Marriott Vacations Worldwide (VAC) 10-Q 7 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	VAC
Entity Registrant Name	Marriott Vacations Worldwide Corporation
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		44,827,595

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES
Revenue from contracts with customers	$ 992	$ 536
Financing	68	35
Cost reimbursements	287	216
TOTAL REVENUES	1,060	571
EXPENSES
Marketing and sales	188	105
Rental	22	11
General and administrative	78	28
Depreciation and amortization	37	6
Litigation settlement	1	0
Royalty fee	26	15
Impairment	26	0
Impairment	26	0
Cost reimbursements	287	216
TOTAL EXPENSES	969	518
Gains and other income, net	8	1
Interest expense	(34)	(4)
ILG acquisition-related costs	(26)	(1)
Other	0	(2)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	39	47
Provision for income taxes	(15)	(11)
NET INCOME	24	36
Net income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 24	$ 36
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 0.52	$ 1.35
Diluted (in usd per share)	0.51	1.32
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.45	$ 0.40
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 301	$ 175
EXPENSES
Expenses	80	46
Resort management and other services
REVENUES
Revenue from contracts with customers	239	70
EXPENSES
Expenses	116	36
Rental
REVENUES
Revenue from contracts with customers	165	75
EXPENSES
Expenses	$ 108	$ 55

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 24	$ 36
Other comprehensive income (loss):
Foreign currency translation adjustments	1	6
Derivative instrument adjustment, net of tax	(3)	0
OTHER COMPREHENSIVE INCOME, NET OF TAX	(2)	6
Net income attributable to noncontrolling interests	0	0
Other comprehensive income attributable to noncontrolling interests	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 22	$ 42

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 222	$ 231
Restricted cash (including $65 and $69 from VIEs, respectively)	356	383
Accounts receivable, net (including $11 and $11 from VIEs, respectively)	277	324
Vacation ownership notes receivable, net (including $1,645 and $1,627 from VIEs, respectively)	2,055	2,039
Inventory	910	863
Property and equipment	848	951
Goodwill	2,828	2,828
Intangibles, net	1,092	1,107
Other (including $31 and $26 from VIEs, respectively)	524	292
TOTAL ASSETS	9,112	9,018
LIABILITIES AND EQUITY
Accounts payable	168	245
Contract Liabilities	565	432
Accrued liabilities (including $2 and $2 from VIEs, respectively)	520	423
Payroll and benefits liability	172	211
Deferred compensation liability	100	93
Securitized debt, net (including $1,699 and $1,706 from VIEs, respectively)	1,688	1,694
Debt, net	2,201	2,124
Other	15	12
Deferred taxes	332	318
TOTAL LIABILITIES	5,761	5,552
Contingencies and Commitments (Note 11)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding	0	0
Common stock — $0.01 par value; 100,000,000 shares authorized; 57,839,682 and 57,626,462 shares issued, respectively	1	1
Treasury stock — at cost; 12,857,638 and 11,633,731 shares, respectively	(895)	(790)
Additional paid-in capital	3,717	3,721
Accumulated other comprehensive income	4	6
Retained earnings	519	523
TOTAL MVW SHAREHOLDERS' EQUITY	3,346	3,461
Noncontrolling interests	5	5
TOTAL EQUITY	3,351	3,466
TOTAL LIABILITIES AND EQUITY	9,112	9,018
Advance deposits
LIABILITIES AND EQUITY
Contract Liabilities	128	113
Deferred revenue
LIABILITIES AND EQUITY
Contract Liabilities	$ 437	$ 319

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Restricted cash	$ 356	$ 383
Accounts receivable, net	277	324
Vacation ownership notes receivable, net	2,055	2,039
Other	524	292
Accrued liabilities	520	423
Securitized debt, net	1,688	1,694
Other	$ 15	$ 12
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, Par (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	57,839,682	57,626,462
Treasury stock, shares (in shares)	12,857,368	11,633,731
Variable Interest Entity
Restricted cash	$ 65	$ 69
Accounts receivable, net	11	11
Vacation ownership notes receivable, net	1,645	1,627
Other	31	26
Accrued liabilities	2	2
Securitized debt, net	$ 1,699	$ 1,706

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
OPERATING ACTIVITIES
NET INCOME	$ 24	$ 36
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	37	6
Amortization of debt discount and issuance costs	5	4
Vacation ownership notes receivable reserve	20	9
Share-based compensation	7	4
Impairment charges	26	0
Deferred income taxes	5	7
Net change in assets and liabilities, net of the effects of acquisition:
Accounts receivable	2	29
Vacation ownership notes receivable originations	(194)	(105)
Vacation ownership notes receivable collections	154	79
Inventory	39	1
Other assets	(99)	(25)
Accounts payable, advance deposits and accrued liabilities	(83)	(42)
Deferred revenue	117	45
Payroll and benefit liabilities	(41)	(31)
Deferred compensation liability	6	4
Other liabilities	2	(1)
Other, net	1	3
Net cash, cash equivalents and restricted cash provided by operating activities	28	23
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(10)	(3)
Proceeds from collection of notes receivable	38	0
Purchase of company owned life insurance	(1)	(9)
Net cash, cash equivalents and restricted cash provided by (used in) investing activities	27	(12)
FINANCING ACTIVITIES
Borrowings from securitization transactions	124	0
Repayment of debt related to securitization transactions	(133)	(86)
Proceeds from debt	125	0
Repayments of debt	(52)	0
Debt issuance costs	0	(1)
Repurchase of common stock	(106)	(2)
Payment of dividends	(41)	(21)
Payment of withholding taxes on vesting of restricted stock units	(9)	(9)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(92)	(119)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1	2
Decrease in cash, cash equivalents and restricted cash	(36)	(106)
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	578	385
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Non-cash transfer from property and equipment to inventory	64	0
SUPPLEMENTAL DISCLOSURES
Interest paid, net of amounts capitalized	54	7
Income taxes paid, net of refunds	$ 12	$ 4

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings	Total MVW Shareholders' Equity	Noncontrolling Interests
Balance (in shares) at Dec. 31, 2017	36,900,000
Balance at Dec. 31, 2017	$ 1,041	$ 0	$ (694)	$ 1,189	$ 17	$ 529	$ 1,041	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36					36	36
Foreign currency translation adjustments	6				6		6
Derivative instrument adjustment	$ 0
Amounts related to share-based compensation (in shares)	100,000
Amounts related to share-based compensation	$ (5)			(5)			(5)
Repurchase of common stock (in shares)	0
Repurchase of common stock	$ (2)		(2)				(2)
Dividends	$ (10)					(10)	(10)
Balance (in shares) at Mar. 31, 2018	37,000,000
Balance at Mar. 31, 2018	$ 1,066	0	(696)	1,184	23	555	1,066	0
Balance (in shares) at Dec. 31, 2018	57,626,462
Balance at Dec. 31, 2018	$ 3,466	1	$ (790)	3,721	6	523	3,461	5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24					24	24
Foreign currency translation adjustments	1				1		1
Derivative instrument adjustment	$ (3)				(3)		(3)
Amounts related to share-based compensation (in shares)	200,000
Amounts related to share-based compensation	$ (4)			(4)			(4)
Repurchase of common stock (in shares)	0		1,230,268
Repurchase of common stock	$ (106)		$ (106)				(106)
Dividends	(20)					(20)	(20)
Employee stock plan issuance	$ 1		1				1
Balance (in shares) at Mar. 31, 2019	57,839,682
Balance at Mar. 31, 2019	$ 3,351	$ 1	$ (895)	$ 3,717	$ 4	$ 519	$ 3,346	$ 5

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meaning given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 Annual Report”). We use certain other terms that are defined within these Financial Statements. The Financial Statements presented herein and discussed below include 100 percent of the assets, liabilities, revenues, expenses and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, property and equipment valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes and loss contingencies. Accordingly, actual amounts may differ from these estimated amounts. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the ILG Acquisition (defined below), seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2018 Annual Report . The accompanying Financial Statements also reflect our adoption of new accounting standards. See Footnote 2 “ Significant Accounting Policies and Recent Accounting Standards ” for additional information. Reclassifications We have reclassified the following prior year amounts to conform to the current year presentation: • Reclassified Resort management and other services revenue to Management and exchange revenue; • Reclassified Resort management and other services expense to Management and exchange expense; • Consolidated Consumer financing interest expense into Financing expense; • Reclassified depreciation expense from Marketing and sales expense, Management and exchange expense, Rental expense, and General and administrative expense to Depreciation and amortization expense; • Reclassified costs related to the ILG Acquisition from Other expense to ILG acquisition-related costs; Acquisition of ILG On September 1, 2018, we completed the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”) through a series of transactions (the “ILG Acquisition”), after which ILG became our indirect wholly-owned subsidiary. We refer to our business associated with brands that existed prior to the ILG Acquisition as “Legacy-MVW” and to ILG’s business and brands that we acquired as “Legacy-ILG.” See Footnote 3 “ Acquisitions and Dispositions

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards Accounting Standards Update 2017-12 – “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ” (“ASU 2017-12”) In August 2017, the FASB issued ASU 2017-12, which amends and simplifies existing guidance in order to allow companies to better portray the economic effects of risk management activities in the financial statements and enhance the transparency and understandability of the results of hedging activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements. This update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2017-12 in the first quarter of 2019 did not have a material impact on our Financial Statements or disclosures. Accounting Standards Update 2016-02 – “ Leases (Topic 842) ” (“ASU 2016-02”) In February 2016, the FASB issued ASU 2016-02 to increase transparency and comparability of information regarding an entity’s leasing activities by providing additional information to users of financial statements, which as amended, created Accounting Standards Codification 842, Leases (“ASC 842”). ASU 2016-02 requires a lessee to recognize most leases on its balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date and recognizing expenses on the income statement in a similar manner to the current guidance in Accounting Standards Codification 840, Leases (“ASC 840”). Lessor accounting remains largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Upon adoption of ASU 2016-02, as amended, leases will be classified as either finance or operating, with classification affecting the geography of expense recognition in the income statement. Additionally, enhanced quantitative and qualitative disclosures regarding leases are required. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. As permitted by the amended guidance, we elected to retain the original lease classification and historical accounting for existing or expired contracts of lessees and lessors so that we will not be required to reassess whether such contracts contain leases, the lease classification of any such leases or the initial direct costs of any such leases. We will continue to report comparative periods presented in the financial statements in the period of adoption under GAAP in effect as of such comparative period, resulting in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Additionally, with respect to our real estate leases, we elected an accounting policy by class of underlying asset to combine lease and non-lease components. We also elected to apply an exemption for short-term leases whereby leases with an initial term of a year or less are not recorded on the balance sheet. We did not utilize the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of their right-of-use assets. We adopted ASU 2016-02, as amended, during the first quarter of 2019 using the transition method which allows the application of the standard at the adoption date, January 1, 2019. Upon adoption, we recognized a lease obligation of $165 million and a right-of-use asset of $155 million , as well as, a cumulative-effect adjustment of $8 million to the opening balance of retained earnings for our operating and finance leases, primarily related to leases of real estate and other assets. The adoption of ASU 2016-02 did not have a material effect on our Income Statement or Cash Flows for the three months ended March 31, 2019 . See Footnote 12 “ Leases ” for further discussion of the adoption and the impact on our Financial Statements. Future Adoption of Accounting Standards Accounting Standards Update 2016-13 – “ Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”)

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS Acquisitions ILG Acquisition On September 1, 2018 , (the “Acquisition Date”), we completed the ILG Acquisition. ILG is a leading provider of professionally delivered vacation experiences with a portfolio of leisure businesses ranging from vacation exchange and rental services to vacation ownership, and is the exclusive global licensee for the Hyatt, Sheraton and Westin brands in vacation ownership. The combination of our brands created a leading global provider of upper-upscale vacation ownership, exchange networks and management services with access to world-class loyalty programs and an expanded portfolio of highly demanded vacation destinations. Shareholders of ILG received 0.165 shares of our common stock and $14.75 in cash for each share of ILG common stock. The following table presents the fair value of each class of consideration transferred at the Acquisition Date. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares 20.5 Marriott Vacations Worldwide common stock price per share as of Acquisition Date $ 119.00 Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares 2,441 Cash consideration to ILG shareholders, net of cash acquired of $154 million 1,680 Fair value of ILG equity-based awards attributed to pre-combination service 64 Total consideration transferred, net of cash acquired 4,185 Noncontrolling interests 29 $ 4,214 Preliminary Fair Values of Assets Acquired and Liabilities Assumed We accounted for the ILG Acquisition as a business combination, which requires us to record the assets acquired and liabilities assumed at fair value as of the Acquisition Date. The amounts recorded for certain assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the Acquisition Date. We are continuing to evaluate the underlying inputs and assumptions used in our valuations. Accordingly, these preliminary estimates are subject to change during the measurement period, which is up to one year from the Acquisition Date, as permitted under GAAP. Any potential adjustments made could be material in relation to the values presented in the table below. The following table presents our preliminary estimates of the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date in connection with the business combination as previously reported at December 31, 2018 . We had no changes to our preliminary estimates of fair value during the first quarter of 2019. ($ in millions) September 1, 2018 (as reported at December 31, 2018) Vacation ownership notes receivable $ 753 Inventory 474 Property and equipment 374 Intangible assets 1,166 Other assets 620 Deferred revenue (217 ) Deferred taxes (179 ) Debt (392 ) Securitized debt from VIEs (702 ) Other liabilities (511 ) Net assets acquired 1,386 Goodwill (1) 2,828 $ 4,214 _________________________ (1) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired and it primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined operations. Vacation Ownership Notes Receivable We acquired vacation ownership notes receivable, which consist of loans to customers who purchased vacation ownership products and chose to finance their purchase. These vacation ownership notes receivable are collateralized by the underlying vacation ownership interests (“VOIs”) and generally have terms ranging from five to 15 years. We provisionally estimated the fair value of the vacation ownership notes receivables using a discounted cash flow model, which calculated a present value of expected future cash flows over the term of the respective vacation ownership notes receivable (Level 2). We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default and prepayment assumptions, which could result in changes to our provisional estimate. See Footnote 6 “ Vacation Ownership Notes Receivable ” for additional information. Inventory We acquired inventory, which consisted of completed unsold VOIs and vacation ownership projects under construction. We provisionally estimated the value of acquired inventory using an income approach, which is primarily based on significant Level 3 assumptions, such as estimates of future income growth, capitalization rates, discount rates and capital expenditure needs of the relevant properties. We are continuing to assess the market assumptions and property conditions, which could result in changes to these provisional values. Property and Equipment We acquired property and equipment, which included four owned hotels, information technology, ancillary business assets, furniture and equipment and land held for future development. We provisionally estimated the value of the property and equipment using a combination of the income, cost, and market approaches, which are primarily based on significant Level 3 assumptions, such as estimates of future income growth, capitalization rates, discount rates and capital expenditure needs of the hotels. We are continuing to assess the market assumptions and property conditions, which could result in changes to these provisional values. Goodwill We allocated $2,448 million and $380 million of the carrying amount of our preliminary estimate of goodwill to our Vacation Ownership and our Exchange & Third-Party Management reporting units, respectively, at both March 31, 2019 and December 31, 2018. The assignment of goodwill to our reporting units may change during the measurement period as we have not yet finalized the fair value of the assets and liabilities assumed in the ILG Acquisition. Intangible Assets The following table presents our preliminary estimates of the fair values of ILG’s identified intangible assets and their related estimated useful lives as of the Acquisition Date. Estimated Fair Value ($ in millions) Estimated Useful Life (in years) Member relationships $ 695 15 to 20 Management contracts 356 15 to 25 Management contracts (1) 33 indefinite Trade names and trademarks 82 indefinite $ 1,166 _________________________ (1) The indefinite-lived management contracts, by their terms, continue for the foreseeable horizon. There are no legal, regulatory, contractual, competitive, economic or other factors which limit the period of time over which these resort management contracts are expected to contribute future cash flows. We provisionally estimated the value of the trade names and trademarks using the relief-from-royalty method, which applies an estimated royalty rate to forecasted future cash flows, discounted to present value. We estimated the value of management contracts and member relationships using the multi-period excess earnings method, which is a variation of the income approach. This method estimates an intangible asset’s value based on the present value of the incremental after-tax cash flows attributable to the intangible asset. These valuation approaches utilize Level 3 inputs, and we continue to review the related contracts and historical performance in addition to evaluating the inputs, including the discount rates and renewal and growth assumptions, which could result in changes to these provisional values. Deferred Revenue Deferred revenue primarily relates to membership fees, which are deferred and recognized over the terms of the applicable memberships, ranging from one to five years, on a straight-line basis. Additionally, deferred revenue includes maintenance fees collected from owners, in certain cases, which are earned by the relevant property owners’ association over the applicable period. We provisionally estimated the value of the deferred revenue utilizing Level 3 inputs based on a review of existing deferred revenue balances against legal performance obligations. We continue to review the related contracts in addition to evaluating the inputs, including the discount rates, which could result in changes to the provisional estimate. Deferred Income Taxes Deferred income taxes primarily relate to the fair value of assets and liabilities acquired, including vacation ownership notes receivable, inventory, property and equipment, intangible assets and debt. We provisionally estimated deferred income taxes based on statutory rates in the jurisdictions of the legal entities where the acquired assets and liabilities are recorded. We are continuing to assess the tax rates used, and we will update our estimate of deferred income taxes based on changes to our provisional valuations of the related assets and liabilities and refinement of the effective tax rates, which could result in changes to these provisional values. Debt We valued the IAC Notes (as defined in Footnote 14 “ Debt ”) using a quoted market price, which is considered a Level 2 input as it is observable in the market; however these notes have only a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which the IAC Notes could be retired or transferred. The carrying value of the ILG Revolving Credit Facility approximated fair value, as the contractual interest rate was variable plus an applicable margin based credit rating (Level 3 input). The ILG Revolving Credit Facility was extinguished and all amounts due were repaid in full upon completion of the ILG Acquisition. Securitized Debt from VIEs We provisionally estimated the fair value of the securitized debt from VIEs using a discounted cash flow model. The significant assumptions in our analysis include default rates, prepayment rates, bond interest rates and other structural factors (Level 3 inputs). We are continuing to evaluate the significant assumptions underlying the discounted cash flow model including default and prepayment assumptions, which could result in changes to our provisional estimate. Pro Forma Results of Operations The following unaudited pro forma information presents the combined results of operations of Marriott Vacations Worldwide and ILG as if we had completed the ILG Acquisition on December 30, 2016, the last day of our 2016 fiscal year, but using our preliminary fair values of assets and liabilities as of the Acquisition Date. As required by GAAP, these unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the ILG Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. ($ in millions, except per share data) Three Months Ended March 31, 2018 Revenues $ 1,047 Net income $ 46 Net income attributable to common shareholders $ 45 EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ 0.95 Diluted $ 0.92 The unaudited pro forma results above include $12 million of ILG acquisition-related costs for the three months ended March 31, 2018 . ILG Results of Operations The following table presents the results of Legacy-ILG operations included in our Income Statement for the three months ended March 31, 2019 . ($ in millions) Three Months Ended March 31, 2019 Revenue $ 458 Net income attributable to common shareholders $ 32 Marco Island, Florida During the first quarter of 2018, we acquired 20 completed vacation ownership units located at our resort in Marco Island, Florida for $24 million

