 million of restructuring charges, $36 million which were COVID-19 related. Due to the impact of COVID-19, the Company decided in the second quarter of 2020 to abandon the remaining portion of its administrative offices in New Jersey. The Company was notified in the second quarter that Wyndham Hotels exercised its early termination rights under the sublease agreement. As a result, the Company recorded $22 million of restructuring charges associated with non-lease components of the office space and $24 million of impairment charges associated with the write-off of right-of-use assets and furniture, fixtures and equipment at its Travel and Membership segment. The Company also recognized $12 million of lease-related charges due to the renegotiation of an agreement and $2 million of facility-related restructuring charges associated with closed sales centers at its Vacation Ownership segment. The Travel and Membership segment additionally recognized $1 million in employee related expenses associated with the consolidation of a shared service center. The Company reduced the 2020 restructuring liability by $12 million of cash payments during 2020. The remaining 2020 restructuring liability of $25 million is expected to be paid by the end of 2029. 2019 Restructuring Plans During 2019, the Company recorded $5 million of charges related to restructuring initiatives, most of which are personnel-related resulting from a reduction of approximately 100 employees. This action is primarily focused on enhancing organizational efficiency and rationalizing operations. The charges consisted of (i) $2 million at the Vacation Ownership segment, (ii) $2 million at the Travel and Membership segment, and (iii) $1 million at the Company’s corporate operations. During 2020, the Company incurred an additional $1 million of restructuring expenses at both the Travel and Membership segment and its corporate operations. The Company reduced its restructuring liability by $5 million and $1 million of cash payments during 2020 and 2019. The remaining 2019 restructuring liability of less than $1 million is expected to be paid by the end of 2021. 2018 Restructuring Plans During 2018, the Company recorded $16 million of charges related to restructuring initiatives, all of which are personnel-related resulting from a reduction of approximately 500 employees. This action was primarily focused on enhancing organizational efficiency and rationalizing operations. The charges consisted of (i) $11 million at the Vacation Ownership segment, (ii) $4 million at the Travel and Membership segment, and (iii) $1 million at the Company’s corporate operations. During 2019, the Company incurred an additional $3 million of restructuring expenses at its Vacation Ownership segment and an additional $1 million at its corporate operations related to these restructuring activities. The Company reduced its restructuring liability by $3 million , $13 million, and $4 million of cash payments during 2020, 2019, and 2018. The remaining 2018 restructuring liability of less than $1 million is expected to be paid by the end of 2021. The activity associated with all of the Company’s restructuring plans is summarized by category as follows (in millions): Liability as of 2018 Activity Liability as of December 31, 2017 Costs Cash December 31, 2018 Personnel-related $ 4 $ 16 $ (8) $ 12 Facility-related 1 — (1) — $ 5 $ 16 $ (9) $ 12 Liability as of 2019 Activity Liability as of December 31, 2018 Costs Cash December 31, 2019 Personnel-related $ 12 $ 9 $ (14) $ 7 $ 12 $ 9 $ (14) $ 7 Liability as of 2020 Activity Liability as of December 31, 2019 Costs Cash December 31, 2020 Personnel-related $ 7 $ 3 $ (9) $ 1 Facility-related — 24 (1) 23 Marketing-related — 12 (10) 2 $ 7 $ 39 $ (20) $ 26

Transactions with Former Parent

Transactions with Former Parent and Former Subsidiaries	12 Months Ended
	Dec. 31, 2020
Related Party Transaction, Due from (to) Related Party [Abstract]
Transactions with Former Parent and Former Subsidiaries	Transactions with Former Parent and Former Subsidiaries Matters Related to Cendant Pursuant to the Separation and Distribution Agreement with Cendant (the Company’s former parent company), the Company entered into certain guarantee commitments with Cendant and Cendant’s former subsidiary, Realogy. These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and Cendant contingent and other corporate liabilities, of which Wyndham Worldwide Corporation (“Wyndham Worldwide”) assumed 37.5% of the responsibility while Cendant’s former subsidiary Realogy is responsible for the remaining 62.5%. As a result of the Wyndham Worldwide separation, Wyndham Hotels agreed to retain one-third of Cendant’s contingent and other corporate liabilities and associated costs; therefore, Travel + Leisure is effectively responsible for 25% of such matters subsequent to the separation. Since Cendant’s separation, Cendant has settled the majority of the lawsuits that were pending on the date of the separation. As of December 31, 2020, the Cendant separation and related liabilities of $13 million are comprised of $12 million for tax related liabilities and $1 million for other contingent and corporate liabilities. As of December 31, 2019, the Company had $13 million of Cendant separation-related liabilities. These liabilities are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. Matters Related to Wyndham Hotels In connection with the Spin-off on May 31, 2018, Travel + Leisure entered into several agreements with Wyndham Hotels that govern the relationship of the parties following the separation including the Separation and Distribution Agreement, the Employee Matters Agreement, the Tax Matters Agreement, the Transition Services Agreement and the License, Development and Noncompetition Agreement. On January 4, 2021, the Company and Wyndham Hotels entered into a letter agreement pursuant to which, among other things Wyndham Hotels waived its right to enforce certain noncompetition covenants in the License, Development and Noncompetition Agreement. In accordance with the agreements governing the relationship between Travel + Leisure and Wyndham Hotels, Travel + Leisure assumed two-thirds and Wyndham Hotels assumed one-third of certain contingent corporate liabilities of the Company incurred prior to the distribution, including liabilities of the Company related to certain terminated or divested businesses, certain general corporate matters, and any actions with respect to the separation plan. Likewise, Travel + Leisure is entitled to receive two-thirds and Wyndham Hotels is entitled to receive one-third of the proceeds from certain contingent corporate assets of the Company arising or accrued prior to the distribution. During 2018, the Company conveyed the lease for its former corporate headquarters located in Parsippany, New Jersey, to Wyndham Hotels, which resulted in the removal of a $66 million capital lease obligation and a $43 million asset from the Consolidated Balance Sheets. Travel + Leisure entered into a transition service agreement with Wyndham Hotels, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, tax, information technology, information management and related services, treasury, finance, sourcing, and employee benefits administration on an interim, transitional basis. During 2020, transition service agreement expenses of less than $1 million were included in General and administrative expense. During 2019, transition service agreement expenses of $3 million were included in General and administrative expense, and $2 million were included in Separation and related costs on the Consolidated Statements of (Loss)/Income. Transition service agreement income of $1 million in 2019 was included in Other revenue on the Consolidated Statements of (Loss)/Income. During 2018, transition service agreement expenses were $8 million and transition service agreement income was $6 million. As of December 31, 2020, these transition services have ended. As a result of the sale of the North American vacation rentals business to Vacasa, the Company paid Wyndham Hotels $5 million for a trade name royalty buy-out. The related expense was recorded as a reduction to Gain on sale of business on the Consolidated Statements of (Loss)/Income. Matters Related to the European Vacation Rentals Business In connection with the sale of the Company’s European vacation rentals business to Awaze Limited (“Awaze”), formerly Compass IV Limited, an affiliate of Platinum Equity, LLC, the Company and Wyndham Hotels agreed to certain post- closing credit support for the benefit of certain credit card service providers, a British travel association, and certain regulatory authorities to allow them to continue providing services or regulatory approval to the business. Post-closing credit support may be called if the business fails to meet its primary obligation to pay amounts when due. Awaze has provided an indemnification to Travel + Leisure in the event that the post-closing credit support is enforced or called upon. Such post-closing credit support included a guarantee of up to $180 million which expired June 30, 2019. At closing, the Company agreed to provide additional post-closing credit support to a British travel association and regulatory authority. An escrow was established at closing, of which $46 million was subsequently released in exchange for a secured bonding facility and a perpetual guarantee denominated in pound sterling of $46 million. The estimated fair value of the guarantee was $22 million at December 31, 2020. The Company established a $7 million receivable from Wyndham Hotels for its portion of the guarantee. During 2019, the Company reached an agreement with Awaze on certain post-closing adjustments, resulting in a reduction of proceeds by $27 million. In accordance with the separation agreement, the Company and Wyndham Hotels agreed to share two-thirds and one-third, in the European vacation rentals business’ final net proceeds (as defined by the sales agreement). The Company paid $40 million to Wyndham Hotels in 2019 for certain items including the return of the escrow, post-closing adjustments, transaction expenses, and estimated taxes. The Company also deposited $5 million into an escrow account for which all obligations ceased to exist on May 9, 2019. The escrow was returned to the Company in May 2019. In addition, the Company agreed to indemnify Awaze against certain claims and assessments, including income tax, value-added tax and other tax matters, related to the operations of the European vacation rentals business for the periods prior to the transaction. The estimated fair value of the indemnifications was $40 million at December 31, 2020. The Company has a $13 million receivable from Wyndham Hotels for its portion of the guarantee. During 2020, the Company recorded a $2 million loss on disposal resulting from a tax audit, net of Wyndham Hotels’ one-third share related to the European vacation rentals business. This additional expense was included within (Loss)/gain on disposal of discontinued businesses, net of income taxes on the Consolidated Statements of (Loss)/Income. Wyndham Hotels provided certain post-closing credit support primarily for the benefit of a British travel association in the form of guarantees which are mainly denominated in pound sterling of up to an approximate $81 million on a perpetual basis. These guarantees totaled $39 million at December 31, 2020. Travel + Leisure is responsible for two-thirds of these guarantees. As part of this agreement Wyndham Hotels is required to maintain minimum credit ratings which increased to Ba1 for Moody’s and BB+ for S&P on May 9, 2020. In April 2020, S&P downgraded Wyndham Hotels’ credit rating from BB+ to BB. Although any ultimate exposure relative to indemnities retained from the European vacation rentals sale will be shared two-thirds by Travel + Leisure and one-third by Wyndham Hotels, as the selling entity, Travel + Leisure is responsible for administering additional security to enhance corporate guarantees in the event either company falls below a certain credit rating threshold. As a result of the Wyndham Hotels credit ratings downgrade, during the third quarter, the Company posted a £58 million surety bond and a £36 million letter of credit ($79 million and $48 million as of December 31, 2020) which will be maintained until such time that either companies’ S&P and Moody’s credit rating improves to BB+/Ba1. The estimated fair value of the guarantees and indemnifications for which Travel + Leisure is responsible related to the sale of the European vacation rentals business at December 31, 2020, including the two-thirds portion related to guarantees provided by Wyndham Hotels, totaled $90 million and was recorded in Accrued expenses and other liabilities and total receivables of $21 million were included in Other assets on the Consolidated Balance Sheets, representing the portion of these guarantees and indemnifications for which Wyndham Hotels is responsible. During 2019, Awaze proposed certain post-closing adjustments of $44 million which could serve to reduce the net consideration received from the sale of the European vacation rentals business. The Company finds no basis for such adjustments, and at this time the Company cannot reasonably estimate the probability or amount of the potential liability that may be owed to Awaze, if any. Any potential liability would be shared two-thirds and one-third between the Company and Wyndham Hotels and the impact would be included in discontinued operations. After the close of the second quarter, Awaze filed its claim with the high courts of England and Wales. The Company filed its defense on September 25, 2020, setting forth its disagreement with the claim and rebuttal of any obligation for the amounts claimed. Travel + Leisure entered into a transition service agreement with Awaze, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, tax, information technology, information management and related services, treasury, finance, and sourcing on an interim, transitional basis. During 2020, transition service agreement expenses were less than $1 million and transition service agreement income was less than $1 million. During 2019, transition service agreement expenses were $2 million and transition service agreement income was $2 million. During 2018, transition service agreement expenses were $3 million and transition service agreement income was $3 million. Transition service agreement expenses were included in General and administrative expense and transition service income was included in Net revenues on the Consolidated Statements of (Loss)/Income. As of September 30, 2020, these transition services have ended. Matters Related to the North American Vacation Rentals Business In connection with the sale of the North American vacation rentals business, the Company agreed to indemnify Vacasa against certain claims and assessments, including income tax and other tax matters related to the operations of the North American vacations rentals business for the periods prior to the transaction. The estimated fair value of the indemnifications was $2 million, which was included in Accrued expenses and other liabilities on the Consolidated Balance Sheet as of December 31, 2020. In connection with the sale of the North American vacations rentals business in the fourth quarter of 2019, the Company entered into a transition service agreement with Vacasa, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, information technology, information management and related services, treasury, and finance on an interim, transitional basis. During 2020, transition service agreement expenses were $1 million and transition service agreement income was $2 million. During 2019, transition service agreement expenses were $3 million and transition service agreement income was $3 million. Transition service agreement expenses were included in General and administrative expense and transition service income was included in Other revenue on the Consolidated Statements of (Loss)/Income. During the fourth quarter of 2020, the Company sold parcels of land in Shawnee, Pennsylvania, that are no longer core to the Company’s operations to a former executive of the Company for less than $1 million. In March 2019, the Company entered into an agreement with a former executive of the Company whereby the former executive through an SPE would develop and construct VOI inventory located in Orlando, Florida. On July 8, 2020, the Company acquired the completed vacation ownership property for $45 million. In August 2018, the Company provided notification to the owner trustee of the Company’s leased aircraft of its intent to exercise the purchase option for such aircraft at fair market value. In connection with that purchase, the Company entered into an agreement to sell the Company aircraft to its former CEO and current Chairman of the Board of Directors at a price equivalent to the purchase price. In January 2019, the transaction to purchase the aircraft and sell the aircraft for $16 million was closed. The Company occasionally sublets this aircraft for business travel through a timesharing arrangement, and incurred less than $1 million of expenses in 2020 and 2019.

Selected Quarterly Financial Da

Selected Quarterly Financial Data - (unaudited)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data - (unaudited)	Selected Quarterly Financial Data - (unaudited) Provided below is selected unaudited quarterly financial data for 2020. 2020 (a) (in millions, except per share data) First Second Third Fourth Net revenues $ 558 $ 343 $ 614 $ 645 Total expenses 699 457 550 560 Operating (loss)/income (141) (114) 64 85 Net (loss)/income from continuing operations (134) (164) 40 4 (Loss) on disposal of discontinued business, net of income taxes — — — (2) Net (loss)/income attributable to Travel + Leisure shareholders (134) (164) 40 2 Basic earnings/(loss) per share Continuing operations $ (1.54) $ (1.92) $ 0.47 $ 0.05 Discontinued operations — — — (0.02) $ (1.54) $ (1.92) $ 0.47 $ 0.03 Diluted earnings/(loss) per share Continuing operations $ (1.54) $ (1.92) $ 0.47 $ 0.05 Discontinued operations — — — (0.02) $ (1.54) $ (1.92) $ 0.47 $ 0.03 Weighted average shares outstanding Basic 86.9 85.4 85.9 86.1 Diluted 86.9 85.4 86.1 86.6 Note: The sum of the quarters may not agree to the Consolidated Statements of (Loss)/Income for the year ended December 31, 2020 due to rounding. (a) The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details. Provided below is selected unaudited quarterly financial data for 2019. 2019 (in millions, except per share data) First (a) Second (a) Third (a) Fourth Net revenues $ 918 $ 1,039 $ 1,105 $ 981 Total expenses 778 841 891 790 Gain on sale of business — — — (68) Operating income 140 198 214 259 Net income from continuing operations 81 118 135 155 (Loss)/gain on disposal of discontinued business, net of income taxes (1) 6 — 12 Net income attributable to Travel + Leisure shareholders 80 124 135 167 Basic earnings per share Continuing operations $ 0.86 $ 1.27 $ 1.48 $ 1.73 Discontinued operations (0.01) 0.06 — 0.14 $ 0.85 $ 1.33 $ 1.48 $ 1.87 Diluted earnings per share Continuing operations $ 0.85 $ 1.26 $ 1.47 $ 1.73 Discontinued operations — 0.06 — 0.14 $ 0.85 $ 1.32 $ 1.47 $ 1.87 Weighted average shares outstanding Basic 94.4 93.0 91.7 89.5 Diluted 94.7 93.3 92.0 89.8 Note: The sum of the quarters may not agree to the Consolidated Statements of (Loss)/Income for the year ended December 31, 2019 due to rounding. (a) The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Part Transactions	Transactions with Former Parent and Former Subsidiaries Matters Related to Cendant Pursuant to the Separation and Distribution Agreement with Cendant (the Company’s former parent company), the Company entered into certain guarantee commitments with Cendant and Cendant’s former subsidiary, Realogy. These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and Cendant contingent and other corporate liabilities, of which Wyndham Worldwide Corporation (“Wyndham Worldwide”) assumed 37.5% of the responsibility while Cendant’s former subsidiary Realogy is responsible for the remaining 62.5%. As a result of the Wyndham Worldwide separation, Wyndham Hotels agreed to retain one-third of Cendant’s contingent and other corporate liabilities and associated costs; therefore, Travel + Leisure is effectively responsible for 25% of such matters subsequent to the separation. Since Cendant’s separation, Cendant has settled the majority of the lawsuits that were pending on the date of the separation. As of December 31, 2020, the Cendant separation and related liabilities of $13 million are comprised of $12 million for tax related liabilities and $1 million for other contingent and corporate liabilities. As of December 31, 2019, the Company had $13 million of Cendant separation-related liabilities. These liabilities are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets. Matters Related to Wyndham Hotels In connection with the Spin-off on May 31, 2018, Travel + Leisure entered into several agreements with Wyndham Hotels that govern the relationship of the parties following the separation including the Separation and Distribution Agreement, the Employee Matters Agreement, the Tax Matters Agreement, the Transition Services Agreement and the License, Development and Noncompetition Agreement. On January 4, 2021, the Company and Wyndham Hotels entered into a letter agreement pursuant to which, among other things Wyndham Hotels waived its right to enforce certain noncompetition covenants in the License, Development and Noncompetition Agreement. In accordance with the agreements governing the relationship between Travel + Leisure and Wyndham Hotels, Travel + Leisure assumed two-thirds and Wyndham Hotels assumed one-third of certain contingent corporate liabilities of the Company incurred prior to the distribution, including liabilities of the Company related to certain terminated or divested businesses, certain general corporate matters, and any actions with respect to the separation plan. Likewise, Travel + Leisure is entitled to receive two-thirds and Wyndham Hotels is entitled to receive one-third of the proceeds from certain contingent corporate assets of the Company arising or accrued prior to the distribution. During 2018, the Company conveyed the lease for its former corporate headquarters located in Parsippany, New Jersey, to Wyndham Hotels, which resulted in the removal of a $66 million capital lease obligation and a $43 million asset from the Consolidated Balance Sheets. Travel + Leisure entered into a transition service agreement with Wyndham Hotels, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, tax, information technology, information management and related services, treasury, finance, sourcing, and employee benefits administration on an interim, transitional basis. During 2020, transition service agreement expenses of less than $1 million were included in General and administrative expense. During 2019, transition service agreement expenses of $3 million were included in General and administrative expense, and $2 million were included in Separation and related costs on the Consolidated Statements of (Loss)/Income. Transition service agreement income of $1 million in 2019 was included in Other revenue on the Consolidated Statements of (Loss)/Income. During 2018, transition service agreement expenses were $8 million and transition service agreement income was $6 million. As of December 31, 2020, these transition services have ended. As a result of the sale of the North American vacation rentals business to Vacasa, the Company paid Wyndham Hotels $5 million for a trade name royalty buy-out. The related expense was recorded as a reduction to Gain on sale of business on the Consolidated Statements of (Loss)/Income. Matters Related to the European Vacation Rentals Business In connection with the sale of the Company’s European vacation rentals business to Awaze Limited (“Awaze”), formerly Compass IV Limited, an affiliate of Platinum Equity, LLC, the Company and Wyndham Hotels agreed to certain post- closing credit support for the benefit of certain credit card service providers, a British travel association, and certain regulatory authorities to allow them to continue providing services or regulatory approval to the business. Post-closing credit support may be called if the business fails to meet its primary obligation to pay amounts when due. Awaze has provided an indemnification to Travel + Leisure in the event that the post-closing credit support is enforced or called upon. Such post-closing credit support included a guarantee of up to $180 million which expired June 30, 2019. At closing, the Company agreed to provide additional post-closing credit support to a British travel association and regulatory authority. An escrow was established at closing, of which $46 million was subsequently released in exchange for a secured bonding facility and a perpetual guarantee denominated in pound sterling of $46 million. The estimated fair value of the guarantee was $22 million at December 31, 2020. The Company established a $7 million receivable from Wyndham Hotels for its portion of the guarantee. During 2019, the Company reached an agreement with Awaze on certain post-closing adjustments, resulting in a reduction of proceeds by $27 million. In accordance with the separation agreement, the Company and Wyndham Hotels agreed to share two-thirds and one-third, in the European vacation rentals business’ final net proceeds (as defined by the sales agreement). The Company paid $40 million to Wyndham Hotels in 2019 for certain items including the return of the escrow, post-closing adjustments, transaction expenses, and estimated taxes. The Company also deposited $5 million into an escrow account for which all obligations ceased to exist on May 9, 2019. The escrow was returned to the Company in May 2019. In addition, the Company agreed to indemnify Awaze against certain claims and assessments, including income tax, value-added tax and other tax matters, related to the operations of the European vacation rentals business for the periods prior to the transaction. The estimated fair value of the indemnifications was $40 million at December 31, 2020. The Company has a $13 million receivable from Wyndham Hotels for its portion of the guarantee. During 2020, the Company recorded a $2 million loss on disposal resulting from a tax audit, net of Wyndham Hotels’ one-third share related to the European vacation rentals business. This additional expense was included within (Loss)/gain on disposal of discontinued businesses, net of income taxes on the Consolidated Statements of (Loss)/Income. Wyndham Hotels provided certain post-closing credit support primarily for the benefit of a British travel association in the form of guarantees which are mainly denominated in pound sterling of up to an approximate $81 million on a perpetual basis. These guarantees totaled $39 million at December 31, 2020. Travel + Leisure is responsible for two-thirds of these guarantees. As part of this agreement Wyndham Hotels is required to maintain minimum credit ratings which increased to Ba1 for Moody’s and BB+ for S&P on May 9, 2020. In April 2020, S&P downgraded Wyndham Hotels’ credit rating from BB+ to BB. Although any ultimate exposure relative to indemnities retained from the European vacation rentals sale will be shared two-thirds by Travel + Leisure and one-third by Wyndham Hotels, as the selling entity, Travel + Leisure is responsible for administering additional security to enhance corporate guarantees in the event either company falls below a certain credit rating threshold. As a result of the Wyndham Hotels credit ratings downgrade, during the third quarter, the Company posted a £58 million surety bond and a £36 million letter of credit ($79 million and $48 million as of December 31, 2020) which will be maintained until such time that either companies’ S&P and Moody’s credit rating improves to BB+/Ba1. The estimated fair value of the guarantees and indemnifications for which Travel + Leisure is responsible related to the sale of the European vacation rentals business at December 31, 2020, including the two-thirds portion related to guarantees provided by Wyndham Hotels, totaled $90 million and was recorded in Accrued expenses and other liabilities and total receivables of $21 million were included in Other assets on the Consolidated Balance Sheets, representing the portion of these guarantees and indemnifications for which Wyndham Hotels is responsible. During 2019, Awaze proposed certain post-closing adjustments of $44 million which could serve to reduce the net consideration received from the sale of the European vacation rentals business. The Company finds no basis for such adjustments, and at this time the Company cannot reasonably estimate the probability or amount of the potential liability that may be owed to Awaze, if any. Any potential liability would be shared two-thirds and one-third between the Company and Wyndham Hotels and the impact would be included in discontinued operations. After the close of the second quarter, Awaze filed its claim with the high courts of England and Wales. The Company filed its defense on September 25, 2020, setting forth its disagreement with the claim and rebuttal of any obligation for the amounts claimed. Travel + Leisure entered into a transition service agreement with Awaze, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, tax, information technology, information management and related services, treasury, finance, and sourcing on an interim, transitional basis. During 2020, transition service agreement expenses were less than $1 million and transition service agreement income was less than $1 million. During 2019, transition service agreement expenses were $2 million and transition service agreement income was $2 million. During 2018, transition service agreement expenses were $3 million and transition service agreement income was $3 million. Transition service agreement expenses were included in General and administrative expense and transition service income was included in Net revenues on the Consolidated Statements of (Loss)/Income. As of September 30, 2020, these transition services have ended. Matters Related to the North American Vacation Rentals Business In connection with the sale of the North American vacation rentals business, the Company agreed to indemnify Vacasa against certain claims and assessments, including income tax and other tax matters related to the operations of the North American vacations rentals business for the periods prior to the transaction. The estimated fair value of the indemnifications was $2 million, which was included in Accrued expenses and other liabilities on the Consolidated Balance Sheet as of December 31, 2020. In connection with the sale of the North American vacations rentals business in the fourth quarter of 2019, the Company entered into a transition service agreement with Vacasa, pursuant to which the companies agreed to provide each other certain transitional services including human resources, facilities, payroll, information technology, information management and related services, treasury, and finance on an interim, transitional basis. During 2020, transition service agreement expenses were $1 million and transition service agreement income was $2 million. During 2019, transition service agreement expenses were $3 million and transition service agreement income was $3 million. Transition service agreement expenses were included in General and administrative expense and transition service income was included in Other revenue on the Consolidated Statements of (Loss)/Income. During the fourth quarter of 2020, the Company sold parcels of land in Shawnee, Pennsylvania, that are no longer core to the Company’s operations to a former executive of the Company for less than $1 million. In March 2019, the Company entered into an agreement with a former executive of the Company whereby the former executive through an SPE would develop and construct VOI inventory located in Orlando, Florida. On July 8, 2020, the Company acquired the completed vacation ownership property for $45 million. In August 2018, the Company provided notification to the owner trustee of the Company’s leased aircraft of its intent to exercise the purchase option for such aircraft at fair market value. In connection with that purchase, the Company entered into an agreement to sell the Company aircraft to its former CEO and current Chairman of the Board of Directors at a price equivalent to the purchase price. In January 2019, the transaction to purchase the aircraft and sell the aircraft for $16 million was closed. The Company occasionally sublets this aircraft for business travel through a timesharing arrangement, and incurred less than $1 million of expenses in 2020 and 2019.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On January 5, 2021, Wyndham Destinations, Inc. acquired the Travel + Leisure brand from Meredith Corporation for $100 million, with $35 million paid at closing and trailing payments to be completed by June 2024. In addition, Wyndham Destinations, Inc. agreed to a five-year marketing commitment across Meredith’s portfolio of brands. In connection with this acquisition, on February 17, 2021, Wyndham Destinations, Inc. was renamed Travel + Leisure Co. and will continue to trade on the New York Stock Exchange under the new ticker symbol TNL. The new Travel + Leisure Co. will continue to maintain its current portfolio of brands and products, with Vacation Ownership now serving as the