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
REVENUE	4. REVENUE Sources of Revenue by Segment The following tables detail the sources of revenue by segment for the time periods presented. Three Months Ended March 31, 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 301 $ — $ — $ 301 Ancillary revenues 57 1 — 58 Management fee revenues 37 15 (4 ) 48 Other services revenues 31 66 36 133 Management and exchange 125 82 32 239 Rental 147 17 1 165 Cost reimbursements 291 24 (28 ) 287 Revenue from contracts with customers 864 123 5 992 Financing 67 1 — 68 Total Revenues $ 931 $ 124 $ 5 $ 1,060 Three Months Ended March 31, 2018 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 175 $ — $ — $ 175 Ancillary revenues 28 — — 28 Management fee revenues 24 — — 24 Other services revenues 18 — — 18 Management and exchange 70 — — 70 Rental 75 — — 75 Cost reimbursements 216 — — 216 Revenue from contracts with customers 536 — — 536 Financing 35 — — 35 Total Revenues $ 571 $ — $ — $ 571 Timing of Revenue from Contracts with Customers by Segment The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented. Three Months Ended March 31, 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 507 $ 59 $ 5 $ 571 Goods or services transferred at a point in time 357 64 — 421 Revenue from contracts with customers $ 864 $ 123 $ 5 $ 992 Three Months Ended March 31, 2018 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 328 $ — $ — $ 328 Goods or services transferred at a point in time 208 — — 208 Revenue from contracts with customers $ 536 $ — $ — $ 536 Sale of Vacation Ownership Products Revenues recognized during the first quarters of 2019 and 2018 due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods were $1 million and $2 million , respectively. Receivables, Contract Assets & Contract Liabilities The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either March 31, 2019 or December 31, 2018 . ($ in millions) At March 31, 2019 At December 31, 2018 Receivables Accounts receivable $ 46 $ 68 Vacation ownership notes receivable, net 2,055 2,039 $ 2,101 $ 2,107 Contract Liabilities Advance deposits $ 128 $ 113 Deferred revenue 437 319 $ 565 $ 432 Revenue recognized during the first quarter of 2019 that was included in our contract liabilities balance at December 31, 2018 was $152 million . Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2019 , over 90 percent of this amount is expected to be recognized as revenue over the next two

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	5. INCOME TAXES We file income tax returns with U.S. federal and state and non-U.S. jurisdictions and are subject to audits in these jurisdictions. Certain of our returns are being audited in various jurisdictions for years 2012 through 2017. Although we do not anticipate that a significant impact to our unrecognized tax benefit balance will occur during the next fiscal year, the amount of our liability for unrecognized tax benefits could change as a result of audits in these jurisdictions. Our total unrecognized tax benefit balance that, if recognized, would impact our effective tax rate, was $2 million at both March 31, 2019 and December 31, 2018 . Subsequent to the first quarter of 2019, we received an assessment from a tax authority related to the audit of the 2012 tax return of an entity that was acquired as part of the ILG Acquisition. Pursuant to the Tax Matters Agreement dated May 11, 2016, among Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”), Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., we notified Starwood of the matter underlying such assessment as a matter for which Starwood is the indemnifying party. Our interim effective tax rate was 40.43 percent and 22.94 percent for the three months ended March 31, 2019 and March 31, 2018 , respectively. Our annual effective tax rate is expected to be approximately 33.04 percent for fiscal year 2019

VACATION OWNERSHIP NOTES RECEIV

VACATION OWNERSHIP NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
VACATION OWNERSHIP NOTES RECEIVABLE	6. VACATION OWNERSHIP NOTES RECEIVABLE The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. March 31, 2019 December 31, 2018 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,138 $ 507 $ 1,645 $ 1,070 $ 557 $ 1,627 Non-securitized Eligible for securitization (1) 100 18 118 85 22 107 Not eligible for securitization (1) 220 72 292 233 72 305 Subtotal 320 90 410 318 94 412 $ 1,458 $ 597 $ 2,055 $ 1,388 $ 651 $ 2,039 _________________________ (1) Refer to Footnote 7 “ Financial Instruments ” for a discussion of eligibility of our vacation ownership notes receivable for securitization. We reflect interest income associated with vacation ownership notes receivable in our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable. Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Interest income associated with vacation ownership notes receivable — securitized $ 59 $ 26 Interest income associated with vacation ownership notes receivable — non-securitized 6 8 Total interest income associated with vacation ownership notes receivable $ 65 $ 34 Acquired Vacation Ownership Notes Receivable As part of the ILG Acquisition, we acquired existing portfolios of vacation ownership notes receivable. These notes receivable are accounted for using the expected cash flow method of recognizing discount accretion based on the expected cash flows from the acquired vacation ownership notes receivable pursuant to ASC 310-30, “ Loans acquired with deteriorated credit quality ” (“ASC 310-30”). At acquisition, we recorded these acquired vacation ownership notes receivable at a preliminary estimate of fair value, including a credit discount which is accreted as an adjustment to yield over the estimated life of the vacation ownership notes receivable. The fair value of our acquired vacation ownership notes receivable as of the Acquisition Date was determined using a discounted cash flow method, which calculated a present value of expected future cash flows based on scheduled principal and interest payments over the term of the respective vacation ownership notes receivable, while considering anticipated defaults and early repayments based on historical experience. Consequently, the fair value of the acquired vacation ownership notes receivable recorded on our balance sheet as of the Acquisition Date included an estimate for future uncollectible amounts, which became the historical cost basis for that portfolio going forward. The table below presents a rollforward from December 31, 2018 of the accretable yield (interest income) expected to be earned related to our acquired vacation ownership notes receivable, as well as the amount of non-accretable difference at the end of the period. The non-accretable difference represents estimated contractually required payments in excess of estimated cash flows expected to be collected. The accretable yield represents the excess of estimated cash flows expected to be collected over the carrying amount of the acquired vacation ownership notes receivable. ($ in millions) Three Months Ended March 31, 2019 Accretable yield balance at December 31, 2018 $ 199 Accretion (22 ) Reclassification to non-accretable difference (4 ) Accretable yield balance at March 31, 2019 $ 173 Non-accretable difference at March 31, 2019 $ 62 The accretable yield is recognized into interest income over the estimated life of the acquired vacation ownership notes receivable using the level yield method. The accretable yield may change in future periods due to changes in the anticipated remaining life of the acquired vacation ownership notes receivable, which may alter the amount of future interest income expected to be collected, and changes in expected future principal and interest cash collections, which impacts the non-accretable difference. Our acquired vacation ownership notes receivable are remeasured at period end based on expected future cash flows, which takes into consideration an estimated measure of anticipated defaults and early repayments. We consider historical Legacy-ILG vacation ownership notes receivable performance and the current economic environment in developing the expected future cash flows used in the re-measurement of our acquired vacation ownership notes receivable. The following table shows future contractual principal payments, as well as interest rates for our non-securitized and securitized acquired vacation ownership notes receivable, at March 31, 2019 . Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2019, remaining $ 9 $ 54 $ 63 2020 9 56 65 2021 9 57 66 2022 10 57 67 2023 10 56 66 Thereafter 43 227 270 Balance at March 31, 2019 $ 90 $ 507 $ 597 Weighted average stated interest rate 13.4% 13.4% 13.4% Range of stated interest rates 0.0% to 17.9% 6.0% to 16.9% 0.0% to 17.9% Originated Vacation Ownership Notes Receivable Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG subsequent to the Acquisition Date and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, as well as interest rates, for our originated non-securitized and securitized originated vacation ownership notes receivable at March 31, 2019 . Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2019, remaining $ 46 $ 81 $ 127 2020 40 111 151 2021 33 117 150 2022 29 120 149 2023 26 123 149 Thereafter 146 586 732 Balance at March 31, 2019 $ 320 $ 1,138 $ 1,458 Weighted average stated interest rate 11.8% 12.6% 12.4% Range of stated interest rates 0.0% to 18.0% 5.2% to 17.5% 0.0% to 18.0% For originated vacation ownership notes receivable, we record the difference between the vacation ownership note receivable and the variable consideration included in the transaction price for the sale of the related vacation ownership product as a reserve on our vacation ownership notes receivable. The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2018 $ 61 $ 79 $ 140 Increase in vacation ownership notes receivable reserve 17 2 19 Securitizations (10 ) 10 — Write-offs (10 ) — (10 ) Defaulted vacation ownership notes receivable repurchase activity (1) 7 (7 ) — Balance at March 31, 2019 $ 65 $ 84 $ 149 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve was attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. Credit Quality of Vacation Ownership Notes Receivable Legacy-MVW Vacation Ownership Notes Receivable Although we consider loans to owners to be past due if we do not receive payment within 30 days of the due date, we suspend accrual of interest only on those loans that are over 90 days past due. We consider loans over 150 days past due to be in default and fully reserve such amounts. We apply payments we receive for vacation ownership notes receivable on non-accrual status first to interest, then to principal and any remainder to fees. We resume accruing interest when vacation ownership notes receivable are less than 90 days past due. We do not accept payments for vacation ownership notes receivable during the foreclosure process unless the amount is sufficient to pay all past due principal, interest, fees and penalties owed and fully reinstate the note. We write off vacation ownership notes receivable against the reserve once we receive title to the vacation ownership products through the foreclosure or deed-in-lieu process or, in Asia Pacific or Europe, when revocation is complete. For both Legacy-MVW non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 6.91 percent and 7.01 percent as of March 31, 2019 and December 31, 2018 , respectively. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in our vacation ownership notes receivable reserve of $7 million as of both March 31, 2019 and December 31, 2018 . The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2019 $ 37 $ 11 $ 48 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2018 $ 36 $ 9 $ 45 Average investment in vacation ownership notes receivable on non-accrual status during the first quarter of 2019 $ 37 $ 10 $ 47 Average investment in vacation ownership notes receivable on non-accrual status during the first quarter of 2018 $ 39 $ 8 $ 47 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of March 31, 2019 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 25 $ 31 91 – 150 days past due 3 11 14 Greater than 150 days past due 34 — 34 Total past due 43 36 79 Current 198 1,143 1,341 Total vacation ownership notes receivable $ 241 $ 1,179 $ 1,420 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2018 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 31 – 90 days past due $ 7 $ 26 $ 33 91 – 150 days past due 3 9 12 Greater than 150 days past due 33 — 33 Total past due 43 35 78 Current 235 1,090 1,325 Total vacation ownership notes receivable $ 278 $ 1,125 $ 1,403 Legacy-ILG Vacation Ownership Notes Receivable On an ongoing basis, we monitor credit quality of our Legacy-ILG vacation ownership notes receivable portfolio based on payment activity as follows: • Current — The vacation ownership note receivable is in good standing as payments and reporting are current per the terms contractually stipulated in the agreement. • Delinquent — We consider a vacation ownership note receivable to be delinquent based on the contractual terms of each individual financing agreement. • Non-performing — Our vacation ownership notes receivable are generally considered non-performing if interest or principal is more than 30 days past due. All non-performing vacation ownership notes receivable are placed on non-accrual status and we do not resume interest accrual until the vacation ownership notes receivable becomes contractually current. We apply payments we receive for vacation ownership notes receivable on non-performing status first to interest, then to principal, and any remainder to fees. We consider vacation ownership notes receivable to be in default upon reaching 120 days outstanding. We use the origination of the vacation ownership notes receivable by brand (Hyatt, Sheraton or Westin) and the FICO scores of the customer as the primary credit quality indicators for our Legacy-ILG vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership property they have acquired, supplemented by the FICO scores of the customers. At March 31, 2019 and December 31, 2018 , the weighted average FICO score within our consolidated Legacy-ILG vacation ownership notes receivable pools was 711 and 710 , respectively, based upon the outstanding vacation ownership notes receivable balance at time of origination. The average estimated rate for all future defaults for our Legacy-ILG consolidated outstanding pool of vacation ownership notes receivable as of March 31, 2019 and December 31, 2018 was 12.26 percent and 12.37 percent , respectively. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG originated vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $1 million as of both March 31, 2019 and December 31, 2018 . The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2019 . Acquired Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 139 $ 76 $ 6 $ 19 $ 240 Sheraton 134 115 20 48 317 Hyatt 18 12 2 1 33 Other 4 1 — 2 7 $ 295 $ 204 $ 28 $ 70 $ 597 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2018 . Acquired Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 154 $ 82 $ 6 $ 21 $ 263 Sheraton 145 124 21 55 345 Hyatt 20 13 2 — 35 Other 4 1 — 3 8 $ 323 $ 220 $ 29 $ 79 $ 651 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of March 31, 2019 . Originated Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 62 $ 18 $ 2 $ 12 $ 94 Sheraton 40 24 4 15 83 Hyatt 7 3 — — 10 $ 109 $ 45 $ 6 $ 27 $ 187 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of December 31, 2018 . Originated Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 43 $ 11 $ 1 $ 7 $ 62 Sheraton 28 17 3 9 57 Hyatt 5 2 — — 7 $ 76 $ 30 $ 4 $ 16 $ 126 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG originated vacation ownership notes receivable as of March 31, 2019 and December 31, 2018 . Originated Vacation Ownership Notes Receivable Delinquent Defaulted (1) Total Delinquent & Defaulted ($ in millions) Receivables Current 30 - 59 Days 60 - 89 Days 90 - 119 Days > 120 Days As of March 31, 2019 $ 187 $ 183 $ 2 $ 1 $ 1 $ — $ 4 As of December 31, 2018 $ 126 $ 124 $ 2 $ — $ — $ — $ 2 _________________________ (1) Vacation ownership notes receivable equal to or greater than 120

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
FINANCIAL INSTRUMENTS	7. FINANCIAL INSTRUMENTS The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The table also excludes acquired vacation ownership notes receivable which are remeasured at each period end based on expected future cash flows. See Footnote 6 “ Vacation Ownership Notes Receivable ” for additional information on our acquired vacation ownership notes receivable. At March 31, 2019 At December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Originated vacation ownership notes receivable $ 1,458 $ 1,485 $ 1,388 $ 1,413 Other assets 38 38 66 66 Total financial assets $ 1,496 $ 1,523 $ 1,454 $ 1,479 Securitized debt, net $ (1,688 ) $ (1,700 ) $ (1,694 ) $ (1,698 ) Exchange Notes, net (88 ) (88 ) (88 ) (87 ) Senior Unsecured Notes, net (741 ) (786 ) (741 ) (726 ) IAC Notes (141 ) (139 ) (141 ) (140 ) Term Loan, net (886 ) (892 ) (888 ) (887 ) Revolving Corporate Credit Facility, net (71 ) (71 ) — — Convertible notes, net (201 ) (219 ) (199 ) (198 ) Non-interest bearing note payable, net (31 ) (31 ) (30 ) (30 ) Other debt, net (19 ) (19 ) (20 ) (20 ) Other liabilities (9 ) (9 ) (6 ) (6 ) Total financial liabilities $ (3,875 ) $ (3,954 ) $ (3,807 ) $ (3,792 ) Originated Vacation Ownership Notes Receivable At March 31, 2019 At December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Originated vacation ownership notes receivable Securitized $ 1,138 $ 1,163 $ 1,070 $ 1,093 Eligible for securitization 100 102 85 87 Not eligible for securitization 220 220 233 233 Non-securitized 320 322 318 320 $ 1,458 $ 1,485 $ 1,388 $ 1,413 We estimate the fair value of our originated vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3. Due to factors that impact the general marketability of our originated vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the ABS market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable. The table above shows the bifurcation of our originated vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our originated vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as originated vacation ownership notes receivable that have been securitized. We value the remaining originated vacation ownership notes receivable that have not been securitized at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are consistent with current market rates and the reserve for these vacation ownership notes receivable appropriately accounts for risks in default rates, prepayment rates, discount rates and loan terms. We concluded that this fair value measurement should be categorized within Level 3. Other Assets Other assets include $31 million of company owned insurance policies (the “COLI policies”), acquired on the lives of certain participants in the Marriott Vacations Worldwide Deferred Compensation Plan, that are held in a rabbi trust. The carrying value of the COLI policies is equal to their cash surrender value (Level 2 inputs). In addition, we have investments in marketable securities of $7 million that are marked to market as trading securities using quoted market prices (Level 1 inputs). Securitized Debt We generate cash flow estimates by modeling all bond tranches for our active vacation ownership notes receivable securitization transactions, with consideration for the collateral specific to each tranche. The key drivers in our analysis include default rates, prepayment rates, bond interest rates and other structural factors, which we use to estimate the projected cash flows. In order to estimate market credit spreads by rating, we obtain indicative credit spreads from investment banks that actively issue and facilitate the market for vacation ownership securities and determine an average credit spread by rating level of the different tranches. We then apply those estimated market spreads to swap rates in order to estimate an underlying discount rate for calculating the fair value of the active bonds payable. We concluded that this fair value measurement should be categorized within Level 3. Exchange Notes We estimate the fair value of our Exchange Notes (as defined in Footnote 14 “ Debt ”) using indicative quotes from securities dealers as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the Exchange Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3. Senior Unsecured Notes We estimate the fair value of our Senior Unsecured Notes (as defined in Footnote 14 “ Debt ”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the Senior Unsecured Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. IAC Notes We estimate the fair value of our IAC Notes (as defined in Footnote 14 “ Debt ”) using indicative quotes from securities dealers as of the last trading day for the quarter; however these notes have only a limited trading volume and as such this fair value estimate is not necessarily indicative of the value at which the IAC Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3. Term Loan We estimate that the fair value of our Term Loan (as defined in Footnote 14 “ Debt ”) indicative quotes from securities dealers as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3. Revolving Corporate Credit Facility We estimate that the fair value of our Revolving Corporate Credit Facility (as defined in Footnote 11 “ Contingencies and Commitments ”) approximates its gross carrying value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3. Convertible Notes We estimate the fair value of our Convertible Notes (as defined in Footnote 14 “ Debt ”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the Convertible Notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. The difference between the carrying value and the fair value is primarily attributed to the underlying conversion feature, and the spread between the conversion price and the market value of the shares underlying the Convertible Notes. Non-Interest Bearing Note Payable

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	8. EARNINGS PER SHARE Basic earnings per common share attributable to common shareholders is calculated by dividing net income attributable to common shareholders by the weighted average number of shares of common stock outstanding during the reporting period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per common share attributable to common shareholders is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings per common share applicable to common shareholders by application of the treasury stock method using average market prices during the period. Our calculation of diluted earnings per share attributable to common shareholders reflects our intent to settle conversions of the Convertible Notes through a combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount (the “conversion premium”). Therefore, we include only the shares that may be issued with respect to any conversion premium in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. As no conversion premium existed as of either March 31, 2019 or March 31, 2018 , there was no dilutive impact from the Convertible Notes for either the first quarter of 2019 or 2018. The shares issuable on exercise of the Warrants (as defined in Footnote 14 “ Debt ”) sold in connection with the issuance of the Convertible Notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the strike price, which was subject to adjustment during the first quarter of 2019 to $175.97 , as described in Footnote 14 “ Debt .” If and when the price of our common stock exceeds the strike price of the Warrants, we will include the dilutive effect of the additional shares that may be issued upon exercise of the Warrants in total dilutive weighted average shares outstanding, which we calculate using the treasury stock method. The Convertible Note Hedges (as defined in Footnote 14 “ Debt ”) purchased in connection with the issuance of the Convertible Notes are considered to be anti-dilutive and will not impact our calculation of diluted earnings per share attributable to common shareholders. The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic and diluted earnings per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2019 (1) March 31, 2018 (1) Computation of Basic Earnings Per Share Attributable to Common Shareholders Net income attributable to common shareholders $ 24 $ 36 Shares for basic earnings per share 45.6 26.7 Basic earnings per share $ 0.52 $ 1.35 Computation of Diluted Earnings Per Share Attributable to Common Shareholders Net income attributable to common shareholders $ 24 $ 36 Shares for basic earnings per share 45.6 26.7 Effect of dilutive shares outstanding Employee stock options and SARs 0.3 0.4 Restricted stock units 0.2 0.2 Shares for diluted earnings per share 46.1 27.3 Diluted earnings per share $ 0.51 $ 1.32 _________________________ (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 452,000 and 307,000 shares of common stock, the maximum number of shares issuable as of March 31, 2019 and March 31, 2018 , respectively, upon the vesting of certain performance-based awards because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2019 , we excluded from our calculation of diluted earnings per share 249,737 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $97.53 to $143.38 , were greater than the average market price for the applicable period. For the first quarter of 2018 , we excluded from our calculation of diluted earnings per share 56,649 shares underlying SARs that may settle in shares of common stock because the exercise price of $143.38

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
INVENTORY	9. INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2019 At December 31, 2018 Finished goods (1) $ 862 $ 843 Work-in-progress 37 9 Real estate inventory 899 852 Other 11 11 $ 910 $ 863 _________________________ (1) Represents completed inventory that is either registered for sale as vacation ownership interests, or unregistered and available for sale in its current form. We value vacation ownership products at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or net realizable value. Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $3 million during the first quarter of 2019 and decreased carrying values of inventory by $1 million during the first quarter of 2018 . In addition to the above, at March 31, 2019 , we had $53 million

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	10. PROPERTY AND EQUIPMENT The following table details the composition of our property and equipment balances: ($ in millions) At March 31, 2019 At December 31, 2018 Land and land improvements $ 378 $ 466 Buildings and leasehold improvements 411 404 Furniture, fixtures and other equipment 91 88 Information technology 308 297 Construction in progress 17 32 1,205 1,287 Accumulated depreciation (357 ) (336 ) $ 848 $ 951 As a result of the ILG Acquisition, we are performing a comprehensive review of our property and equipment to determine the best strategic direction with respect to these assets, for the combined company. These assets include undeveloped parcels, future phases of existing resorts, operating hotels and other non-core assets. A key focus of the comprehensive review is to evaluate opportunities to reduce holdings in markets where we have excess supply so that future inventory spend will be focused on markets that create incremental cost-effective sales locations in areas of high customer demand. The result of this review could have a material impact on the carrying value of certain assets, which, in turn, would result in non-cash impairments. Subsequent to the end of the first quarter of 2019, we entered into a contract to sell land and land improvements associated with a future phase of an existing resort located in Orlando, Florida for $10 million , which was less than the carrying value of the land and land improvements. As a result, we recorded a non-cash impairment of $26 million in the first quarter of 2019. The impairment is primarily attributable to the fact that the book value of the assets to be sold exceeds the sales price because the book value includes allocations of common costs incurred when we built the infrastructure for the resort, including future phases.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	11. CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of March 31, 2019 , we had the following commitments outstanding: • We have various contracts for the use of information technology hardware and software that we use in the normal course of business. Our aggregate commitments under these contracts were $52 million , of which we expect $29 million , $13 million , $5 million , $3 million and $2 million will be paid in the remainder of 2019, 2020, 2021, 2022 and 2023, respectively. • We have commitments of $3 million to subsidize operating costs of vacation ownership property owners’ associations, which we expect to pay in 2019. • We have a commitment to purchase an operating property located in New York, New York for $182 million , of which $7 million is attributed to a related finance lease arrangement and recorded in Debt. We expect to acquire the units in the property in their current form, over time, and we expect to make payments for these units of $120 million and $62 million in 2020 and 2021, respectively. We currently manage this property, which was rebranded as Marriott Vacation Club Pulse, New York City. See Footnote 17 “ Variable Interest Entities ” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction. • We have a commitment to purchase 88 vacation ownership units located in Bali, Indonesia for use in our Vacation Ownership segment, contingent upon completion of construction to agreed-upon standards within specified timeframes. We expect to complete the acquisition in 2020 and to make the remaining payments with respect to these units when specific construction milestones are completed, as follows: $7 million in 2019, $23 million in 2020 and $2 million in 2021. • We have a commitment to purchase an operating property located in San Francisco, California for $158 million of which $10 million is attributed to a related finance lease arrangement and recorded in Debt. We expect to acquire the operating property over time and expect to make payments for the operating property as follows: $56 million in 2019, $55 million in 2020 and $47 million in 2021. We currently manage this unbranded property, which we expect to rebrand as Marriott Vacation Club Pulse, San Francisco during 2019. See Footnote 17 “ Variable Interest Entities ” for additional information on this transaction and our activities relating to the variable interest entity involved in this transaction. Surety bonds issued as of March 31, 2019 totaled $74 million , the majority of which were requested by federal, state or local governments in connection with our operations. Additionally, as of March 31, 2019 , we had $4 million of letters of credit outstanding under our $600 million revolving credit facility (the “Revolving Corporate Credit Facility”). Guarantees At March 31, 2019 , our maximum exposure under guarantees was $45 million which primarily relates to certain of our rental management agreements in our Exchange & Third-Party Management segment. These agreements provide for owners of properties we manage to receive specified percentages or guaranteed dollar amounts of the rental revenue generated under our management. In these cases, the operating expenses for the rental operations are paid from the revenue generated by the rentals, the owners are then paid their contractual percentages or guaranteed dollar amounts, and our vacation rental business either retains the balance (if any) as its fee or makes up the deficit. Loss Contingencies In June 2013, Earl C. and Patricia A. Charles, owners of a fractional interest at The Ritz-Carlton Club & Residences, Kapalua Bay (“Kapalua Bay”), together with owners of 38 other fractional interests (owners of two of which subsequently agreed to release their claims) at Kapalua Bay, filed an amended complaint in the Circuit Court of the Second Circuit for the State of Hawaii against us, certain of our subsidiaries, Marriott International, certain of its subsidiaries, other entities that have equity investments in the joint venture in which we have an equity investment that developed and marketed vacation ownership and residential products at Kapalua Bay (the “Joint Venture”) and the Joint Venture. The plaintiffs alleged that the defendants failed to disclose the financial condition of the Joint Venture and the commitment of the defendants to the Joint Venture, and that defendants’ actions constituted fraud and violated the Hawaii Unfair and Deceptive Trade Practices Act, the Hawaii Condominium Property Act and the Hawaii Time Sharing Plans statute. The relief sought included compensatory and punitive damages, attorneys’ fees, pre-judgment interest, declaratory relief, rescission and treble damages under the Hawaii Unfair and Deceptive Trade Practices Act. The complaint was subsequently further amended to add owners of two additional fractional interests as plaintiffs. In February 2019, the parties reached an agreement to settle the case, and during the fourth quarter of 2018, we recorded an accrual of $12 million in conjunction with the settlement. In March 2017, RCHFU, L.L.C. and other owners of 232 fractional interests at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) served an amended complaint in an action pending in the U.S. District Court for the District of Colorado against us, certain of our subsidiaries, and other third party defendants. The amended complaint alleges that the plaintiffs’ fractional interests were devalued by the affiliation of the RCC Aspen Highlands and other Ritz-Carlton Clubs with our points-based Marriott Vacation Club Destinations (“MVCD”) program. The relief sought includes, among other things, unspecified damages, pre- and post-judgment interest, and attorneys’ fees. We filed a motion to dismiss the amended complaint, which the Court granted in part and denied in part in March 2018. In February 2018, the plaintiffs filed a motion seeking to add a claim for punitive damages to their complaint, which the Court granted in May 2018. In March 2019, plaintiffs filed a modified motion seeking to further amend their complaint. That motion remains pending. We dispute the plaintiffs’ material allegations and continue to defend against the action vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. In May 2016, we, certain of our subsidiaries, and certain third parties were named as defendants in an action filed in the U.S. District Court for the Middle District of Florida by Anthony and Beth Lennen. The case is filed as a putative class action; the plaintiffs seek to represent a class consisting of themselves and all other purchasers of MVCD points, from inception of the MVCD program in June 2010 to the present, as well as all individuals who own or have owned weeks in any resorts for which weeks have been added to the MVCD program. Plaintiffs challenged the characterization of the beneficial interests in the MVCD trust that are sold to customers as real estate interests under Florida law. They also challenged the structure of the trust and associated operational aspects of the trust product. The relief sought includes, among other things, declaratory relief, an unwinding of the MVCD product, and punitive damages. In October 2017, after the Court granted our motion to dismiss the initial complaint, the plaintiffs filed an amended complaint. In November 2017, we filed a motion to dismiss the amended complaint, and in March 2019, the Court partially granted our motion. In April 2019, we filed a motion for judgment on the pleadings regarding the sole remaining claim against us. In October 2018, the plaintiffs filed a motion for class certification, which was denied without prejudice in April 2019. We dispute the plaintiffs’ material allegations and continue to defend against the action vigorously. Given the early stages of the action and the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. In December 2016, individuals and entities who own or owned 107 fractional interests at the Fifth and Fifty-Fifth Residence Club located within The St. Regis, New York (the “St. Regis NY Club”) filed an action against ILG, certain of its subsidiaries, Marriott International and certain of its subsidiaries, including Starwood. The case is filed as a mass action in the U.S. District Court for the Southern District of New York. Plaintiffs principally challenge the sale of less than all interests offered in the fractional offering plan, the amendment of the plan to include additional units, and the rental of unsold fractional interests by the plan’s sponsor, claiming that the alleged acts breached the relevant agreements and harmed the value of plaintiffs’ fractional interests. The relief sought includes, among other things, compensatory damages, rescission, disgorgement, attorneys’ fees, and pre- and post-judgment interest. In April 2017, we filed a motion to dismiss the amended complaint, which the Court granted in part and denied in part in September 2018. Thereafter, in October 2018, the plaintiffs filed another amended complaint. We responded by filing a motion to dismiss, which remains pending. We dispute the material allegations and continue to defend against the action vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. In February 2017, the owners’ association for the St. Regis NY Club filed a separate suit against ILG and certain of its subsidiaries in the U.S. District Court for the Southern District of New York. In March 2017, before we were served with the initial complaint, plaintiff filed an amended complaint that added Marriott International and Starwood as defendants and added additional claims. Plaintiff filed a second amended complaint in July 2017. The complaint, as amended, asserts claims against the sponsor of the St. Regis NY Club (St. Regis Residence Club, New York, Inc.), the St. Regis NY Club manager (St. Regis New York Management, Inc.), and certain affiliated entities, as well as against Marriott International and Starwood, for alleged breach of fiduciary duties principally related to sale and rental practices, tortious interference with the management agreement, and alleged unjust enrichment, seeks certain declaratory relief in connection with the Starpoints conversion program and the exchange program at the St. Regis NY Club, and asserts claims based on alleged anticompetitive conduct by the defendants in connection with plaintiff’s renewal of the St. Regis NY Club management agreement. In addition to the declaratory relief sought, plaintiff seeks unspecified actual damages, punitive damages, and disgorgement of payments under the management and purchase agreements, as well as related agreements. In September 2017, we filed a motion to dismiss the second amended complaint, which the Court granted in part and denied in part in September 2018. In December 2018, the remaining claims were transferred to the U.S. District Court for the Middle District of Florida, and in April 2019, plaintiff filed a motion to amend the complaint in the federal court action. In February 2019, plaintiff filed a state court action in the New York State Supreme Court asserting claims similar to those pending in the federal court action. We have not been served with the complaint. We dispute the plaintiff’s material allegations and continue to defend against the actions vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. In April 2019, we, certain of our subsidiaries, Marriott International, and certain of its subsidiaries were served with a complaint in an action originally filed on January 24, 2019 in the Superior Court of the Virgin Islands, Division of St. Thomas by Alan and Marjorie Helman and 5 other named plaintiffs. The case is filed as a putative class action; the plaintiffs seek to represent a class consisting of themselves and all other owners of fractional interests at The Ritz-Carlton Club, St. Thomas (“RCC-St. Thomas”) from May 22, 2002 to January 26, 2014 (excluding those who have lost their interests via a loan foreclosure). Plaintiffs allege that their fractional interests were devalued by the affiliation of RCC-St. Thomas and other Ritz-Carlton Clubs with our MVCD program. The relief sought includes, among other things, unspecified damages, pre- and post-judgment interest, disgorgement of profits and attorneys’ fees. We dispute the plaintiffs’ material allegations and intend to defend against the action vigorously. Given the inherent uncertainties of litigation, we cannot estimate a range of the potential liability, if any, at this time. Other During June 2018, we identified forged and fraudulently induced electronic payment disbursements we made to third parties in an aggregate amount of $10 million resulting from unauthorized third-party access to our email system. Upon detection, we immediately notified law enforcement authorities and relevant financial institutions and commenced a forensic investigation. During 2018, we recovered $6 million . Subsequent to the first quarter of 2019, we received $3 million from our insurance company as final settlement of our claim, and the insurance company waived the requirement for us to reimburse the insurance company for any monies subsequently recovered. Any additional recoveries will be recorded in our results in the future. We have concluded that this event did not involve access to any of our other systems. No other misappropriation of assets was identified during our investigation. Insurance Recoveries During September 2017, the Westin St. John Resort Villas, a Legacy-ILG property, sustained damage as a result of Hurricane Irma and remained closed until January 2019. As of March 31, 2019 , we received insurance payments in excess of spend of $5 million which is presented within Accrued liabilities on our Balance Sheet. This balance is subject to change. In September 2017, over 20 of our Legacy-MVW properties were impacted by Hurricane Irma and Hurricane Maria and, as a result, as of December 31, 2017, we accrued $1 million for the estimated property damage insurance deductibles and impairment of property and equipment, which was recorded in the Gains and other income, net line on our Income Statement for the year ended December 31, 2017. In 2018, we received $32 million of insurance proceeds related to the settlement of Legacy-MVW business interruption insurance claims arising from Hurricane Irma. These proceeds, and the related deductible of $3 million , were recorded net in the Gains and other income, net line on our Income Statement for the year ended December 31, 2018. During the first quarter of 2019, we recorded an additional $9 million of other income relating to the final settlement of these business interruption insurance claims, which was recorded in the Gains and other income, net line on our Income Statement for the three months ended March 31, 2019

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	12. LEASES We account for leases in accordance with ASC 842, which we adopted using the optional transition method in the period of adoption as of January 1, 2019, without retrospective application to comparative periods. See Footnote 2 “ Significant Accounting Policies and Recent Accounting Standards ” for additional information. Operating leases include lease arrangements for various land, corporate facilities, real estate and equipment. Our land leases consist of long-term leases for a golf course (term of 30 years) and for land underlying an operating hotel (term of 50 years). Corporate facilities leases are for office space, including our corporate headquarters in Orlando, Florida, and have lease terms that range from nine to 14 years. Other operating leases are primarily for office and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods. Finance leases (analogous to capital leases under ASC 840) include lease arrangements for ancillary and operations space for which it is reasonably certain we will exercise the option to purchase the underlying assets in connection with the commitment to purchase the associated operating property. See Footnote 11 “ Contingencies and Commitments ” for additional information regarding these transactions. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets are limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. For existing leases that commenced prior to the adoption of ASC 842, we made an accounting policy election to use our incremental borrowing rate, considering the remaining lease term and remaining minimum rental payments during transition, in establishing our lease liabilities. For new leases entered into after the adoption of ASC 842, we will use an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The following table presents the carrying values of our leases and the classification on our Balance Sheet as of March 31, 2019 . ($ in millions) Balance Sheet Classification At March 31, 2019 Operating lease assets Other assets $ 126 Finance lease assets Property and equipment 23 $ 149 Operating lease liabilities Accrued liabilities $ 138 Finance lease liabilities Debt 23 $ 161 The following table presents the lease costs and the classification on our Income Statement for the three months ended March 31, 2019 . ($ in millions) Income Statement Classification Three Months Ended March 31, 2019 Operating lease cost Marketing and sales expense General and administrative expense $ 8 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 1 Interest on lease liabilities Interest expense — Variable lease cost Marketing and sales expense 1 $ 10 The following table presents the maturity of our operating and financing lease liabilities as of March 31, 2019 . At March 31, 2019 ($ in millions) Operating Leases Finance Leases (1) Total 2019, remaining $ 23 $ 12 $ 35 2020 30 10 40 2021 22 1 23 2022 17 — 17 2023 16 — 16 Thereafter 102 — 102 Total lease payments 210 23 233 Less: Imputed interest (72 ) — (72 ) $ 138 $ 23 $ 161 _________________________ (1) Finance lease payments include $17 million related to residual value guarantees associated with purchase commitments for operating properties in San Francisco, California and New York, New York. See Footnote 11 “ Contingencies and Commitments ” for additional information regarding these transactions. Lease Term and Discount Rate At March 31, 2019 Weighted-average remaining lease term (in years) Operating leases 11.2 years Finance leases 0.9 years Weighted-average discount rate Operating leases 6.6% Finance leases 4.8% Other Information ($ in millions) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ — Operating cash flows for operating leases 12 Financing cash flows for finance leases 1 $ 13
LEASES	12. LEASES We account for leases in accordance with ASC 842, which we adopted using the optional transition method in the period of adoption as of January 1, 2019, without retrospective application to comparative periods. See Footnote 2 “ Significant Accounting Policies and Recent Accounting Standards ” for additional information. Operating leases include lease arrangements for various land, corporate facilities, real estate and equipment. Our land leases consist of long-term leases for a golf course (term of 30 years) and for land underlying an operating hotel (term of 50 years). Corporate facilities leases are for office space, including our corporate headquarters in Orlando, Florida, and have lease terms that range from nine to 14 years. Other operating leases are primarily for office and retail space, as well as various equipment supporting our operations, with varying terms and renewal option periods. Finance leases (analogous to capital leases under ASC 840) include lease arrangements for ancillary and operations space for which it is reasonably certain we will exercise the option to purchase the underlying assets in connection with the commitment to purchase the associated operating property. See Footnote 11 “ Contingencies and Commitments ” for additional information regarding these transactions. In addition, we also lease various equipment supporting our operations and classify these leases as finance leases in accordance with ASC 842. The depreciable life of these assets are limited to the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Right-of-use assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. For purposes of calculating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Macro-economic conditions are the primary factor used to estimate whether an option to extend a lease term will be exercised or not. For existing leases that commenced prior to the adoption of ASC 842, we made an accounting policy election to use our incremental borrowing rate, considering the remaining lease term and remaining minimum rental payments during transition, in establishing our lease liabilities. For new leases entered into after the adoption of ASC 842, we will use an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Right-of-use assets exclude the unamortized portion of lease incentives received. Certain of our lease agreements include variable rental payments that are based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The following table presents the carrying values of our leases and the classification on our Balance Sheet as of March 31, 2019 . ($ in millions) Balance Sheet Classification At March 31, 2019 Operating lease assets Other assets $ 126 Finance lease assets Property and equipment 23 $ 149 Operating lease liabilities Accrued liabilities $ 138 Finance lease liabilities Debt 23 $ 161 The following table presents the lease costs and the classification on our Income Statement for the three months ended March 31, 2019 . ($ in millions) Income Statement Classification Three Months Ended March 31, 2019 Operating lease cost Marketing and sales expense General and administrative expense $ 8 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 1 Interest on lease liabilities Interest expense — Variable lease cost Marketing and sales expense 1 $ 10 The following table presents the maturity of our operating and financing lease liabilities as of March 31, 2019 . At March 31, 2019 ($ in millions) Operating Leases Finance Leases (1) Total 2019, remaining $ 23 $ 12 $ 35 2020 30 10 40 2021 22 1 23 2022 17 — 17 2023 16 — 16 Thereafter 102 — 102 Total lease payments 210 23 233 Less: Imputed interest (72 ) — (72 ) $ 138 $ 23 $ 161 _________________________ (1) Finance lease payments include $17 million related to residual value guarantees associated with purchase commitments for operating properties in San Francisco, California and New York, New York. See Footnote 11 “ Contingencies and Commitments ” for additional information regarding these transactions. Lease Term and Discount Rate At March 31, 2019 Weighted-average remaining lease term (in years) Operating leases 11.2 years Finance leases 0.9 years Weighted-average discount rate Operating leases 6.6% Finance leases 4.8% Other Information ($ in millions) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ — Operating cash flows for operating leases 12 Financing cash flows for finance leases 1 $ 13