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements (Policies)	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting, Policy	Basis of Presentation The accompanying Consolidated Financial Statements in this Annual Report on Form 10-K include the accounts and transactions of Travel + Leisure, as well as the entities in which Travel + Leisure directly or indirectly has a controlling financial interest. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the U.S. All intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. In addition, certain prior period amounts have been reclassified to comply with newly adopted accounting standards. The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice. In presenting the Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of annual results reported.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Principles Of Consolidation	PRINCIPLES OF CONSOLIDATION When evaluating an entity for consolidation, the Company first determines whether an entity is a variable interest entity (“VIE”). If the entity is deemed to be a VIE, the Company determines whether it would be the entity’s primary beneficiary and consolidates those VIEs for which the Company would be the primary beneficiary. The Company will also consolidate an entity not deemed a VIE upon determination that the Company has a controlling financial interest. For entities where the Company does not have a controlling financial interest, the investments in such entities are accounted for using the equity or cost method, as appropriate. In accordance with the applicable accounting guidance for the consolidation of a VIE, the Company analyzes its variable interests, including loans, guarantees, SPEs, and equity investments, to determine if an entity in which the Company has a variable interest is a VIE. If the entity is considered to be a VIE, the Company determines whether it would be considered the entity’s primary beneficiary. The Company consolidates into its financial statements those VIEs for which it has determined that it is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations The Company pools qualifying VOCRs and sells them to bankruptcy-remote entities. VOCRs qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. VOCRs are securitized through bankruptcy-remote SPEs that are consolidated within the Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the VOCRs. The Company services the securitized VOCRs pursuant to servicing agreements negotiated on an arm’s-length basis based on market conditions. The activities of these SPEs are limited to (i) purchasing VOCRs from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases, and (iii) entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors of these SPEs have no recourse to the Company for principal and interest.
Revenue Recognition and Loyalty Programs	REVENUE RECOGNITION In 2018, the Company adopted the Revenue from Contracts with Customers guidance utilizing the full retrospective transition method. Refer to Note 3— Revenue Recognition for full details of the Company’s revenue recognition policies. LOYALTY PROGRAMS The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Revenues relating to the RCI Elite Rewards program, which are recorded in Other revenues on the Consolidated Statements of (Loss)/Income, were $13 million, $15 million, and $12 million during 2020, 2019, and 2018. Expenses related to this program, which are recorded within Operating expenses on the Consolidated Statements of (Loss)/Income, were $7 million, $9 million, and $5 million during 2020, 2019, and 2018. The liabilities associated with the program as of December 31, 2020 and 2019, were $15 million and $18 million, and are included within Deferred income on the Consolidated Balance Sheets. As a result of the Spin-off, the Company has entered into long-term exclusive license agreements to retain its affiliations with one of the industry’s top-rated loyalty programs, Wyndham Rewards. Wyndham Rewards members accumulate points by staying in hotels franchised under one of the Wyndham Hotels brands, and by purchasing everyday services and products utilizing their co-branded credit cards. Members may redeem their points for hotel stays, airline tickets, rental cars, resort vacations, electronics, sporting goods, movie and theme park tickets, gift certificates, vacation ownership maintenance fees, annual membership dues, and exchange fees for transactions.
Cash And Cash Equivalents	CASH AND CASH EQUIVALENTS The Company considers highly-liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Restricted Cash	RESTRICTED CASH The largest portion of the Company’s restricted cash relates to securitizations. The remaining portion is comprised of cash held in escrow accounts. Securitizations. In accordance with the contractual requirements of the Company’s various vacation ownership contract receivable (“VOCR”) securitizations, a dedicated lockbox account, subject to a blocked control agreement, is established for each securitization. At each month end, the total cash in the collection account from the previous month is analyzed and a monthly servicer report is prepared by the Company, which details how much cash should be remitted to the note holders for principal and interest payments, and any cash remaining is transferred by the trustee back to the Company. Additionally, as required by various securitizations, the Company holds an agreed-upon percentage of the aggregate outstanding principal balances of the VOI contract receivables collateralizing the asset-backed notes in a segregated trust account as credit enhancement. Each time a securitization closes and the Company receives cash from the note holders, a portion of the cash is deposited in the trust account. As of December 31, 2020 and 2019, restricted cash for securitizations totaled $92 million and $110 million. Escrow Deposits. Laws in most U.S. states require the escrow of down payments on VOI sales, with the typical requirement mandating that the funds be held in escrow until the rescission period expires. As sales transactions are consummated, down payments are collected and are subsequently placed in escrow until the rescission period has expired. Rescission periods vary by state, but range on average from five seven
Receivable Valuation	RECEIVABLE VALUATION Trade receivables The Company provides for estimated bad debts based on its assessment of the ultimate ability to realize receivables, considering historical collection experience, the economic environment, and specific customer information. When the Company determines that an account is not collectible, the account is written-off to the allowance for doubtful accounts. The following table illustrates the Company’s allowance for doubtful accounts activity from continuing operations for the year ended December 31 (in millions): 2020 2019 2018 Beginning balance $ 154 $ 104 $ 78 Bad debt expense 125 100 75 Write-offs (58) (51) (49) Translation and other adjustments — 1 — Ending balance $ 221 $ 154 $ 104 Vacation ownership contract receivables In the Vacation Ownership segment, the Company provides for estimated VOCR defaults at the time of VOI sales by recording a provision for loan losses as a reduction of Vacation ownership interest sales on the Consolidated Statements of (Loss)/Income. The Company assesses the adequacy of the allowance for loan losses related to these VOIs using a technique referred to as a static pool analysis. This analysis is based upon the historical performance of similar VOCRs and incorporates more recent history of default information. Management prepares a model to track defaults for each year's sales over the entire life of the contract receivable as a means to project future expected losses. A qualitative assessment is also performed to determine whether any external economic conditions or internal portfolio characteristics indicate an adjustment is necessary to reflect expected impacts on the contract receivables portfolio. If current or expected future conditions differ from the conditions in effect when the historical experience was generated, the Company adjusts the allowance for loan losses to reflect the expected effects of the current environment on the collectability of VOCR. Due to the economic disruption resulting from COVID-19, the Company estimated an additional loan loss allowance related to the impacts on its owners’ ability to repay their contract receivables. The Company based its COVID-19 loan loss estimate upon historical data on the relationship between unemployment rates and net new defaults observed during the most recent recession in 2008.
Inventory	INVENTORY Inventory primarily consists of completed VOIs, VOIs under construction, land held for future VOI development, vacation exchange credits, and real estate interests sold subject to conditional repurchase. The Company applies the relative sales value method for relieving VOI inventory and recording the related cost of sales. Under the relative sales value method, cost of sales is recorded using a percentage ratio of total estimated development cost to total estimated VOI revenue, including estimated future revenue and incorporating factors such as changes in prices and the recovery of VOIs generally as a result of contract receivable defaults. The effect of such changes in estimates under the relative sales value method is accounted for in each period using a current-period adjustment to inventory and cost of sales. Inventory is stated at the lower of cost, including capitalized interest, property taxes, and certain other carrying costs incurred during the construction process, or estimated fair value less costs to sell. Capitalized interest was less than $1 million in 2020, and $1 million in both 2019 and 2018.
Property And Equipment	PROPERTY AND EQUIPMENT Property and equipment (including leasehold improvements) are recorded at cost, and presented net of accumulated depreciation and amortization. Depreciation, recorded as a component of Depreciation and amortization on the Consolidated Statements of (Loss)/Income, is computed utilizing the straight-line method over the lesser of the lease terms or estimated useful lives of the related assets. Amortization of leasehold improvements, also recorded as a component of Depreciation and amortization, is computed utilizing the straight-line method over the lesser of the estimated benefit period of the related assets or the lease terms. Useful lives are generally 30 years for buildings, up to 20 years for leasehold improvements, up to 30 years for vacation rental properties, and from three The Company capitalizes the costs of software developed for internal use in accordance with the guidance for accounting for costs of computer software developed or obtained fo r internal use. Capitalization of software costs developed for internal use commences during the development phase of the pro ject. The Company amortizes software developed or obtained for internal use on a straight-line basis over its estimated useful life, which is generally three The net carrying value of software developed or obtained for internal use was $191 million and $193 million as of December 31, 2020 and 2019. Capitalized interest was $1 million, $2 million, and $1 million during 2020, 2019, and 2018.
Derivatives Instruments	DERIVATIVE INSTRUMENTSThe Company uses derivative instruments as part of its overall strategy to manage its exposure to market risks primarily associated with fluctuations in foreign currency exchange rates and interest rates. As a matter of policy, the Company does not use derivatives for trading or speculative purposes. All derivatives are recorded at fair value either as assets or liabilities. Changes in fair value of derivatives not designated as hedging instruments and of derivatives designated as fair value hedging instruments are recognized in Operating (loss)/income and net interest expense, based upon the nature of the hedged item, on the Consolidated Statements of (Loss)/Income. Changes in fair value of derivatives designated as cash flow hedging instruments are recorded as components of other comprehensive income. Amounts included in other comprehensive income are reclassified into earnings in the same period during which the hedged item affects earnings.
Income Taxes	INCOME TAXES The Company recognizes deferred tax assets and liabilities using the asset and liability method, under which deferred tax assets and liabilities are calculated based upon the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. These differences are based upon estimated differences between the book and tax basis of the assets and liabilities for the Company as of December 31, 2020 and 2019. The Company recognizes the effects of changes in tax laws, or rates, as a component of income taxes from continuing operations within the period that includes the enactment date. The Company’s deferred tax assets are recorded net of a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. Decreases to the valuation allowance are recorded as reductions to the Company’s provision for income taxes and increases to the valuation allowance result in additional provision for income taxes. The realization of the Company’s deferred tax assets, net of the valuation allowance, is primarily dependent on estimated future taxable income. A change in the Company’s estimate of future taxable income may require an addition to or reduction from the valuation allowance. For tax positions the Company has taken or expects to take in a tax return, the Company applies a more likely than not threshold, under which the Company 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 recognize or continue to recognize the benefit. In determining the Company’s provision for income taxes, the Company uses judgment, reflecting its estimates and assumptions, in applying the more likely than not threshold. The Company classifies interest and penalties associated with unrecognized tax benefits as a component of (Benefit from)/provision for income taxes on the Consolidated Statements of (Loss)/Income. During 2018, the Financial Accounting Standards Board (“FASB”) issued guidance on the accounting for tax on the global intangible low-taxed income provisions of the recently enacted tax law. These provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to treat taxes due on future inclusions in taxable income as a current-period expense when incurred. During the fourth quarter of 2018, in accordance with the Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin No. 118 - Income Tax Accounting Implications of the Tax Cuts and Jobs Act , the Company completed its accounting for the tax effects of the U.S. tax reform recorded for 2017.
Advertising Expense	ADVERTISING EXPENSE Advertising costs are expensed in the period incurred and are recorded within Marketing expense on the Consolidated Statements of (Loss)/Income. Advertising costs were $26 million, $37 million, and $27 million in 2020, 2019, and 2018.
Stock-Based Compensation	STOCK-BASED COMPENSATION In accordance with the guidance for stock-based compensation, the Company measures all stock-based compensation awards using a fair value method and records the related expense in its Consolidated Statements of (Loss)/Income.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]	LONG-LIVED ASSETS Assets such as customer lists, management agreements, and trademarks acquired by the Company are classified as intangible assets and recorded at their fair value as of the date of the acquisition and categorized as having either a finite life or an indefinite life. Assets deemed to have a finite life are assigned an appropriate useful life and amortized on a straight-line basis.
Impairment Of Long-Lived Assets	IMPAIRMENT OF LONG-LIVED ASSETS The Company has goodwill and other indefinite-lived intangible assets recorded in connection with business combinations. The Company annually (during the fourth quarter of each year subsequent to completing the Company’s annual forecasting process), or more frequently if circumstances indicate that the value of goodwill may be impaired, reviews the reporting units’ carrying values as required by the guidance for goodwill and other indefinite-lived intangible assets. This is done either by performing a qualitative assessment or a quantitative assessment, with an impairment being recognized only if a reporting unit’s fair value is less than carrying value. In any given year the Company can elect to perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is in excess of its carrying value. If it is not more likely than not that the fair value is in excess of the carrying value, or the Company elects to bypass the qualitative assessment, it would utilize the quantitative assessment. The qualitative factors evaluated include macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, the Company’s historical share price as well as other industry-specific considerations. Under current accounting guidance, goodwill and other intangible assets with indefinite lives are not subject to amortization. However, goodwill and other intangibles with indefinite lives are subject to fair value-based rules for measuring impairment, and resulting write-downs, if any, are reflected in Asset impairments. The Company has goodwill recorded at its Vacation Ownership and Travel and Membership reporting units. The Company performed a qualitative analysis for each of its reporting units for each quarter of 2020, including its annual fourth quarter analysis as of October 1, 2020. Additionally, the Company performed quantitative assessments of the goodwill acquired as part of the ARN acquisition during the third and fourth quarters of 2020 which resulted in the fair value exceeding the carrying value. For the quantitative assessment performed in the fourth quarter as part of the Company’s annual impairment analysis on October 1, 2020, it was determined that the fair value exceeded the carrying amount by approximately 20%. Based on the results of these qualitative and quantitative assessments the Company determined that ARN’s goodwill is not impaired and that it is more likely than not that goodwill is not impaired at the Company’s other reporting units. The Company also evaluates the recoverability of its other long-lived assets, including property and equipment and amortizable intangible assets, if circumstances indicate impairment may have occurred, pursuant to guidance for impairment or disposal of long-lived assets. This analysis is performed by comparing the respective carrying values of the assets to the current and expected future cash flows, on an undiscounted basis, to be generated from such assets. Property and equipment is evaluated separately within each segment. If such analysis indicates that the carrying value of these assets is not recoverable, the carrying value of such assets is reduced to fair value. In addition to the goodwill assessment mentioned above, as a result of the impacts of COVID-19 the Company performed an impairment analysis on select long-lived assets during 2020. As a result of this analysis, the Company recorded $56 million of COVID-19 related impairment charges during 2020 with $51 million included in Asset impairments and $5 million included in Operating expenses on the Consolidated Statements of (Loss)/Income. See Note 26— COVID-19 Related Items for additional details.
Accounting For Restructuring Activities	ACCOUNTING FOR RESTRUCTURING ACTIVITIESThe Company’s restructuring activities require it to make significant estimates in several areas including (i) expenses for severance and related benefit costs, (ii) the ability to generate sublease income, as well as its ability to terminate lease obligations, and (iii) contract terminations. The amount that the Company accrued as of December 31, 2020, represents its best estimate of the obligations incurred in connection with these actions, but could change due to various factors including market conditions, the outcome of negotiations with third parties, or the continuing effects of the COVID-19 pandemic.
Other Income	OTHER INCOME During 2020, the Company recorded $14 million of other income primarily related to (i) settlements of various business interruption claims at its Vacation Ownership segment and (ii) value added tax provision releases at its Travel and Membership segment. During 2019, the Company recorded $23 million of other income primarily related to (i) settlements of various business interruption claims, (ii) value added tax provision releases at its Travel and Membership segment, and (iii) profit sharing at its Travel and Membership segment. During 2018, the Company recorded $38 million of income related to (i) value added tax refunds at its Travel and Membership segment, (ii) settlements of various business interruption claims, and (iii) co-branded revenue at its Vacation Ownership segment.
Recently Issued and Adopted Accounting Pronouncements	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Simplifying the Accounting for Income Taxes . In December 2019, the FASB issued guidance to simplify the accounting for income taxes. The guidance amends the accounting for hybrid tax regimes where a tax jurisdiction imposes the greater of tax based on income versus tax based on another measurement basis, addresses the recognition of tax basis in goodwill not generated through a business combination, eliminates certain exceptions to the approach for intraperiod tax allocation when a loss from continuing operations exists, calculating interim period taxes related to enacted changes in tax law, requirements in the recognition of deferred tax liabilities for outside basis differences and exceptions to the ability not to recognize deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary. The issued guidance also clarifies the financial statement presentation for tax benefits related to tax deductible dividends. This guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. Reference Rate Reform . In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. This guidance was effective as of March 12, 2020, and will apply through December 31, 2022. The transition from LIBOR based benchmark rates is expected to begin January 1, 2022 and be completed when U.S. Dollar (“USD”) LIBOR rates are phased out by June 30, 2023. The Company is currently evaluating the impact of the transition from LIBOR on its financial statements and related disclosures and the related impact of this guidance on the transition. On October 27, 2020, the Company closed on the renewal of its USD bank conduit facility (see Note 16— Debt for additional details) and adopted appropriate LIBOR disclosures for asset-backed securities (“ABS”) financing structures as part of the renewal. The Company intends to adopt such language, as appropriate, in its other relevant agreements prior to the end of 2021. RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS Financial Instruments - Credit Losses . In June 2016, the FASB issued guidance which amends the guidance on measuring credit losses on financial assets held at amortized cost. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance was effective for the Company on January 1, 2020, including interim periods within the fiscal year. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements as the Company’s prior approach in estimating the allowance for loan losses generally aligned with the expected credit loss model required upon adoption of this guidance. The Company has included additional disclosures in accordance with the adoption of this guidance, which are included in Note 10— Vacation Ownership Contract Receivables . As part of the adoption of this accounting pronouncement, the Company made an accounting policy election to present accrued interest receivable within Trade receivables, net separate from its Vacation ownership contract receivables, net on the Consolidated Balance Sheets and elected not to estimate an allowance for credit losses on the accrued interest receivable balance. Once a contract is 91 days past due, the Company ceases accruing interest and reverses all accrued interest recognized to date against interest income included within Consumer financing revenue on the Consolidated Statements of (Loss)/Income. The Company resumes accruing interest for contracts which it had previously ceased accruing interest once the contract is less than 91 days past due. Simplifying the Test for Goodwill Impairment . In January 2017, the FASB issued guidance which simplifies the current two-step goodwill impairment test by eliminating step two of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance was effective for the Company on January 1, 2020, including interim periods within the fiscal year, and was applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements.
Business Combinations Policy	Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Consolidated Statements of (Loss)/Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the measurement period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts, and exiting and consolidating other activities. These costs will be recorded on the Consolidated Statements of (Loss)/Income as expenses.
Credit Quality for Financed Receivables and the Allowance for Credit Losses	Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Vacation Ownership Asia Pacific business for which scores are not readily available).
Leases	The Company leases property and equipment under finance and operating leases for its corporate headquarters, administrative functions, marketing and sales offices, and various other facilities and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of its leases include rental escalation clauses, lease incentives, renewal options and/or termination options that are factored into the Company’s determination of lease payments. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments on a straight-line basis over the lease term in the statements of (loss)/income.When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The majority of the Company’s leases have remaining lease terms of one
Deferred Financing Costs	Deferred Financing Costs The Company classifies debt issuance costs related to its revolving credit facilities and the bank conduit facilities within Other assets on the Consolidated Balance Sheets. Such costs were $11 million as of December 31, 2020 and 2019.

Revenue Recognition (Policies)

Revenue Recognition (Policies)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Revenue	Vacation Ownership The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible. For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class. In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company bifurcates the sale and allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of 18 months or less and are recognized at a point in time upon transfer of control. The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less, and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Consolidated Statements of (Loss)/Income. The Company reduces its management fees for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer. Travel and Membership As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products. Travel and Membership derives a majority of revenues from membership dues and fees for facilitating members’ trading of their intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in the actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for both members and non-members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations. The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Other vacation exchange related product fees are deferred and recognized as revenue upon the occurrence of a future exchange, event, or other related transaction. The Company also derives revenue from other travel products and services, enabled as a result of the 2019 acquisition of ARN and via the Company’s resort services solution business, optimizing business to business (“B2B”) capabilities, and integration for consumer travel planning. The Company’s relationships and buying power with major travel suppliers provide its partners with access to some of the most compelling travel inventory in the industry. The Company’s affiliates and members enjoy inventory from accommodation wholesalers, airfare, and rental car providers. The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Prior to the sale of the vacation rental businesses, the Company’s vacation rental brands derived revenue from fees associated with the rental of vacation properties managed and marketed by the Company on behalf of independent owners. The Company remitted the rental fee received from the renter to the independent owner, net of the Company’s agreed-upon fee. The related revenue from such fees, net of expected refunds, was recognized over the renter’s stay. The Company’s vacation rental brands also derived revenues from additional services delivered to independent owners, vacation rental guests, and property owners’ associations which were generally recognized when the service was delivered. Other Items
Revenue Recognition and Loyalty Programs	REVENUE RECOGNITION In 2018, the Company adopted the Revenue from Contracts with Customers guidance utilizing the full retrospective transition method. Refer to Note 3— Revenue Recognition for full details of the Company’s revenue recognition policies. LOYALTY PROGRAMS The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term. Revenues relating to the RCI Elite Rewards program, which are recorded in Other revenues on the Consolidated Statements of (Loss)/Income, were $13 million, $15 million, and $12 million during 2020, 2019, and 2018. Expenses related to this program, which are recorded within Operating expenses on the Consolidated Statements of (Loss)/Income, were $7 million, $9 million, and $5 million during 2020, 2019, and 2018. The liabilities associated with the program as of December 31, 2020 and 2019, were $15 million and $18 million, and are included within Deferred income on the Consolidated Balance Sheets. As a result of the Spin-off, the Company has entered into long-term exclusive license agreements to retain its affiliations with one of the industry’s top-rated loyalty programs, Wyndham Rewards. Wyndham Rewards members accumulate points by staying in hotels franchised under one of the Wyndham Hotels brands, and by purchasing everyday services and products utilizing their co-branded credit cards. Members may redeem their points for hotel stays, airline tickets, rental cars, resort vacations, electronics, sporting goods, movie and theme park tickets, gift certificates, vacation ownership maintenance fees, annual membership dues, and exchange fees for transactions.
Capitalized contract costs policy text block	Capitalized Contract Costs The Company’s Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently amortized over the utilization period, which is typically within one year of the sale. As of December 31, 2020 and 2019, these capitalized costs were $41 million and $53 million; and are included within Other assets on the Consolidated Balance Sheets. The Company’s Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of December 31, 2020 and 2019, these capitalized costs were $16 million and $20 million; and are included within Other assets on the Consolidated Balance Sheets.

Business Combinations (Policies

Business Combinations (Policies)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business Combinations Policy	Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Consolidated Statements of (Loss)/Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the measurement period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts, and exiting and consolidating other activities. These costs will be recorded on the Consolidated Statements of (Loss)/Income as expenses.

Receivables, Loans, Notes Recei

Receivables, Loans, Notes Receivable, and Others (Policies)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Credit Quality for Financed Receivables and the Allowance for Credit Losses	Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s Fair Isaac Corporation (“FICO”) score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 to 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, from 600 to 699, below 600, no score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non-U.S. residents), and Asia Pacific (comprised of receivables in the Company’s Vacation Ownership Asia Pacific business for which scores are not readily available).

Leases (Policies)

Leases (Policies)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	The Company leases property and equipment under finance and operating leases for its corporate headquarters, administrative functions, marketing and sales offices, and various other facilities and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments over the term. Many of its leases include rental escalation clauses, lease incentives, renewal options and/or termination options that are factored into the Company’s determination of lease payments. The Company elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company also made an accounting policy election to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments on a straight-line basis over the lease term in the statements of (loss)/income.When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of its leases do not provide a readily determinable implicit rate. Therefore, the Company must estimate its incremental borrowing rate to discount the lease payments based on information available at lease commencement. The majority of the Company’s leases have remaining lease terms of one

Debt (Policies)

Debt (Policies)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Deferred Financing Costs	Deferred Financing Costs The Company classifies debt issuance costs related to its revolving credit facilities and the bank conduit facilities within Other assets on the Consolidated Balance Sheets. Such costs were $11 million as of December 31, 2020 and 2019.

Variable Interest Entities (Pol

Variable Interest Entities (Policies)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Principles Of Consolidation	PRINCIPLES OF CONSOLIDATION When evaluating an entity for consolidation, the Company first determines whether an entity is a variable interest entity (“VIE”). If the entity is deemed to be a VIE, the Company determines whether it would be the entity’s primary beneficiary and consolidates those VIEs for which the Company would be the primary beneficiary. The Company will also consolidate an entity not deemed a VIE upon determination that the Company has a controlling financial interest. For entities where the Company does not have a controlling financial interest, the investments in such entities are accounted for using the equity or cost method, as appropriate. In accordance with the applicable accounting guidance for the consolidation of a VIE, the Company analyzes its variable interests, including loans, guarantees, SPEs, and equity investments, to determine if an entity in which the Company has a variable interest is a VIE. If the entity is considered to be a VIE, the Company determines whether it would be considered the entity’s primary beneficiary. The Company consolidates into its financial statements those VIEs for which it has determined that it is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations The Company pools qualifying VOCRs and sells them to bankruptcy-remote entities. VOCRs qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. VOCRs are securitized through bankruptcy-remote SPEs that are consolidated within the Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the VOCRs. The Company services the securitized VOCRs pursuant to servicing agreements negotiated on an arm’s-length basis based on market conditions. The activities of these SPEs are limited to (i) purchasing VOCRs from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases, and (iii) entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors of these SPEs have no recourse to the Company for principal and interest.