SECURITIZED DEBT

SECURITIZED DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
SECURITIZED DEBT	13. SECURITIZED DEBT The following table provides detail on our debt associated with vacation ownership notes receivable securitizations, net of unamortized debt issuance costs. ($ in millions) At March 31, 2019 At December 31, 2018 Vacation ownership notes receivable securitizations, gross (1) $ 882 $ 962 Unamortized debt issuance costs (10 ) (11 ) 872 951 Legacy-ILG Vacation ownership notes receivable securitizations (2) 582 628 Warehouse Credit Facility, gross (3) 235 116 Unamortized debt issuance costs (1 ) (1 ) 234 115 $ 1,688 $ 1,694 _________________________ (1) Interest rates as of March 31, 2019 range from 2.2% to 6.3% , with a weighted average interest rate of 2.9% . (2) Interest rates as of March 31, 2019 range from 2.3% to 4.0% , with a weighted average interest rate of 2.9% . (3) Effective interest rate as of March 31, 2019 was 3.6% . See Footnote 17 “ Variable Interest Entities ” for a discussion of the collateral for the non-recourse debt associated with the securitized vacation ownership notes receivable and our non-recourse warehouse credit facility (the “Warehouse Credit Facility”). The debt associated with our vacation ownership notes receivable securitizations and our Warehouse Credit Facility is non-recourse to us. Vacation Ownership Notes Receivable Securitizations Each of the securitized vacation ownership notes receivable transactions contains various triggers relating to the performance of the underlying vacation ownership notes receivable. If a pool of securitized vacation ownership notes receivable fails to perform within the pool’s established parameters (default or delinquency thresholds vary by transaction), transaction provisions effectively redirect the monthly excess spread we would otherwise receive from that pool (attributable to the interests we retained) to accelerate the principal payments to investors (taking into account the subordination of the different tranches to the extent there are multiple tranches) until the performance trigger is cured. During the first quarter of 2019 , and as of March 31, 2019 , no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of March 31, 2019 , we had 11 securitized vacation ownership notes receivable pools outstanding. As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown below due to prepayments by the vacation ownership notes receivable obligors. The following table shows scheduled future principal payments for our vacation ownership notes receivable securitizations as of March 31, 2019 . Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total ($ in millions) Legacy-MVW Legacy-ILG Payments Year 2019, remaining $ 70 $ 111 $ 9 $ 190 2020 96 109 12 217 2021 99 81 214 394 2022 100 65 — 165 2023 99 55 — 154 Thereafter 418 161 — 579 $ 882 $ 582 $ 235 $ 1,699 Warehouse Credit Facility The Warehouse Credit Facility, which has a borrowing capacity of $250 million , allows for the securitization of Legacy-MVW vacation ownership notes receivable on a revolving non-recourse basis through March 13, 2020. During the first quarter of 2019, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $146 million . The advance rate was 85 percent , which resulted in gross proceeds of $124 million . Net proceeds were $123 million due to the funding of reserve accounts of $1 million

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
DEBT	14. DEBT The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2019 At December 31, 2018 Senior Notes Exchange Notes (1) $ 89 $ 89 Unamortized debt issuance costs (1 ) (1 ) 88 88 Senior Unsecured Notes (2) 750 750 Unamortized debt issuance costs (9 ) (9 ) 741 741 IAC Notes (3) 141 141 Corporate Credit Facility Term Loan 898 900 Unamortized debt discount and issuance costs (12 ) (12 ) 886 888 Revolving Corporate Credit Facility (4) 75 — Unamortized debt issuance costs (5) (4 ) — 71 — Convertible notes, gross (6) 230 230 Unamortized debt discount and issuance costs (29 ) (31 ) 201 199 Non-Interest bearing note payable 31 31 Unamortized debt discount (7) — (1 ) 31 30 Finance leases 23 17 Other (8) 19 20 $ 2,201 $ 2,124 _________________________ (1) Interest rate of 5.625% , maturing on April 15, 2023 . (2) Interest rate of 6.500% , maturing on September 15, 2026 . (3) Interest rate of 5.625% , maturing on April 15, 2023 . (4) The effective interest rate as of March 31, 2019 was 6.5% . (5) Excludes $4 million of unamortized debt issuance costs as of December 31, 2018, as no cash borrowings were outstanding on the Revolving Corporate Credit Facility at that time. (6) The effective interest rate as of March 31, 2019 was 4.7% . (7) Debt discount based on imputed interest rate of 6.0% . (8) Non-recourse. The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2019 . Payments Year ($ in millions) Remaining 2019 2020 2021 2022 2023 Thereafter Total Exchange Notes $ — $ — $ — $ — $ 89 $ — $ 89 Senior Unsecured Notes — — — — — 750 750 IAC Notes — — — — 141 — 141 Term Loan 7 9 9 9 8 856 898 Revolving Corporate Credit Facility — — — — 75 — 75 Convertible Notes — — — 230 — — 230 Non-Interest Bearing Note Payable 31 — — — — — 31 Other 1 2 2 2 3 9 19 $ 39 $ 11 $ 11 $ 241 $ 316 $ 1,615 $ 2,233 Senior Notes Our Senior Notes include the following: $750 million aggregate principal amount of 6.500% senior unsecured notes due 2026 issued in the third quarter of 2018 (the “Senior Unsecured Notes”); $350 million in aggregate principal amount of outstanding 5.625% Senior Unsecured Notes due 2023 assumed in connection with the ILG Acquisition (the “IAC Notes”); and 5.625% Senior Unsecured Notes due 2023 offered in exchange for the IAC Notes during the third quarter of 2018 (the “Exchange Notes”). Corporate Credit Facility Our corporate credit facility (“Corporate Credit Facility”), which provides support for our business, including ongoing liquidity and letters of credit, includes a $900 million term loan facility (the “Term Loan”) which matures on August 31, 2025, and a Revolving Corporate Credit Facility with a borrowing capacity of $600 million that terminates on August 31, 2023. The Revolving Corporate Credit Facility also includes a letter of credit sub-facility of $75 million . As of March 31, 2019 , we were in compliance with the applicable financial and operating covenants under the Corporate Credit Facility. Subsequent to the end of the first quarter of 2019 , we borrowed $65 million under our Revolving Corporate Credit Facility to facilitate the funding of our short-term working capital needs, $20 million of which has been repaid. Convertible Notes Our $230 million of 1.50% Convertible Senior Notes due 2022 (the “Convertible Notes”) were convertible at an initial rate of 6.7482 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $148.19 per share of our common stock). The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes and was subject to adjustment during the first quarter of 2019 to 6.7755 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of approximately $147.59 per share of our common stock) when we declared a quarterly dividend of $0.45 per share, which was greater than the quarterly dividend at the time of the issuance of the Convertible Notes. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount. As of March 31, 2019 , the remaining discount amortization period was 3.5 years . The following table shows the net carrying value of the Convertible Notes. ($ in millions) At March 31, 2019 At December 31, 2018 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (25 ) (26 ) Unamortized debt issuance costs (4 ) (5 ) Net carrying amount of the liability component $ 201 $ 199 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the Convertible Notes. Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Contractual interest expense $ 1 $ 1 Amortization of debt discount 2 1 $ 3 $ 2 Convertible Note Hedges and Warrants In connection with the offering of the Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“Convertible Note Hedges”), covering a total of approximately 1.55 million shares of our common stock, and warrant transactions (“Warrants”), whereby we sold to the counterparties to the Convertible Note Hedges warrants to acquire approximately 1.55 million shares of our common stock at an initial strike price of $176.68 per share. The strike price was subject to adjustment during the first quarter of 2019 to $175.97 per share when we declared a quarterly dividend of $0.45 per share. As of March 31, 2019 , no Convertible Note Hedges or Warrants have been exercised. Finance Leases See Footnote 12 “ Leases ” for information on our finance leases accounted for under ASC 842. Restrictions Amounts borrowed under the Corporate Credit Facility, as well as obligations with respect to letters of credit issued pursuant to that facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrowers under, and guarantors of, that facility (which include Marriott Vacations Worldwide Corporation and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose subsidiaries), in each case including inventory, subject to certain exceptions. In addition, the IAC Notes are guaranteed by Marriott Vacations Worldwide Corporation, ILG and certain other subsidiaries for which 100% of the voting securities are owned directly or indirectly by ILG. See Footnote 19 “ Supplemental Guarantor Information

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
SHAREHOLDERS' EQUITY	15. SHAREHOLDERS’ EQUITY Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $ 0.01 per share. At March 31, 2019 , there were 57,839,682 shares of Marriott Vacations Worldwide common stock issued, of which 44,982,314 shares were outstanding and 12,857,368 shares were held as treasury stock. At December 31, 2018 , there were 57,626,462 shares of Marriott Vacations Worldwide common stock issued, of which 45,992,731 shares were outstanding and 11,633,731 shares were held as treasury stock. Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $ 0.01 per share, none of which were issued or outstanding as of March 31, 2019 or December 31, 2018 . Share Repurchase Program The following table summarizes share repurchase activity under our current share repurchase program: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2018 11,687,774 $ 793 $ 67.85 For the first quarter of 2019 1,230,268 106 86.32 As of March 31, 2019 12,918,042 $ 899 $ 69.61 On December 6, 2018, our Board of Directors authorized the extension of the duration of our existing share repurchase program to March 31, 2019, as well as the repurchase of up to 3.0 million additional shares of our common stock through December 31, 2019. As of March 31, 2019 , our Board of Directors had authorized the repurchase of an aggregate of up to 14.9 million shares of our common stock under the share repurchase program since the initiation of the program in October 2013. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, accelerated share repurchase agreements or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements and other factors. Acquired shares of our common stock are held as treasury shares carried at cost in our Financial Statements. In connection with the repurchase program, we are authorized to adopt one or more trading plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. As of March 31, 2019 , 2 million shares remained available for repurchase under the authorization approved by our Board of Directors. The authorization for the share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Dividends We declared cash dividends to holders of common stock during the first quarter of 2019 as follows: Declaration Date Shareholder Record Date Distribution Date Dividend per Share February 15, 2019 February 28, 2019 March 14, 2019 $0.45 Any future dividend payments will be subject to Board approval, and there can be no assurance that we will pay dividends in the future. Noncontrolling Interests Property Owners’ Associations As part of the ILG Acquisition we established a noncontrolling interest in property owners’ associations that Legacy-ILG consolidates under the voting interest model, which represents the portion of the property owners’ associations related to individual or third-party VOI owners. As of March 31, 2019 , this noncontrolling interest amounts to $9 million

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	16. SHARE-BASED COMPENSATION We maintain the Marriott Vacations Worldwide Corporation Stock and Cash Incentive Plan (the “MVW Stock Plan”) for the benefit of our officers, directors and employees. Under the MVW Stock Plan, we award: (1) restricted stock units (“RSUs”) of our common stock, (2) SARs relating to our common stock and (3) stock options to purchase our common stock. A total of 6 million shares are authorized for issuance pursuant to grants under the MVW Stock Plan. As of March 31, 2019 , 1 million shares were available for grants under the MVW Stock Plan. As part of the ILG Acquisition, we assumed the Interval Leisure Group, Inc. 2013 Stock and Incentive Plan (the “ILG Stock Plan”) and equity based awards outstanding under the ILG Stock Plan. As of March 31, 2019 , 1 million shares were available for grants under the ILG Stock Plan to Legacy-ILG employees. The following table details our share-based compensation expense related to award grants to our officers, directors and employees: Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Service-based RSUs $ 3 $ 2 Performance-based RSUs 1 1 ILG Acquisition Converted RSUs 4 — 8 3 SARs 1 1 Stock options — — $ 9 $ 4 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2019 At December 31, 2018 Service-based RSUs $ 30 $ 16 Performance-based RSUs 18 7 ILG Acquisition Converted RSUs 9 15 57 38 SARs 4 1 Stock options — — $ 61 $ 39 Restricted Stock Units We granted 170,289 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $96.38 , to our employees and non-employee directors during the first quarter of 2019 . During the first quarter of 2019 , we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 287,876 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2019 . Stock Appreciation Rights We granted 111,111 SARs, with a weighted average grant-date fair value of $28.89 and a weighted average exercise price of $100.52 , to members of management during the first quarter of 2019 . We use the Black-Scholes model to estimate the fair value of the SARs granted. The expected stock price volatility was calculated based on the average of the historical and implied volatility of our stock price. The average expected life was calculated using the simplified method, as we have insufficient historical information to provide a basis for estimating average expected life. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. The dividend yield assumption listed below is based on the expectation of future payouts. The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2019 : Expected volatility 31.10% Dividend yield 1.76% Risk-free rate 2.59% Expected term (in years) 6.25 Legacy-ILG Deferred Compensation Plan Certain deferred share units (“DSUs”) of ILG common stock were outstanding on the Acquisition Date under the Interval Leisure Group, Inc. Deferred Compensation Plan for Non-Employee Directors. On the Acquisition Date, these DSUs were converted to equity-based awards with respect to MVW’s common stock and cash-based awards, resulting in 12,265 DSUs (“ILG DSUs”) and $1 million of cash-based awards. The ILG DSUs had a weighted average fair value of $114.31 on the Acquisition Date. The services associated with the ILG DSUs were completed as of the Acquisition Date, resulting in no deferred compensation costs. The ILG DSUs and related cash-based awards were paid in full during the first quarter of 2019 and there is no remaining obligation as of March 31, 2019

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	17. VARIABLE INTEREST ENTITIES Variable Interest Entities Related to Our Vacation Ownership Notes Receivable Securitizations We periodically securitize, without recourse, through bankruptcy remote special purpose entities, notes receivable originated in connection with the sale of vacation ownership products. These vacation ownership notes receivable securitizations provide funding for us and transfer the economic risks and substantially all the benefits of the consumer loans we originate to third parties. In a vacation ownership notes receivable securitization, various classes of debt securities issued by a special purpose entity are generally collateralized by a single tranche of transferred assets, which consist of vacation ownership notes receivable. With each vacation ownership notes receivable securitization, we may retain a portion of the securities, subordinated tranches, interest-only strips, subordinated interests in accrued interest and fees on the securitized vacation ownership notes receivable or, in some cases, overcollateralization and cash reserve accounts. We created these bankruptcy remote special purpose entities to serve as a mechanism for holding assets and related liabilities, and the entities have no equity investment at risk, making them variable interest entities. We continue to service the vacation ownership notes receivable, transfer all proceeds collected to these special purpose entities, and retain rights to receive benefits that are potentially significant to the entities. Accordingly, we concluded that we are the entities’ primary beneficiary and, therefore, consolidate them. There is no noncontrolling interest balance related to these entities and the creditors of these entities do not have general recourse to us. As part of the ILG Acquisition, we acquired the variable interests in the entities associated with ILG’s outstanding vacation ownership notes receivable securitization transactions. As these vacation ownership notes receivable securitizations are similar in nature to the Legacy-MVW vacation ownership notes receivable securitizations they have been aggregated for disclosure purposes. The following table shows consolidated assets, which are collateral for the obligations of these variable interest entities, and consolidated liabilities included on our Balance Sheet at March 31, 2019 : ($ in millions) Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,389 $ 256 $ 1,645 Interest receivable 10 1 11 Restricted cash 58 7 65 Total $ 1,457 $ 264 $ 1,721 Consolidated Liabilities Interest payable $ 2 $ — $ 2 Debt 1,464 235 1,699 Total $ 1,466 $ 235 $ 1,701 The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first quarter of 2019 : ($ in millions) Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total Interest income $ 52 $ 7 $ 59 Interest expense to investors $ 13 $ 2 $ 15 Debt issuance cost amortization $ 1 $ — $ 1 The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities: Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Cash Inflows Principal receipts $ 119 $ 66 Interest receipts 50 26 Reserve release 13 1 Total 182 93 Cash Outflows Principal to investors (119 ) (57 ) Voluntary repurchases of defaulted vacation ownership notes receivable (9 ) (7 ) Voluntary clean-up call — (22 ) Interest to investors (11 ) (5 ) Total (139 ) (91 ) Net Cash Flows $ 43 $ 2 Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. Our maximum exposure to loss relating to the special purpose entities that purchase, sell and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance on the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral. The following table shows cash flows between us and the Warehouse Credit Facility variable interest entity: Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 124 $ — Principal receipts 7 — Interest receipts 7 — Total 138 — Cash Outflows Principal to investors (5 ) — Interest to investors (2 ) — Funding of restricted cash (1 ) — Total (8 ) — Net Cash Flows $ 130 $ — Other Variable Interest Entities We have a commitment to purchase an operating property located in San Francisco, California. Refer to Footnote 11 “ Contingencies and Commitments ” for additional information on the commitment. We are required to purchase the operating property from the third party developer unless the developer has sold the property to another party. The operating property is held by a variable interest entity for which we are not the primary beneficiary as we cannot prevent the variable interest entity from selling the operating property at a higher price. Accordingly, we have not consolidated the variable interest entity. As of March 31, 2019 , our Balance Sheet reflected $13 million in Property and equipment related to a finance lease and leasehold improvements, $1 million in Accrued liabilities and $10 million in Debt related to the finance lease liability for ancillary and operations space we lease from the variable interest entity. In addition, a note receivable of less than $1 million is included in the Accounts receivable line. We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is $3 million as of March 31, 2019 . We have a commitment to purchase an operating property located in New York, New York, that we currently manage as Marriott Vacation Club Pulse, New York City. Refer to Footnote 11 “ Contingencies and Commitments ” for additional information on the commitment. We are required to purchase the completed property from the third party developer unless the developer has sold the property to another party. The property is held by a variable interest entity for which we are not the primary beneficiary as we cannot prevent the variable interest entity from selling the property at a higher price. Accordingly, we have not consolidated the variable interest entity. As of March 31, 2019 , our Balance Sheet reflected $8 million in Property and equipment related to a finance lease and leasehold improvements, $1 million in Accrued liabilities and $7 million in Debt related to the finance lease liability for ancillary and operations space we lease from the variable interest entity. In addition, a note receivable of less than $1 million is included in the Accounts receivable line on the Balance Sheet as of March 31, 2019 . We believe that our maximum exposure to loss as a result of our involvement with this variable interest entity is less than $1 million as of March 31, 2019 . Deferred Compensation Plan We consolidate the liabilities of the Marriott Vacations Worldwide Deferred Compensation Plan and the related assets, which consist of the COLI policies held in the rabbi trust. The rabbi trust is considered a variable interest entity. We are considered the primary beneficiary of the rabbi trust because we direct the activities of the trust and are the beneficiary of the trust. At March 31, 2019 , the value of the assets held in the rabbi trust was $31 million