Compensation Related Costs, Ret

Compensation Related Costs, Retirement Benefits (Policies)	12 Months Ended
	Dec. 31, 2020
Retirement Benefits [Abstract]
Postemployment Benefit Plans, Policy	Defined Contribution Benefit PlansTravel + Leisure sponsors domestic defined contribution savings plans and a domestic deferred compensation plan that provide eligible employees of the Company an opportunity to accumulate funds for retirement. In addition, the Company contributes to several foreign employee benefit contributory plans which also provide eligible employees with an opportunity to accumulate funds for retirement. Defined Benefit Pension PlansThe Company sponsors defined benefit pension plans for certain foreign subsidiaries, which were primarily part of the Company’s European vacation rentals business, which is presented as discontinued operations. Under these plans, benefits are based on an employee’s years of credited service and a percentage of final average compensation or as otherwise described by the plan. The Company’s policy is to contribute amounts sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts that the Company determines to be appropriate.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Activity of Allowance For Doubtful Accounts	The following table illustrates the Company’s allowance for doubtful accounts activity from continuing operations for the year ended December 31 (in millions): 2020 2019 2018 Beginning balance $ 154 $ 104 $ 78 Bad debt expense 125 100 75 Write-offs (58) (51) (49) Translation and other adjustments — 1 — Ending balance $ 221 $ 154 $ 104

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Net Revenues	Property management revenues, which are comprised of management fee revenue and reimbursable revenue, for the years ended December 31, were (in millions): 2020 2019 2018 Management fee revenue $ 343 $ 394 $ 314 Reimbursable revenues 252 308 351 Property management revenues $ 595 $ 702 $ 665 The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions): Year Ended December 31, 2020 2019 2018 Vacation Ownership Property management fees and reimbursable revenues $ 595 $ 702 $ 665 Vacation ownership interest sales (a) 505 1,848 1,769 Consumer financing 467 515 491 Fee-for-Service commissions 22 18 31 Ancillary revenues 48 68 60 Total Vacation Ownership 1,637 3,151 3,016 Travel and Membership Exchange revenues 474 647 658 Vacation rental revenues (b) — 153 170 Ancillary revenues 54 98 90 Total Travel and Membership 528 898 918 Corporate and other Ancillary revenues — 1 — Eliminations (5) (7) (3) Total Corporate and other (5) (6) (3) Net revenues $ 2,160 $ 4,043 $ 3,931 (a) The Company increased its loan loss allowance by $205 million during 2020, due to an expected increase in defaults driven by higher unemployment associated with COVID-19, which is reflected as a reduction to Vacation ownership interest sales on the Consolidated Statements of (Loss)/Income. (b) The Company completed the sale of the North American vacation rentals business on October 22, 2019.
Schedule of Contract Liabilities	Contract liabilities as of December 31, were as follows (in millions): 2020 2019 Deferred subscription revenue $ 176 $ 206 Deferred VOI trial package revenue 115 145 Deferred VOI incentive revenue 74 107 Deferred exchange-related revenue (a) 59 58 Deferred co-branded credit card programs revenue 16 19 Deferred other revenue 8 4 Total $ 448 $ 539 (a) Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets.
Contract with customer liability rollforward [Table Text Block]	Changes in contract liabilities for the years ended December 31, follow (in millions): 2020 2019 2018 Beginning balance $ 539 $ 519 $ 556 Additions 223 387 352 Revenue recognized (314) (367) (341) Held-for-sale — — (38) Other — — (10) Ending balance $ 448 $ 539 $ 519
Schedule of Performance Obligations	The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions): 2021 2022 2023 Thereafter Total Subscription revenue $ 105 $ 37 $ 17 $ 17 $ 176 VOI trial package revenue 115 — — — 115 VOI incentive revenue 74 — — — 74 Exchange-related revenue 55 3 1 — 59 Co-branded credit card programs revenue 4 3 3 6 16 Other revenue 8 — — — 8 Total $ 361 $ 43 $ 21 $ 23 $ 448

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share Reconciliation [Abstract]
Computation Of Basic And Diluted EPS	The following table sets forth the computations of basic and diluted EPS (in millions, except per share data): Year Ended December 31, 2020 2019 2018 Net (loss)/income from continuing operations attributable to Travel + Leisure shareholders $ (253) $ 489 $ 266 Loss from operations of discontinued businesses attributable to Travel + Leisure shareholders, net of income taxes — — (50) (Loss)/gain on disposal of discontinued business attributable to Travel + Leisure shareholders, net of income taxes (2) 18 456 Net (loss)/income attributable to Travel + Leisure shareholders $ (255) $ 507 $ 672 Basic earnings/(loss) per share Continuing operations $ (2.95) $ 5.31 $ 2.69 Discontinued operations (0.02) 0.19 4.11 $ (2.97) $ 5.50 $ 6.80 Diluted earnings/(loss) per share Continuing operations $ (2.95) $ 5.29 $ 2.68 Discontinued operations (0.02) 0.19 4.09 $ (2.97) $ 5.48 $ 6.77 Basic weighted average shares outstanding 86.1 92.1 98.9 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) — 0.3 0.3 Diluted weighted average shares outstanding (c)(d) 86.1 92.4 99.2 Dividends: Cash dividends per share (e) $ 1.60 $ 1.80 $ 1.89 Aggregate dividends paid to shareholders $ 138 $ 166 $ 194 (a) Excludes 1.1 million, 0.4 million, and 0.5 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018, of which 0.2 million would have been dilutive during 2020 had the Company not been in a net loss position. These shares could potentially dilute EPS in the future. (b) Excludes performance-vested restricted stock units (“PSUs”) of 0.3 million and 0.2 million for the years 2020 and 2019, as the Company had not met the required performance metrics. As a result of the Spin-off during the second quarter of 2018, the Company accelerated the vesting of outstanding PSUs and there were no outstanding PSUs as of December 31, 2018. (c) Excludes 2.1 million, 1.2 million, and 0.5 million of outstanding stock option awards that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018. These outstanding stock option awards could potentially dilute EPS in the future. (d) The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period. (e) For each of the quarterly periods ended March 31, and June 30, 2020, the Company paid cash dividends of $0.50 per share and in the quarterly periods ended September 30, and December 31, 2020, the Company paid cash dividends of $0.30 per share. For each of the quarterly periods in 2019, the Company paid cash dividends of $0.45 per share. For the quarterly period ended March 31, 2018, Wyndham Worldwide Corporation paid cash dividends of $0.66 prior to the Spin-off. In each of the following periods ended June 30, September 30, and December 31, 2018, the Company paid cash dividends of $0.41.
Current Stock Repurchase Program	The following table summarizes stock repurchase activity under the current share repurchase program (in millions): Shares Cost As of December 31, 2019 108.2 $ 5,602 Repurchases 3.1 125 As of December 31, 2020 111.3 $ 5,727

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table presents information regarding certain components of income from discontinued operations, net of income taxes for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Net revenues $ — $ — $ 720 Expenses: Operating — — 343 Marketing — — 200 General and administrative — — 71 Separation and related costs — — 111 Depreciation and amortization — — 52 Total expenses — — 777 Benefit for income taxes — — (7) Loss from operations of discontinued businesses, net of income taxes — — (50) (Loss)/gain on disposal of discontinued business, net of income taxes (2) 18 456 Net (loss)/income from discontinued operations, net of income taxes $ (2) $ 18 $ 406 The following table presents information regarding certain components of cash flows from discontinued operations for the years ended (in millions): Year Ended December 31, 2020 2019 2018 Cash flows (used in)/provided by operating activities $ — $ (1) $ 150 Cash flows used in investing activities (5) (22) (626) Cash flows provided by financing activities — — 2,066 Non-cash items: Forgiveness of intercompany debt from Wyndham Hotels — — 197 Depreciation and amortization — — 52 Stock-based compensation — — 22 Deferred income taxes — — (23) Property and equipment additions — — (38) Net assets of business acquired, net of cash acquired — — (1,696) Proceeds from sale of businesses and asset sales — — 1,099

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets And Goodwill	Intangible assets consisted of (in millions): As of December 31, 2020 As of December 31, 2019 Gross Accumulated Net Gross Accumulated Net Unamortized Intangible Assets: Goodwill $ 964 $ 970 Trademarks (a) $ 47 $ 51 Amortized Intangible Assets: Customer lists (b) $ 75 $ 25 $ 50 $ 74 $ 19 $ 55 Management agreements (c) 53 31 22 52 27 25 Trademarks (d) 8 5 3 8 4 4 Other (e) 9 — 9 9 1 8 $ 145 $ 61 $ 84 $ 143 $ 51 $ 92 (a) Comprised of trademarks that the Company has acquired that are expected to generate future cash flows for an indefinite period of time. (b) Amortized between 4 to 15 years with a weighted average life of 13 years. (c) Amortized between 10 to 25 years with a weighted average life of 17 years. (d) Amortized between 7 to 8 years with a weighted average life of 7 years. (e) Includes business contracts, which are amortized between 10 to 69 years with a weighted average life to 57 years.
Changes In Carrying Amount Of Goodwill By Segnent	The changes in the carrying amount of goodwill are as follows (in millions): Balance as of December 31, 2019 Adjustments to Goodwill During 2020 Foreign Exchange Balance as of December 31, 2020 Vacation Ownership $ 27 $ — $ — $ 27 Travel and Membership 943 (7) (a) 1 937 Total Company $ 970 $ (7) $ 1 $ 964 (a) Represents purchase price adjustments related to the acquisition of ARN.
Schedule of Indefinite-Lived Intangible Assets	The changes in the carrying amount of unamortized trademarks are as follows (in millions): Balance as of December 31, 2019 Adjustments to unamortized trademarks during 2020 Balance as of December 31, 2020 Travel and Membership $ 51 $ (4) (a) $ 47 Total Company $ 51 $ (4) $ 47 (a) Represents impairment of Love Home Swap trade name. See Note 27 — Impairments and Other Charges for additional details.
Amortization Expense Related To Intangible Assets By Major Class	Amortization expense relating to amortizable intangible assets is included as a component of Depreciation and amortization on the Consolidated Statements of (Loss)/Income, and was as follows (in millions): 2020 2019 2018 Customer lists $ 6 $ 6 $ 1 Management agreements 3 3 8 Other 1 — 3 Total $ 10 $ 9 $ 12
Future Amortization Expenses Of Intangible Assets	Based on the Company’s amortizable intangible assets as of December 31, 2020, the Company expects related amortization expense for the next five years as follows (in millions): Amount 2021 $ 10 2022 10 2023 10 2024 9 2025 8

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Provision	The income tax provision consisted of the following for the years ended December 31 (in millions): 2020 2019 2018 Current Federal $ 42 $ 74 $ (24) State 12 9 (6) Foreign 11 29 38 65 112 8 Deferred Federal (82) 57 77 State (3) 17 44 Foreign (3) 5 1 (88) 79 122 (Benefit)/provision for income taxes $ (23) $ 191 $ 130
Pre-Tax Income For Domestic And Foreign Operations	Pre-tax (loss)/income for domestic and foreign operations consisted of the following for the years ended December 31 (in millions): 2020 2019 2018 Domestic $ (326) $ 452 $ 258 Foreign 50 228 138 (Loss)/income before income taxes $ (276) $ 680 $ 396
Current and Non-Current Deferred Income Tax Assets and Liabilities	Deferred income tax assets and liabilities, as of December 31, were comprised of the following (in millions): 2020 2019 Deferred income tax assets: Net operating loss carryforward $ 37 $ 33 Foreign tax credit carryforward 75 78 Tax basis differences in assets of foreign subsidiaries 12 12 Accrued liabilities and deferred income 80 49 Provision for doubtful accounts and loan loss reserves for vacation ownership contract receivables 227 229 Other comprehensive income 69 64 Other 92 82 Valuation allowance (a) (153) (133) Deferred income tax assets 439 414 Deferred income tax liabilities: Depreciation and amortization 228 189 Installment sales of vacation ownership interests 780 876 Estimated VOI recoveries 60 68 Other comprehensive income 49 47 Other 20 23 Deferred income tax liabilities 1,137 1,203 Net deferred income tax liabilities $ 698 $ 789 Reported in: Other assets $ 27 $ 26 Deferred income taxes 725 815 Net deferred income tax liabilities $ 698 $ 789 (a) The valuation allowance of $153 million at December 31, 2020, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $50 million, $22 million, and $81 million. The valuation allowance of $133 million at December 31, 2019, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $35 million, $21 million, and $77 million. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized.
Difference of Effective Income Tax Rate From US Rederal Statutory Rate	The following table presents the impact of the accounting for the enactment of U.S. tax reform on the Company’s benefit/provision for income taxes for the year ended December 31, 2018 (in millions). T here were no such amounts for the years ended December 31, 2020 and 2019. 2018 Remeasurement of net deferred income tax and uncertain tax liabilities $ (24) One-time mandatory repatriation tax on undistributed historic earnings of foreign subsidiaries 8 Valuation allowance established for the impact of the law on certain tax attributes (13) Net (benefit) for income taxes impact $ (29) The Company’s effective income tax rate differs from the U.S. federal statutory rate as follows for the years ended December 31: 2020 2019 2018 Federal statutory rate 21.0% 21.0% 21.0% State and local income taxes, net of federal tax benefits (0.9) 6.8 1.7 Taxes on foreign operations at rates different than U.S. federal statutory rates (0.9) 1.4 2.1 Taxes on foreign income, net of tax credits 0.2 0.4 2.7 Valuation allowance (7.1) (2.4) 10.8 Non-deductible expenses (1.6) — — Impact of U.S. tax reform — — (5.5) Other (2.4) 0.9 — 8.3% 28.1% 32.8%
Summary of Activities Related To Unrecognized Tax Benefits	The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions): 2020 2019 2018 Beginning balance $ 29 $ 28 $ 28 Increases related to tax positions taken during a prior period — 1 1 Increases related to tax positions taken during the current period 2 4 4 Decreases related to settlements with taxing authorities — (1) — Decreases as a result of a lapse of the applicable statute of limitations (3) (2) (2) Decreases related to tax positions taken during a prior period (2) (1) (3) Ending balance $ 26 $ 29 $ 28

Vacation Ownership Contract R_2

Vacation Ownership Contract Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Vacation Ownership Contract Receivables [Abstract]
Current And Long-Term Vacation Ownership Contract Receivables	As of December 31, Vacation ownership contract receivables, net consisted of (in millions): 2020 2019 Vacation ownership contract receivables: Securitized (a) $ 2,458 $ 2,984 Non-securitized (b) 717 883 Vacation ownership contract receivables, gross 3,175 3,867 Less: Allowance for loan losses 693 747 Vacation ownership contract receivables, net $ 2,482 $ 3,120
Principal Payments Due On Vacation Ownership Contract Receivables	Principal payments due on the Company’s VOCRs during each of the five years subsequent to December 31, 2020, and thereafter are as follows (in millions): Securitized Non - Total 2021 $ 245 $ 70 $ 315 2022 263 69 332 2023 280 76 356 2024 294 81 375 2025 287 74 361 Thereafter 1,089 347 1,436 $ 2,458 $ 717 $ 3,175
Allowance For Loan Losses On Vacation Ownership Contract Receivables	The activity in the allowance for loan losses on VOCRs was as follows (in millions): Amount Allowance for loan losses as of December 31, 2017 $ 691 Provision for loan losses 456 Contract receivables written off, net (413) Allowance for loan losses as of December 31, 2018 734 Provision for loan losses 479 Contract receivables write-offs, net (466) Allowance for loan losses as of December 31, 2019 747 Provision for loan losses 415 Contract receivables write-offs, net (469) Allowance for loan losses as of December 31, 2020 $ 693
Aged Analysis Of Financing Receivables Using Updated FICO Scores	The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of December 31, 2020 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,706 $ 835 $ 160 $ 96 $ 221 $ 3,018 31 - 60 days 20 25 13 4 2 64 61 - 90 days 13 18 12 3 1 47 91 - 120 days 12 16 14 3 1 46 Total (a) $ 1,751 $ 894 $ 199 $ 106 $ 225 $ 3,175 As of December 31, 2019 700+ 600-699 <600 No Score Asia Pacific Total Current $ 2,019 $ 1,049 $ 196 $ 134 $ 250 $ 3,648 31 - 60 days 25 37 21 5 2 90 61 - 90 days 18 28 17 3 1 67 91 - 120 days 13 21 24 3 1 62 Total (a) $ 2,075 $ 1,135 $ 258 $ 145 $ 254 $ 3,867 (a) Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million. The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): As of December 31, 2020 700+ 600-699 <600 No Score Asia Pacific Total 2020 $ 424 $ 173 $ 11 $ 17 $ 55 $ 680 2019 476 269 67 27 70 909 2018 339 183 50 21 36 629 2017 220 115 31 16 22 404 2016 128 63 16 10 16 233 Prior 164 91 24 15 26 320 Total $ 1,751 $ 894 $ 199 $ 106 $ 225 $ 3,175 As of December 31, 2019 700+ 600-699 <600 No Score Asia Pacific Total 2019 $ 866 $ 454 $ 54 $ 53 $ 119 $ 1,546 2018 486 285 80 32 49 932 2017 303 166 51 23 29 572 2016 173 89 29 14 20 325 2015 99 56 17 9 14 195 Prior 148 85 27 14 23 297 Total $ 2,075 $ 1,135 $ 258 $ 145 $ 254 $ 3,867

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule Of Inventory	Inventory, as of December 31, consisted of (in millions): 2020 2019 Completed VOI inventory $ 1,049 $ 802 Estimated VOI recoveries 246 281 VOI construction in process 30 24 Inventory sold subject to repurchase 13 24 Vacation exchange credits and other 8 65 Land held for VOI development 1 3 Total inventory $ 1,347 $ 1,199
Activity Related to Inventory Obligations	he following table summarizes the activity related to the Company’s inventory obligations (in millions): Avon (a) Austin (a) Las Vegas (a) Moab (a) Orlando (a) Other (b) Total December 31, 2018 $ 11 $ 31 $ 52 $ — $ — $ 6 $ 100 Purchases — 1 27 — — 148 176 Payments (11) (32) (36) — — (148) (227) December 31, 2019 — — 43 — — 6 49 Purchases — — 36 41 44 107 228 Payments — — (66) (10) (22) (96) (194) December 31, 2020 $ — $ — $ 13 $ 31 $ 22 $ 17 $ 83 (a) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheets. (b) Included in Accounts payable on the Consolidated Balance Sheets.

Property And Equipment, Net (Ta

Property And Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment, net, as of December 31, consisted of (in millions): 2020 2019 Land $ 30 $ 28 Building and leasehold improvements 591 572 Furniture, fixtures and equipment 207 218 Capitalized software 694 652 Finance leases 14 14 Construction in progress 12 40 Total property and equipment 1,548 1,524 Less: Accumulated depreciation and amortization 882 844 Property and equipment, net $ 666 $ 680

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Lease, Cost [Table Text Block]	The table below presents information related to the lease costs for finance and operating leases for the year ended December 31, (in millions): 2020 2019 Operating lease cost $ 30 $ 37 Short-term lease cost $ 14 $ 23 Finance lease cost: Amortization of right-of-use assets $ 3 $ 2 Interest on lease liabilities — — Total finance lease cost $ 3 $ 2
Leases, Assets and Liabilities [Table Text Block]	The table below presents the lease-related assets and liabilities recorded on the balance sheet: Balance Sheet Classification December 31, 2020 December 31, 2019 Operating Leases (in millions): Operating lease right-of-use assets Other assets $ 92 $ 136 Operating lease liabilities Accrued expenses and other liabilities $ 157 $ 180 Finance Leases (in millions): Finance lease assets (a) Property and equipment, net $ 8 $ 5 Finance lease liabilities Debt $ 7 $ 5 Weighted Average Remaining Lease Term: Operating leases 7.1 years 7.8 years Finance leases 2.6 years 2.8 years Weighted Average Discount Rate: Operating leases (b) 5.9 % 6.2 % Finance leases 5.6 % 4.2 % (a) Presented net of accumulated depreciation.
Leases, Cash Flow Presentation [Table Text Block]	The table below presents supplemental cash flow information related to leases for the year ended December 31, (in millions): 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 36 $ 48 Operating cash flows from finance leases — — Financing cash flows from finance leases 4 2 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 3 $ 8 Finance leases 6 3
Leases, Liability Maturity [Table Text Block]	The table below presents maturities of lease liabilities as of December 31, 2020 (in millions): Operating Leases Finance 2021 $ 35 $ 3 2022 30 3 2023 28 2 2024 27 — 2025 23 — Thereafter 49 — Total minimum lease payments 192 8 Less: Amount of lease payments representing interest (35) (1) Present value of future minimum lease payments $ 157 $ 7

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other Current Assets [Abstract]
Schedule Of Other Assets	Other assets, as of December 31, consisted of (in millions): 2020 2019 Right-of-use assets $ 92 $ 136 Deferred costs 90 106 Non-trade receivables, net 77 82 Deferred tax asset 27 26 Investments 26 35 Tax receivables 20 34 Deposits 20 15 Marketable securities 9 10 Other 26 30 $ 387 $ 474

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities [Abstract]
Schedule Of Accrued Expenses And Other Liabilities	Accrued expenses and other liabilities, as of December 31, consisted of (in millions): 2020 2019 Accrued payroll and related costs $ 166 $ 205 Lease liabilities (a) 157 180 Accrued taxes 73 86 Guarantees 67 72 Inventory sale obligation (b) 66 43 Accrued interest 65 41 Accrued advertising and marketing 61 54 Payables associated with separation and sale of business activities 39 41 Resort related obligations 39 33 Restructuring liabilities (c) 26 7 Accrued VOI maintenance fees 24 19 Deferred consideration 21 44 Accrued legal and professional fees 20 22 Accrued legal settlements 13 13 Customer advances 10 20 Accrued separation costs 7 14 COVID-19 liabilities (d) 6 — Accrued other 69 79 $ 929 $ 973 (a) See Note 13— Leases for details. (b) See Note 11— Inventory for details. (c) See Note 28— Restructuring for details. (d) See Note 26— COVID-19 Related Items for details.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule Of Long-Term Debt Instruments	The Company’s indebtedness, as of December 31, consisted of (in millions): 2020 2019 Non-recourse vacation ownership debt : (a) Term notes (b) $ 1,893 $ 1,969 AUD/NZD bank conduit facility (due September 2021) (c) 173 64 USD bank conduit facility (due October 2022) (d) 168 508 Total $ 2,234 $ 2,541 Debt : (e) $1.0 billion secured revolving credit facility (due May 2023) (f) $ 547 $ — $300 million secured term loan B (due May 2025) (g) 291 293 $40 million 7.375% secured notes (due March 2020) — 40 $250 million 5.625% secured notes (due March 2021) 250 249 $650 million 4.25% secured notes (due March 2022) (h) 650 649 $400 million 3.90% secured notes (due March 2023) (i) 402 404 $300 million 5.65% secured notes (due April 2024) (j) 299 298 $350 million 6.60% secured notes (due October 2025) (k) 344 342 $650 million 6.625% secured notes (due July 2026) 641 — $400 million 6.00% secured notes (due April 2027) (l) 408 409 $350 million 4.625% secured notes (due March 2030) 345 345 Finance leases 7 5 Total $ 4,184 $ 3,034 (a) Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.57 billion and $3.12 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2020 and 2019. (b) The carrying amounts of the term notes are net of debt issuance costs of $21 million and $23 million as of December 31, 2020 and 2019. (c) The Company has a borrowing capacity of 255 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through September 2021. Borrowings under this facility are required to be repaid no later than September 2023. (d) The Company has a borrowing capacity of $800 million under the USD bank conduit facility through October 2022. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than November 2023. (e) The carrying amounts of the secured notes and term loan are net of unamortized discounts of $16 million and $12 million as of December 31, 2020 and 2019, and net of unamortized debt financing costs of $7 million as of December 31, 2020 and 2019. (f) The weighted average effective interest rate on borrowings from this facility was 3.02% and 5.19% as of December 31, 2020 and 2019. In late March 2020, the Company drew down its $1.0 billion secured revolving credit facility as a precautionary measure due to COVID-19. The Company used a portion of the proceeds from the issuance of the $650 million secured notes to repay a portion of this debt. At December 31, 2020, the Company had $1.2 billion in Cash and cash equivalents on the Consolidated Balance Sheet. (g) The weighted average effective interest rate on borrowings from this facility was 2.93% and 4.71% as of December 31, 2020 and 2019. (h) Includes less than $1 million and $1 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019. (i) Includes $3 million and $5 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019. (j) Effective October 1, 2020, the interest rate of these notes were increased from 5.40% to 5.65% as a result of the Company’s corporate notes being downgraded on May 6, 2020. (k) Effective October 1, 2020, the interest rate of these notes were increased from 6.35% to 6.60% as a result of the Company’s corporate notes being downgraded on May 6, 2020. Includes $5 million and $6 million of unamortized losses from the settlement of a derivative as of December 31, 2020 and 2019.
Summary Of Outstanding Debt Maturities	The Company’s outstanding debt as of December 31, 2020 matures as follows (in millions): Non-recourse Vacation Ownership Debt Debt Total Within 1 year $ 369 $ 256 $ 625 Between 1 and 2 years 341 656 997 Between 2 and 3 years 223 954 1,177 Between 3 and 4 years 224 301 525 Between 4 and 5 years 241 622 863 Thereafter 836 1,395 2,231 $ 2,234 $ 4,184 $ 6,418
Summary Of Available Capacity Under Borrowing Arrangements	As of December 31, 2020, the available capacity under the Company’s borrowing arrangements was as follows (in millions): Non-recourse Conduit Facilities (a) Revolving Credit Facilities (b) Total capacity $ 1,031 $ 1,000 Less: Outstanding borrowings 341 547 Less: Letters of credit — 96 Available capacity $ 690 $ 357 (a) Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings. (b) Consists of the Company’s $1.0 billion secured revolving credit facility.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Assets And Liabilities Of Vacation Ownership SPEs	The assets and liabilities of these vacation ownership SPEs are as follows (in millions): December 31, December 31, Securitized contract receivables, gross (a) $ 2,458 $ 2,984 Securitized restricted cash (b) 92 110 Interest receivables on securitized contract receivables (c) 23 25 Other assets (d) 5 4 Total SPE assets 2,578 3,123 Non-recourse term notes (e)(f) 1,893 1,969 Non-recourse conduit facilities (e) 341 572 Other liabilities (g) 2 4 Total SPE liabilities 2,236 2,545 SPE assets in excess of SPE liabilities $ 342 $ 578 (a) Included in Vacation ownership contract receivables, net on the Consolidated Balance Sheets. (b) Included in Restricted cash on the Consolidated Balance Sheets. (c) Included in Trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in Other assets on the Consolidated Balance Sheets. (e) Included in Non-recourse vacation ownership debt on the Consolidated Balance Sheets. (f) Includes deferred financing costs of $21 million and $23 million as of December 31, 2020 and 2019, related to non-recourse debt. (g) Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Consolidated Balance Sheets.
Summary Of Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses	A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows (in millions): December 31, December 31, SPE assets in excess of SPE liabilities $ 342 $ 578 Non-securitized contract receivables 717 883 Less: Allowance for loan losses 693 747 Total, net $ 366 $ 714

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The carrying amounts and estimated fair values of all other financial instruments were as follows (in millions): December 31, 2020 December 31, 2019 Carrying Estimated Fair Value Carrying Estimated Fair Value Assets Vacation ownership contract receivables, net (Level 3) $ 2,482 $ 3,035 $ 3,120 $ 3,907 Liabilities Debt (Level 2) $ 6,418 $ 6,705 $ 5,575 $ 5,709

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of gain/(loss) amounts recognized In AOCI	The following table summarizes information regarding the losses recognized in AOCL for the years ended December 31 (in millions): 2020 2019 2018 Designated hedging instruments Foreign exchange contracts $ — $ — $ (1)
Summary of gain/(loss) recognized In income	The following table summarizes information regarding the gains recognized in income on the Company’s freestanding derivatives for the years ended December 31 (in millions): 2020 2019 2018 Non-designated hedging instruments Foreign exchange contracts (a) $ 3 $ 1 $ 2 (a) Included within Operating expenses on the Consolidated Statements of (Loss)/Income, which is primarily offset by changes in the value of the underlying assets and liabilities.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income/(Loss) (Tables)	12 Months Ended
	Dec. 31, 2020
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive income/(loss) are as follows (in millions): Pretax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ (96) $ (2) $ (5) $ (103) Other comprehensive (loss)/income before reclassifications (75) — 1 (74) Amount reclassified to earnings 24 — 6 30 Balance as of December 31, 2018 (147) (2) 2 (147) Other comprehensive (loss) before reclassifications (1) — (1) (2) Amount reclassified to earnings — 1 — 1 Balance as of December 31, 2019 (148) (1) 1 (148) Other comprehensive income/(loss) before reclassifications 35 — (1) 34 Balance as of December 31, 2020 $ (113) $ (1) $ — $ (114) Tax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ 89 $ 2 $ 1 $ 92 Other comprehensive income before reclassifications 13 — — 13 Amount reclassified to earnings — — (2) (2) Effect of adoption of new accounting principle (a) (8) — — (8) Balance as of December 31, 2018 94 2 (1) 95 Other comprehensive income/(loss) before reclassifications 1 (1) 1 1 Amount reclassified to earnings — — — — Balance as of December 31, 2019 95 1 — 96 Other comprehensive income before reclassifications 2 — — 2 Balance as of December 31, 2020 $ 97 $ 1 $ — $ 98 Net of Tax Foreign Currency Translation Adjustments Unrealized Gains/(Losses) on Cash Flow Hedges Defined Benefit Pension Plans Accumulated Other Comprehensive Income/(Loss) Balance as of December 31, 2017 $ (7) $ — $ (4) $ (11) Other comprehensive (loss)/income before reclassification (62) — 1 (61) Amount reclassified to earnings 24 — 4 28 Other comprehensive (loss)/income (38) — 5 (33) Effect of adoption of new accounting principle (a) (8) — — (8) Balance as of December 31, 2018 (53) — 1 (52) Other comprehensive (loss) before reclassifications — (1) — (1) Amount reclassified to earnings — 1 — 1 Balance as of December 31, 2019 (53) — 1 (52) Other comprehensive income/(loss) before reclassifications 37 — (1) 36 Balance as of December 31, 2020 $ (16) $ — $ — $ (16) (a) Impact of the Company’s adoption of new accounting guidance which allowed for the reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act of 2017. This adoption resulted in an $8 million reclassification of tax benefit from AOCL to Retained Earnings.
Reclassification out of Accumulated Other Comprehensive Income	Reclassifications out of AOCL are presented in the following table. Amounts in parentheses indicate debits to the Consolidated Statements of (Loss)/Income (in millions): Year Ended December 31, 2020 2019 Unrealized losses on cash flow hedge, net (Loss)/gain on disposal of discontinued business, net of income taxes $ — $ (1) Net income attributable to Travel + Leisure shareholders $ — $ (1)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]
Incentive Equity Awards Granted By The Company	The activity related to incentive equity awards granted to the Company’s key employees and senior officers by the Company for the year ended December 31, 2020, consisted of the following (in millions, except grant prices): Balance as of December 31, 2019 Granted Vested/Exercised Forfeitures (a) Balance as of December 31, 2020 RSUs Number of RSUs 1.0 1.0 (0.3) (0.1) 1.6 (b) Weighted average grant price $ 46.32 $ 33.64 $ 46.44 $ 42.95 $ 38.22 PSUs Number of PSUs 0.2 0.1 — — 0.3 (c) Weighted average grant price $ 44.38 $ 41.04 $ — $ — $ 42.57 SSARs Number of SSARs 0.2 — — — 0.2 (d) Weighted average grant price $ 34.24 $ — $ — $ — $ 34.51 NQs (f) Number of NQs 1.3 1.1 — (0.1) 2.3 (e) Weighted average grant price $ 46.84 $ 41.04 $ — $ 43.43 $ 44.15 (a) The Company recognizes forfeitures as they occur. (b) Aggregate unrecognized compensation expense related to RSUs was $45 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.4 years. (c) There was no unrecognized compensation expense related to PSUs as of December 31, 2020. (d) There were 0.2 million SSARs that were exercisable as of December 31, 2020. There was no unrecognized compensation expense related to SSARs as of December 31, 2020, as all SSARs were vested. (e) There were 0.5 million NQs which were exercisable as of December 31, 2020. These NQs will expire over a weighted average period of 7.7 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for the NQs was $11 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.8 years. (f) Upon execution of NQs, the Company issues new shares to participants.
Weighted Average Grant Date Fair Value Assumptions	The projected dividend yield was based on the Company’s anticipated annual dividend divided by the price of the Company’s stock on the date of the grant. Stock Options 2020 2019 Grant date fair value $7.27 - $7.28 $8.98 Grant date strike price $41.04 $44.38 Expected volatility 32.60 % - 32.88% 29.97% Expected life 6.25 - 7.50 years 6.25 years Risk-free interest rate 0.95 % - 1.03% 2.59% Projected dividend yield 4.87% 4.06%

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Summary Of Segment Information	The following tables present the Company’s segment information (in millions): Year Ended December 31, Net revenues 2020 2019 2018 Vacation Ownership $ 1,637 $ 3,151 $ 3,016 Travel and Membership 528 898 918 Total reportable segments 2,165 4,049 3,934 Corporate and other (a) (5) (6) (3) Total Company $ 2,160 $ 4,043 $ 3,931 Year Ended December 31, Reconciliation of Net income to Adjusted EBITDA 2020 2019 2018 Net (loss)/income attributable to Travel + Leisure shareholders $ (255) $ 507 $ 672 Loss from operations of discontinued businesses, net of income taxes — — 50 Loss/(gain) on disposal of discontinued business, net of income taxes 2 (18) (456) (Benefit from)/provision for income taxes (23) 191 130 Depreciation and amortization 126 121 138 Interest expense 192 162 170 Interest (income) (7) (7) (5) Gain on sale of business — (68) — Asset impairments (b) 57 27 (4) COVID-19 related costs (c) 56 — — Exchange inventory write-off 48 — — Restructuring 39 9 16 Stock-based compensation 20 20 23 Legacy items (d) 4 1 1 Acquisition and divestiture related costs — 1 — Value-added tax refund — — (16) Separation and related costs (e) — 45 223 Adjusted EBITDA $ 259 $ 991 $ 942 Year Ended December 31, Adjusted EBITDA 2020 2019 2018 Vacation Ownership $ 121 $ 756 $ 731 Travel and Membership 191 289 278 Total reportable segments 312 1,045 1,009 Corporate and other (a) (53) (54) (67) Total Company $ 259 $ 991 $ 942 (a) Includes the elimination of transactions between segments. (b) Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income. (c) Reflects severance and other employee costs associated with layoffs due to the COVID-19 workforce reduction offset in part by employee retention credits received in connection with the U.S. CARES Act and similar international programs for wages paid to certain employees despite having operations suspended. This amount does not include costs associated with idle pay. (d) Represents the resolution of and adjustment to certain contingent liabilities resulting from the Spin-off, the sale of the European vacation rentals business, and the Company’s separation from Cendant. (e) Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018. Year Ended December 31, Segment Assets (a) 2020 2019 Vacation Ownership $ 5,009 $ 5,582 Travel and Membership 1,362 1,482 Total reportable segments 6,371 7,064 Corporate and other 1,242 389 Total Company $ 7,613 $ 7,453 (a) Excludes investment in consolidated subsidiaries. Year Ended December 31, Capital Expenditures 2020 2019 2018 Vacation Ownership $ 41 $ 69 $ 66 Travel and Membership 21 27 25 Total reportable segments 62 96 91 Corporate and other 7 12 8 Total Company $ 69 $ 108 $ 99
Schedule Of Geographic Segment Information	The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries (in millions): Year Ended December 31, Year Ended December 31, Net Revenues Net Long-lived Assets 2020 2019 2018 2020 2019 United States $ 1,904 $ 3,513 $ 3,500 $ 1,471 $ 1,497 All other countries 256 530 431 290 296 Total $ 2,160 $ 4,043 $ 3,931 $ 1,761 $ 1,793

COVID-19 Related Items (Tables)

COVID-19 Related Items (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
COVID-19 Related Impacts	For the year ended December 31, 2020, the Company incurred $88 million of expenses directly related to COVID-19 which are included within COVID-19 related costs on the Consolidated Statements of (Loss)/Income and $297 million of additional items directly related to COVID-19 that are reflected elsewhere on the Consolidated Statements of (Loss)/Income as displayed in the table below (in millions): Vacation Ownership Travel and Membership Corporate Consolidated Income Statement Classification Allowance for loan losses: Provision $ 205 $ — $ — $ 205 Vacation ownership interest sales Recoveries (48) — — (48) Cost of vacation ownership interests Employee compensation related and other 65 9 14 88 COVID-19 related costs Asset impairments 21 34 1 56 Asset impairments/Operating expenses Exchange inventory write-off — 48 — 48 Operating expenses Lease-related 14 22 — 36 Restructuring Total COVID-19 $ 257 $ 113 $ 15 $ 385
COVID-19 Related Liabilities	The activity associated with the Company’s COVID-19 related liabilities is summarized as follows (in millions): Liability as of Liability as of December 31, 2019 Costs Recognized (a) Cash Payments Other (b) December 31, 2020 COVID-19 employee-related $ — $ 71 $ (64) $ (1) $ 6 Ending balance $ — $ 71 $ (64) $ (1) $ 6 (a) These charges consisted of (i) $54 million at the Vacation Ownership segment, (ii) $8 million at the Travel and Membership segment, and (iii) $9 million at the Company’s corporate operations during 2020. (b) Includes employee-related write-offs.

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring Charges [Abstract]
Activity Related To The Restructuring Costs	The activity associated with all of the Company’s restructuring plans is summarized by category as follows (in millions): Liability as of 2018 Activity Liability as of December 31, 2017 Costs Cash December 31, 2018 Personnel-related $ 4 $ 16 $ (8) $ 12 Facility-related 1 — (1) — $ 5 $ 16 $ (9) $ 12 Liability as of 2019 Activity Liability as of December 31, 2018 Costs Cash December 31, 2019 Personnel-related $ 12 $ 9 $ (14) $ 7 $ 12 $ 9 $ (14) $ 7 Liability as of 2020 Activity Liability as of December 31, 2019 Costs Cash December 31, 2020 Personnel-related $ 7 $ 3 $ (9) $ 1 Facility-related — 24 (1) 23 Marketing-related — 12 (10) 2 $ 7 $ 39 $ (20) $ 26

Selected Quarterly Financial _2

Selected Quarterly Financial Data - (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Selected Quarterly Financial Information [Abstract]
Summary Of Selected Quarterly Financial Data	Provided below is selected unaudited quarterly financial data for 2020. 2020 (a) (in millions, except per share data) First Second Third Fourth Net revenues $ 558 $ 343 $ 614 $ 645 Total expenses 699 457 550 560 Operating (loss)/income (141) (114) 64 85 Net (loss)/income from continuing operations (134) (164) 40 4 (Loss) on disposal of discontinued business, net of income taxes — — — (2) Net (loss)/income attributable to Travel + Leisure shareholders (134) (164) 40 2 Basic earnings/(loss) per share Continuing operations $ (1.54) $ (1.92) $ 0.47 $ 0.05 Discontinued operations — — — (0.02) $ (1.54) $ (1.92) $ 0.47 $ 0.03 Diluted earnings/(loss) per share Continuing operations $ (1.54) $ (1.92) $ 0.47 $ 0.05 Discontinued operations — — — (0.02) $ (1.54) $ (1.92) $ 0.47 $ 0.03 Weighted average shares outstanding Basic 86.9 85.4 85.9 86.1 Diluted 86.9 85.4 86.1 86.6 Note: The sum of the quarters may not agree to the Consolidated Statements of (Loss)/Income for the year ended December 31, 2020 due to rounding. (a) The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details. Provided below is selected unaudited quarterly financial data for 2019. 2019 (in millions, except per share data) First (a) Second (a) Third (a) Fourth Net revenues $ 918 $ 1,039 $ 1,105 $ 981 Total expenses 778 841 891 790 Gain on sale of business — — — (68) Operating income 140 198 214 259 Net income from continuing operations 81 118 135 155 (Loss)/gain on disposal of discontinued business, net of income taxes (1) 6 — 12 Net income attributable to Travel + Leisure shareholders 80 124 135 167 Basic earnings per share Continuing operations $ 0.86 $ 1.27 $ 1.48 $ 1.73 Discontinued operations (0.01) 0.06 — 0.14 $ 0.85 $ 1.33 $ 1.48 $ 1.87 Diluted earnings per share Continuing operations $ 0.85 $ 1.26 $ 1.47 $ 1.73 Discontinued operations — 0.06 — 0.14 $ 0.85 $ 1.32 $ 1.47 $ 1.87 Weighted average shares outstanding Basic 94.4 93.0 91.7 89.5 Diluted 94.7 93.3 92.0 89.8 Note: The sum of the quarters may not agree to the Consolidated Statements of (Loss)/Income for the year ended December 31, 2019 due to rounding. (a) The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Background and Basis Of Prese_2

Background and Basis Of Presentation (Details)	Aug. 07, 2019USD ($)	Dec. 31, 2020USD ($)segment	Feb. 24, 2021	Aug. 13, 2020USD ($)	Jul. 24, 2020USD ($)	Apr. 29, 2020USD ($)	Oct. 22, 2019USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number segments | segment		2
Subsequent Event [Line Items]
Resorts reopened		81.00%
Sales centers reopened		86.00%
Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Sierra Timeshare 2020-2
Debt Instrument [Line Items]
Debt instrument, face amount				$ 575,000,000
Sierra Timeshare 2020-1
Debt Instrument [Line Items]
Debt instrument, face amount						$ 325,000,000
6.625% Senior Secured Notes Due July 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 650,000,000
Subsequent Event
Subsequent Event [Line Items]
Resorts reopened			92.00%
Sales centers reopened			92.00%
North American Vacation Rentals [Member] | Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration							$ 162,000,000
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, face amount		1,000,000,000
COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Total COVID-19 Impact		385,000,000
COVID-19 (Member) | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Total COVID-19 Impact		$ 113,000,000
Alliance Reservations Network | Travel and Membership
Acquisitions [Line Items]
Business combination, consideration transferred, net of cash acquired	$ 97,000,000
Acquisition price	$ 102,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions		Aug. 07, 2019	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Sep. 30, 2020
Summary of Significant Accounting Policies [Line Items]
Securitized restricted cash				$ 121	$ 147		$ 155
VOI purchaser funds, percentage				100.00%
Escrow deposit				$ 29	37
Capitalized interest on inventory				1	1		1
Software developed or obtained for internal use				191	193
Advertising expense				26	37		27
Asset impairments				52	27	[1]	(4)	[1]
Other Asset Impairment Charges				52	36		5
Provision for Loan, Lease, and Other Losses				415	479		456
Other (income), net				(14)	(23)		(38)
Goodwill, Impairment Loss				0	0		0
COVID-19 (Member)
Summary of Significant Accounting Policies [Line Items]
Asset impairments	[1]			57
Alliance Reservations Network | Travel and Membership
Summary of Significant Accounting Policies [Line Items]
Useful lives		10 years
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount									20.00%
Asset impairments				0
Goodwill, Impairment Loss				0
Other
Summary of Significant Accounting Policies [Line Items]
Loyalty revenue				13	15		12
Operating Expense
Summary of Significant Accounting Policies [Line Items]
Loyalty expenses				7	9		5
Operating Expense | COVID-19 (Member)
Summary of Significant Accounting Policies [Line Items]
Provision for Loan, Lease, and Other Losses				5
Asset Impairment and Operating Expenses [Member] | COVID-19 (Member)
Summary of Significant Accounting Policies [Line Items]
Asset impairments				56
Asset Impairment and Operating Expenses [Member] | Travel and Membership | COVID-19 (Member)
Summary of Significant Accounting Policies [Line Items]
Asset impairments				34
Asset Impairments [Member] | COVID-19 (Member)
Summary of Significant Accounting Policies [Line Items]
Other Asset Impairment Charges				$ 51
Asset Impairments [Member] | Travel and Membership
Summary of Significant Accounting Policies [Line Items]
Other Asset Impairment Charges			$ 6
Building and leasehold improvements
Summary of Significant Accounting Policies [Line Items]
Useful lives				30 years
Software Development
Summary of Significant Accounting Policies [Line Items]
Useful lives				10 years
Interest Expense
Summary of Significant Accounting Policies [Line Items]
Software developed or obtained for internal use				$ 1	2		$ 1
Minimum
Summary of Significant Accounting Policies [Line Items]
Average rescission period				5 days
Minimum | Furniture Fixtures And Equipment
Summary of Significant Accounting Policies [Line Items]
Useful lives				3 years
Minimum | Software Development
Summary of Significant Accounting Policies [Line Items]
Useful lives				3 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Average rescission period				7 days
Maximum | Leasehold Improvements [Member]
Summary of Significant Accounting Policies [Line Items]
Useful lives				20 years
Maximum | Vacation Rental Properties
Summary of Significant Accounting Policies [Line Items]
Useful lives				30 years
Maximum | Furniture Fixtures And Equipment
Summary of Significant Accounting Policies [Line Items]
Useful lives				7 years
Maximum | Software Development
Summary of Significant Accounting Policies [Line Items]
Useful lives				5 years
Securitization restricted Cash [Member]
Summary of Significant Accounting Policies [Line Items]
Securitized restricted cash				$ 92	110
Deferred Revenue [Domain]
Summary of Significant Accounting Policies [Line Items]
Loyalty Liability				$ 15	$ 18
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Summary of Activity of Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for doubtful accounts
Beginning balance	$ 154	$ 104	$ 78
Bad debt expense	125	100	75
Write-offs	(58)	(51)	(49)
Translation and other adjustments	0	1	0
Ending balance	$ 221	$ 154	$ 104

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Non-cash Incentives, Expiration Period	18 months
Term of management services agreements (or less)	1 year
Fees for property management services, budgeted operating expenses, percentage	10.00%

Revenue Recognition (Prop Mgmt

Revenue Recognition (Prop Mgmt Revenues) (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

Sep. 30, 2019

[2]

Jun. 30, 2019

[2]

Mar. 31, 2019

[2]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 645

$ 614

$ 343

$ 558

$ 981

$ 1,105

$ 1,039

$ 918

$ 2,160

$ 4,043

$ 3,931

Operating Segments

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

2,165

4,049

3,934

Vacation Ownership | Operating Segments

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

1,637

3,151

3,016

Management Fee Revenue | Vacation Ownership

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

343

394

314

Reimbursement Revenue | Vacation Ownership

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

252

308

351

Property Management Fees and Reimbursable Revenues [Member] | Vacation Ownership | Operating Segments

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

595

702

665

Other Exchange-Related Revenue [Member] | Vacation Ownership

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer, Excluding Assessed Tax

$ 27

$ 29

$ 29

[1]

The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.

[2]

The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Revenue Recognition (Contract L

Revenue Recognition (Contract Liabilities) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 448	$ 539	$ 519	$ 556
Contract with Customer, Liability, Revenue Recognition Term		1 year
Subscription revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 176	206
VOI trial package revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		115	145
VOI incentive revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		74	107
Other Exchange-Related Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	[1]	59	58
Co-branded credit card programs revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		16	19
Other revenue
Disaggregation of Revenue [Line Items]
Contract liabilities		$ 8	$ 4
Vacation Ownership | VOI trial package revenue
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognition Term		1 year
Travel and Membership | Other Exchange-Related Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Revenue Recognition Term		1 year
[1]	Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets.

Revenue Recognition (Contract_2

Revenue Recognition (Contract Liabilities Rollforward) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Contract With Customer Liability Rollforward [Roll Forward]
Beginning balance	$ 539	$ 519	$ 556
Additions	223	387	352
Revenue recognized	(314)	(367)	(341)
Held-for-sale	0	0	(38)
Other	0	0	(10)
Ending balance	$ 448	$ 539	$ 519

Revenue Recognition (Capitalize

Revenue Recognition (Capitalized Contract Costs) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Vacation Ownership Business
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Amortization Period	1 year
Other Assets | Vacation Ownership Business
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 41	$ 53
Other Assets | Travel and Membership Business
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 16	$ 20

Revenue Recognition (Performanc

Revenue Recognition (Performance Obligations) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		$ 448	$ 539	$ 519	$ 556
Subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		176	206
VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		115	145
VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		74	107
Exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	[1]	59	58
Co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		16	19
Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities		$ 8	$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 361
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 105
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 115
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 74
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 55
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 43
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 37
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 21
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 17
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 23
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Subscription revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 17
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | VOI trial package revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | VOI incentive revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Exchange-related revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Co-branded credit card programs revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period		1 year
Remaining performance obligations		$ 0
[1]	Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Consolidated Balance Sheets.

Revenue Recognition (Disaggrega

Revenue Recognition (Disaggregation of Net Revenues) (Details) - USD ($) $ in Millions		3 Months Ended															12 Months Ended
		Dec. 31, 2020		Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020		Dec. 31, 2019	Sep. 30, 2019	[2]	Jun. 30, 2019	[2]	Mar. 31, 2019	[2]	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 645	[1]	$ 614		$ 343		$ 558	[1]	$ 981	$ 1,105		$ 1,039		$ 918		$ 2,160	$ 4,043	$ 3,931
Provision for Loan and Lease Losses																	415	479	456
COVID-19 (Member) | Vacation ownership interest sales
Disaggregation of Revenue [Line Items]
Provision for Loan and Lease Losses		$ (20)						$ 225									205
Vacation ownership interest sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	505	1,848	1,769
Consumer financing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	467	515	491
Vacation Ownership | COVID-19 (Member) | Vacation ownership interest sales
Disaggregation of Revenue [Line Items]
Provision for Loan and Lease Losses																	205
Travel and Membership | COVID-19 (Member) | Vacation ownership interest sales
Disaggregation of Revenue [Line Items]
Provision for Loan and Lease Losses																	0
Operating Segments
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	2,165	4,049	3,934
Operating Segments | Vacation Ownership
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	1,637	3,151	3,016
Operating Segments | Vacation Ownership | Property Management Fees and Reimbursable Revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	595	702	665
Operating Segments | Vacation Ownership | Vacation ownership interest sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[3]																505	1,848	1,769
Operating Segments | Vacation Ownership | Consumer financing
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	467	515	491
Operating Segments | Vacation Ownership | Fee-for-Service commissions
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	22	18	31
Operating Segments | Vacation Ownership | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	48	68	60
Operating Segments | Travel and Membership
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	528	898	918
Operating Segments | Travel and Membership | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	54	98	90
Operating Segments | Travel and Membership | Exchange revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	474	647	658
Operating Segments | Travel and Membership | Vacation rental revenues (b)
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[4]																0	153	170
Eliminations
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[5]																(5)	(6)	(3)
Eliminations | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	0	1	0
Eliminations | Eliminations [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	$ (5)	$ (7)	$ (3)
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.
[3]	The Company increased its loan loss allowance by $205 million during 2020, due to an expected increase in defaults driven by higher unemployment associated with COVID-19, which is reflected as a reduction to Vacation ownership interest sales on the Consolidated Statements of (Loss)/Income.
[4]	The Company completed the sale of the North American vacation rentals business on October 22, 2019.
[5]	Includes the elimination of transactions between segments.