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
BUSINESS SEGMENTS	18. BUSINESS SEGMENTS We define our reportable segments based on the way in which the chief operating decision maker (“CODM”), currently our chief executive officer, manages the operations of the company for purposes of allocating resources and assessing performance. We operate in two operating and reportable business segments: • Vacation Ownership includes a diverse portfolio of resorts that includes seven vacation ownership brands licensed under exclusive, long-term relationships with Marriott International and Hyatt Hotels Corporation. We are the exclusive worldwide developer, marketer, seller and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton, Westin and Hyatt Residence Club brands, as well as under Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. We are also the exclusive worldwide developer, marketer and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, we have the non-exclusive right to develop, market and sell whole ownership residential products under The Ritz-Carlton Residences brand and have a license to use the St. Regis brand for specified fractional ownership resorts. Our Vacation Ownership segment generates most of its revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs and owners’ associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory. • Exchange & Third-Party Management, includes exchange networks and membership programs, as well as management of resorts and lodging properties. We provide these services through a variety of brands including Interval International, Trading Places International, Vacation Resorts International, Aqua-Aston and Great Destinations. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, property and association management, and other related products and services. Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation, other gains and losses, equity in earnings or losses from our joint ventures and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to property owners’ associations consolidated under the voting interest model, as our CODM does not use this information to make operating segment resource allocations. Prior year segment information has been reclassified to conform to the current reportable segment presentation. Our CODM uses Adjusted EBITDA to evaluate the profitability of our operating segments, and the components of net income attributable to common shareholders excluded from Adjusted EBITDA are not separately evaluated. Adjusted EBITDA is defined as net income attributable to common shareholders, before interest expense (excluding consumer financing interest expense), income taxes, depreciation and amortization, excluding share-based compensation expense and adjusted for certain items that affect the comparability or our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income attributable to common shareholders is presented below. Revenues Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Vacation Ownership $ 931 $ 571 Exchange & Third-Party Management 124 — Total segment revenues 1,055 571 Corporate and other 5 — $ 1,060 $ 571 Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Adjusted EBITDA Vacation Ownership $ 171 $ 88 Adjusted EBITDA Exchange & Third-Party Management 66 — Reconciling items: Corporate and other (71 ) (25 ) Interest expense (34 ) (4 ) Tax provision (15 ) (11 ) Depreciation and amortization (37 ) (6 ) Share-based compensation expense (9 ) (4 ) Certain items (47 ) (2 ) Net income attributable to common shareholders $ 24 $ 36 Assets ($ in millions) At March 31, 2019 At December 31, 2018 Vacation Ownership $ 7,396 $ 7,275 Exchange & Third-Party Management 1,187 1,182 Total segment assets 8,583 8,457 Corporate and other 529 561 $ 9,112 $ 9,018 We conduct business globally, and our operations outside the United States represented approximately 13 percent and 12 percent of our revenues, excluding cost reimbursements, for the three months ended March 31, 2019 and March 31, 2018

SUPPLEMENTAL GUARANTOR INFORMAT

SUPPLEMENTAL GUARANTOR INFORMATION	3 Months Ended
	Mar. 31, 2019
Guarantees and Product Warranties [Abstract]
SUPPLEMENTAL GUARANTOR INFORMATION	19. SUPPLEMENTAL GUARANTOR INFORMATION The IAC Notes are guaranteed by Marriott Vacations Worldwide Corporation, ILG and certain other subsidiaries for which 100% of the voting securities are owned directly or indirectly by ILG (collectively, the “Guarantor Subsidiaries”). These guarantees are full and unconditional and joint and several. The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The indenture governing the IAC Notes contains covenants that, among other things, limit the ability of Interval Acquisition Corp. (the “Issuer”) and the Guarantor Subsidiaries to pay dividends to us or make distributions, loans or advances to us. The following tables present consolidating financial information as of March 31, 2019 and December 31, 2018 , and for the quarter ended March 31, 2019 for MVW and ILG on a stand-alone basis, the Issuer on a stand-alone basis, the combined Guarantor Subsidiaries of MVW (collectively, the “Guarantor Subsidiaries”), the combined non-guarantor subsidiaries of MVW (collectively, the “Non-Guarantor Subsidiaries”) and MVW on a consolidated basis. Condensed Consolidating Balance Sheet As of March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Cash and cash equivalents $ — $ — $ — $ 43 $ 179 $ — $ 222 Restricted cash — — — 62 294 — 356 Accounts receivable, net 29 33 2 77 142 (6 ) 277 Vacation ownership notes receivable, net — — — 208 1,847 — 2,055 Inventory — — — 456 454 — 910 Property and equipment — 1 — 236 611 — 848 Goodwill 2,828 — — — — — 2,828 Intangibles, net — — — 1,051 41 — 1,092 Investments in subsidiaries 711 1,875 1,989 — — (4,575 ) — Other 32 — 3 276 273 (60 ) 524 Total assets $ 3,600 $ 1,909 $ 1,994 $ 2,409 $ 3,841 $ (4,641 ) $ 9,112 Accounts payable $ 46 $ — $ — $ 52 $ 65 $ 5 $ 168 Advance deposits — — — 25 103 — 128 Accrued liabilities 1 37 (22 ) 199 312 (7 ) 520 Deferred revenue — — — 158 279 — 437 Payroll and benefits liability 4 — — 70 98 — 172 Deferred compensation liability — — — 8 92 — 100 Securitized debt, net — — — — 1,688 — 1,688 Debt, net 201 — 141 — 1,859 — 2,201 Other 2 — — 1 12 — 15 Deferred taxes — — — 183 149 — 332 Intercompany liabilities (receivables) / equity — — — — — — — MVW shareholders' equity 3,346 1,872 1,875 1,716 (824 ) (4,639 ) 3,346 Noncontrolling interests — — — (3 ) 8 — 5 Total liabilities and equity $ 3,600 $ 1,909 $ 1,994 $ 2,409 $ 3,841 $ (4,641 ) $ 9,112 As of December 31, 2018 (1) ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Cash and cash equivalents $ 1 $ 2 $ 11 $ 26 $ 191 $ — $ 231 Restricted cash — — — 83 300 — 383 Accounts receivable, net 30 — — 101 193 — 324 Vacation ownership notes receivable, net — — — 176 1,863 — 2,039 Inventory — — — 440 423 — 863 Property and equipment — 1 — 273 677 — 951 Goodwill 2,828 — — — — — 2,828 Intangibles, net — — — 1,066 41 — 1,107 Investments in subsidiaries 848 1,776 1,880 — — (4,504 ) — Other 25 (7 ) 2 112 160 — 292 Total assets $ 3,732 $ 1,772 $ 1,893 $ 2,277 $ 3,848 $ (4,504 ) $ 9,018 Accounts payable $ 49 $ — $ — $ 64 $ 132 $ — $ 245 Advance deposits — — — 25 88 — 113 Accrued liabilities 7 8 (24 ) 135 297 — 423 Deferred revenue — — — 110 209 — 319 Payroll and benefits liability 15 — — 76 120 — 211 Deferred compensation liability — — — 7 86 — 93 Securitized debt, net — — — — 1,694 — 1,694 Debt, net 199 — 141 — 1,784 — 2,124 Other 1 — — 1 10 — 12 Deferred taxes — — — 178 140 — 318 MVW shareholders' equity 3,461 1,764 1,776 1,683 (719 ) (4,504 ) 3,461 Noncontrolling interests — — — (2 ) 7 — 5 Total liabilities and equity $ 3,732 $ 1,772 $ 1,893 $ 2,277 $ 3,848 $ (4,504 ) $ 9,018 _________________________ (1) Amounts have been revised to correct certain immaterial prior period errors as reported in the 2018 Annual Report. Condensed Consolidating Statement of Income Three Months Ended March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Revenues $ 3 $ — $ — $ 395 $ 670 $ (8 ) $ 1,060 Expenses (6 ) — — (366 ) (597 ) — (969 ) Gains and other income, net — — — — — 8 8 Interest expense (3 ) — (1 ) — (38 ) 8 (34 ) ILG acquisition-related costs — — — — (26 ) — (26 ) Equity in earnings from unconsolidated entities — — — — — — — Equity in net income of subsidiaries 29 40 41 — — (110 ) — Provision for income taxes 1 — — (10 ) (7 ) 1 (15 ) Net income 24 40 40 19 2 (101 ) 24 Net income attributable to noncontrolling interests — — — — — — — Net income attributable to common shareholders $ 24 $ 40 $ 40 $ 19 $ 2 $ (101 ) $ 24 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Net cash, cash equivalents and restricted cash provided by (used in) operating activities $ — $ — $ 1 $ (4 ) $ 186 $ (155 ) $ 28 Net cash, cash equivalents and restricted cash (used in) provided by investing activities (1 ) — — 27 1 — 27 Net cash, cash equivalents and restricted cash (used in) provided by financing activities — (2 ) (12 ) (27 ) (206 ) 155 (92 ) Effect of changes in exchange rates on cash, cash equivalents and restricted cash — — — — 1 — 1 Cash, cash equivalents and restricted cash, beginning of period 1 2 11 109 491 — 614 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 105 $ 473 $ — $ 578

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements	New Accounting Standards Accounting Standards Update 2017-12 – “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ” (“ASU 2017-12”) In August 2017, the FASB issued ASU 2017-12, which amends and simplifies existing guidance in order to allow companies to better portray the economic effects of risk management activities in the financial statements and enhance the transparency and understandability of the results of hedging activities. ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements. This update is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The adoption of ASU 2017-12 in the first quarter of 2019 did not have a material impact on our Financial Statements or disclosures. Accounting Standards Update 2016-02 – “ Leases (Topic 842) ” (“ASU 2016-02”) In February 2016, the FASB issued ASU 2016-02 to increase transparency and comparability of information regarding an entity’s leasing activities by providing additional information to users of financial statements, which as amended, created Accounting Standards Codification 842, Leases (“ASC 842”). ASU 2016-02 requires a lessee to recognize most leases on its balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date and recognizing expenses on the income statement in a similar manner to the current guidance in Accounting Standards Codification 840, Leases (“ASC 840”). Lessor accounting remains largely unchanged, other than certain targeted improvements intended to align lessor accounting with the lessee accounting model and with the updated revenue recognition guidance. Upon adoption of ASU 2016-02, as amended, leases will be classified as either finance or operating, with classification affecting the geography of expense recognition in the income statement. Additionally, enhanced quantitative and qualitative disclosures regarding leases are required. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. As permitted by the amended guidance, we elected to retain the original lease classification and historical accounting for existing or expired contracts of lessees and lessors so that we will not be required to reassess whether such contracts contain leases, the lease classification of any such leases or the initial direct costs of any such leases. We will continue to report comparative periods presented in the financial statements in the period of adoption under GAAP in effect as of such comparative period, resulting in a balance sheet presentation that is not comparable to the prior period in the first year of adoption. Additionally, with respect to our real estate leases, we elected an accounting policy by class of underlying asset to combine lease and non-lease components. We also elected to apply an exemption for short-term leases whereby leases with an initial term of a year or less are not recorded on the balance sheet. We did not utilize the practical expedient which allows the use of hindsight by lessees and lessors in determining the lease term and in assessing impairment of their right-of-use assets. We adopted ASU 2016-02, as amended, during the first quarter of 2019 using the transition method which allows the application of the standard at the adoption date, January 1, 2019. Upon adoption, we recognized a lease obligation of $165 million and a right-of-use asset of $155 million , as well as, a cumulative-effect adjustment of $8 million to the opening balance of retained earnings for our operating and finance leases, primarily related to leases of real estate and other assets. The adoption of ASU 2016-02 did not have a material effect on our Income Statement or Cash Flows for the three months ended March 31, 2019 . See Footnote 12 “ Leases ” for further discussion of the adoption and the impact on our Financial Statements.
Future Adoption of New Accounting Standards	Future Adoption of Accounting Standards Accounting Standards Update 2016-13 – “ Financial Instruments – Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”)

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
Consideration Transferred	The following table presents the fair value of each class of consideration transferred at the Acquisition Date. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares 20.5 Marriott Vacations Worldwide common stock price per share as of Acquisition Date $ 119.00 Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares 2,441 Cash consideration to ILG shareholders, net of cash acquired of $154 million 1,680 Fair value of ILG equity-based awards attributed to pre-combination service 64 Total consideration transferred, net of cash acquired 4,185 Noncontrolling interests 29 $ 4,214
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents our preliminary estimates of the fair values of the assets that we acquired and the liabilities that we assumed on the Acquisition Date in connection with the business combination as previously reported at December 31, 2018 . We had no changes to our preliminary estimates of fair value during the first quarter of 2019. ($ in millions) September 1, 2018 (as reported at December 31, 2018) Vacation ownership notes receivable $ 753 Inventory 474 Property and equipment 374 Intangible assets 1,166 Other assets 620 Deferred revenue (217 ) Deferred taxes (179 ) Debt (392 ) Securitized debt from VIEs (702 ) Other liabilities (511 ) Net assets acquired 1,386 Goodwill (1) 2,828 $ 4,214 _________________________ (1) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired and it primarily represents the value that we expect to obtain from synergies and growth opportunities from our combined operations.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	The following table presents our preliminary estimates of the fair values of ILG’s identified intangible assets and their related estimated useful lives as of the Acquisition Date. Estimated Fair Value ($ in millions) Estimated Useful Life (in years) Member relationships $ 695 15 to 20 Management contracts 356 15 to 25 Management contracts (1) 33 indefinite Trade names and trademarks 82 indefinite $ 1,166 _________________________ (1)
Business Acquisition, Pro Forma Information	The following table presents the results of Legacy-ILG operations included in our Income Statement for the three months ended March 31, 2019 . ($ in millions) Three Months Ended March 31, 2019 Revenue $ 458 Net income attributable to common shareholders $ 32 ($ in millions, except per share data) Three Months Ended March 31, 2018 Revenues $ 1,047 Net income $ 46 Net income attributable to common shareholders $ 45 EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ 0.95 Diluted $ 0.92

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented. Three Months Ended March 31, 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 507 $ 59 $ 5 $ 571 Goods or services transferred at a point in time 357 64 — 421 Revenue from contracts with customers $ 864 $ 123 $ 5 $ 992 Three Months Ended March 31, 2018 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 328 $ — $ — $ 328 Goods or services transferred at a point in time 208 — — 208 Revenue from contracts with customers $ 536 $ — $ — $ 536 Three Months Ended March 31, 2019 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 301 $ — $ — $ 301 Ancillary revenues 57 1 — 58 Management fee revenues 37 15 (4 ) 48 Other services revenues 31 66 36 133 Management and exchange 125 82 32 239 Rental 147 17 1 165 Cost reimbursements 291 24 (28 ) 287 Revenue from contracts with customers 864 123 5 992 Financing 67 1 — 68 Total Revenues $ 931 $ 124 $ 5 $ 1,060 Three Months Ended March 31, 2018 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 175 $ — $ — $ 175 Ancillary revenues 28 — — 28 Management fee revenues 24 — — 24 Other services revenues 18 — — 18 Management and exchange 70 — — 70 Rental 75 — — 75 Cost reimbursements 216 — — 216 Revenue from contracts with customers 536 — — 536 Financing 35 — — 35 Total Revenues $ 571 $ — $ — $ 571
Contract with Customer, Asset and Liability	The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either March 31, 2019 or December 31, 2018 . ($ in millions) At March 31, 2019 At December 31, 2018 Receivables Accounts receivable $ 46 $ 68 Vacation ownership notes receivable, net 2,055 2,039 $ 2,101 $ 2,107 Contract Liabilities Advance deposits $ 128 $ 113 Deferred revenue 437 319 $ 565 $ 432

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves	The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. March 31, 2019 December 31, 2018 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,138 $ 507 $ 1,645 $ 1,070 $ 557 $ 1,627 Non-securitized Eligible for securitization (1) 100 18 118 85 22 107 Not eligible for securitization (1) 220 72 292 233 72 305 Subtotal 320 90 410 318 94 412 $ 1,458 $ 597 $ 2,055 $ 1,388 $ 651 $ 2,039 _________________________ (1) Refer to Footnote 7 “ Financial Instruments
Interest Income Associated with Vacation Ownership Notes Receivable	The following table summarizes interest income associated with vacation ownership notes receivable. Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Interest income associated with vacation ownership notes receivable — securitized $ 59 $ 26 Interest income associated with vacation ownership notes receivable — non-securitized 6 8 Total interest income associated with vacation ownership notes receivable $ 65 $ 34
Schedule Of Accretable Yield	The table below presents a rollforward from December 31, 2018 of the accretable yield (interest income) expected to be earned related to our acquired vacation ownership notes receivable, as well as the amount of non-accretable difference at the end of the period. The non-accretable difference represents estimated contractually required payments in excess of estimated cash flows expected to be collected. The accretable yield represents the excess of estimated cash flows expected to be collected over the carrying amount of the acquired vacation ownership notes receivable. ($ in millions) Three Months Ended March 31, 2019 Accretable yield balance at December 31, 2018 $ 199 Accretion (22 ) Reclassification to non-accretable difference (4 ) Accretable yield balance at March 31, 2019 $ 173 Non-accretable difference at March 31, 2019 $ 62
Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable	The following table shows future principal payments, net of reserves, as well as interest rates, for our originated non-securitized and securitized originated vacation ownership notes receivable at March 31, 2019 . Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2019, remaining $ 46 $ 81 $ 127 2020 40 111 151 2021 33 117 150 2022 29 120 149 2023 26 123 149 Thereafter 146 586 732 Balance at March 31, 2019 $ 320 $ 1,138 $ 1,458 Weighted average stated interest rate 11.8% 12.6% 12.4% Range of stated interest rates 0.0% to 18.0% 5.2% to 17.5% 0.0% to 18.0% March 31, 2019 . Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2019, remaining $ 9 $ 54 $ 63 2020 9 56 65 2021 9 57 66 2022 10 57 67 2023 10 56 66 Thereafter 43 227 270 Balance at March 31, 2019 $ 90 $ 507 $ 597 Weighted average stated interest rate 13.4% 13.4% 13.4% Range of stated interest rates 0.0% to 17.9% 6.0% to 16.9% 0.0% to 17.9%
Notes Receivable Reserves	The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2018 $ 61 $ 79 $ 140 Increase in vacation ownership notes receivable reserve 17 2 19 Securitizations (10 ) 10 — Write-offs (10 ) — (10 ) Defaulted vacation ownership notes receivable repurchase activity (1) 7 (7 ) — Balance at March 31, 2019 $ 65 $ 84 $ 149 _________________________ (1)
Recorded Investment in Non-accrual Notes Receivable that are 90 Days or More Past Due	The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2019 $ 37 $ 11 $ 48 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2018 $ 36 $ 9 $ 45 Average investment in vacation ownership notes receivable on non-accrual status during the first quarter of 2019 $ 37 $ 10 $ 47 Average investment in vacation ownership notes receivable on non-accrual status during the first quarter of 2018 $ 39 $ 8 $ 47
Aging of Recorded Investment in Principal, Before Reserves, in Vacation Ownership Notes Receivable	The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG originated vacation ownership notes receivable as of March 31, 2019 and December 31, 2018 . Originated Vacation Ownership Notes Receivable Delinquent Defaulted (1) Total Delinquent & Defaulted ($ in millions) Receivables Current 30 - 59 Days 60 - 89 Days 90 - 119 Days > 120 Days As of March 31, 2019 $ 187 $ 183 $ 2 $ 1 $ 1 $ — $ 4 As of December 31, 2018 $ 126 $ 124 $ 2 $ — $ — $ — $ 2 _________________________ (1) Vacation ownership notes receivable equal to or greater than 120 March 31, 2019 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 25 $ 31 91 – 150 days past due 3 11 14 Greater than 150 days past due 34 — 34 Total past due 43 36 79 Current 198 1,143 1,341 Total vacation ownership notes receivable $ 241 $ 1,179 $ 1,420 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-MVW vacation ownership notes receivable as of December 31, 2018 . Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 31 – 90 days past due $ 7 $ 26 $ 33 91 – 150 days past due 3 9 12 Greater than 150 days past due 33 — 33 Total past due 43 35 78 Current 235 1,090 1,325 Total vacation ownership notes receivable $ 278 $ 1,125 $ 1,403
Financing Receivable Credit Quality Indicators	The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2019 . Acquired Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 139 $ 76 $ 6 $ 19 $ 240 Sheraton 134 115 20 48 317 Hyatt 18 12 2 1 33 Other 4 1 — 2 7 $ 295 $ 204 $ 28 $ 70 $ 597 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of December 31, 2018 . Acquired Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 154 $ 82 $ 6 $ 21 $ 263 Sheraton 145 124 21 55 345 Hyatt 20 13 2 — 35 Other 4 1 — 3 8 $ 323 $ 220 $ 29 $ 79 $ 651 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of March 31, 2019 . Originated Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 62 $ 18 $ 2 $ 12 $ 94 Sheraton 40 24 4 15 83 Hyatt 7 3 — — 10 $ 109 $ 45 $ 6 $ 27 $ 187 _________________________ (1) Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. The following table shows the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of December 31, 2018 . Originated Vacation Ownership Notes Receivable ($ in millions) 700 + 600 - 699 < 600 No Score (1) Total Westin $ 43 $ 11 $ 1 $ 7 $ 62 Sheraton 28 17 3 9 57 Hyatt 5 2 — — 7 $ 76 $ 30 $ 4 $ 16 $ 126 _________________________ (1)