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended																			12 Months Ended
		Dec. 31, 2020		Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2019	Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss)/income from continuing operations attributable to Travel + Leisure shareholders																					$ (253)		$ 489		$ 266
Loss from operations of discontinued businesses, net of income taxes																					(2)		18		406
(Loss)/gain on disposal of discontinued business, net of income taxes		$ (2)	[1]	$ 0	[1]	$ 0	[1]	$ 0	[1]	$ 12	$ 0	[2]	$ 6	[2]	$ (1)	[2]					(2)		18		456
Net (loss)/income attributable to Travel + Leisure shareholders		$ 2	[1]	$ 40	[1]	$ (164)	[1]	$ (134)	[1]	$ 167	$ 135	[2]	$ 124	[2]	$ 80	[2]					$ (255)		$ 507		$ 672
Basic earnings/(loss) per share
Continuing operations		$ 0.05	[1]	$ 0.47	[1]	$ (1.92)	[1]	$ (1.54)	[1]	$ 1.73	$ 1.48	[2]	$ 1.27	[2]	$ 0.86	[2]					$ (2.95)		$ 5.31		$ 2.69
Discontinued operations		(0.02)	[1]	0	[1]	0	[1]	0	[1]	0.14	0	[2]	0.06	[2]	(0.01)	[2]					(0.02)		0.19		4.11
Basic (in dollars per share)		0.03	[1]	0.47	[1]	(1.92)	[1]	(1.54)	[1]	1.87	1.48	[2]	1.33	[2]	0.85	[2]					(2.97)		5.50		6.80
Diluted earnings/(loss) per share
Continuing operations		0.05	[1]	0.47	[1]	(1.92)	[1]	(1.54)	[1]	1.73	1.47	[2]	1.26	[2]	0.85	[2]					(2.95)		5.29		2.68
Discontinued operations		(0.02)	[1]	0	[1]	0	[1]	0	[1]	0.14	0	[2]	0.06	[2]	0	[2]					(0.02)		0.19		4.09
Earnings Per Share, Diluted		$ 0.03	[1]	$ 0.47	[1]	$ (1.92)	[1]	$ (1.54)	[1]	$ 1.87	$ 1.47	[2]	$ 1.32	[2]	$ 0.85	[2]					$ (2.97)		$ 5.48		$ 6.77
Basic weighted average shares outstanding		86,100,000	[1]	85,900,000	[1]	85,400,000	[1]	86,900,000	[1]	89,500,000	91,700,000	[2]	93,000,000	[2]	94,400,000	[2]					86,100,000		92,100,000		98,900,000
SSARs, RSUs and PSUs	[3],[4]																				0		300,000		300,000
Diluted weighted average shares outstanding		86,600,000	[1]	86,100,000	[1]	85,400,000	[1]	86,900,000	[1]	89,800,000	92,000,000	[2]	93,300,000	[2]	94,700,000	[2]					86,100,000	[5],[6]	92,400,000	[5],[6]	99,200,000	[5],[6]
Cash dividends per share (in usd per share)		$ 0.30		$ 0.30		$ 0.50		$ 0.50		$ 0.45	$ 0.45		$ 0.45		$ 0.45		$ 0.41	$ 0.41	$ 0.41	$ 0.66	$ 1.60	[7]	$ 1.80	[7]	$ 1.89	[7]
Aggregate dividends paid to shareholders																					$ 138		$ 166		$ 194
Shares excluded from computation of diluted EPS																					200,000
Restricted Stock Units (RSUs) [Member]
Diluted earnings/(loss) per share
Shares excluded from computation of diluted EPS																					1,100,000		400,000		500,000
Performance-vested restricted Stock Units (PSUs)
Diluted earnings/(loss) per share
Shares excluded from computation of diluted EPS																					300,000		200,000		0
Employee Stock Option
Diluted earnings/(loss) per share
Shares excluded from computation of diluted EPS																					2,100,000		1,200,000		500,000
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.
[3]	Excludes 1.1 million, 0.4 million, and 0.5 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018, of which 0.2 million would have been dilutive during 2020 had the Company not been in a net loss position. These shares could potentially dilute EPS in the future.
[4]	Excludes performance-vested restricted stock units (“PSUs”) of 0.3 million and 0.2 million for the years 2020 and 2019, as the Company had not met the required performance metrics. As a result of the Spin-off during the second quarter of 2018, the Company accelerated the vesting of outstanding PSUs and there were no outstanding PSUs as of December 31, 2018.
[5]	Excludes 2.1 million, 1.2 million, and 0.5 million of outstanding stock option awards that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018. These outstanding stock option awards could potentially dilute EPS in the future.
[6]	The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.
[7]	For each of the quarterly periods ended March 31, and June 30, 2020, the Company paid cash dividends of $0.50 per share and in the quarterly periods ended September 30, and December 31, 2020, the Company paid cash dividends of $0.30 per share. For each of the quarterly periods in 2019, the Company paid cash dividends of $0.45 per share. For the quarterly period ended March 31, 2018, Wyndham Worldwide Corporation paid cash dividends of $0.66 prior to the Spin-off. In each of the following periods ended June 30, September 30, and December 31, 2018, the Company paid cash dividends of $0.41.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Amount authorized under share repurchase program	$ 6,000
Remaining authorized amount under share repurchases	351
Increase in repurchase capacity	$ 78
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A.
Debt Instrument [Line Items]
Maximum first lien leverage ratio	4.25

Earnings Per Share (Current Sto

Earnings Per Share (Current Stock Repurchase Program) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)shares
Stock Repurchase Activity [Roll Forward]
Beginning balance ( in shares)	132,759,876
Beginning Cost Balance | $	$ 5,602
Ending balance (in shares)	135,824,676
Ending Cost Balance | $	$ 5,727
Stock Repurchase Program, Post Spin-Off [Member]
Stock Repurchase Activity [Roll Forward]
Shares for end of year	3,100,000
Repurchases | $	$ 125
Stock Repurchase Program [Member]
Stock Repurchase Activity [Roll Forward]
Beginning balance ( in shares)	108,200,000
Ending balance (in shares)	111,300,000

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ / shares in Units, $ in Millions	Aug. 07, 2020USD ($)$ / sharesshares	Aug. 07, 2019USD ($)$ / sharesshares	Jan. 31, 2018USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)		Dec. 31, 2018USD ($)Acquisition
Acquisitions [Line Items]
Payments to acquire businesses, net of cash acquired						$ 0	$ 51		$ 5
Payment for Contingent Consideration Liability, Financing Activities						11	0		0
Goodwill, Impairment Loss						0	0		0
Asset impairments						52	$ 27	[1]	(4)	[1]
Alliance Reservations Network | Travel and Membership
Acquisitions [Line Items]
Acquisition price		$ 102
Business combination, consideration transferred, net of cash acquired		97
Payments to acquire businesses, net of cash acquired		48
Stock value		$ 10
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	468,100	253,350
Business acquisition, Equity issued or issuable, price per share | $ / shares	$ 28.84	$ 39.29
Business Combination, Liabilities Arising from Contingencies, Amount Recognized		$ 21
Payment for Contingent Consideration Liability, Financing Activities	$ 11
Payment for Contingent Consideration Liability, Financing Activities		10
Value of additional shares	$ 14
Developed software		$ 27
Developed software weighted average useful life		10 years
Goodwill, Acquired During Period		$ 38
Definite-lived intangibles		$ 35
Finite-Lived Intangible Asset, Useful Life		12 years
Finite-lived assets, purchase price adjustments				$ 7
Goodwill, Purchase Accounting Adjustments				$ (7)
Goodwill, Impairment Loss						0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount				20.00%
Asset impairments						$ 0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable		$ 4
La Quinta Holdings Inc.
Acquisitions [Line Items]
Payments to acquire businesses			$ 1,950
Other Acquisitions | Travel and Membership
Acquisitions [Line Items]
Payments to acquire businesses, net of cash acquired									5
Goodwill, Acquired During Period									1
Definite-lived intangibles									$ 4
Finite-Lived Intangible Asset, Useful Life									21 years
Number of businesses acquired | Acquisition									1
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets									$ 1
Liabilities assumed									$ 1
Other Acquisitions | Vacation Ownership
Acquisitions [Line Items]
Acquisition price					$ 13
Business combination, consideration transferred, net of cash acquired					10
Inventory					4
Definite-lived intangibles					7
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable					$ 1
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

Sep. 30, 2019

[2]

Jun. 30, 2019

[2]

Mar. 31, 2019

[2]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

$ (2)

$ 0

$ 0

$ 0

$ 12

$ 0

$ 6

$ (1)

$ (2)

$ 18

$ 456

Sale Of European Vacation Rental Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

6

Discontinued Operations | Sale Of European Vacation Rental Business

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax

1,060

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

456

Discontinued Operation, Tax Effect of Discontinued Operation

$ 139

Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax

$ 12

[1]

The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.

[2]

The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions		3 Months Ended															12 Months Ended
		Dec. 31, 2020	[2]	Sep. 30, 2020	[2]	Jun. 30, 2020	[2]	Mar. 31, 2020	[2]	Dec. 31, 2019	Sep. 30, 2019	[3]	Jun. 30, 2019	[3]	Mar. 31, 2019	[3]	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Separation and related costs	[1]																$ 0	$ 45	$ 223
Loss from operations of discontinued businesses, net of income taxes																	0	0	(50)
(Loss)/gain on disposal of discontinued business, net of income taxes		$ (2)		$ 0		$ 0		$ 0		$ 12	$ 0		$ 6		$ (1)		(2)	18	456
Net (loss)/income from discontinued operations, net of income taxes																	(2)	18	406
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Net cash (used in)/provided by operating activities - discontinued operations																	0	(1)	150
Net cash used in investing activities - discontinued operations																	(5)	(22)	(626)
Net cash provided by financing activities - discontinued operations																	0	0	2,066
Deferred income taxes																	(88)	79	122
Discontinued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
(Loss)/gain on disposal of discontinued business, net of income taxes																		12
Discontinued Operations
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net revenues																	0	0	720
Operating																	0	0	343
Marketing																	0	0	200
General and administrative																	0	0	71
Separation and related costs																	0	0	111
Depreciation and amortization																	0	0	52
Total expenses																	0	0	777
Benefit for income taxes																	0	0	(7)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Noncash or Part Noncash Forgiveness of Intercompany Debt																	0	0	197
Depreciation and amortization																	0	0	52
Stock-based compensation																	0	0	22
Deferred income taxes																	0	0	(23)
Property and equipment additions																	0	0	(38)
Net assets of business acquired, net of cash acquired																	0	0	(1,696)
Proceeds from sale of businesses and asset sales																	$ 0	$ 0	$ 1,099
[1]	Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018.
[2]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[3]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Held-for Sale Business (Details

Held-for Sale Business (Details) - USD ($) $ in Millions	Oct. 22, 2019	Dec. 31, 2019	Sep. 30, 2019	[1]	Jun. 30, 2019	[1]	Mar. 31, 2019	[1]	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 68	$ 0		$ 0		$ 0		$ 0	$ 68	$ 0
Disposal Group, Not Discontinued Operations [Member] | North American Vacation Rentals [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	$ 162
Net proceeds from sale of business	156
Value of additional shares	10
Gain on sale of business	$ 68
[1]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Intangible Assets (Components O

Intangible Assets (Components Of Intangible Assets) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Intangible Assets [Line Items]
Goodwill		$ 964	$ 970
Amortized Intangible Assets:		145	143
Accumulated Amortization		61	51
Net Carrying Amount		84	92
Customer Lists [Member]
Intangible Assets [Line Items]
Amortized Intangible Assets:	[1]	75	74
Accumulated Amortization	[1]	25	19
Net Carrying Amount	[1]	50	55
Management Agreement
Intangible Assets [Line Items]
Amortized Intangible Assets:	[2]	53	52
Accumulated Amortization	[2]	31	27
Net Carrying Amount	[2]	22	25
Trademarks
Intangible Assets [Line Items]
Amortized Intangible Assets:	[3]	8	8
Accumulated Amortization	[3]	5	4
Net Carrying Amount	[3]	3	4
Other Intangible Assets
Intangible Assets [Line Items]
Amortized Intangible Assets:	[4]	9	9
Accumulated Amortization	[4]	0	1
Net Carrying Amount	[4]	$ 9	8
Minimum | Customer Lists [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		4 years
Minimum | Management Agreement
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		10 years
Minimum | Trademarks
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		7 years
Minimum | Customer Lists And Business Contracts [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		10 years
Maximum | Customer Lists [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		15 years
Maximum | Management Agreement
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		25 years
Maximum | Trademarks
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		8 years
Maximum | Customer Lists And Business Contracts [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		69 years
Weighted Average [Member] | Customer Lists [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		13 years
Weighted Average [Member] | Management Agreement
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		17 years
Weighted Average [Member] | Trademarks
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		7 years
Weighted Average [Member] | Customer Lists And Business Contracts [Member]
Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life		57 years
Trademarks
Intangible Assets [Line Items]
Unamortizable trademarks	[5]	$ 47	$ 51
[1]	Amortized between 4 to 15 years with a weighted average life of 13 years.
[2]	Amortized between 10 to 25 years with a weighted average life of 17 years
[3]	Amortized between 7 to 8 years with a weighted average life of 7 years.
[4]	Includes business contracts, which are amortized between 10 to 69 years with a weighted average life to 57 years.
[5]	Comprised of trademarks that the Company has acquired that are expected to generate future cash flows for an indefinite period of time.

Intangible Assets (Changes In C

Intangible Assets (Changes In Carrying Amount Of Goodwill By Segment) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2020
Goodwill [Line Items]
Goodwill, Impairment Loss		$ 0	$ 0	$ 0
Goodwill [Roll Forward]
Balance as of December 31, 2019		970
Adjustments to Goodwill During 2020		(7)
Foreign Exchange		1
Balance as of December 31, 2020		964	970
Goodwill		970	970
Travel and Membership
Goodwill [Roll Forward]
Balance as of December 31, 2019		943
Adjustments to Goodwill During 2020	[1]	(7)
Foreign Exchange		1
Balance as of December 31, 2020		937	943
Goodwill		937	943
Travel and Membership | Alliance Reservations Network
Goodwill [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount					20.00%
Goodwill, Impairment Loss		0
Vacation Ownership
Goodwill [Roll Forward]
Balance as of December 31, 2019		27
Adjustments to Goodwill During 2020		0
Foreign Exchange		0
Balance as of December 31, 2020		27	27
Goodwill		$ 27	$ 27
[1]	Represents purchase price adjustments related to the acquisition of ARN.

Intangible Assets (Unamortized

Intangible Assets (Unamortized Trademarks) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018	[1]
Indefinite-lived Intangible Assets [Line Items]
Trademarks		$ 47	$ 51
Asset impairments		(52)	(27)	[1]	$ 4
Trade Names [Member]
Indefinite-lived Intangible Assets [Line Items]
Asset impairments		(4)
Travel and Membership
Indefinite-lived Intangible Assets [Line Items]
Trademarks		47	$ 51
Travel and Membership | Trade Names [Member]
Indefinite-lived Intangible Assets [Line Items]
Asset impairments	[2]	$ (4)
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.
[2]	Represents impairment of Love Home Swap trade name. See Note 27 — Impairments and Other Charges for additional details.

Intangible Assets (Amortization

Intangible Assets (Amortization Expense Related To Intangible Assets By Major Class) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Amortization Expense	$ 10	$ 9	$ 12
Customer Lists [Member]
Amortization Expense	6	6	1
Management Agreement
Amortization Expense	3	3	8
Other Intangible Assets
Amortization Expense	$ 1	$ 0	$ 3

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets Future Amortization Expenses) (Details) $ in Millions	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 10
2022	10
2023	10
2024	9
2025	$ 8

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Provision [Line Items]
Federal Statutory Rate	21.00%	21.00%	21.00%	35.00%
Undistributed earnings of foreign subsidiaries	$ 805
Unrecognized benefits that would effect rate	26	$ 29	$ 28
Potential accrued penalties	1	2	1
Liability for potential penalties	4	4	4
Liability for interest	10	9	7
Income tax payments, net of refunds	50	89	108
Personnel-Related | COVID-19 Plan [Member]
Income Tax Provision [Line Items]
Employee Retention Credits	26
Foreign Country
Income Tax Provision [Line Items]
Tax credit	75
Minimum
Income Tax Provision [Line Items]
Unrecognized benefits that would effect rate	3
Maximum
Income Tax Provision [Line Items]
Unrecognized benefits that would effect rate	5
Discontinued Operations
Income Tax Provision [Line Items]
Income tax payments, net of refunds	$ 8	$ 39	$ 9

Income Taxes (Tax Reform) (Deta

Income Taxes (Tax Reform) (Details) - Domestic Tax Authority $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Income Tax Provision [Line Items]
Remeasurement of net deferred income tax and uncertain tax liabilities	$ (24)
One-time mandatory repatriation tax on undistributed historic earnings of foreign subsidiaries	8
Valuation allowance established for the impact of the law on certain tax attributes	(13)
Net (benefit) for income taxes impact	$ (29)

Income Taxes (Income Tax Provis

Income Taxes (Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current, Federal	$ 42	$ 74	$ (24)
Current, State	12	9	(6)
Current, Foreign	11	29	38
Current income tax provision	65	112	8
Deferred, Federal	(82)	57	77
Deferred, State	(3)	17	44
Deferred, Foreign	(3)	5	1
Deferred income tax provision/(benefit)	(88)	79	122
Income Tax Expense (Benefit), Total	$ (23)	$ 191	$ 130

Income Taxes (Pre-Tax Income_(L

Income Taxes (Pre-Tax Income/(Loss) For Domestic And Foreign Operations) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Domestic	$ (326)	$ 452	$ 258
Foreign	50	228	138
Income before income taxes	$ (276)	$ 680	$ 396

Income Taxes (Deferred Income T

Income Taxes (Deferred Income Tax Assets and Liabilities) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Deferred Taxes [Line Items]
Net operating loss carryforward		$ 37	$ 33
Foreign tax credit carryforward		75	78
Tax basis differences in assets of foreign subsidiaries		12	12
Accrued liabilities and deferred income		80	49
Provision for doubtful accounts and loan loss reserves for vacation ownership contract receivables		227	229
Other comprehensive income		69	64
Other		92	82
Valuation Allowance	[1]	(153)	(133)
Deferred income tax assets		439	414
Depreciation and amortization		228	189
Installment sales of vacation ownership interests		780	876
Estimated VOI recoveries		60	68
Other comprehensive income		49	47
Deferred Tax Liabilities, Other		20	23
Deferred income tax liabilities		1,137	1,203
Net deferred income tax liabilities		698	789
Foreign Tax Credits		50	35
Net Operating Loss Carryforwards		22	21
Other Deferred Tax Assets		81	77
Other Assets
Deferred Taxes [Line Items]
Net deferred income tax liabilities		27	26
deferred tax liabilities [Member]
Deferred Taxes [Line Items]
Net deferred income tax liabilities		$ 725	$ 815
[1]	The valuation allowance of $153 million at December 31, 2020, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $50 million, $22 million, and $81 million. The valuation allowance of $133 million at December 31, 2019, relates to foreign tax credits, net operating loss carryforwards, and certain deferred tax assets of $35 million, $21 million, and $77 million. The valuation allowance will be reduced when and if the Company determines it is more likely than not that the related deferred income tax assets will be realized.

Income Taxes (Difference of Eff

Income Taxes (Difference of Effective Income Tax Rate From US Federal Statutor Rate) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal Statutory Rate	21.00%	21.00%	21.00%	35.00%
State and local income taxes, net of federal tax benefits	(0.90%)	6.80%	1.70%
Taxes on foreign operations at rates different than U.S. federal statutory rates	(0.90%)	1.40%	2.10%
Taxes on foreign income, net of tax credits	0.20%	0.40%	2.70%
Valuation allowance	(7.10%)	(2.40%)	10.80%
Non-deductible expenses	(1.60%)	0.00%	0.00%
Impact of U.S. tax reform	0.00%	0.00%	(5.50%)
Other	(2.40%)	0.90%	0.00%
Effective Income Tax Rate	8.30%	28.10%	32.80%

Income Taxes (Summary of Activi

Income Taxes (Summary of Activities Related to Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 29	$ 28	$ 28
Increases related to tax positions taken during a prior period	0	1	1
Increases related to tax positions taken during the current period	2	4	4
Decreases related to settlements with taxing authorities	0	(1)	0
Decreases as a result of a lapse of the applicable statute of limitations	(3)	(2)	(2)
Decreases related to tax positions taken during a prior period	(2)	(1)	(3)
Ending balance	$ 26	$ 29	$ 28

Vacation Ownership Contract R_3

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivables [Line Items]
Vacation ownership contract receivables, gross	[1]	$ 3,175	$ 3,867
Financing Receivable, Allowance for Credit Loss		693	747	$ 734	$ 691
Financing Receivable, after Allowance for Credit Loss		2,482	3,120
Securitized
Accounts, Notes, Loans and Financing Receivables [Line Items]
Vacation ownership contract receivables, gross	[2]	2,458	2,984
Securitized | Trade Receivables, net
Accounts, Notes, Loans and Financing Receivables [Line Items]
Interest Receivables		23	25
Non Securitized Receivable
Accounts, Notes, Loans and Financing Receivables [Line Items]
Vacation ownership contract receivables, gross	[3]	717	883
Non Securitized Receivable | Trade Receivables, net
Accounts, Notes, Loans and Financing Receivables [Line Items]
Interest Receivables		$ 9	$ 7
[1]	Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million.
[2]	Excludes $23 million and $25 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets.
[3]	Excludes $9 million and $7 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets.

Vacation Ownership Contract R_4

Vacation Ownership Contract Receivables (Principal Payments Due On Vacation Ownership Contract Receivables) (Details) $ in Millions	Dec. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	$ 315
2022	332
2023	356
2024	375
2025	361
Thereafter	1,436
Contract receivable total	3,175
Securitized Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	245
2022	263
2023	280
2024	294
2025	287
Thereafter	1,089
Contract receivable total	2,458
Non Securitized Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	70
2022	69
2023	76
2024	81
2025	74
Thereafter	347
Contract receivable total	$ 717

Vacation Ownership Contract R_5

Vacation Ownership Contract Receivables (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables			$ 391	$ 405	$ 363
Originated vacation ownership contract receivables			481	1,500	1,510
Vacation ownership contract principal collections			$ 718	$ 937	$ 890
Contract Receivable Weighted Average Interest Rate	14.40%		14.40%	14.40%	14.10%
Provision for Loan, Lease, and Other Losses			$ 415	$ 479	$ 456
Provision for Loan and Lease Losses			$ 415	479	456
Minimum days which Company ceases to accrue interest on VOI contract receivables			90 days
VOI contract receivable written off as credit loss			120 days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for Loan and Lease Losses			$ 415	$ 479	$ 456
Vacation ownership interest sales | COVID-19 (Member)
Vacation Ownership Contract Receivables [Abstract]
Provision for Loan and Lease Losses	$ (20)	$ 225	205
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for Loan and Lease Losses	(20)	225	205
Cost of vacation ownership interest [Member] | COVID-19 (Member)
Vacation Ownership Contract Receivables [Abstract]
Estimated Inventory recoveries during the period	(7)	55	48
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated Inventory recoveries during the period	$ 7	$ (55)	$ (48)

Vacation Ownership Contract R_6

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Vacation Ownership Contract Receivables [Abstract]
Financing Receivable, Allowance for Credit Loss	$ 693	$ 747	$ 734	$ 691
Provision for Loan, Lease, and Other Losses	415	479	456
Contract receivables written off, net	$ 469	$ 466	$ 413

Vacation Ownership Contract R_7

Vacation Ownership Contract Receivables (Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	$ 3,175	$ 3,867
Financing Receivable, Contract Under Temporary Deferment		37	8
FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	1,751	2,075
FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	894	1,135
Fico Scores Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	199	258
No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	106	145
Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross	[1]	225	254
Current [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		3,018	3,648
Current [Member] | FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		1,706	2,019
Current [Member] | FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		835	1,049
Current [Member] | Fico Scores Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		160	196
Current [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		96	134
Current [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		221	250
31 - 60 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		64	90
31 - 60 Days [Member] | FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		20	25
31 - 60 Days [Member] | FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		25	37
31 - 60 Days [Member] | Fico Scores Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		13	21
31 - 60 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		4	5
31 - 60 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		2	2
61 - 90 Days [Member
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		47	67
61 - 90 Days [Member | FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		13	18
61 - 90 Days [Member | FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		18	28
61 - 90 Days [Member | Fico Scores Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		12	17
61 - 90 Days [Member | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		3	3
61 - 90 Days [Member | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		1	1
91 - 120 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		46	62
91 - 120 Days [Member] | FICO Score, Greater than 700 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		12	13
91 - 120 Days [Member] | FICO Score, 600 to 699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		16	21
91 - 120 Days [Member] | Fico Scores Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		14	24
91 - 120 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		3	3
91 - 120 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Vacation ownership contract receivables, gross		$ 1	$ 1
[1]	Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million.

Vacation Ownership Contract R_8

Vacation Ownership Contract Receivables (Year of Origination) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		$ 680	$ 1,546
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		909	932
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		629	572
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		404	325
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		233	195
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		320	297
Non-securitized contract receivables	[1]	3,175	3,867
FICO Score, Greater than 700 [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		424	866
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		476	486
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		339	303
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		220	173
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		128	99
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		164	148
Non-securitized contract receivables	[1]	1,751	2,075
FICO Score, 600 to 699 [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		173	454
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		269	285
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		183	166
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		115	89
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		63	56
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		91	85
Non-securitized contract receivables	[1]	894	1,135
Fico Scores Less Than 600 [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		11	54
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		67	80
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		50	51
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		31	29
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		16	17
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		24	27
Non-securitized contract receivables	[1]	199	258
No Score [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		17	53
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		27	32
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		21	23
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		16	14
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		10	9
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		15	14
Non-securitized contract receivables	[1]	106	145
Asia Pacific [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year		55	119
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year		70	49
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year		36	29
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year		22	20
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year		16	14
Financing Receivable, Originated, More than Five Years before Current Fiscal Year		26	23
Non-securitized contract receivables	[1]	$ 225	$ 254
[1]	Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million.

Inventory (Inventory) (Details)

Inventory (Inventory) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory [Line Items]
Completed VOI inventory	$ 1,049	$ 802
Estimated VOI recoveries	246	281
VOI construction in process	30	24
Inventory sold subject to repurchase	13	24
Vacation exchange credits and other	8	65
Land held for VOI development	1	3
Inventory, Net	$ 1,347	$ 1,199

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013
Inventory [Line Items]
VOI Inventory transferred to Property and Equipment	$ 30	$ 41
Maximum potential future payments	973
Inventory write-down		$ 0	$ 0
COVID-19 (Member)
Inventory [Line Items]
Inventory write-down	48
Operating Expense | COVID-19 (Member)
Inventory [Line Items]
Inventory write-down	48
Las Vegas Inventory Sale
Inventory [Line Items]
Maximum potential future payments	$ 59
Vacation Ownership Inventory Sales [Member]
Inventory [Line Items]
Gain (Loss) on Disposition of Property Plant Equipment				$ 0

Inventory Activity Related to I

Inventory Activity Related to Inventory Obligations (Tables) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Inventory [Line Items]
Total Inventory obligations		$ 83	$ 49	$ 100
Purchases from Third Party Developer		228	176
Payments to third-party developer		(194)	(227)
Avon Colorado Inventory Sale
Inventory [Line Items]
Inventory sold, outstanding obligation	[1]	0	0	11
Purchases from Third Party Developer	[1]	0	0
Payments to third-party developer	[1]	0	(11)
Austin, Texas
Inventory [Line Items]
Inventory sold, outstanding obligation	[1]	0	0	31
Purchases from Third Party Developer	[1]	0	1
Payments to third-party developer	[1]	0	(32)
Las Vegas Inventory Sale
Inventory [Line Items]
Inventory sold, outstanding obligation	[1]	13	43	52
Purchases from Third Party Developer	[1]	36	27
Payments to third-party developer	[1]	(66)	(36)
Moab
Inventory [Line Items]
Inventory sold, outstanding obligation	[1]	31	0	0
Purchases from Third Party Developer	[1]	41	0
Payments to third-party developer	[1]	(10)	0
Orlando
Inventory [Line Items]
Inventory sold, outstanding obligation	[1]	22	0	0
Purchases from Third Party Developer	[1]	44	0
Payments to third-party developer	[1]	(22)	0
Other Inventory Sales [Member]
Inventory [Line Items]
Other inventory obligations	[2]	17	6	$ 6
Purchases from Third Party Developer	[2]	107	148
Payments to third-party developer	[2]	$ (96)	$ (148)
[1]	Included in Accrued expenses and other liabilities on the Consolidated Balance Sheets.
[2]	Included in Accounts payable on the Consolidated Balance Sheets.

Property And Equipment, Net (Sc

Property And Equipment, Net (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, before Accumulated Depreciation and Amortization	$ 1,548	$ 1,524
Less: Accumulated depreciation and amortization	882	844
Property and equipment, net	666	680
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	30	28
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	591	572
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	207	218
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	694	652
Finance leases
Property, Plant and Equipment [Line Items]
Finance Lease, Right-of-Use Asset, before Accumulated Amortization	14	14
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12	$ 40

Property And Equipment, Net (Na

Property And Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 126	$ 121	$ 138
Accrued Liabilities
Property, Plant and Equipment [Line Items]
Construction in Progress, Gross	3	2
Continuing Operations
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 117	$ 113	$ 126

Leases Narrative (Details)

Leases Narrative (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018		Jan. 01, 2019
Right-of-use assets		$ 92			$ 92	$ 136
Asset impairments					52	27	[1]	$ (4)	[1]
Restructuring					39	9		16
Restructuring Plan 2020
Restructuring					37
Facility-Related
Restructuring					24			$ 0
COVID-19 (Member)
Asset impairments	[1]				57
Travel and Membership | COVID-19 (Member) | Facility-Related | Restructuring Plan 2020
Restructuring				$ 22
Vacation Ownership | COVID-19 (Member) | Facility-Related | Restructuring Plan 2020
Restructuring					1
Corporate and Other | COVID-19 (Member) | Facility-Related | Restructuring Plan 2020
Restructuring					1
Asset Impairments [Member] | Travel and Membership | COVID-19 (Member)
Operating Lease, Impairment Loss				24	24
Asset Impairments [Member] | Travel and Membership | COVID-19 (Member) | Restructuring Plan 2020
Operating Lease, Impairment Loss				24
Asset Impairments [Member] | Vacation Ownership
Asset impairments		1		$ 3
Asset Impairments [Member] | Vacation Ownership | COVID-19 (Member)
Asset impairments			$ 6
Operating Lease, Impairment Loss					5
Asset Impairments [Member] | Corporate and Other
Asset impairments		1
Accounting Standards Update 2016-02 [Member]
Right-of-use assets										$ 158
Lease liability										200
Reclass from Other Liabilities to Operating Assets										42
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Accounting Standards Update 2016-02 [Member]
Lease liability										$ 21
Other Assets
Right-of-use assets		92			92	136
Other Liabilities [Member]
Lease liability		$ 157			$ 157	180
Minimum
Lessee, Operating Lease, Remaining Lease Term		1 year			1 year
Maximum
Lessee, Operating Lease, Remaining Lease Term		20 years			20 years
Option to extend leases		10 years			10 years
Termination period					1 year
New Jersey [Domain]
Asset impairments						12
Chicago, Illinois [Member]
Asset impairments						6
Indemnification receivable						$ 9
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

Leases Lease Costs (Details)

Leases Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating Lease, Cost	$ 30	$ 37
Short-term lease cost	14	23
Amortization of right-of-use assets	3	2
Interest on lease liabilities	0	0
Total finance lease cost	$ 3	$ 2

Leases Lease Assets and Liabili

Leases Lease Assets and Liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Right-of-use assets		$ 92	$ 136
Operating Lease, Weighted Average Remaining Lease Term		7 years 1 month 6 days	7 years 9 months 18 days
Finance Lease, Weighted Average Remaining Lease Term		2 years 7 months 6 days	2 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	[1]	5.90%	6.20%
Finance Lease, Weighted Average Discount Rate, Percent		5.60%	4.20%
Other Assets
Right-of-use assets		$ 92	$ 136
Other Liabilities [Member]
Lease liability		157	180
property and equipment, net [Member]
Finance Lease, Right-of-Use Asset	[2]	8	5
Debt [Member]
Finance Lease, Liability		$ 7	$ 5
[1]	Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.
[2]	Presented net of accumulated depreciation.

Leases Cash Flow Presentation (

Leases Cash Flow Presentation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 36	$ 48
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	4	2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	3	8
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 6	$ 3

Leases Lease Maturities (Detail

Leases Lease Maturities (Details) $ in Millions	Dec. 31, 2020USD ($)
Leases [Abstract]
Lessee, Operating Lease, Liability, Payments, Due Year One	$ 35
Finance Lease, Liability, Payments, Due Year One	3
Lessee, Operating Lease, Liability, Payments, Due Year Two	30
Finance Lease, Liability, Payments, Due Year Two	3
Lessee, Operating Lease, Liability, Payments, Due Year Three	28
Finance Lease, Liability, Payments, Due Year Three	2
Lessee, Operating Lease, Liability, Payments, Due Year Four	27
Finance Lease, Liability, Payments, Due Year Four	0
Lessee, Operating Lease, Liability, Payments, Due Year Five	23
Finance Lease, Liability, Payments, Due Year Five	0
Lessee, Operating Lease, Liability, Payments, Due after Year Five	49
Finance Lease, Liability, Payments, Due after Year Five	0
Lessee, Operating Lease, Liability, Payments, Due	192
Finance Lease, Liability, Payment, Due	8
Operating lease, Future Minimum Payments, Interest Included in Payments	(35)
Finance Leases, Future Minimum Payments, Interest Included in Payments	(1)
Operating Leases, Future Minimum Payments Due	157
Finance Leases, Future Minimum Payments Due	$ 7

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Other Current Assets [Abstract]
Right-of-use assets	$ 92	$ 136
Deferred costs	90	106
Non-trade receivables, net	77	82
Deferred tax asset	27	26
Investments	26	35
Tax receivables	20	34
Deposits	20	15
Marketable securities	9	10
Other	26	30
Other assets	$ 387	$ 474

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Schedule of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Millions		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Accrued expenses and other liabilities [Line Items]
Accrued payroll and related costs		$ 166		$ 205
Lease Liabilities	[1]	157		180
Accrued taxes		73		86
Guarantees		67		72
Inventory sale obligation	[2]	66		43
Accrued interest		65		41
Accrued advertising and marketing		61		54
Payables associated with separation and sale of business activities		39		41
Resort related obligations		39		33
Restructuring related obligations		26	[3]	7	[3]	$ 12	$ 5
Accrued VOI maintenance fees		24		19
Deferred consideration		21		44
Accrued legal and professional fees		20		22
Accrued legal settlements		13		13
Customer advances		10		20
Accrued separation costs		7		14
Accrued other		69		79
Accrued expenses and other liabilities		929		973
COVID-19 (Member)
Accrued expenses and other liabilities [Line Items]
Restructuring related obligations	[4]	$ 6		$ 0
[1]	See Note 13— Leases for details.
[2]	See Note 11— Inventory for details.
[3]	See Note 28— Restructuring for details.
[4]	See Note 26— COVID-19 Related Items for details.

Debt (Summary Of Indebtedness-L

Debt (Summary Of Indebtedness-Long-Term Debt) (Details) $ in Millions, $ in Millions		12 Months Ended
		Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)	Dec. 31, 2020AUD ($)	Dec. 31, 2020NZD ($)	Sep. 30, 2020	Jul. 24, 2020USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2013
Debt Instrument [Line Items]
Total long-term debt		$ 6,418,000,000
Cash and cash equivalents		1,196,000,000		$ 355,000,000					$ 218,000,000
USD bank conduit facility (due August 2021) | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 800,000,000
Secured Term Loan B | Term notes (b)
Debt Instrument [Line Items]
Long-term Debt, Weighted Average Interest Rate, over Time		2.93%		4.71%
7.375% Secured Notes (Due March 2020)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		7.375%			7.375%	7.375%
5.625% Secured Notes (Due March 2021)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		5.625%			5.625%	5.625%
4.25% Secured Notes (Due March 2022) | Interest Rate Swap
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		4.25%			4.25%	4.25%					4.25%
3.90% Secured Notes (Due March 2023) | Interest Rate Swap
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		3.90%			3.90%	3.90%					3.90%
5.65% Secured Notes (Due April 2024)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		5.65%			5.65%	5.65%	5.40%
6.60% secured notes due October 2025 [Domain]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Debt instruments, stated interest percentage		6.60%			6.60%	6.60%	6.35%
6.625% Senior Secured Notes Due July 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount								$ 650,000,000
Debt instruments, stated interest percentage		6.625%			6.625%	6.625%		6.625%
6.00% secured notes due April 2027 [Domain]
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		6.00%			6.00%	6.00%	5.75%
6.00% secured notes due April 2027 [Domain] | Interest Rate Swap
Debt Instrument [Line Items]
Debt instrument, face amount										$ 400,000,000
Debt instruments, stated interest percentage										6.00%
4.625% Secured notes due March 2030 [Member]
Debt Instrument [Line Items]
Debt instruments, stated interest percentage		4.625%			4.625%	4.625%
Term Notes
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 21,000,000		$ 23,000,000
Term Notes | Term notes (b)
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1],[2]	1,893,000,000		1,969,000,000
Non-recourse bank conduit facility
Debt Instrument [Line Items]
Less: Outstanding borrowings	[3]	341,000,000
Credit facility maximum borrowing capacity	[3]	1,031,000,000
Debt instrument, face amount		800,000,000
Non-recourse bank conduit facility | USD bank conduit facility (due August 2021)
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1],[4]	168,000,000		508,000,000
Outstanding borrowings		168,000,000
Credit facility maximum borrowing capacity		800,000,000
Non-recourse bank conduit facility | AUD/NZD bank conduit facility (due September 2021)
Debt Instrument [Line Items]
Outstanding borrowings	[1],[5]	173,000,000		64,000,000
Credit facility maximum borrowing capacity					$ 255	$ 48
Non-recourse Vacation Ownership Debt
Debt Instrument [Line Items]
Non-recourse vacation ownership debt (VIE)	[1]	2,234,000,000		2,541,000,000
Total long-term debt		2,234,000,000
Long-term vacation ownership contract receivables		$ 2,570,000,000		$ 3,120,000,000
Weighted average interest rate		4.20%		4.40%	4.20%	4.20%			4.20%
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023
Debt Instrument [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Less: Outstanding borrowings	[7],[8]	547,000,000	[6]	$ 0
Credit facility maximum borrowing capacity	[6]	$ 1,000,000,000
Long-term Debt, Weighted Average Interest Rate, over Time		3.02%		5.19%
Debt instrument, face amount		$ 1,000,000,000
Long-term Debt
Debt Instrument [Line Items]
Total long-term debt	[7]	4,184,000,000		$ 3,034,000,000
Unamortized Debt Issuance Expense		7,000,000		7,000,000
Debt Instrument, Unamortized Discount		16,000,000		12,000,000
Long-term Debt | Secured Term Loan B
Debt Instrument [Line Items]
Other Long-term Debt	[7],[9]	291,000,000		293,000,000
Debt instrument, face amount		300,000,000
Long-term Debt | 7.375% Secured Notes (Due March 2020)
Debt Instrument [Line Items]
Senior notes	[7]	0		40,000,000
Debt instrument, face amount		40,000,000
Long-term Debt | 5.625% Secured Notes (Due March 2021)
Debt Instrument [Line Items]
Senior notes	[7]	250,000,000		249,000,000
Debt instrument, face amount		250,000,000
Long-term Debt | 4.25% Secured Notes (Due March 2022)
Debt Instrument [Line Items]
Senior notes	[7],[10]	650,000,000		649,000,000
Debt instrument, face amount		650,000,000
Unamortized (gains)/losses from the settlement of a derivative		(1,000,000)		(1,000,000)
Long-term Debt | 3.90% Secured Notes (Due March 2023)
Debt Instrument [Line Items]
Senior notes	[7],[11]	402,000,000		404,000,000
Debt instrument, face amount		400,000,000
Unamortized (gains)/losses from the settlement of a derivative		(3,000,000)		(5,000,000)
Long-term Debt | 5.65% Secured Notes (Due April 2024)
Debt Instrument [Line Items]
Senior notes	[7],[12]	299,000,000		298,000,000
Debt instrument, face amount		300,000,000
Long-term Debt | 6.60% secured notes due October 2025 [Domain]
Debt Instrument [Line Items]
Senior notes	[7],[13]	344,000,000		342,000,000
Unamortized (gains)/losses from the settlement of a derivative		5,000,000		6,000,000
Long-term Debt | 6.625% Senior Secured Notes Due July 2026 [Member]
Debt Instrument [Line Items]
Senior notes	[7]	641,000,000		0
Debt instrument, face amount		650,000,000
Long-term Debt | 6.00% secured notes due April 2027 [Domain]
Debt Instrument [Line Items]
Senior notes	[7],[14]	408,000,000		409,000,000
Debt instrument, face amount		400,000,000
Unamortized (gains)/losses from the settlement of a derivative		(11,000,000)		(13,000,000)
Long-term Debt | 4.625% Secured notes due March 2030 [Member]
Debt Instrument [Line Items]
Senior notes	[7]	345,000,000		345,000,000
Debt instrument, face amount		350,000,000
Long-term Debt | Finance Lease Obligations [Member]
Debt Instrument [Line Items]
Finance Lease, Liability	[7]	$ 7,000,000		$ 5,000,000
[1]	Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.57 billion and $3.12 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2020 and 2019.
[2]	The carrying amounts of the term notes are net of debt issuance costs of $21 million and $23 million as of December 31, 2020 and 2019.
[3]	Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[4]	The Company has a borrowing capacity of $800 million under the USD bank conduit facility through October 2022. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than November 2023.
[5]	The Company has a borrowing capacity of 255 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through September 2021. Borrowings under this facility are required to be repaid no later than September 2023.
[6]	Consists of the Company’s $1.0 billion secured revolving credit facility.
[7]	The carrying amounts of the secured notes and term loan are net of unamortized discounts of $16 million and $12 million as of December 31, 2020 and 2019, and net of unamortized debt financing costs of $7 million as of December 31, 2020 and 2019.
[8]	The weighted average effective interest rate on borrowings from this facility was 3.02% and 5.19% as of December 31, 2020 and 2019. In late March 2020, the Company drew down its $1.0 billion secured revolving credit facility as a precautionary measure due to COVID-19. The Company used a portion of the proceeds from the issuance of the $650 million secured notes to repay a portion of this debt. At December 31, 2020, the Company had $1.2 billion in Cash and cash equivalents on the Consolidated Balance Sheet.
[9]	The weighted average effective interest rate on borrowings from this facility was 2.93% and 4.71% as of December 31, 2020 and 2019.
[10]	Includes less than $1 million and $1 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019.
[11]	Includes $3 million and $5 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019.
[12]	Effective October 1, 2020, the interest rate of these notes were increased from 5.40% to 5.65% as a result of the Company’s corporate notes being downgraded on May 6, 2020.
[13]	Effective October 1, 2020, the interest rate of these notes were increased from 6.35% to 6.60% as a result of the Company’s corporate notes being downgraded on May 6, 2020. Includes $5 million and $6 million of unamortized losses from the settlement of a derivative as of December 31, 2020 and 2019.
[14]	Effective October 1, 2020, the interest rate of these notes were increased from 5.75% to 6.00% as a result of the Company’s corporate notes being downgraded on May 6, 2020. Includes $11 million and $13 million of unamortized gains from the settlement of a derivative as of December 31, 2020 and 2019.

Debt (Summary Of Outstanding De

Debt (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Within 1 year		$ 625
Between 1 and 2 years		997
Between 2 and 3 years		1,177
Between 3 and 4 years		525
Between 4 and 5 years		863
Thereafter		2,231
Total long-term debt		6,418
Non-recourse Vacation Ownership Debt
Debt Instrument [Line Items]
Within 1 year		369
Between 1 and 2 years		341
Between 2 and 3 years		223
Between 3 and 4 years		224
Between 4 and 5 years		241
Thereafter		836
Total long-term debt		2,234
Long-term Debt
Debt Instrument [Line Items]
Within 1 year		256
Between 1 and 2 years		656
Between 2 and 3 years		954
Between 3 and 4 years		301
Between 4 and 5 years		622
Thereafter		1,395
Total long-term debt	[1]	$ 4,184	$ 3,034
[1]	The carrying amounts of the secured notes and term loan are net of unamortized discounts of $16 million and $12 million as of December 31, 2020 and 2019, and net of unamortized debt financing costs of $7 million as of December 31, 2020 and 2019.

Debt (Summary Of Available Capa

Debt (Summary Of Available Capacity Under Borrowing Arrangements) (Details) - USD ($) $ in Millions		Dec. 31, 2020		Dec. 31, 2019
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount		$ 127		$ 60
Non-recourse bank conduit facility
Debt Instrument [Line Items]
Total capacity	[1]	1,031
Less: Outstanding borrowings	[1]	341
Letters of Credit Outstanding, Amount	[1]	0
Available capacity	[1]	690
Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total capacity	[2]	1,000
Less: Outstanding borrowings	[3],[4]	547	[2]	0
Letters of Credit Outstanding, Amount		96	[2]	$ 17
Available capacity	[2]	$ 357
[1]	Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[2]	Consists of the Company’s $1.0 billion secured revolving credit facility.
[3]	The carrying amounts of the secured notes and term loan are net of unamortized discounts of $16 million and $12 million as of December 31, 2020 and 2019, and net of unamortized debt financing costs of $7 million as of December 31, 2020 and 2019.
[4]	The weighted average effective interest rate on borrowings from this facility was 3.02% and 5.19% as of December 31, 2020 and 2019. In late March 2020, the Company drew down its $1.0 billion secured revolving credit facility as a precautionary measure due to COVID-19. The Company used a portion of the proceeds from the issuance of the $650 million secured notes to repay a portion of this debt. At December 31, 2020, the Company had $1.2 billion in Cash and cash equivalents on the Consolidated Balance Sheet.

Debt (Non-recourse Vacation Own

Debt (Non-recourse Vacation Ownership Debt) (Narrative) (Details) $ in Millions, $ in Millions, $ in Millions		Dec. 31, 2020USD ($)	Dec. 31, 2020AUD ($)	Dec. 31, 2020NZD ($)	Aug. 13, 2020USD ($)	Apr. 29, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018
Debt Instrument [Line Items]
Debt		$ 6,418
Non-recourse bank conduit facility
Debt Instrument [Line Items]
Debt instrument, face amount		800
Credit facility maximum borrowing capacity	[1]	$ 1,031
Non-recourse Vacation Ownership Debt
Debt Instrument [Line Items]
Weighted average interest rate		4.20%	4.20%	4.20%			4.40%	4.20%
Collateralized gross vacation ownership contract receivables and related assets		$ 2,570					$ 3,120
Debt		$ 2,234
Sierra Timeshare 2020-1
Debt Instrument [Line Items]
Debt instrument, face amount						$ 325
Weighted average coupon rate		3.50%	3.50%	3.50%
Advance rate on securitized debt						85.00%
Outstanding borrowings		$ 222
Sierra Timeshare 2020-2
Debt Instrument [Line Items]
Debt instrument, face amount					$ 575
Weighted average coupon rate					2.81%
Advance rate on securitized debt					90.00%
Outstanding borrowings		479
Term Notes
Debt Instrument [Line Items]
Outstanding borrowings		$ 1,190
Weighted average interest rate		4.50%	4.50%	4.50%			4.50%	4.10%
USD bank conduit facility (due August 2021) | Non-recourse bank conduit facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 168
Credit facility maximum borrowing capacity		800
AUD/NZD bank conduit facility (due September 2021) | Non-recourse bank conduit facility
Debt Instrument [Line Items]
Outstanding borrowings	[2],[3]	$ 173					$ 64
Credit facility maximum borrowing capacity			$ 255	$ 48
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate		1.50%	1.50%	1.50%
[1]	Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[2]	Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.57 billion and $3.12 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2020 and 2019.
[3]	The Company has a borrowing capacity of 255 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through September 2021. Borrowings under this facility are required to be repaid no later than September 2023.

Debt (Narrative) (Details)

Debt (Narrative) (Details) - USD ($) $ in Millions		Jul. 24, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Debt Instrument [Line Items]
Repayments of Lines of Credit			$ 350
Non-recourse bank conduit facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	[1]			$ 1,031
Debt instrument, face amount				$ 800
Credit Agreement | Bank of America, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 1,300
Secured Term Loan B | Bank of America, N.A.
Debt Instrument [Line Items]
Debt instrument, face amount					$ 300
Weighted average interest rate				2.25%
Secured Term Loan B | Bank of America, N.A. | Adjusted Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Secured Term Loan B | Bank of America, N.A. | Adjusted LIBOR Rate
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Secured Term Loan B | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 300
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 1,000
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted Base Rate [Member] | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					1.25%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted Base Rate [Member] | Revolving Credit Facility | Maximum | Relief Period [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted Base Rate [Member] | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted Base Rate [Member] | Revolving Credit Facility | Minimum | Relief Period [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted LIBOR Rate | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted LIBOR Rate | Revolving Credit Facility | Maximum | Relief Period [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					2.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted LIBOR Rate | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Adjusted LIBOR Rate | Revolving Credit Facility | Minimum | Relief Period [Member]
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%
Secured Revolving Credit Facility due May 2023 | Bank of America, N.A. | Floor LIBOR Rate | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.00%
7.375% Secured Notes (Due March 2020)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				7.375%
7.375% Secured Notes (Due March 2020) | Bank of America, N.A.
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				7.375%
7.375% Secured Notes (Due March 2020) | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 40
5.625% Secured Notes (Due March 2021)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				5.625%
5.625% Secured Notes (Due March 2021) | Bank of America, N.A.
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				5.625%
5.625% Secured Notes (Due March 2021) | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250
4.25% Secured Notes (Due March 2022) | Bank of America, N.A.
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				4.25%
4.25% Secured Notes (Due March 2022) | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 650
3.90% Secured Notes (Due March 2023) | Bank of America, N.A.
Debt Instrument [Line Items]
Debt instruments, stated interest percentage				3.90%
3.90% Secured Notes (Due March 2023) | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400
5.65% Secured Notes (Due April 2024)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage			5.40%	5.65%
Debt Instrument, Interest Rate, Increase (Decrease)				1.50%
5.65% Secured Notes (Due April 2024) | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.50%
5.65% Secured Notes (Due April 2024) | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 300
6.60% secured notes due October 2025 [Domain]
Debt Instrument [Line Items]
Debt instrument, face amount				$ 350
Debt instruments, stated interest percentage			6.35%	6.60%
Debt Instrument, Interest Rate, Increase (Decrease)				1.50%
6.60% secured notes due October 2025 [Domain] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.50%
6.00% secured notes due April 2027 [Domain]
Debt Instrument [Line Items]
Debt instruments, stated interest percentage			5.75%	6.00%
Debt Instrument, Interest Rate, Increase (Decrease)				1.50%
6.00% secured notes due April 2027 [Domain] | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.50%
6.00% secured notes due April 2027 [Domain] | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400
Secured Notes | Long-term Debt
Debt Instrument [Line Items]
Secured Debt				$ 2,700
6.625% Senior Secured Notes Due July 2026 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 650
Debt instruments, stated interest percentage		6.625%		6.625%
Proceeds from Issuance of Debt		$ 643
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net		$ 9
6.625% Senior Secured Notes Due July 2026 [Member] | Long-term Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 650
USD bank conduit facility (due August 2021) | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity				800
USD bank conduit facility (due August 2021) | Non-recourse bank conduit facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity				800
Secured Debt	[2],[3]			168		$ 508
Deferred financing cost related to securitized debt				$ 11		$ 11
Revolving Credit Facility | Bank of America, N.A. | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.25%
[1]	Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[2]	Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.57 billion and $3.12 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2020 and 2019.
[3]	The Company has a borrowing capacity of $800 million under the USD bank conduit facility through October 2022. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than November 2023.