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Carrying Values and Estimated Fair Values of Financial Assets and Liabilities	The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The table also excludes acquired vacation ownership notes receivable which are remeasured at each period end based on expected future cash flows. See Footnote 6 “ Vacation Ownership Notes Receivable ” for additional information on our acquired vacation ownership notes receivable. At March 31, 2019 At December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Originated vacation ownership notes receivable $ 1,458 $ 1,485 $ 1,388 $ 1,413 Other assets 38 38 66 66 Total financial assets $ 1,496 $ 1,523 $ 1,454 $ 1,479 Securitized debt, net $ (1,688 ) $ (1,700 ) $ (1,694 ) $ (1,698 ) Exchange Notes, net (88 ) (88 ) (88 ) (87 ) Senior Unsecured Notes, net (741 ) (786 ) (741 ) (726 ) IAC Notes (141 ) (139 ) (141 ) (140 ) Term Loan, net (886 ) (892 ) (888 ) (887 ) Revolving Corporate Credit Facility, net (71 ) (71 ) — — Convertible notes, net (201 ) (219 ) (199 ) (198 ) Non-interest bearing note payable, net (31 ) (31 ) (30 ) (30 ) Other debt, net (19 ) (19 ) (20 ) (20 ) Other liabilities (9 ) (9 ) (6 ) (6 ) Total financial liabilities $ (3,875 ) $ (3,954 ) $ (3,807 ) $ (3,792 ) Originated Vacation Ownership Notes Receivable At March 31, 2019 At December 31, 2018 ($ in millions) Carrying Amount Fair Value Carrying Amount Fair Value Originated vacation ownership notes receivable Securitized $ 1,138 $ 1,163 $ 1,070 $ 1,093 Eligible for securitization 100 102 85 87 Not eligible for securitization 220 220 233 233 Non-securitized 320 322 318 320 $ 1,458 $ 1,485 $ 1,388 $ 1,413

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Reconciliation of Earnings and Number of Shares Used in Calculation of Basic and Diluted Earnings Per Share	The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic and diluted earnings per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2019 (1) March 31, 2018 (1) Computation of Basic Earnings Per Share Attributable to Common Shareholders Net income attributable to common shareholders $ 24 $ 36 Shares for basic earnings per share 45.6 26.7 Basic earnings per share $ 0.52 $ 1.35 Computation of Diluted Earnings Per Share Attributable to Common Shareholders Net income attributable to common shareholders $ 24 $ 36 Shares for basic earnings per share 45.6 26.7 Effect of dilutive shares outstanding Employee stock options and SARs 0.3 0.4 Restricted stock units 0.2 0.2 Shares for diluted earnings per share 46.1 27.3 Diluted earnings per share $ 0.51 $ 1.32 _________________________ (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 452,000 and 307,000 shares of common stock, the maximum number of shares issuable as of March 31, 2019 and March 31, 2018

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2019
Inventory Disclosure [Abstract]
Composition of Inventory	The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2019 At December 31, 2018 Finished goods (1) $ 862 $ 843 Work-in-progress 37 9 Real estate inventory 899 852 Other 11 11 $ 910 $ 863 _________________________ (1)

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2019
Property, Plant and Equipment [Abstract]
Composition of Property and Equipment	The following table details the composition of our property and equipment balances: ($ in millions) At March 31, 2019 At December 31, 2018 Land and land improvements $ 378 $ 466 Buildings and leasehold improvements 411 404 Furniture, fixtures and other equipment 91 88 Information technology 308 297 Construction in progress 17 32 1,205 1,287 Accumulated depreciation (357 ) (336 ) $ 848 $ 951

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Expense	The following table presents the carrying values of our leases and the classification on our Balance Sheet as of March 31, 2019 . ($ in millions) Balance Sheet Classification At March 31, 2019 Operating lease assets Other assets $ 126 Finance lease assets Property and equipment 23 $ 149 Operating lease liabilities Accrued liabilities $ 138 Finance lease liabilities Debt 23 $ 161 The following table presents the lease costs and the classification on our Income Statement for the three months ended March 31, 2019 . ($ in millions) Income Statement Classification Three Months Ended March 31, 2019 Operating lease cost Marketing and sales expense General and administrative expense $ 8 Finance lease cost Amortization of right-of-use assets Depreciation and amortization 1 Interest on lease liabilities Interest expense — Variable lease cost Marketing and sales expense 1 $ 10 At March 31, 2019 Weighted-average remaining lease term (in years) Operating leases 11.2 years Finance leases 0.9 years Weighted-average discount rate Operating leases 6.6% Finance leases 4.8% Other Information ($ in millions) Three Months Ended March 31, 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash flows for finance leases $ — Operating cash flows for operating leases 12 Financing cash flows for finance leases 1 $ 13
Maturities of Operating Lease Liabilities	The following table presents the maturity of our operating and financing lease liabilities as of March 31, 2019 . At March 31, 2019 ($ in millions) Operating Leases Finance Leases (1) Total 2019, remaining $ 23 $ 12 $ 35 2020 30 10 40 2021 22 1 23 2022 17 — 17 2023 16 — 16 Thereafter 102 — 102 Total lease payments 210 23 233 Less: Imputed interest (72 ) — (72 ) $ 138 $ 23 $ 161 _________________________ (1) Finance lease payments include $17 million related to residual value guarantees associated with purchase commitments for operating properties in San Francisco, California and New York, New York. See Footnote 11 “ Contingencies and Commitments
Maturities of Financing Lease Liabilities	The following table presents the maturity of our operating and financing lease liabilities as of March 31, 2019 . At March 31, 2019 ($ in millions) Operating Leases Finance Leases (1) Total 2019, remaining $ 23 $ 12 $ 35 2020 30 10 40 2021 22 1 23 2022 17 — 17 2023 16 — 16 Thereafter 102 — 102 Total lease payments 210 23 233 Less: Imputed interest (72 ) — (72 ) $ 138 $ 23 $ 161 _________________________ (1) Finance lease payments include $17 million related to residual value guarantees associated with purchase commitments for operating properties in San Francisco, California and New York, New York. See Footnote 11 “ Contingencies and Commitments

SECURITIZED DEBT (Tables)

SECURITIZED DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Securitized Vacation Ownership Debt	The following table provides detail on our debt associated with vacation ownership notes receivable securitizations, net of unamortized debt issuance costs. ($ in millions) At March 31, 2019 At December 31, 2018 Vacation ownership notes receivable securitizations, gross (1) $ 882 $ 962 Unamortized debt issuance costs (10 ) (11 ) 872 951 Legacy-ILG Vacation ownership notes receivable securitizations (2) 582 628 Warehouse Credit Facility, gross (3) 235 116 Unamortized debt issuance costs (1 ) (1 ) 234 115 $ 1,688 $ 1,694 _________________________ (1) Interest rates as of March 31, 2019 range from 2.2% to 6.3% , with a weighted average interest rate of 2.9% . (2) Interest rates as of March 31, 2019 range from 2.3% to 4.0% , with a weighted average interest rate of 2.9% . (3) Effective interest rate as of March 31, 2019 was 3.6%
Scheduled Future Principal Payments for Debt	The following table shows scheduled future principal payments for our vacation ownership notes receivable securitizations as of March 31, 2019 . Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total ($ in millions) Legacy-MVW Legacy-ILG Payments Year 2019, remaining $ 70 $ 111 $ 9 $ 190 2020 96 109 12 217 2021 99 81 214 394 2022 100 65 — 165 2023 99 55 — 154 Thereafter 418 161 — 579 $ 882 $ 582 $ 235 $ 1,699 March 31, 2019 . Payments Year ($ in millions) Remaining 2019 2020 2021 2022 2023 Thereafter Total Exchange Notes $ — $ — $ — $ — $ 89 $ — $ 89 Senior Unsecured Notes — — — — — 750 750 IAC Notes — — — — 141 — 141 Term Loan 7 9 9 9 8 856 898 Revolving Corporate Credit Facility — — — — 75 — 75 Convertible Notes — — — 230 — — 230 Non-Interest Bearing Note Payable 31 — — — — — 31 Other 1 2 2 2 3 9 19 $ 39 $ 11 $ 11 $ 241 $ 316 $ 1,615 $ 2,233

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt Balances, Net of Unamortized Debt Issuance Costs	The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2019 At December 31, 2018 Senior Notes Exchange Notes (1) $ 89 $ 89 Unamortized debt issuance costs (1 ) (1 ) 88 88 Senior Unsecured Notes (2) 750 750 Unamortized debt issuance costs (9 ) (9 ) 741 741 IAC Notes (3) 141 141 Corporate Credit Facility Term Loan 898 900 Unamortized debt discount and issuance costs (12 ) (12 ) 886 888 Revolving Corporate Credit Facility (4) 75 — Unamortized debt issuance costs (5) (4 ) — 71 — Convertible notes, gross (6) 230 230 Unamortized debt discount and issuance costs (29 ) (31 ) 201 199 Non-Interest bearing note payable 31 31 Unamortized debt discount (7) — (1 ) 31 30 Finance leases 23 17 Other (8) 19 20 $ 2,201 $ 2,124 _________________________ (1) Interest rate of 5.625% , maturing on April 15, 2023 . (2) Interest rate of 6.500% , maturing on September 15, 2026 . (3) Interest rate of 5.625% , maturing on April 15, 2023 . (4) The effective interest rate as of March 31, 2019 was 6.5% . (5) Excludes $4 million of unamortized debt issuance costs as of December 31, 2018, as no cash borrowings were outstanding on the Revolving Corporate Credit Facility at that time. (6) The effective interest rate as of March 31, 2019 was 4.7% . (7) Debt discount based on imputed interest rate of 6.0% . (8) Non-recourse.
Scheduled Future Principal Payments for Debt	The following table shows scheduled future principal payments for our vacation ownership notes receivable securitizations as of March 31, 2019 . Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total ($ in millions) Legacy-MVW Legacy-ILG Payments Year 2019, remaining $ 70 $ 111 $ 9 $ 190 2020 96 109 12 217 2021 99 81 214 394 2022 100 65 — 165 2023 99 55 — 154 Thereafter 418 161 — 579 $ 882 $ 582 $ 235 $ 1,699 March 31, 2019 . Payments Year ($ in millions) Remaining 2019 2020 2021 2022 2023 Thereafter Total Exchange Notes $ — $ — $ — $ — $ 89 $ — $ 89 Senior Unsecured Notes — — — — — 750 750 IAC Notes — — — — 141 — 141 Term Loan 7 9 9 9 8 856 898 Revolving Corporate Credit Facility — — — — 75 — 75 Convertible Notes — — — 230 — — 230 Non-Interest Bearing Note Payable 31 — — — — — 31 Other 1 2 2 2 3 9 19 $ 39 $ 11 $ 11 $ 241 $ 316 $ 1,615 $ 2,233
Convertible Debt	The following table shows the net carrying value of the Convertible Notes. ($ in millions) At March 31, 2019 At December 31, 2018 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (25 ) (26 ) Unamortized debt issuance costs (4 ) (5 ) Net carrying amount of the liability component $ 201 $ 199 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the Convertible Notes. Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Contractual interest expense $ 1 $ 1 Amortization of debt discount 2 1 $ 3 $ 2

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Stock Repurchase Activity under Current Stock Repurchase Program	The following table summarizes share repurchase activity under our current share repurchase program: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price Paid per Share As of December 31, 2018 11,687,774 $ 793 $ 67.85 For the first quarter of 2019 1,230,268 106 86.32 As of March 31, 2019 12,918,042 $ 899 $ 69.61
Cash Dividend Declared	We declared cash dividends to holders of common stock during the first quarter of 2019 as follows: Declaration Date Shareholder Record Date Distribution Date Dividend per Share February 15, 2019 February 28, 2019 March 14, 2019 $0.45

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	The following table details our share-based compensation expense related to award grants to our officers, directors and employees: Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Service-based RSUs $ 3 $ 2 Performance-based RSUs 1 1 ILG Acquisition Converted RSUs 4 — 8 3 SARs 1 1 Stock options — — $ 9 $ 4
Schedule of Unrecognized Compensation Cost, Nonvested Awards	The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2019 At December 31, 2018 Service-based RSUs $ 30 $ 16 Performance-based RSUs 18 7 ILG Acquisition Converted RSUs 9 15 57 38 SARs 4 1 Stock options — — $ 61 $ 39
Assumptions Used to Estimate Fair Value of Grants	The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2019 : Expected volatility 31.10% Dividend yield 1.76% Risk-free rate 2.59% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Classifications of Consolidated VIE Assets and Liabilities	The following table shows consolidated assets, which are collateral for the obligations of these variable interest entities, and consolidated liabilities included on our Balance Sheet at March 31, 2019 : ($ in millions) Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,389 $ 256 $ 1,645 Interest receivable 10 1 11 Restricted cash 58 7 65 Total $ 1,457 $ 264 $ 1,721 Consolidated Liabilities Interest payable $ 2 $ — $ 2 Debt 1,464 235 1,699 Total $ 1,466 $ 235 $ 1,701
Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities	The following table shows the interest income and expense recognized as a result of our involvement with these variable interest entities during the first quarter of 2019 : ($ in millions) Vacation Ownership Notes Receivable Securitizations Warehouse Credit Facility Total Interest income $ 52 $ 7 $ 59 Interest expense to investors $ 13 $ 2 $ 15 Debt issuance cost amortization $ 1 $ — $ 1
Cash Flows Between Company and Variable Interest Entities	The following table shows cash flows between us and the vacation ownership notes receivable securitization variable interest entities: Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Cash Inflows Principal receipts $ 119 $ 66 Interest receipts 50 26 Reserve release 13 1 Total 182 93 Cash Outflows Principal to investors (119 ) (57 ) Voluntary repurchases of defaulted vacation ownership notes receivable (9 ) (7 ) Voluntary clean-up call — (22 ) Interest to investors (11 ) (5 ) Total (139 ) (91 ) Net Cash Flows $ 43 $ 2 Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 124 $ — Principal receipts 7 — Interest receipts 7 — Total 138 — Cash Outflows Principal to investors (5 ) — Interest to investors (2 ) — Funding of restricted cash (1 ) — Total (8 ) — Net Cash Flows $ 130 $ —

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Revenues	Revenues Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Vacation Ownership $ 931 $ 571 Exchange & Third-Party Management 124 — Total segment revenues 1,055 571 Corporate and other 5 — $ 1,060 $ 571
Adjusted EBITDA Reconciling Items from Segments	Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2019 March 31, 2018 Adjusted EBITDA Vacation Ownership $ 171 $ 88 Adjusted EBITDA Exchange & Third-Party Management 66 — Reconciling items: Corporate and other (71 ) (25 ) Interest expense (34 ) (4 ) Tax provision (15 ) (11 ) Depreciation and amortization (37 ) (6 ) Share-based compensation expense (9 ) (4 ) Certain items (47 ) (2 ) Net income attributable to common shareholders $ 24 $ 36
Reconciliation of Assets from Segments	Assets ($ in millions) At March 31, 2019 At December 31, 2018 Vacation Ownership $ 7,396 $ 7,275 Exchange & Third-Party Management 1,187 1,182 Total segment assets 8,583 8,457 Corporate and other 529 561 $ 9,112 $ 9,018

SUPPLEMENTAL GUARANTOR INFORM_2

SUPPLEMENTAL GUARANTOR INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2019
Guarantees and Product Warranties [Abstract]
Balance Sheet	Condensed Consolidating Balance Sheet As of March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Cash and cash equivalents $ — $ — $ — $ 43 $ 179 $ — $ 222 Restricted cash — — — 62 294 — 356 Accounts receivable, net 29 33 2 77 142 (6 ) 277 Vacation ownership notes receivable, net — — — 208 1,847 — 2,055 Inventory — — — 456 454 — 910 Property and equipment — 1 — 236 611 — 848 Goodwill 2,828 — — — — — 2,828 Intangibles, net — — — 1,051 41 — 1,092 Investments in subsidiaries 711 1,875 1,989 — — (4,575 ) — Other 32 — 3 276 273 (60 ) 524 Total assets $ 3,600 $ 1,909 $ 1,994 $ 2,409 $ 3,841 $ (4,641 ) $ 9,112 Accounts payable $ 46 $ — $ — $ 52 $ 65 $ 5 $ 168 Advance deposits — — — 25 103 — 128 Accrued liabilities 1 37 (22 ) 199 312 (7 ) 520 Deferred revenue — — — 158 279 — 437 Payroll and benefits liability 4 — — 70 98 — 172 Deferred compensation liability — — — 8 92 — 100 Securitized debt, net — — — — 1,688 — 1,688 Debt, net 201 — 141 — 1,859 — 2,201 Other 2 — — 1 12 — 15 Deferred taxes — — — 183 149 — 332 Intercompany liabilities (receivables) / equity — — — — — — — MVW shareholders' equity 3,346 1,872 1,875 1,716 (824 ) (4,639 ) 3,346 Noncontrolling interests — — — (3 ) 8 — 5 Total liabilities and equity $ 3,600 $ 1,909 $ 1,994 $ 2,409 $ 3,841 $ (4,641 ) $ 9,112 As of December 31, 2018 (1) ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Cash and cash equivalents $ 1 $ 2 $ 11 $ 26 $ 191 $ — $ 231 Restricted cash — — — 83 300 — 383 Accounts receivable, net 30 — — 101 193 — 324 Vacation ownership notes receivable, net — — — 176 1,863 — 2,039 Inventory — — — 440 423 — 863 Property and equipment — 1 — 273 677 — 951 Goodwill 2,828 — — — — — 2,828 Intangibles, net — — — 1,066 41 — 1,107 Investments in subsidiaries 848 1,776 1,880 — — (4,504 ) — Other 25 (7 ) 2 112 160 — 292 Total assets $ 3,732 $ 1,772 $ 1,893 $ 2,277 $ 3,848 $ (4,504 ) $ 9,018 Accounts payable $ 49 $ — $ — $ 64 $ 132 $ — $ 245 Advance deposits — — — 25 88 — 113 Accrued liabilities 7 8 (24 ) 135 297 — 423 Deferred revenue — — — 110 209 — 319 Payroll and benefits liability 15 — — 76 120 — 211 Deferred compensation liability — — — 7 86 — 93 Securitized debt, net — — — — 1,694 — 1,694 Debt, net 199 — 141 — 1,784 — 2,124 Other 1 — — 1 10 — 12 Deferred taxes — — — 178 140 — 318 MVW shareholders' equity 3,461 1,764 1,776 1,683 (719 ) (4,504 ) 3,461 Noncontrolling interests — — — (2 ) 7 — 5 Total liabilities and equity $ 3,732 $ 1,772 $ 1,893 $ 2,277 $ 3,848 $ (4,504 ) $ 9,018 _________________________ (1)
Income Statement	Condensed Consolidating Statement of Income Three Months Ended March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Revenues $ 3 $ — $ — $ 395 $ 670 $ (8 ) $ 1,060 Expenses (6 ) — — (366 ) (597 ) — (969 ) Gains and other income, net — — — — — 8 8 Interest expense (3 ) — (1 ) — (38 ) 8 (34 ) ILG acquisition-related costs — — — — (26 ) — (26 ) Equity in earnings from unconsolidated entities — — — — — — — Equity in net income of subsidiaries 29 40 41 — — (110 ) — Provision for income taxes 1 — — (10 ) (7 ) 1 (15 ) Net income 24 40 40 19 2 (101 ) 24 Net income attributable to noncontrolling interests — — — — — — — Net income attributable to common shareholders $ 24 $ 40 $ 40 $ 19 $ 2 $ (101 ) $ 24
Cash Flow	Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 ($ in millions) MVW ILG Interval Acquisition Corp. Guarantor Subsidiaries Non-Guarantor Subsidiaries Total Eliminations MVW Consolidated Net cash, cash equivalents and restricted cash provided by (used in) operating activities $ — $ — $ 1 $ (4 ) $ 186 $ (155 ) $ 28 Net cash, cash equivalents and restricted cash (used in) provided by investing activities (1 ) — — 27 1 — 27 Net cash, cash equivalents and restricted cash (used in) provided by financing activities — (2 ) (12 ) (27 ) (206 ) 155 (92 ) Effect of changes in exchange rates on cash, cash equivalents and restricted cash — — — — 1 — 1 Cash, cash equivalents and restricted cash, beginning of period 1 2 11 109 491 — 614 Cash, cash equivalents and restricted cash, end of period $ — $ — $ — $ 105 $ 473 $ — $ 578