Debt (Fair Value Hedges) (Narra

Debt (Fair Value Hedges) (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2015	Dec. 31, 2019	Dec. 31, 2020	Sep. 30, 2020	Mar. 31, 2017	Dec. 31, 2013
6.00% secured notes due April 2027 [Domain]
Debt Instrument [Line Items]
Debt instruments, stated interest percentage			6.00%	5.75%
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Cash Received on Hedge	$ 17	$ 13
Deferred gain/(loss) on fair value hedge		6	$ 4
Interest Rate Swap | 6.00% secured notes due April 2027 [Domain]
Debt Instrument [Line Items]
Debt instruments, stated interest percentage					6.00%
Debt instrument, face amount					$ 400
Deferred gain/(loss) on fair value hedge		$ (13)	$ (11)
Interest Rate Swap | 3.90% Secured Notes (Due March 2023)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage			3.90%			3.90%
Derivative, notional amount						$ 400
Interest Rate Swap | 4.25% Secured Notes (Due March 2022)
Debt Instrument [Line Items]
Debt instruments, stated interest percentage			4.25%			4.25%
Derivative, notional amount						$ 100

Debt Debt (Debt Covenants) (Nar

Debt Debt (Debt Covenants) (Narrative) (Details) - Bank of America, N.A. $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020USD ($)$ / shares
Credit Agreement
Debt Instrument [Line Items]
Minimum interest coverage ratio		2.5
Maximum first lien leverage ratio		4.25
Interest coverage ratio		3
First lien leverage ratio		5.4
Secured Revolving Credit Facility due May 2023
Debt Instrument [Line Items]
Minimum interest coverage ratio		2.50
Maximum first lien leverage ratio		4.25
Secured Revolving Credit Facility due May 2023 | Relief Period [Member]
Debt Instrument [Line Items]
Minimum interest coverage ratio		2
Maximum first lien leverage ratio		7.50
Debt instrument, Covenant, Liquidity base | $		$ 250
Debt instrument, Covenant, Liquidity dividend spread		50.00%
Secured Revolving Credit Facility due May 2023 | Relief Period [Member] | Maximum
Debt Instrument [Line Items]
Dividends Payable, Amount Per Share | $ / shares		$ 0.50
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.25%
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		0.25%

Debt (Interest Expense) (Narrat

Debt (Interest Expense) (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense	$ 192	$ 162	$ 170
Capitalized interest	1	3	2
Consumer financing interest	101	106	88
Long-term Debt
Debt Instrument [Line Items]
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	163	158	159
Non-recourse Vacation Ownership Debt
Debt Instrument [Line Items]
Interest Paid, Including Capitalized Interest, Operating and Investing Activities	$ 74	$ 81	$ 58

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule Of Transfer And Financial Assets [Line Items]
Securitized restricted cash		$ 121	$ 147	$ 155
Other assets		387	474
Total assets		7,613	7,453
Total SPE liabilities		8,581	7,977
Vacation Ownership SPEs
Schedule Of Transfer And Financial Assets [Line Items]
Deferred financing cost related to securitized debt		21	23
Vacation Ownership SPEs | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	[1]	2,458	2,984
Securitized restricted cash	[2]	92	110
Interest receivables on securitized contract receivables	[3]	23	25
Other assets	[4]	5	4
Total assets		2,578	3,123
Other liabilities	[5]	2	4
Total SPE liabilities		2,236	2,545
SPE assets in excess of SPE liabilities		342	578
Term Notes | Vacation Ownership SPEs | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Non-recourse vacation ownership debt (VIE)	[6],[7]	1,893	1,969
Non-recourse bank conduit facility | Vacation Ownership SPEs | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Non-recourse vacation ownership debt (VIE)	[6]	$ 341	$ 572
[1]	Included in Vacation ownership contract receivables, net on the Consolidated Balance Sheets.
[2]	Included in Restricted cash on the Consolidated Balance Sheets.
[3]	Included in Trade receivables, net on the Consolidated Balance Sheets.
[4]	Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in Other assets on the Consolidated Balance Sheets.
[5]	Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Consolidated Balance Sheets.
[6]	Included in Non-recourse vacation ownership debt on the Consolidated Balance Sheets.
[7]	Includes deferred financing costs of $21 million and $23 million as of December 31, 2020 and 2019, related to non-recourse debt.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	[1]	$ 3,175	$ 3,867
Property and equipment, net		666	680
Debt		6,418
Non Securitized Receivable
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	[2]	717	883
Non Securitized Receivable | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables		717	883
VOI Inventories | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Property and equipment, net				$ 51
Saint Thomas | Variable Interest Entity, Primary Beneficiary
Schedule Of Transfer And Financial Assets [Line Items]
Property and equipment, net				64
Debt				104
VOI Development
Schedule Of Transfer And Financial Assets [Line Items]
Property, Plant, And Equipment Write-down				$ 37
Saint Thomas, U.S. Virgin Island Inventory Sale
Schedule Of Transfer And Financial Assets [Line Items]
Conveyed PP&E		$ 0	$ 23
[1]	Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million.
[2]	Excludes $9 million and $7 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets.

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses) (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-securitized contract receivables	[1]	$ 3,175	$ 3,867
Financing Receivable, after Allowance for Credit Loss		2,482	3,120
Non Securitized Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-securitized contract receivables	[2]	717	883
Non Securitized Receivable | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
SPE assets in excess of SPE liabilities		342	578
Non-securitized contract receivables		717	883
Less: Allowance for loan losses		693	747
Financing Receivable, after Allowance for Credit Loss		$ 366	$ 714
[1]	Includes contracts under temporary deferment (up to 180 days). As of December 31, 2020 and 2019, contracts under deferment total $37 million and $8 million.
[2]	Excludes $9 million and $7 million of accrued interest on VOCRs as of December 31, 2020 and 2019, which are included in Trade receivables, net on the Consolidated Balance Sheets.

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	$ 2,482	$ 3,120
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	6,418	5,575
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables, Fair Value Disclosure	3,035	3,907
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Disclosure	6,705	$ 5,709
Foreign Exchange Contracts | Fair Value, Recurring [Member] | Other Assets | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Asset	3
Foreign Exchange Contracts | Fair Value, Recurring [Member] | Other Liabilities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative contract liabilities	$ 1

Financial Instruments (Summary

Financial Instruments (Summary Of Gain Amounts Recognized In AOCI) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Designated Hedging Instruments | Foreign Exchange Contracts
Derivative [Line Items]
Gain/(loss) amounts recognized in AOCL	$ 0	$ 0	$ (1)

Financial Instruments (Summar_2

Financial Instruments (Summary Of Gain/(Loss) Recognized In Income) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Foreign Exchange Contracts | Non-Designated Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain/(loss) amounts recognized in income	[1]	$ 3	$ 1	$ 2
[1]	Included within Operating expenses on the Consolidated Statements of (Loss)/Income, which is primarily offset by changes in the value of the underlying assets and liabilities.

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CALIFORNIA
Derivatives, Fair Value [Line Items]
Percentage of vacation ownership contract receivables	18.00%
Percentage Of Net Revenues Generated From Transactions In Geographic Locations	12.00%	11.00%	11.00%
FLORIDA
Derivatives, Fair Value [Line Items]
Percentage Of vacation Ownership Interest Sales Revenue Generated From Geographic Sales Office	16.00%
Percentage Of Net Revenues Generated From Transactions In Geographic Locations	18.00%	19.00%	16.00%
NEVADA
Derivatives, Fair Value [Line Items]
Percentage Of vacation Ownership Interest Sales Revenue Generated From Geographic Sales Office	15.00%

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Surety_Providers		Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)
Commitments And Contingencies [Line Items]
Total future minimum lease obligations	$ 200
Aggregate amount of purchase commitments	973
Letters of Credit Outstanding, Amount	$ 127			$ 60
Number of surety providers of assembled commitments | Surety_Providers	12
Assembled commitments, amount	$ 2,300
Surety amounts outstanding	261
Litigation reserves	13			13
British Travel Association and Regulatory Authorities
Commitments And Contingencies [Line Items]
Secured bonding facility and perpetual guarantee	46
British Travel Association and Regulatory Authorities | United States of America, Dollars | Letter of Credit [Member] | Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. [Member]
Commitments And Contingencies [Line Items]
Secured bonding facility and perpetual guarantee	48
Las Vegas Inventory Sale
Commitments And Contingencies [Line Items]
Aggregate amount of purchase commitments	59
Marketing
Commitments And Contingencies [Line Items]
Aggregate amount of purchase commitments	714
Marketing | COVID-19 (Member)
Commitments And Contingencies [Line Items]
Long-term Purchase Commitment, Decrease	317
Vacation Ownership Properties
Commitments And Contingencies [Line Items]
Aggregate amount of purchase commitments	143
Information Technology
Commitments And Contingencies [Line Items]
Aggregate amount of purchase commitments	31
Revolving Credit Facility | Revolving Credit Facility | Secured Revolving Credit Facility due May 2023
Commitments And Contingencies [Line Items]
Letters of Credit Outstanding, Amount	96	[1]		17
Vacation Ownership [Member]
Commitments And Contingencies [Line Items]
Guarantees and Indemnifications Payment of Fees For Default			$ 8
Recognized Liability Associated With Guarantees	0			$ 0
Vacation Ownership [Member] | Guarantee Obligations [Member]
Commitments And Contingencies [Line Items]
Annual cap	32
Maximum [Member]
Commitments And Contingencies [Line Items]
Range of possible loss, portion not accrued	35
Maximum [Member] | Unasserted Claim [Member]
Commitments And Contingencies [Line Items]
Range of possible loss, portion not accrued	$ 1
[1]	Consists of the Company’s $1.0 billion secured revolving credit facility.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income/(Loss) (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions		Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning Balance, value			$ (524)	$ (569)	$ 774
Other comprehensive income/(loss)			36	0	(33)
Ending Balance, value		$ 774	(968)	(524)	(569)
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning Balance, value					(17)
Ending Balance, value		(17)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning balance, Pretax			(148)	(147)	(96)
Period change, Pretax			35	(1)	(75)
Pretax- Amount reclassed to earnings				0	24
Ending balance, Pretax		(96)	(113)	(148)	(147)
Beginning balance, Tax			95	94	89
Period change, tax			2	1	13
Amount reclassified to earnings				0	0
Ending balance, Tax		89	97	95	94
Beginning Balance, value			(53)	(53)	(7)
Other comprehensive income/(loss) before reclassifications			37	0	(62)
Amount reclassified to earnings				0	24
Other comprehensive income/(loss)					(38)
Ending Balance, value		(7)	(16)	(53)	(53)
Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning balance, Tax					(8)
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	[1]	(8)
Ending balance, Tax		(8)
Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Other comprehensive income/(loss)	[1]	(8)
Unrealized Gains/(Losses) on Cash Flow Hedges
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning balance, Pretax			(1)	(2)	(2)
Period change, Pretax			0	0	0
Pretax- Amount reclassed to earnings				1	0
Ending balance, Pretax		(2)	(1)	(1)	(2)
Beginning balance, Tax			1	2	2
Period change, tax			0	(1)	0
Amount reclassified to earnings				0	0
Ending balance, Tax		2	1	1	2
Beginning Balance, value			0	0	0
Other comprehensive income/(loss) before reclassifications			0	(1)	0
Amount reclassified to earnings				1	0
Other comprehensive income/(loss)					0
Ending Balance, value		0	0	0	0
Unrealized Gains/(Losses) on Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	[1]	0
Unrealized Gains/(Losses) on Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Other comprehensive income/(loss)	[1]	0
Defined Benefit Pension Plans
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning balance, Pretax			1	2	(5)
Period change, Pretax			(1)	(1)	1
Pretax- Amount reclassed to earnings				0	6
Ending balance, Pretax		(5)	0	1	2
Beginning balance, Tax			0	(1)	1
Period change, tax			0	1	0
Amount reclassified to earnings				0	(2)
Ending balance, Tax		1	0	0	(1)
Beginning Balance, value			1	1	(4)
Other comprehensive income/(loss) before reclassifications			(1)	0	1
Amount reclassified to earnings				0	4
Other comprehensive income/(loss)					5
Ending Balance, value		(4)	0	1	1
Defined Benefit Pension Plans | Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	[1]	0
Defined Benefit Pension Plans | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Other comprehensive income/(loss)	[1]	0
AOCI Including Portion Attributable to Noncontrolling Interest
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Beginning balance, Pretax			(148)	(147)	(103)
Period change, Pretax			34	(2)	(74)
Pretax- Amount reclassed to earnings				1	30
Ending balance, Pretax		(103)	(114)	(148)	(147)
Beginning balance, Tax			96	95	92
Period change, tax			2	1	13
Amount reclassified to earnings				0	(2)
Ending balance, Tax		92	98	96	95
Beginning Balance, value			(52)	(52)	(11)
Other comprehensive income/(loss) before reclassifications			36	(1)	(61)
Amount reclassified to earnings				1	28
Other comprehensive income/(loss)					(33)
Ending Balance, value		(11)	$ (16)	$ (52)	$ (52)
AOCI Including Portion Attributable to Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	[1]	(8)
AOCI Including Portion Attributable to Noncontrolling Interest | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive (Loss)/Income, Net of Tax
Other comprehensive income/(loss)	[1]	$ (8)
[1]	Impact of the Company’s adoption of new accounting guidance which allowed for the reclassification of the stranded tax effects resulting from the implementation of the Tax Cuts and Jobs Act of 2017. This adoption resulted in an $8 million reclassification of tax benefit from AOCL to Retained Earnings.

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income/(Loss) (Reclassification out of AOCL) (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

Sep. 30, 2019

[2]

Jun. 30, 2019

[2]

Mar. 31, 2019

[2]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Gain on disposal of discontinued business, net of income taxes

$ 2

$ 0

$ 0

$ 0

$ (12)

$ 0

$ (6)

$ 1

$ 2

$ (18)

$ (456)

Net income attributable to Wyndham Destinations shareholders

255

(507)

$ (672)

Reclassification out of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Gain on disposal of discontinued business, net of income taxes

0

(1)

Net income attributable to Wyndham Destinations shareholders

$ 0

$ (1)

[1]

The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.

[2]

The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum common stock shares to be awarded	15.7
Common stock remaining shares outstanding	11.9
Share-based Payment Arrangement, Expense	$ 20,000,000	$ 24,000,000	$ 151,000,000
Net share settlement of incentive equity awards	$ (2,000,000)	$ (4,000,000)	(60,000,000)
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Purchase Date	10.00%
Stock Issued During Period, Shares, Employee Stock Ownership Plan	0.2	0.2
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 1,000,000	$ 1,000,000
Employee stock purchase program issuances	7,000,000	11,000,000
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase program issuances	7,000,000	11,000,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	$ 35,000,000	26,000,000	58,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Performance-vested restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	$ 8,000,000	7,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture	$ 8,000,000	5,000,000	7,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Discontinued Operations
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense			22,000,000
Separation and Related Costs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 4,000,000	$ 105,000,000

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Granted By The Company) (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)		1
Number of Units, Granted (shares)		1
Number of Units, Vested/exercised (shares)		(0.3)
Number of Units, Canceled (shares)	[1]	(0.1)
Number of Units, Ending Balance (shares)	[2]	1.6
Weighted Average Grant Price, Beginning Balance (in dollars per share)		$ 46.32
Weighted Average Grant Price, Granted (in dollars per share)		33.64
Weighted Average Grant Price, Vested/exercised (in dollars per share)		46.44
Weighted Average Grant Price, Canceled (in dollars per share)	[1]	42.95
Weighted Average Grant Price, Ending Balance (in dollars per share)		$ 38.22
Unrecognized compensation expense		$ 45,000,000
Incentive equity awards vesting ratably over a period, in years		2 years 4 months 24 days
Performance-vested restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)		0.2
Number of Units, Granted (shares)		0.1
Number of Units, Vested/exercised (shares)		0
Number of Units, Canceled (shares)	[1]	0
Number of Units, Ending Balance (shares)	[3]	0.3
Weighted Average Grant Price, Beginning Balance (in dollars per share)		$ 44.38
Weighted Average Grant Price, Granted (in dollars per share)		41.04
Weighted Average Grant Price, Vested/exercised (in dollars per share)		0
Weighted Average Grant Price, Canceled (in dollars per share)	[1]	0
Weighted Average Grant Price, Ending Balance (in dollars per share)		$ 42.57
Unrecognized compensation expense		$ 0
Stock-Settled Appreciation Rights (SSARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)		0.2
Number of Units, Granted (shares)		0
Number of Units, Vested/exercised (shares)		0
Number of Units, Canceled (shares)	[1]	0
Number of Units, Ending Balance (shares)	[4]	0.2
Weighted Average Grant Price, Beginning Balance (in dollars per share)		$ 34.24
Weighted Average Grant Price, Granted (in dollars per share)		0
Weighted Average Grant Price, Vested/exercised (in dollars per share)		0
Weighted Average Grant Price, Canceled (in dollars per share)	[1]	0
Weighted Average Grant Price, Ending Balance (in dollars per share)		$ 34.51
Unrecognized compensation expense		$ 0
Exercisable SSARs		0.2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares	[6]	2.3	[5]	1.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	[6]	1.1
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	[6]	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period	[1],[6]	0.1
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price	[6]	$ 44.15		$ 46.84
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	[6]	41.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	[6]	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value	[1],[6]	$ 43.43
Unrecognized compensation expense		$ 11,000,000
Incentive equity awards vesting ratably over a period, in years		2 years 9 months 18 days
Employee Stock Option | Exercisable options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value		$ 8.61
Exercisable Stock Options		0.5
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		7 years 8 months 12 days
[1]	The Company recognizes forfeitures as they occur.
[2]	Aggregate unrecognized compensation expense related to RSUs was $45 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.4 years.
[3]	There was no unrecognized compensation expense related to PSUs as of December 31, 2020.
[4]	There were 0.2 million SSARs that were exercisable as of December 31, 2020. There was no unrecognized compensation expense related to SSARs as of December 31, 2020, as all SSARs were vested.
[5]	There were 0.5 million NQs which were exercisable as of December 31, 2020. These NQs will expire over a weighted average period of 7.7 years and carry a weighted average grant date fair value of $8.61. Unrecognized compensation expense for the NQs was $11 million as of December 31, 2020, which is expected to be recognized over a weighted average period of 2.8 years.
[6]	Upon execution of NQs, the Company issues new shares to participants.

Stock-Based Compensation (Weigh

Stock-Based Compensation (Weighted Average Grant Date Fair Value Assumptions) (Details) - Employee Stock Option - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value		$ 8.98
Grant date strike price	$ 41.04	$ 44.38
Expected volatility		29.97%
Expected life		6 years 3 months
Risk-free interest rate		2.59%
Projected dividend yield	4.87%	4.06%
Vests ratably over 4 years [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 7.27
Expected volatility	32.88%
Expected life	6 years 3 months
Risk-free interest rate	0.95%
Cliff vests after 5 years [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value	$ 7.28
Expected volatility	32.60%
Expected life	7 years 6 months
Risk-free interest rate	1.03%

Employee Benefit Plans - Define

Employee Benefit Plans - Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
United States
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 19	$ 33	$ 33
Foreign Plan
Defined Contribution Plan Disclosure [Line Items]
Defined Contribution Plan, Cost	$ 7	$ 8	$ 10

Employee Benefit Plans - Defi_2

Employee Benefit Plans - Defined Benefit Pension Plans (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

Sep. 30, 2019

[2]

Jun. 30, 2019

[2]

Mar. 31, 2019

[2]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Defined Benefit Plan Disclosure [Line Items]

(Loss)/gain on disposal of discontinued business, net of income taxes

$ (2)

[1]

$ 0

$ 0

$ 0

$ 12

$ 0

$ 6

$ (1)

$ (2)

$ 18

$ 456

Unrecognized gains

36

0

(33)

Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Net pension liability

$ 5

$ 4

5

4

Pension expense

0

0

0

Defined Benefit Pension Plans | Reclassification out of Accumulated Other Comprehensive Income

Defined Benefit Plan Disclosure [Line Items]

(Loss)/gain on disposal of discontinued business, net of income taxes

(4)

Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest

Defined Benefit Plan Disclosure [Line Items]

Unrecognized gains

$ 5

Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Unrecognized gains

$ 1

$ 1

[1]

The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.

[2]

The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) $ in Millions		3 Months Ended															12 Months Ended
		Dec. 31, 2020USD ($)		Sep. 30, 2020USD ($)	[1]	Jun. 30, 2020USD ($)	[1]	Mar. 31, 2020USD ($)	[1]	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	[2]	Jun. 30, 2019USD ($)	[2]	Mar. 31, 2019USD ($)	[2]	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)		Dec. 31, 2018USD ($)
Segment Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 645	[1]	$ 614		$ 343		$ 558		$ 981	$ 1,105		$ 1,039		$ 918		$ 2,160	$ 4,043		$ 3,931
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Net (loss)/income attributable to Travel + Leisure shareholders		2	[1]	40		(164)		(134)		167	135		124		80		(255)	507		672
Loss from operations of discontinued businesses, net of income taxes																	0	0		50
Loss/(gain) on disposal of discontinued business, net of income taxes		2	[1]	$ 0		$ 0		$ 0		(12)	0		(6)		1		2	(18)		(456)
(Benefit from)/provision for income taxes																	(23)	191		130
Depreciation and amortization																	126	121		138
Interest expense																	192	162		170
Interest (income)																	(7)	(7)		(5)
Gain on sale of business										(68)	$ 0		$ 0		$ 0		0	(68)		0
Asset impairments																	52	27	[3]	(4)	[3]
COVID-19 related costs Adj EBITDA	[4]																	0		0
Inventory write-down																		0		0
Restructuring																	39	9		16
Stock-based compensation																	20	20		23
Legacy items	[5]																4	1		1
Acquisition and divestiture related costs																	0	1		0
Value-added tax refund																	0	0		(16)
Separation and related costs	[6]																0	45		223
Adjusted EBITDA																	259	991		942
Adjusted EBITDA
Adjusted EBITDA																	259	991		942
Segment Assets
Segment assets	[7]	7,613								7,453							$ 7,613	7,453
Number segments | segment																	2
Provision for Loan, Lease, and Other Losses																	$ 415	479		456
Share-based Payment Arrangement, Expense																	20	24		151
Capital Expenditures																	69	108		99
COVID-19 (Member)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Asset impairments	[3]																57
COVID-19 related costs Adj EBITDA	[4]																56
Inventory write-down																	48
Operating Segments
Segment Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	2,165	4,049		3,934
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Adjusted EBITDA																	312	1,045		1,009
Adjusted EBITDA
Adjusted EBITDA																	312	1,045		1,009
Segment Assets
Segment assets	[7]	6,371								7,064							6,371	7,064
Capital Expenditures																	62	96		91
Corporate and Other
Segment Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	[8]																(5)	(6)		(3)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Adjusted EBITDA	[8]																(53)	(54)		(67)
Adjusted EBITDA
Adjusted EBITDA	[8]																(53)	(54)		(67)
Segment Assets
Segment assets	[7]	1,242								389							1,242	389
Capital Expenditures																	7	12		8
Vacation Ownership | Operating Segments
Segment Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	1,637	3,151		3,016
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Adjusted EBITDA																	121	756		731
Adjusted EBITDA
Adjusted EBITDA																	121	756		731
Segment Assets
Segment assets	[7]	5,009								5,582							5,009	5,582
Capital Expenditures																	41	69		66
Travel and Membership | Operating Segments
Segment Information [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax																	528	898		918
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Adjusted EBITDA																	191	289		278
Adjusted EBITDA
Adjusted EBITDA																	191	289		278
Segment Assets
Segment assets	[7]	$ 1,362								$ 1,482							1,362	1,482
Capital Expenditures																	21	27		25
Operating Expense | COVID-19 (Member)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Inventory write-down																	48
Segment Assets
Provision for Loan, Lease, and Other Losses																	5
Operating Expense | Vacation Ownership | COVID-19 (Member)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Inventory write-down																	0
Operating Expense | Travel and Membership | COVID-19 (Member)
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Abstract]
Inventory write-down																	$ 48
Separation and Related Costs [Member]
Segment Assets
Share-based Payment Arrangement, Expense																		$ 4		$ 105
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.
[3]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.
[4]	Reflects severance and other employee costs associated with layoffs due to the COVID-19 workforce reduction offset in part by employee retention credits received in connection with the U.S. CARES Act and similar international programs for wages paid to certain employees despite having operations suspended. This amount does not include costs associated with idle pay.
[5]	Represents the resolution of and adjustment to certain contingent liabilities resulting from the Spin-off, the sale of the European vacation rentals business, and the Company’s separation from Cendant.
[6]	Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018.
[7]	Excludes investment in consolidated subsidiaries.
[8]	Includes the elimination of transactions between segments.

Segment Information (Schedule o

Segment Information (Schedule of Geographic Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended															12 Months Ended
	Dec. 31, 2020		Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	Sep. 30, 2019	[2]	Jun. 30, 2019	[2]	Mar. 31, 2019	[2]	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Information [Line Items]
Net revenues	$ 645	[1]	$ 614		$ 343		$ 558		$ 981	$ 1,105		$ 1,039		$ 918		$ 2,160	$ 4,043	$ 3,931
Net long-lived assets	1,761								1,793							1,761	1,793
United States
Segment Information [Line Items]
Net revenues																1,904	3,513	3,500
Net long-lived assets	1,471								1,497							1,471	1,497
All Other Countries
Segment Information [Line Items]
Net revenues																256	530	$ 431
Net long-lived assets	$ 290								$ 296							$ 290	$ 296
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Separation and Transaction Co_2

Separation and Transaction Costs (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Separation and related costs	[1]	$ 0	$ 45	$ 223
Continuing Operations
Related Party Transaction [Line Items]
Separation and related costs		$ 45	223
Continuing Operations | Spin-Off, Hotel Group Business
Related Party Transaction [Line Items]
Severance costs			217
Discontinued Operations, Disposed of by Sale [Member]
Related Party Transaction [Line Items]
Separation and related costs			$ 111
[1]	Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018.