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	Mar. 31, 2019	Jan. 01, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Present value of lease liabilities	$ 161
Operating lease assets	$ 149
Accounting Standards Update 2016-02
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact of adoption of ASU 2016-02		$ 8
Present value of lease liabilities		165
Operating lease assets		155
Accounting Standards Update 2016-02 | Retained Earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Impact of adoption of ASU 2016-02		$ 8

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Consideration Transferred (Details) - ILG, Inc - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Sep. 01, 2018	Aug. 31, 2018
Business Acquisition [Line Items]
Equivalent shares of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares (in shares)	20.5
Marriott Vacations Worldwide common stock price as of Acquisition Date (in dollars per share)	$ 119
Fair value of Marriott Vacations Worldwide common stock issued in exchange for ILG outstanding shares	$ 2,441
Cash consideration to ILG shareholders, net of cash acquired of $154 million	1,680
Fair value of ILG equity-based awards attributed to pre-combination service	64
Total consideration transferred, net of cash acquired	4,185
Noncontrolling interests	29
Total shareholder equity	$ 4,214
Cash acquired from acquisition		$ 154

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018	Sep. 01, 2018
Business Acquisition [Line Items]
Goodwill	$ 2,828	$ 2,828
ILG, Inc
Business Acquisition [Line Items]
Vacation ownership notes receivable			$ 753
Inventory			474
Property and equipment			374
Intangible assets			1,166
Other assets			620
Deferred revenue			(217)
Deferred taxes			(179)
Debt			(392)
Securitized debt from VIEs			(702)
Other liabilities			(511)
Net assets acquired			1,386
Goodwill			2,828
Assets acquired			$ 4,214

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS - Additional Information (Details) $ / shares in Units, $ in Millions	Sep. 01, 2018Property$ / shares	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)vacation_ownership_unit	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Number of hotels acquired | Property	4
Business combinations, pro forma, acquisition-related costs			$ 12
Vacation Ownership
Business Acquisition [Line Items]
Goodwill		$ 2,448		$ 2,448
Exchange & Third-Party Management
Business Acquisition [Line Items]
Goodwill		$ 380		$ 380
Marco Island Florida
Business Acquisition [Line Items]
Number of vacation ownership units acquired | vacation_ownership_unit			20
Payments to acquire real estate			$ 24
ILG, Inc
Business Acquisition [Line Items]
Business combination, share conversion ratio	0.165
Business combination, share price (in usd per share) | $ / shares	$ 119
ILG, Inc | Minimum
Business Acquisition [Line Items]
Vacation ownership product, financing term		5 years
ILG, Inc | Maximum
Business Acquisition [Line Items]
Vacation ownership product, financing term		15 years
ILG, Inc | ILG, Inc
Business Acquisition [Line Items]
Business combination, share price (in usd per share) | $ / shares	$ 14.75

ACQUISITIONS AND DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS - Intangible Assets (Details) - ILG, Inc $ in Millions	Sep. 01, 2018USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 1,166
Management contracts
Business Acquisition [Line Items]
Estimated Fair Value	33
Trade names and trademarks
Business Acquisition [Line Items]
Estimated Fair Value	82
Member relationships
Business Acquisition [Line Items]
Estimated Fair Value	$ 695
Member relationships | Minimum
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Member relationships | Maximum
Business Acquisition [Line Items]
Estimated Useful Life	20 years
Management contracts
Business Acquisition [Line Items]
Estimated Fair Value	$ 356
Management contracts | Minimum
Business Acquisition [Line Items]
Estimated Useful Life	15 years
Management contracts | Maximum
Business Acquisition [Line Items]
Estimated Useful Life	25 years

ACQUISITIONS AND DISPOSITIONS_5

ACQUISITIONS AND DISPOSITIONS - Deferred Revenue Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01	Mar. 31, 2019
Business Acquisition [Line Items]
Expected timing of satisfaction, period	2 years
Minimum | Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	1 year
Maximum | Sale of vacation ownership products
Business Acquisition [Line Items]
Expected timing of satisfaction, period	5 years

ACQUISITIONS AND DISPOSITIONS_6

ACQUISITIONS AND DISPOSITIONS - Pro Forma Results of Operations (Details) - ILG, Inc $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / shares
Business Acquisition [Line Items]
Revenues	$ 1,047
Net income	46
Net income attributable to common shareholders	$ 45
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share) | $ / shares	$ 0.95
Diluted (in usd per share) | $ / shares	$ 0.92

ACQUISITIONS AND DISPOSITIONS_7

ACQUISITIONS AND DISPOSITIONS - ILG Results of Operations (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Business Acquisition [Line Items]
Net income attributable to common shareholders	$ 32
ILG, Inc
Business Acquisition [Line Items]
Revenue	$ 458

REVENUE - Additional Informatio

REVENUE - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Performance obligation satisfied in previous period	$ 1,000,000	$ 2,000,000
Contract with customer, contract assets	0		$ 0
Contract with customer, liability, revenue recognized	$ 152,000,000

REVENUE - Revenue with Customer

REVENUE - Revenue with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 992	$ 536
Cost reimbursements	287	216
Financing	68	35
TOTAL REVENUES	1,060	571
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	864	536
Cost reimbursements	291	216
Financing	67	35
TOTAL REVENUES	931	571
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	123	0
Cost reimbursements	24	0
Financing	1	0
TOTAL REVENUES	124	0
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	301	175
Sale of vacation ownership products | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	301	175
Sale of vacation ownership products | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	58	28
Ancillary revenues | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	57	28
Ancillary revenues | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1	0
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	48	24
Management fee revenues | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	37	24
Management fee revenues | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	15	0
Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	133	18
Other services revenues | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	31	18
Other services revenues | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	66	0
Resort management and other services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	239	70
Resort management and other services | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	125	70
Resort management and other services | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	82	0
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	165	75
Rental | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	147	75
Rental | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	17	0
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5	0
Cost reimbursements	(28)	0
Financing	0	0
TOTAL REVENUES	5	0
Corporate and other | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Corporate and other | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Corporate and other | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	(4)	0
Corporate and other | Other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	36	0
Corporate and other | Resort management and other services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	32	0
Corporate and other | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 1	$ 0

REVENUE - Timing of Revenue fro

REVENUE - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 992	$ 536
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	864	536
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	123	0
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	571	328
Services transferred over time | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	507	328
Services transferred over time | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	59	0
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	421	208
Goods or services transferred at a point in time | Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	357	208
Goods or services transferred at a point in time | Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	64	0
Corporate and other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5	0
Corporate and other | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	5	0
Corporate and other | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 0	$ 0

REVENUE - Contracts with Custom

REVENUE - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Receivables
Accounts receivable	$ 46	$ 68
Vacation ownership notes receivable, net	2,055	2,039
Receivables	2,101	2,107
Contract Liabilities
Contract Liabilities	565	432
Advance deposits
Contract Liabilities
Contract Liabilities	128	113
Deferred revenue
Contract Liabilities
Contract Liabilities	$ 437	$ 319

REVENUE - Remaining Performance

REVENUE - Remaining Performance Obligation Narrative (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01	Mar. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligation expected timing percentage	90.00%
Expected timing of satisfaction, period	2 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Tax Contingency [Line Items]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	$ 2			$ 2
Effective income tax rate, percent	40.43%	22.94%
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective income tax rate, percent			33.04%

VACATION OWNERSHIP NOTES RECE_3

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,055	$ 2,039
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,645	1,627
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	118	107
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	292	305
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	410	412
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,458	1,388
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,138	1,070
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	100	85
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	220	233
Originated | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	320	318
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	597	651
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	507	557
Acquired | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	18	22
Acquired | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	72	72
Acquired | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 90	$ 94

VACATION OWNERSHIP NOTES RECE_4

VACATION OWNERSHIP NOTES RECEIVABLE - Interest Income Associated With Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 65	$ 34
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	59	26
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 6	$ 8

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)credit_score	Dec. 31, 2018USD ($)credit_score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,055	$ 2,039
Period in which loan considered past due	30 days
Period in which loan suspend accrual of interest	90 days
Period in which loan considered default loan	150 days
Notes receivable estimated average remaining default rates	6.91%	7.01%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 7	$ 7
Weighted average FICO score within originated loan pool | credit_score	711	710
Average estimated rate of default for all outstanding loans	12.26%	12.37%
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 597	$ 651
Financing receivable, allowance for credit losses, that would have been increased	$ 1	$ 1

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Accretable Yield (Details) - Acquired $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance at Acquisition Date	$ 199
Accretion of acquired vacation ownership notes receivable	(22)
Reclassification from non-accretable difference	(4)
Balance at September 30, 2018	173
Non-accretable difference at September 30, 2018	$ 62

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2019USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2019, remaining	$ 63
2020	65
2021	66
2022	67
2023	66
Thereafter	270
Total Vacation ownership notes receivable, net of reserve	597
Acquired | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	9
2020	9
2021	9
2022	10
2023	10
Thereafter	43
Total Vacation ownership notes receivable, net of reserve	90
Acquired | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	54
2020	56
2021	57
2022	57
2023	56
Thereafter	227
Total Vacation ownership notes receivable, net of reserve	$ 507
Acquired | Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired | Weighted Average | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired | Weighted Average | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	13.40%
Acquired | Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Acquired | Minimum | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Acquired | Minimum | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	6.00%
Acquired | Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired | Maximum | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	17.90%
Acquired | Maximum | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	16.90%
Originated
Future Minimum Payments Receivable [Line Items]
2019, remaining	$ 127
2020	151
2021	150
2022	149
2023	149
Thereafter	732
Total Vacation ownership notes receivable, net of reserve	1,458
Originated | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	46
2020	40
2021	33
2022	29
2023	26
Thereafter	146
Total Vacation ownership notes receivable, net of reserve	320
Originated | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
2019, remaining	81
2020	111
2021	117
2022	120
2023	123
Thereafter	586
Total Vacation ownership notes receivable, net of reserve	$ 1,138
Originated | Weighted Average
Future Minimum Payments Receivable [Line Items]
Interest rates	12.40%
Originated | Weighted Average | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	11.80%
Originated | Weighted Average | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	12.60%
Originated | Minimum
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated | Minimum | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	0.00%
Originated | Minimum | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	5.20%
Originated | Maximum
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated | Maximum | Non-Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	18.00%
Originated | Maximum | Securitized Vacation Ownership Notes Receivable
Future Minimum Payments Receivable [Line Items]
Interest rates	17.50%

VACATION OWNERSHIP NOTES RECE_8

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 140
Increase in vacation ownership notes receivable reserve	19
Securitizations	0
Write-offs	(10)
Defaulted vacation ownership notes receivable repurchase activity	0
Ending balance	149
Non-Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	61
Increase in vacation ownership notes receivable reserve	17
Securitizations	(10)
Write-offs	(10)
Defaulted vacation ownership notes receivable repurchase activity	7
Ending balance	65
Securitized Vacation Ownership Notes Receivable
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	79
Increase in vacation ownership notes receivable reserve	2
Securitizations	10
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(7)
Ending balance	$ 84

VACATION OWNERSHIP NOTES RECE_9

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - Legacy-MVW - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 48		$ 45
Average investment in notes receivable on non-accrual status	47	$ 47
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	37		36
Average investment in notes receivable on non-accrual status	37	39
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Investment in notes receivable on non-accrual status	11		$ 9
Average investment in notes receivable on non-accrual status	$ 10	$ 8

VACATION OWNERSHIP NOTES REC_10

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - Legacy-MVW - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 79	$ 78
Current	1,341	1,325
Total vacation ownership notes receivable	1,420	1,403
Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	43	43
Current	198	235
Total vacation ownership notes receivable	241	278
Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	36	35
Current	1,143	1,090
Total vacation ownership notes receivable	1,179	1,125
31 – 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	31	33
31 – 90 days past due | Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	6	7
31 – 90 days past due | Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	25	26
91 – 150 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	14	12
91 – 150 days past due | Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	3	3
91 – 150 days past due | Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	11	9
Greater than 150 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	34	33
Greater than 150 days past due | Non-Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	34	33
Greater than 150 days past due | Securitized Vacation Ownership Notes Receivable
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total past due	$ 0	$ 0

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	$ 597	$ 651
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	240	263
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	317	345
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	33	35
Acquired | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	7	8
Acquired | 700
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	295	323
Acquired | 700 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	139	154
Acquired | 700 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	134	145
Acquired | 700 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	18	20
Acquired | 700 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	4	4
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	204	220
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	76	82
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	115	124
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	12	13
Acquired | 600 - 699 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	1	1
Acquired | 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	28	29
Acquired | 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	6	6
Acquired | 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	20	21
Acquired | 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	2	2
Acquired | 600 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	0	0
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	70	79
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	19	21
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	48	55
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	1	0
Acquired | No Score | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	2	3
Legacy-ILG | Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	187	126
Legacy-ILG | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	94	62
Legacy-ILG | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	83	57
Legacy-ILG | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	10	7
Legacy-ILG | Originated | 700
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	109	76
Legacy-ILG | Originated | 700 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	62	43
Legacy-ILG | Originated | 700 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	40	28
Legacy-ILG | Originated | 700 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	7	5
Legacy-ILG | Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	45	30
Legacy-ILG | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	18	11
Legacy-ILG | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	24	17
Legacy-ILG | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	3	2
Legacy-ILG | Originated | 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	6	4
Legacy-ILG | Originated | 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	2	1
Legacy-ILG | Originated | 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	4	3
Legacy-ILG | Originated | 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	0	0
Legacy-ILG | Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	27	16
Legacy-ILG | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	12	7
Legacy-ILG | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	15	9
Legacy-ILG | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation notes receivable	$ 0	$ 0

VACATION OWNERSHIP NOTES REC_12

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable (Details) - Legacy-ILG - Originated - ILG - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables	$ 187	$ 126
Current	183	124
Delinquent & Defaulted	4	2
30-59 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	2	2
60-89 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	1	0
90-119 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	1	0
Greater than 120 Days
Accounts, Notes, Loans and Financing Receivable [Line Items]
Delinquent & Defaulted	$ 0	$ 0

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,458	$ 1,388
Other assets	38	66
Total financial assets	1,496	1,454
Other liabilities	(9)	(6)
Total financial liabilities	(3,875)	(3,807)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,485	1,413
Other assets	38	66
Total financial assets	1,523	1,479
Other liabilities	(9)	(6)
Total financial liabilities	(3,954)	(3,792)
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,138	1,070
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,163	1,093
Non-Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	320	318
Non-Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	322	320
Debt | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,688)	(1,694)
Debt | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,700)	(1,698)
Other debt, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(19)	(20)
Other debt, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(19)	(20)
Exchange Notes, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(88)	(88)
Exchange Notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(88)	(87)
Senior Unsecured Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(741)	(741)
Senior Unsecured Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(786)	(726)
IAC Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(141)	(141)
IAC Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(139)	(140)
Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(201)	(199)
Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(219)	(198)
Non-Interest Bearing Note Payable | Non-interest bearing note payable, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-interest bearing note payable, net	(31)	(30)
Non-Interest Bearing Note Payable | Non-interest bearing note payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-interest bearing note payable, net	(31)	(30)
Originated | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,458	1,388
Originated | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,485	1,413
Corporate Credit Facility | Term Loan | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(886)	(888)
Corporate Credit Facility | Term Loan | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(892)	(887)
Corporate Credit Facility | Revolving Corporate Credit Facility, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(71)	0
Corporate Credit Facility | Revolving Corporate Credit Facility, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (71)	$ 0

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,458	$ 1,388
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,485	1,413
Securitized Vacation Ownership Notes Receivable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,138	1,070
Securitized Vacation Ownership Notes Receivable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,163	1,093
Non-Securitized Vacation Ownership Notes Receivable | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	320	318
Non-Securitized Vacation Ownership Notes Receivable | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	322	320
Non-Securitized Vacation Ownership Notes Receivable | Eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	100	85
Non-Securitized Vacation Ownership Notes Receivable | Eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	102	87
Non-Securitized Vacation Ownership Notes Receivable | Not eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	220	233
Non-Securitized Vacation Ownership Notes Receivable | Not eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	220	233
Originated | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	1,458	1,388
Originated | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Originated vacation ownership notes receivable	$ 1,485	$ 1,413

FINANCIAL INSTRUMENTS - Narrati

FINANCIAL INSTRUMENTS - Narrative (Details) $ in Millions	Mar. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 7
Variable Interest Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 31

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	249,737	56,649
Exercise Price Securities, Excluded From Computation Of Earnings Per Share		$ 143.38
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise price of warrants (in usd per share)	$ 175.97	$ 175.97	$ 176.68
Minimum | SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise Price Securities, Excluded From Computation Of Earnings Per Share	97.53
Maximum | SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exercise Price Securities, Excluded From Computation Of Earnings Per Share	$ 143.38

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to common shareholders	$ 24	$ 36
Shares for basic (loss) earnings per share (in shares)	45,600	26,700
Basic (loss) earnings per share (in usd per share)	$ 0.52	$ 1.35
Employee stock options and SARs (in shares)	300	400
Restricted stock units (in shares)	200	200
Shares for diluted earnings per share (in shares)	46,100	27,300
Diluted (loss) earnings per share (in usd per share)	$ 0.51	$ 1.32
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share (in shares)	452	307