COVID-19 Related Items Narrativ

COVID-19 Related Items Narrative (Details) $ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2020employee

Dec. 31, 2020USD ($)

Sep. 30, 2020USD ($)

Jun. 30, 2020USD ($)

Mar. 31, 2020USD ($)

Dec. 31, 2020USD ($)employee

Dec. 31, 2020USD ($)employee

Dec. 31, 2019USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

$ 88

$ 0

$ 0

Provision for Loan and Lease Losses

415

479

456

COVID-19 liabilities

$ 26

[1]

$ 26

[1]

26

[1]

7

[1]

12

$ 5

Asset impairments

52

27

[2]

(4)

[2]

Other Asset Impairment Charges

52

36

5

Provision for Loan, Lease, and Other Losses

415

479

456

Inventory write-down

0

0

Restructuring

39

9

16

Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

COVID-19 liabilities

25

$ 25

25

Restructuring

37

COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

[3]

$ 71

Number of positions eliminated | employee

9,000

1,400

5,300

COVID-19 liabilities

6

$ 6

$ 6

0

Personnel-Related

Restructuring Cost and Reserve [Line Items]

COVID-19 liabilities

1

1

1

7

12

4

Restructuring

3

9

16

Personnel-Related | COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

[3]

71

Severance costs

97

Employee Retention Credits

26

COVID-19 liabilities

6

6

6

0

Facility-Related

Restructuring Cost and Reserve [Line Items]

COVID-19 liabilities

23

23

23

0

0

$ 1

Restructuring

24

$ 0

Other Restructuring [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 liabilities

2

2

2

0

Restructuring

12

Vacation Ownership | Personnel-Related | COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

54

Travel and Membership | Personnel-Related | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

1

Travel and Membership | Personnel-Related | COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

8

Corporate and Other | Personnel-Related | COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

9

COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Other COVID-19 expenses

297

Net COVID-19 Provision impact on Adj EBITDA

157

Professional Fees

17

COVID-19 liabilities

[4]

6

6

6

$ 0

Asset impairments

[2]

57

Inventory write-down

48

COVID-19 (Member) | Vacation Ownership | Facility-Related | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

1

COVID-19 (Member) | Vacation Ownership | Other Restructuring [Member] | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

12

COVID-19 (Member) | Travel and Membership | Facility-Related | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

$ 22

COVID-19 (Member) | Corporate and Other | Facility-Related | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

1

Vacation ownership interest sales | COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Provision for Loan and Lease Losses

(20)

$ 225

205

Vacation ownership interest sales | COVID-19 (Member) | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Provision for Loan and Lease Losses

205

Vacation ownership interest sales | COVID-19 (Member) | Travel and Membership

Restructuring Cost and Reserve [Line Items]

Provision for Loan and Lease Losses

0

Vacation ownership interest sales | COVID-19 (Member) | Corporate and Other

Restructuring Cost and Reserve [Line Items]

Provision for Loan and Lease Losses

0

Cost of vacation ownership interest [Member] | COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Estimated Inventory recoveries during the period

(7)

$ 55

48

Cost of vacation ownership interest [Member] | COVID-19 (Member) | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Estimated Inventory recoveries during the period

48

Cost of vacation ownership interest [Member] | COVID-19 (Member) | Travel and Membership

Restructuring Cost and Reserve [Line Items]

Estimated Inventory recoveries during the period

0

Cost of vacation ownership interest [Member] | COVID-19 (Member) | Corporate and Other

Restructuring Cost and Reserve [Line Items]

Estimated Inventory recoveries during the period

0

Asset Impairments [Member] | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Asset impairments

1

3

Asset Impairments [Member] | Travel and Membership

Restructuring Cost and Reserve [Line Items]

Other Asset Impairment Charges

$ 6

Asset Impairments [Member] | Corporate and Other

Restructuring Cost and Reserve [Line Items]

Asset impairments

1

Asset Impairments [Member] | COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Other Asset Impairment Charges

51

Asset Impairments [Member] | COVID-19 (Member) | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Asset impairments

$ 6

Operating Expense | COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Provision for Loan, Lease, and Other Losses

5

Inventory write-down

48

Operating Expense | COVID-19 (Member) | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Inventory write-down

0

Operating Expense | COVID-19 (Member) | Travel and Membership

Restructuring Cost and Reserve [Line Items]

Inventory write-down

48

Operating Expense | COVID-19 (Member) | Corporate and Other

Restructuring Cost and Reserve [Line Items]

Inventory write-down

0

Restructuring [Member] | COVID-19 (Member) | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

36

Restructuring [Member] | COVID-19 (Member) | Facility-Related | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

2

Restructuring [Member] | COVID-19 (Member) | Vacation Ownership | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

14

Restructuring [Member] | COVID-19 (Member) | Travel and Membership | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

22

Restructuring [Member] | COVID-19 (Member) | Corporate and Other | Restructuring Plan 2020

Restructuring Cost and Reserve [Line Items]

Restructuring

0

COVID-19 related costs

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

88

COVID-19 related costs | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

65

COVID-19 related costs | Travel and Membership

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

9

COVID-19 related costs | Corporate and Other

Restructuring Cost and Reserve [Line Items]

COVID-19 related costs

14

Asset Impairment and Operating Expenses [Member] | COVID-19 (Member)

Restructuring Cost and Reserve [Line Items]

Asset impairments

56

Asset Impairment and Operating Expenses [Member] | COVID-19 (Member) | Vacation Ownership

Restructuring Cost and Reserve [Line Items]

Asset impairments

21

Asset Impairment and Operating Expenses [Member] | COVID-19 (Member) | Travel and Membership

Restructuring Cost and Reserve [Line Items]

Asset impairments

34

Asset Impairment and Operating Expenses [Member] | COVID-19 (Member) | Corporate and Other

Restructuring Cost and Reserve [Line Items]

Asset impairments

1

Accrued Liabilities | Personnel-Related | COVID-19 Plan [Member]

Restructuring Cost and Reserve [Line Items]

COVID-19 liabilities

$ 6

$ 6

$ 6

[1]

See Note 28— Restructuring for details.

[2]

Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

[3]

These charges consisted of (i) $54 million at the Vacation Ownership segment, (ii) $8 million at the Travel and Membership segment, and (iii) $9 million at the Company’s corporate operations during 2020.

[4]

See Note 26— COVID-19 Related Items for details.

COVID-19 Related Impacts (Detai

COVID-19 Related Impacts (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]
Provision for Loan and Lease Losses				$ 415	$ 479		$ 456
COVID-19 related costs				88	0		0
Asset impairments				52	27	[1]	(4)	[1]
Inventory write-down					0		0
COVID-19 related costs				39	$ 9		$ 16
Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				37
COVID-19 related costs
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				88
COVID-19 related costs | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				65
COVID-19 related costs | Travel and Membership
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				9
COVID-19 related costs | Corporate and Other
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				14
COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Asset impairments	[1]			57
Inventory write-down				48
Total COVID-19 Impact				385
COVID-19 (Member) | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Total COVID-19 Impact				257
COVID-19 (Member) | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Total COVID-19 Impact				113
COVID-19 (Member) | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Total COVID-19 Impact				15
COVID-19 (Member) | Vacation ownership interest sales
Restructuring Cost and Reserve [Line Items]
Provision for Loan and Lease Losses		$ (20)	$ 225	205
COVID-19 (Member) | Vacation ownership interest sales | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Provision for Loan and Lease Losses				205
COVID-19 (Member) | Vacation ownership interest sales | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Provision for Loan and Lease Losses				0
COVID-19 (Member) | Vacation ownership interest sales | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Provision for Loan and Lease Losses				0
COVID-19 (Member) | Cost of vacation ownership interest [Member]
Restructuring Cost and Reserve [Line Items]
Estimated Inventory recoveries during the period		$ 7	$ (55)	(48)
COVID-19 (Member) | Cost of vacation ownership interest [Member] | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Estimated Inventory recoveries during the period				(48)
COVID-19 (Member) | Cost of vacation ownership interest [Member] | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Estimated Inventory recoveries during the period				0
COVID-19 (Member) | Cost of vacation ownership interest [Member] | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Estimated Inventory recoveries during the period				0
COVID-19 (Member) | Asset Impairment and Operating Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Asset impairments				56
COVID-19 (Member) | Asset Impairment and Operating Expenses [Member] | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Asset impairments				21
COVID-19 (Member) | Asset Impairment and Operating Expenses [Member] | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Asset impairments				34
COVID-19 (Member) | Asset Impairment and Operating Expenses [Member] | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Asset impairments				1
COVID-19 (Member) | Operating Expense
Restructuring Cost and Reserve [Line Items]
Inventory write-down				48
COVID-19 (Member) | Operating Expense | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Inventory write-down				0
COVID-19 (Member) | Operating Expense | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Inventory write-down				48
COVID-19 (Member) | Operating Expense | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Inventory write-down				0
COVID-19 (Member) | Restructuring [Member] | Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				36
COVID-19 (Member) | Restructuring [Member] | Vacation Ownership | Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				14
COVID-19 (Member) | Restructuring [Member] | Travel and Membership | Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				22
COVID-19 (Member) | Restructuring [Member] | Corporate and Other | Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs				$ 0
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

COVID-19 Related Liabilities (D

COVID-19 Related Liabilities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
COVID-19 liabilities		$ 26	[1]	$ 7	[1]	$ 12	$ 5
COVID-19 related costs		88		0		0
Cash payments		(20)		(14)		(9)
COVID-19 Plan [Member]
Restructuring Cost and Reserve [Line Items]
COVID-19 liabilities		6		0
COVID-19 related costs	[2]	71
Cash payments		(64)
Other	[3]	(1)
Personnel-Related
Restructuring Cost and Reserve [Line Items]
COVID-19 liabilities		1		7		12	$ 4
Cash payments		(9)		(14)		$ (8)
Personnel-Related | COVID-19 Plan [Member]
Restructuring Cost and Reserve [Line Items]
COVID-19 liabilities		6		$ 0
COVID-19 related costs	[2]	71
Cash payments		(64)
Other	[3]	(1)
Personnel-Related | COVID-19 Plan [Member] | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs		54
Personnel-Related | COVID-19 Plan [Member] | Travel and Membership
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs		8
Personnel-Related | COVID-19 Plan [Member] | Corporate and Other
Restructuring Cost and Reserve [Line Items]
COVID-19 related costs		$ 9
[1]	See Note 28— Restructuring for details.
[2]	These charges consisted of (i) $54 million at the Vacation Ownership segment, (ii) $8 million at the Travel and Membership segment, and (iii) $9 million at the Company’s corporate operations during 2020.
[3]	Includes employee-related write-offs.

Impairments and Other Charges (

Impairments and Other Charges (Details) - USD ($) $ in Millions		3 Months Ended				12 Months Ended
		Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Impairment of land held for vacation ownership interests									$ 4
Other Asset Impairment Charges						$ 52	$ 36		5
Asset impairments						52	27	[1]	(4)	[1]
Net impairment reversal									4
COVID-19 (Member)
Asset impairments	[1]					57
Non-COVID-19 related
Asset impairments						1
Asset Impairments [Member] | COVID-19 (Member)
Other Asset Impairment Charges						51
Vacation Ownership | Asset Impairments [Member]
Impairment of land held for vacation ownership interests					$ 6
Asset impairments		$ 1		$ 3
Vacation Ownership | Asset Impairments [Member] | COVID-19 (Member)
Operating Lease, Impairment Loss						5
Asset impairments			$ 6
Travel and Membership | Asset Impairments [Member]
Impairment of Intangible Assets, Finite-lived					$ 4
Other Asset Impairment Charges				6
Travel and Membership | Asset Impairments [Member] | COVID-19 (Member)
Operating Lease, Impairment Loss				$ 24		$ 24
Corporate and Other | Asset Impairments [Member]
Asset impairments		$ 1
VOI Development
Impairment of land held for vacation ownership interests									27
Proceeds from asset sales									11
VOI Development | Asset Impairments [Member]
Gain (Loss) on Sale of Properties									$ 8
Las Vegas Inventory Sale
Cash consideration from sale of locations							52
Note receivable							4
Las Vegas Inventory Sale | Asset Impairments [Member]
Asset impairments							$ 27
[1]	Includes $5 million of bad debt expense related to a note receivable for the year ended December 31, 2020, included in Operating Expenses on the Consolidated Statements of (Loss)/Income.

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) $ in Millions		3 Months Ended	12 Months Ended
		Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)		Dec. 31, 2019USD ($)employee		Dec. 31, 2018USD ($)employee	Dec. 31, 2017USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring			$ 39		$ 9		$ 16
Cash payments			20		14		9
Restructuring related obligations			26	[1]	7	[1]	12	$ 5
COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Restructuring related obligations	[2]		6		0
Vacation Ownership | COVID-19 (Member) | Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Operating Lease, Impairment Loss			5
Travel and Membership | COVID-19 (Member) | Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Operating Lease, Impairment Loss		$ 24	24
Facility-Related
Restructuring Cost and Reserve [Line Items]
Restructuring			24				0
Cash payments			1				1
Restructuring related obligations			23		0		0	1
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			12
Cash payments			10
Restructuring related obligations			2		0
Personnel-Related
Restructuring Cost and Reserve [Line Items]
Restructuring			3		9		16
Cash payments			9		14		8
Restructuring related obligations			1		7		12	$ 4
Restructuring Plan 2020
Restructuring Cost and Reserve [Line Items]
Restructuring			37
Restructuring related obligations			25
Restructuring Plan 2020 | COVID-19 (Member) | Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			36
Restructuring Plan 2020 | Vacation Ownership | COVID-19 (Member) | Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			14
Restructuring Plan 2020 | Travel and Membership | COVID-19 (Member) | Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Operating Lease, Impairment Loss		24
Restructuring Plan 2020 | Travel and Membership | COVID-19 (Member) | Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			22
Restructuring Plan 2020 | Corporate and Other | COVID-19 (Member) | Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			0
Restructuring Plan 2020 | Facility-Related
Restructuring Cost and Reserve [Line Items]
Cash payments			12
Restructuring Plan 2020 | Facility-Related | COVID-19 (Member) | Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring			2
Restructuring Plan 2020 | Facility-Related | Vacation Ownership | COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Restructuring			1
Restructuring Plan 2020 | Facility-Related | Travel and Membership | COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Restructuring		$ 22
Restructuring Plan 2020 | Facility-Related | Corporate and Other | COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Restructuring			1
Restructuring Plan 2020 | Other Restructuring [Member] | Vacation Ownership | COVID-19 (Member)
Restructuring Cost and Reserve [Line Items]
Restructuring			12
Restructuring Plan 2020 | Personnel-Related | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Restructuring			1
Restructuring Plan 2019
Restructuring Cost and Reserve [Line Items]
Restructuring					$ 5
Number of positions eliminated | employee					100
Restructuring Plan 2019 | Personnel-Related
Restructuring Cost and Reserve [Line Items]
Cash payments			5		$ 1
Restructuring related obligations			1
Restructuring Plan 2019 | Personnel-Related | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Restructuring					2
Restructuring Plan 2019 | Personnel-Related | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Restructuring			1		2
Restructuring Plan 2019 | Personnel-Related | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring			1		1
Restructuring Plan 2018
Restructuring Cost and Reserve [Line Items]
Restructuring							$ 16
Number of positions eliminated | employee							500
Restructuring Plan 2018 | Personnel-Related
Restructuring Cost and Reserve [Line Items]
Cash payments			3		13		$ 4
Restructuring related obligations			$ 1
Restructuring Plan 2018 | Personnel-Related | Vacation Ownership
Restructuring Cost and Reserve [Line Items]
Restructuring					3		11
Restructuring Plan 2018 | Personnel-Related | Travel and Membership
Restructuring Cost and Reserve [Line Items]
Restructuring							4
Restructuring Plan 2018 | Personnel-Related | Corporate and Other
Restructuring Cost and Reserve [Line Items]
Restructuring					$ 1		$ 1
[1]	See Note 28— Restructuring for details.
[2]	See Note 26— COVID-19 Related Items for details.

Restructuring (Activity Related

Restructuring (Activity Related To The Restructuring Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Restructuring Cost and Reserve [Roll Forward]
Liability beginning	$ 7	[1]	$ 12		$ 5
Restructuring	39		9		16
Cash payments	(20)		(14)		(9)
Liability ending	26	[1]	7	[1]	12
Personnel-Related
Restructuring Cost and Reserve [Roll Forward]
Liability beginning	7		12		4
Restructuring	3		9		16
Cash payments	(9)		(14)		(8)
Liability ending	1		7		12
Facility-Related
Restructuring Cost and Reserve [Roll Forward]
Liability beginning	0		0		1
Restructuring	24				0
Cash payments	(1)				(1)
Liability ending	23		0		$ 0
Other Restructuring [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability beginning	0
Restructuring	12
Cash payments	(10)
Liability ending	$ 2		$ 0
[1]	See Note 28— Restructuring for details.

Transactions with Former Pare_2

Transactions with Former Parent and Former Subsidiaries (Narrative) (Details) $ in Millions	3 Months Ended															12 Months Ended
	Dec. 31, 2020USD ($)		Sep. 30, 2020USD ($)		Jun. 30, 2020USD ($)	[1]	Mar. 31, 2020USD ($)	[1]	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	[2]	Jun. 30, 2019USD ($)		Mar. 31, 2019USD ($)	[2]	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	May 09, 2019USD ($)
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Accrued expenses and other liabilities	$ 67								$ 72							$ 67	$ 72
Cash paid to Wyndham Hotels related to Awaze																0	69	$ 476
Escrow deposit	29								37							29	37
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	(2)	[1]	$ 0	[1]	$ 0		$ 0		$ 12	$ 0		$ 6	[2]	$ (1)		(2)	18	456
British Travel Association and Regulatory Authorities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	46															46
Accrued expenses and other liabilities	$ 22															$ 22
Change in proceeds																	27
Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement																37.50%
Contingent and other corporate liabilities retained	0.25															0.25
Removal of capital lease obligation																		66
Removal of capital lease asset																		43
Related party expense																$ 1	1
Separation and Distribution Agreement, Portion of Certain Contingent and Other Corporate Liabilities Assumed	0.67															0.67
Separation and Distribution Agreement, Portion of Proceeds From Contingent and Other Corporate Assets	0.67															0.67
Post-closing Credit Support, Portion of Escrow Received Upon Release	0.67															0.67
Post-closing Credit Support, Portion of Guarantees Assumed	0.67															0.67
Affiliated Entity | Cendant | Accrued Liabilities and Other Liabilities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed																$ 13	13
Tax liabilities assumed																12
Other contingent and corporate liabilities assumed																$ 1
Affiliated Entity | Realogy
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement																62.50%
Affiliated Entity | Wyndham Hotels And Resorts, Inc.
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Contingent and other corporate liabilities retained	0.33															0.33
Separation and Distribution Agreement, Portion of Certain Contingent and Other Corporate Liabilities Assumed	0.33															0.33
Separation and Distribution Agreement, Portion of Proceeds From Contingent and Other Corporate Assets	0.33															0.33
Post-closing Credit Support, Portion of Escrow Received Upon Release	0.33															0.33
Wyndham Hotels And Resorts, Inc.
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Receivable from related party	$ 7															$ 7
Cash paid to Wyndham Hotels related to Awaze																	40
Transaction Service Agreement | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Related party expense																		8
Revenue from related parties																		6
Tradename Royalty Buy-Out
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Payment for tradename royalty buy-out																	5
Sale Of European Vacation Rental Business
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax																	6
Sale Of European Vacation Rental Business | European vacation rentals business [Member] | Accrued Liabilities and Other Liabilities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Accrued expenses and other liabilities	90															90
Sale Of European Vacation Rental Business | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Escrow deposit																			$ 5
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax																(2)
Sale Of European Vacation Rental Business | Affiliated Entity | Financial Guarantee
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee												$ 180
Sale Of European Vacation Rental Business | Affiliated Entity | Financial Guarantee | Awaze [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	44															44
Sale Of European Vacation Rental Business | Affiliated Entity | Indemnification Agreement
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Accrued expenses and other liabilities	40															40
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Other Assets
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Receivable from related party	21															21
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Financial Guarantee | British Travel Association and Regulatory Authorities
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	81															81
Accrued expenses and other liabilities	39															39
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Financial Guarantee | British Travel Association and Regulatory Authorities | United Kingdom, Pounds
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee			58
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Financial Guarantee | British Travel Association and Regulatory Authorities | United States of America, Dollars
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	79															79
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Indemnification Agreement | Other Assets
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Receivable from related party	13															13
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Letter of Credit [Member] | British Travel Association and Regulatory Authorities | United Kingdom, Pounds
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee			$ 36
Sale Of European Vacation Rental Business | Wyndham Hotels And Resorts, Inc. | Letter of Credit [Member] | British Travel Association and Regulatory Authorities | United States of America, Dollars
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Secured bonding facility and perpetual guarantee	48															48
Sale Of North American Vacation Rental Business | Affiliated Entity | Indemnification Agreement
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Business Combination, Indemnification Assets, Amount as of Acquisition Date	$ 2															2
General and Administrative Expense [Member] | Transaction Service Agreement | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Related party expense																1	3
General and Administrative Expense [Member] | Sale Of European Vacation Rental Business | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Related party expense																1	2	3
General and Administrative Expense [Member] | Sale Of North American Vacation Rental Business | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Related party expense																1	3
Separation and Related Costs [Member] | Transaction Service Agreement | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Related party expense																	2
Other | Transaction Service Agreement | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Revenue from related parties																	1
Other | Sale Of North American Vacation Rental Business | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Revenue from related parties																2	3
Net Revenue [Member] | Sale Of European Vacation Rental Business | Affiliated Entity
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Revenue from related parties																$ 1	$ 2	$ 3
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.

Selected Quarterly Financial _3

Selected Quarterly Financial Data - (unaudited) (Summary of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended															12 Months Ended
	Dec. 31, 2020	[1]	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	Sep. 30, 2019	[2]	Jun. 30, 2019	[2]	Mar. 31, 2019	[2]	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 645		$ 614		$ 343		$ 558		$ 981	$ 1,105		$ 1,039		$ 918		$ 2,160		$ 4,043		$ 3,931
Total expenses	560		550		457		699		790	891		841		778		2,265		3,299		3,408
Gain on sale of business									(68)	0		0		0		0		(68)		0
Operating (loss)/income	85		64		(114)		(141)		259	214		198		140		(105)		812		523
Net (loss)/income from continuing operations	4		40		(164)		(134)		155	135		118		81		(253)		489		266
(Loss)/gain on disposal of discontinued business, net of income taxes	(2)		0		0		0		12	0		6		(1)		(2)		18		456
Net (loss)/income attributable to Travel + Leisure shareholders	$ 2		$ 40		$ (164)		$ (134)		$ 167	$ 135		$ 124		$ 80		$ (255)		$ 507		$ 672
Basic earnings per share
Continuing operations	$ 0.05		$ 0.47		$ (1.92)		$ (1.54)		$ 1.73	$ 1.48		$ 1.27		$ 0.86		$ (2.95)		$ 5.31		$ 2.69
Discontinued operations	(0.02)		0		0		0		0.14	0		0.06		(0.01)		(0.02)		0.19		4.11
Earnings Per Share, Basic	0.03		0.47		(1.92)		(1.54)		1.87	1.48		1.33		0.85		(2.97)		5.50		6.80
Diluted earnings/(loss) per share
Continuing operations	0.05		0.47		(1.92)		(1.54)		1.73	1.47		1.26		0.85		(2.95)		5.29		2.68
Discontinued operations	(0.02)		0		0		0		0.14	0		0.06		0		(0.02)		0.19		4.09
Earnings Per Share, Diluted	$ 0.03		$ 0.47		$ (1.92)		$ (1.54)		$ 1.87	$ 1.47		$ 1.32		$ 0.85		$ (2.97)		$ 5.48		$ 6.77
Weighted average shares outstanding
Basic (in shares)	86.1		85.9		85.4		86.9		89.5	91.7		93		94.4		86.1		92.1		98.9
Weighted Average Number of Shares Outstanding, Diluted	86.6		86.1		85.4		86.9		89.8	92		93.3		94.7		86.1	[3],[4]	92.4	[3],[4]	99.2	[3],[4]
[1]	The results of operations for 2020 include impacts related to COVID-19. See Note 26— COVID-19 Related Items for additional details.
[2]	The Company sold its North American vacation rentals business on October 22, 2019. This business did not meet the criteria to be classified as a discontinued operation; therefore, its results of operations are reflected within continuing operations through the date of sale.
[3]	Excludes 2.1 million, 1.2 million, and 0.5 million of outstanding stock option awards that would have been anti-dilutive to EPS for the years 2020, 2019, and 2018. These outstanding stock option awards could potentially dilute EPS in the future.
[4]	The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.

Related Party Transaction (Deta

Related Party Transaction (Details) - USD ($) $ in Millions	Jul. 08, 2020	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Officer [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 45		$ 1
Affiliated Entity
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		$ 16
Related Party Transaction, Expenses from Transactions with Related Party				$ 1	$ 1

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - USD ($) $ in Millions	Jan. 05, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Payments to acquire businesses, net of cash acquired		$ 0	$ 51	$ 5
Travel + Leisure [Member] | Travel and Membership | Subsequent Event
Subsequent Event [Line Items]
Acquisition price	$ 100
Payments to acquire businesses, net of cash acquired	$ 35

Uncategorized Items - wyn-20201

Label	Element	Value
Disposal Group, Including Discontinued Operation, Accounts, Restricted Cash	wyn_DisposalGroupIncludingDiscontinuedOperationAccountsRestrictedCash	$ 0
Disposal Group, Including Discontinued Operation, Accounts, Restricted Cash	wyn_DisposalGroupIncludingDiscontinuedOperationAccountsRestrictedCash	0
Disposal Group, Including Discontinued Operation, Accounts, Restricted Cash	wyn_DisposalGroupIncludingDiscontinuedOperationAccountsRestrictedCash	$ 31,000,000