INVENTORY - Composition of Inve

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 862	$ 843
Work-in-progress	37	9
Real estate inventory	899	852
Other	11	11
Inventory	$ 910	$ 863

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Inventory Disclosure [Abstract]
Real estate inventory, increase (decrease) true up	$ 3	$ (1)
Amount of completed vacation ownership units classified as property and equipment	$ 53

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 07, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Land and land improvements		$ 378		$ 466
Buildings and leasehold improvements		411		404
Furniture, fixtures and other equipment		91		88
Information technology		308		297
Construction in progress		17		32
Property, plant and equipment, gross		1,205		1,287
Accumulated depreciation		(357)		(336)
Property, plant and equipment, net		848		$ 951
Property, Plant and Equipment [Line Items]
Impairment		$ 26	$ 0
Subsequent Event
Property, Plant and Equipment [Line Items]
Property, plant and equipment to be sold	$ 10

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details)

Mar. 31, 2017Plaintiff

Jul. 01, 2013Plaintiff

May 07, 2019USD ($)

Apr. 30, 2019Plaintiff

Jun. 30, 2018USD ($)

Dec. 30, 2016Plaintiff

Jun. 30, 2013Plaintiff

Mar. 31, 2019USD ($)vacation_ownership_unit

Dec. 31, 2018USD ($)

Mar. 31, 2018USD ($)

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)

Sep. 30, 2017Property

Commitments and Contingencies Disclosure [Line Items]

Commitments to subsidize associations

$ 3,000,000

Finance leases, future minimum payments due

23,000,000

Surety bonds issued

74,000,000

Guarantor obligations, maximum exposure, undiscounted

45,000,000

Number of plaintiffs in lawsuits | Plaintiff

232

Litigation settlement

1,000,000

$ 0

Estimate of possible loss

$ 10,000,000

Recovery of funds

$ (6,000,000)

Kapalua Bay Settlement

Commitments and Contingencies Disclosure [Line Items]

Number of plaintiffs in lawsuits | Plaintiff

2

38

Number of plaintiffs, released claims | Plaintiff

2

Fifth and Fifty-Fifth Residence Club

Commitments and Contingencies Disclosure [Line Items]

Number of plaintiffs in lawsuits | Plaintiff

107

Settled Litigation | Kapalua Bay Settlement

Commitments and Contingencies Disclosure [Line Items]

Litigation settlement

$ 12,000,000

Revolving corporate credit facility, net

Commitments and Contingencies Disclosure [Line Items]

Letters of credit outstanding

4,000,000

Revolving corporate credit facility, net | Corporate Credit Facility

Commitments and Contingencies Disclosure [Line Items]

Credit facility

600,000,000

New York City, New York

Commitments and Contingencies Disclosure [Line Items]

Purchase commitment

182,000,000

Purchase commitment obligation due, 2020

120,000,000

Purchase commitment obligation due, 2021

62,000,000

Bali Indonesia Resort Two

Commitments and Contingencies Disclosure [Line Items]

Purchase commitment obligation due, 2019

7,000,000

Purchase commitment obligation due, 2020

23,000,000

Purchase commitment obligation due, 2021

$ 2,000,000

Number of vacation ownership units expected to be acquired | vacation_ownership_unit

88

San Francisco, California

Commitments and Contingencies Disclosure [Line Items]

Purchase commitment

$ 158,000,000

Purchase commitment obligation due, 2019

56,000,000

Purchase commitment obligation due, 2020

55,000,000

Purchase commitment obligation due, 2021

47,000,000

Finance leases, future minimum payments due

10,000,000

Facility And Other Operating Leases | New York City, New York

Commitments and Contingencies Disclosure [Line Items]

Finance leases, future minimum payments due

7,000,000

Information technology hardware and software

Commitments and Contingencies Disclosure [Line Items]

Purchase commitment

52,000,000

Purchase commitment obligation due, 2019

29,000,000

Purchase commitment obligation due, 2020

13,000,000

Purchase commitment obligation due, 2021

5,000,000

Purchase commitment obligation due, 2022

3,000,000

Purchase commitment obligation due, 2023

2,000,000

Insurance Claim, Hurricane Irma

Commitments and Contingencies Disclosure [Line Items]

Insurance, excess

5,000,000

Subsequent Event | RCC-St. Thomas

Commitments and Contingencies Disclosure [Line Items]

Number of plaintiffs in lawsuits | Plaintiff

5

Subsequent Event | Settled Litigation

Commitments and Contingencies Disclosure [Line Items]

Litigation settlement

$ (3,000,000)

Hurricane

Commitments and Contingencies Disclosure [Line Items]

Number of other resorts and lodging properties (more than) | Property

20

Gains, property damage

$ (1,000,000)

Gain on business interruption insurance recovery

$ 9,000,000

32,000,000

Business interruption insurance recovery, deductible

$ 3,000,000

LEASES - Additional Information

LEASES - Additional Information (Details)	Mar. 31, 2019
Land Lease | Minimum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	30 years
Land Lease | Maximum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	50 years
Facilities | Minimum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	9 years
Facilities | Maximum
Lessee, Lease, Description [Line Items]
Initial term of most leases (up to)	14 years

LEASES - Carrying Values of Lea

LEASES - Carrying Values of Leases (Details) $ in Millions	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease assets	$ 126
Finance lease assets	23
Total lease assets	149
Present value of lease liabilities	138
Finance lease liabilities	23
Present value of lease liabilities	$ 161

LEASES - Lease Costs (Details)

LEASES - Lease Costs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 8
Amortization of right-of-use assets	1
Interest on lease liabilities	0
Variable lease cost	1
Total lease cost	$ 10

LEASES - Maturities of Operatin

LEASES - Maturities of Operating and Financing Lease Liabilities (Details) $ in Millions	Mar. 31, 2019USD ($)
Operating Leases
2019, remaining	$ 23
2020	30
2021	22
2022	17
2023	16
Thereafter	102
Total lease payments	210
Less: Imputed interest	(72)
Present value of lease liabilities	138
Finance Leases
2019, remaining	12
2020	10
2021	1
2022	0
2023	0
Thereafter	0
Total lease payments	23
Less: Imputed interest	0
Present value of lease liabilities	23
Total
2019, remaining	35
2020	40
2021	23
2022	17
2023	16
Thereafter	102
Total lease payments	233
Less: Imputed interest	72
Present value of lease liabilities	161
New York City and San Fransisco
Finance Leases
Total lease payments	$ 17

LEASES - Lease Term and Discoun

LEASES - Lease Term and Discount Rate (Details)	Mar. 31, 2019
Weighted-average remaining lease term (in years)
Operating leases	11 years 2 months 12 days
Finance leases	10 months 24 days
Weighted-average discount rate
Operating leases	6.60%
Finance leases	4.80%

LEASES - Other Information (Det

LEASES - Other Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows for finance leases	$ 0
Operating cash flows for operating leases	12
Financing cash flows for finance leases	1
Total	$ 13

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Securitized debt, net	$ 1,688	$ 1,694
Variable Interest Entity
Debt Instrument [Line Items]
Securitized debt, net	1,699	1,706
Secured Debt, Net	1,688	1,694
Variable Interest Entity | Debt
Debt Instrument [Line Items]
Securitized debt, net	882	962
Unamortized debt issuance costs	(10)	(11)
Secured Debt, Net	$ 872	951
Debt, weighted average interest rate	2.90%
Variable Interest Entity | Debt | Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	2.20%
Variable Interest Entity | Debt | Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	6.30%
Variable Interest Entity | Debt | Legacy-ILG
Debt Instrument [Line Items]
Securitized debt, net	$ 582	628
Debt, weighted average interest rate	2.90%
Variable Interest Entity | Debt | Legacy-ILG | Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	2.30%
Variable Interest Entity | Debt | Legacy-ILG | Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	4.00%
Variable Interest Entity | Debt | Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, net	$ 235	116
Unamortized debt issuance costs	(1)	(1)
Secured Debt, Net	$ 234	$ 115
Effective percentage	3.60%

SECURITIZED DEBT - Narrative (D

SECURITIZED DEBT - Narrative (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Loan
Debt Instrument [Line Items]
Number of notes receivable pools under performance triggers | Loan	0
Number of notes receivable pools outstanding | Loan	11
Warehouse Credit Facility
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 146,000,000
Advance rate for securitization	85.00%
Proceeds from vacation ownership notes receivable securitizations	$ 124,000,000
Cash flows between transferee and transferor proceeds	123,000,000
Cash flows between transferee and transfer or funding of restricted cash	1,000,000
Warehouse Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 250,000,000

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
2020	$ 11
2021	11
2022	241
2023	316
Thereafter	1,615
Debt
Debt Instrument [Line Items]
2019, remaining	190
2020	217
2021	394
2022	165
2023	154
Thereafter	579
Net carrying amount of the liability component	1,699
Debt | Warehouse Credit Facility
Debt Instrument [Line Items]
2019, remaining	9
2020	12
2021	214
2022	0
2023	0
Thereafter	0
Net carrying amount of the liability component	235
Debt | Variable Interest Entity | Legacy-MVW
Debt Instrument [Line Items]
2019, remaining	70
2020	96
2021	99
2022	100
2023	99
Thereafter	418
Net carrying amount of the liability component	882
Debt | Variable Interest Entity | Legacy-ILG
Debt Instrument [Line Items]
2019, remaining	111
2020	109
2021	81
2022	65
2023	55
Thereafter	161
Net carrying amount of the liability component	$ 582

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt, gross	$ 2,233,000,000
Net carrying amount of the liability component	2,201,000,000	$ 2,124,000,000
Finance lease liabilities	23,000,000
Carrying Amount
Debt Instrument [Line Items]
Net carrying amount of the liability component	2,201,000,000	2,124,000,000
Finance lease liabilities	23,000,000	17,000,000
Other debt, net | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	19,000,000	20,000,000
Exchange Notes, net | Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 89,000,000
Debt, stated interest rate	5.625%
Exchange Notes, net | Senior Notes | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 89,000,000	89,000,000
Unamortized debt issuance costs	(1,000,000)	(1,000,000)
Net carrying amount of the liability component	88,000,000	88,000,000
Senior Unsecured Notes | Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 750,000,000
Debt, stated interest rate	6.50%
Senior Unsecured Notes | Senior Notes | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 750,000,000	750,000,000
Unamortized debt issuance costs	(9,000,000)	(9,000,000)
Net carrying amount of the liability component	741,000,000	741,000,000
IAC Notes | Senior Notes
Debt Instrument [Line Items]
Debt, gross	$ 141,000,000
Debt, stated interest rate	5.625%
IAC Notes | Senior Notes | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 141,000,000	141,000,000
Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Debt, gross	75,000,000
Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt, gross	230,000,000	230,000,000
Unamortized debt issuance costs	(4,000,000)	(5,000,000)
Unamortized discount	(25,000,000)	(26,000,000)
Net carrying amount of the liability component	$ 201,000,000	$ 199,000,000
Debt, stated interest rate	1.50%
Effective percentage		4.70%
Convertible Notes | Convertible Debt | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 230,000,000	$ 230,000,000
Unamortized debt discount and issuance costs	29,000,000	31,000,000
Net carrying amount of the liability component	201,000,000	199,000,000
Non-Interest Bearing Note Payable | Non-interest bearing note payable, net
Debt Instrument [Line Items]
Debt, gross	$ 31,000,000
Effective percentage	6.00%
Non-Interest Bearing Note Payable | Non-interest bearing note payable, net | Carrying Amount
Debt Instrument [Line Items]
Debt, gross	$ 31,000,000	31,000,000
Unamortized discount	0	(1,000,000)
Net carrying amount of the liability component	31,000,000	30,000,000
Corporate Credit Facility | Term Loan
Debt Instrument [Line Items]
Debt, gross	898,000,000	900,000,000
Unamortized debt discount and issuance costs	12,000,000	12,000,000
Net carrying amount of the liability component	886,000,000	888,000,000
Corporate Credit Facility | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Debt, gross	75,000,000	0
Unamortized debt issuance costs	(4,000,000)	0
Net carrying amount of the liability component	$ 71,000,000	0
Effective percentage	6.50%
Debt issuance costs		4,000,000
Credit facility, amount outstanding		$ 0

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	$ 39
2020	11
2021	11
2022	241
2023	316
Thereafter	1,615
Total principal payments	2,233
Revolving Corporate Credit Facility, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	0
2020	0
2021	0
2022	0
2023	75
Thereafter	0
Total principal payments	75
Other debt, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	1
2020	2
2021	2
2022	2
2023	3
Thereafter	9
Total principal payments	19
Senior Notes | Exchange Notes, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	0
2020	0
2021	0
2022	0
2023	89
Thereafter	0
Total principal payments	89
Senior Notes | Senior Unsecured Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	0
2020	0
2021	0
2022	0
2023	0
Thereafter	750
Total principal payments	750
Senior Notes | IAC Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	0
2020	0
2021	0
2022	0
2023	141
Thereafter	0
Total principal payments	141
Convertible Debt | Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	0
2020	0
2021	0
2022	230
2023	0
Thereafter	0
Total principal payments	230	$ 230
Non-interest bearing note payable, net | Non-Interest Bearing Note Payable
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	31
2020	0
2021	0
2022	0
2023	0
Thereafter	0
Total principal payments	31
Corporate Credit Facility | Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2019, remaining	7
2020	9
2021	9
2022	9
2023	8
Thereafter	856
Total principal payments	898	900
Corporate Credit Facility | Revolving Corporate Credit Facility, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
Total principal payments	$ 75	$ 0

DEBT - Additional Information (

DEBT - Additional Information (Details)	Mar. 31, 2019USD ($)$ / sharesshares	Feb. 15, 2019$ / shares	May 07, 2019USD ($)	Mar. 31, 2019USD ($)Loan$ / sharesshares	Mar. 31, 2018$ / sharesshares	Dec. 31, 2018$ / shares
Debt Disclosure [Line Items]
Number of notes receivable pools under performance triggers | Loan				0
Dividend per share (in usd per share) | $ / shares		$ 0.45		$ 0.45	$ 0.40
Debt instrument, convertible, remaining discount amortization period	3 years 6 months
IAC Notes | Senior Notes
Debt Disclosure [Line Items]
Principal amount	$ 350,000,000			$ 350,000,000
Debt, stated interest rate	5.625%			5.625%
Exchange Notes, net | Senior Notes
Debt Disclosure [Line Items]
Debt, stated interest rate	5.625%			5.625%
Senior Unsecured Notes | Senior Notes
Debt Disclosure [Line Items]
Principal amount	$ 750,000,000			$ 750,000,000
Debt, stated interest rate	6.50%			6.50%
Convertible Notes | Convertible Debt
Debt Disclosure [Line Items]
Principal amount	$ 230,000,000			$ 230,000,000
Debt, stated interest rate	1.50%			1.50%
Debt instrument, convertible, conversion ratio				0.0000067755		0.0000067482
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 147.59			$ 147.59		$ 148.19
Term Loan | Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	$ 900,000,000			$ 900,000,000
Revolving corporate credit facility, net | Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	600,000,000			600,000,000
Revolving corporate credit facility, net | Letter of Credit | Corporate Credit Facility
Debt Disclosure [Line Items]
Credit facility	$ 75,000,000			$ 75,000,000
Convertible Note Hedges
Debt Disclosure [Line Items]
Option indexed to issuer's equity, indexed shares (in shares) | shares					1,550,000
Convertible note hedges exercised | shares	0			0
Private Warrants
Debt Disclosure [Line Items]
Number of securities called by warrants (in shares) | shares					1,550,000
Exercise price of warrants (in usd per share) | $ / shares	$ 175.97			$ 175.97	$ 175.97	$ 176.68
Number of warrants exercised | shares	0			0
Subsequent Event | Revolving corporate credit facility, net | Corporate Credit Facility
Debt Disclosure [Line Items]
Proceeds from credit facility			$ 65,000,000
Repayments of credit facility			$ 20,000,000

DEBT - Net Carrying Value Of Th

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount	$ 2,233
Net carrying amount of the liability component	2,201	$ 2,124
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Principal amount	230	230
Unamortized debt discount	(25)	(26)
Unamortized debt issuance costs	(4)	(5)
Net carrying amount of the liability component	201	199
Carrying amount of equity component, net of issuance costs	$ 33	$ 33

DEBT - Interest Expense Related

DEBT - Interest Expense Related To The Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Interest Expense, Debt	$ 34	$ 4
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1	1
Amortization of debt discount	2	1
Interest Expense, Debt	$ 3	$ 2

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 06, 2018	Mar. 31, 2018	Dec. 31, 2017
Stockholders Equity Note [Line Items]
Common stock, shares authorized (in shares)	100,000,000		100,000,000
Common stock, par (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	57,839,682	57,600,000	57,626,462		37,000,000	36,900,000
Common stock, shares outstanding (in shares)	44,982,314		45,992,731
Treasury stock, shares (in shares)	12,857,368		11,633,731
Preferred stock, shares authorized (in shares)	2,000,000		2,000,000
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01
Preferred stock, issued (in shares)	0		0
Preferred stock, outstanding (in shares)	0		0
Number of additional shares authorized to be repurchased (in shares)				3,000,000
Share repurchase program, number of common stock authorized to be repurchased (in shares)	14,900,000
Shares remained available for repurchase under the program (in shares)	2,000,000
Noncontrolling interests	$ (5)		$ (5)
Property Owners Associations
Stockholders Equity Note [Line Items]
Noncontrolling interests	$ (9)

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Stock Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	11,633,731
Repurchase of common stock (in shares)	0	0
Cost of Shares Repurchased	$ 106	$ 2
Number of Shares Repurchased (in shares)	12,857,368
Treasury Stock
Stock Repurchase [Roll Forward]
Number of Shares Repurchased (in shares)	11,687,774
Cost of Shares Repurchased	$ 793
Average Price Paid per Share (in usd per share)	$ 67.85
Repurchase of common stock (in shares)	1,230,268
Cost of Shares Repurchased	$ 106	$ 2
Average Price Paid per Share (in usd per share)	$ 86.32
Number of Shares Repurchased (in shares)	12,918,042
Cost of Shares Repurchased	$ 899
Average Price Paid per Share (in usd per share)	$ 69.61

SHAREHOLDERS' EQUITY - Cash Div

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares	Feb. 15, 2019	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.45	$ 0.45	$ 0.40

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	Sep. 01, 2018USD ($)$ / sharesshares	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 9,000,000	$ 4,000,000
Payroll and benefits liability		$ 172,000,000		$ 211,000,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares) | shares		6,000,000
Shares available for grants under the plan (in shares) | shares		1,000,000
Share-based compensation expense		$ 0	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 8,000,000	3,000,000
Restricted stock units | Employees and Non Employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares) | shares		170,289
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares		$ 96.38
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum amount of RSU subject to vesting (in shares) | shares		287,876
Share-based compensation expense		$ 1,000,000	1,000,000
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares) | shares		111,111
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares		$ 28.89
Stock awards granted, weighted average (in usd per share) exercise date fair value | $ / shares		$ 100.52
Share-based compensation expense		$ 1,000,000	$ 1,000,000
ILG, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, share conversion ratio	0.165
Business combination, share price (in usd per share) | $ / shares	$ 119
Legacy-ILG
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payroll and benefits liability		$ 0
Legacy-ILG | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grants under the plan (in shares) | shares		1,000,000
Legacy-ILG | Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in usd per share) | $ / shares	$ 114.31
Equity instruments other than options (in shares) | shares	12,265
Legacy-ILG | Cash-Based Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,000,000
ILG, Inc | ILG, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, share price (in usd per share) | $ / shares	$ 14.75

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 9	$ 4
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3	2
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	8	3
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 0

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 61	$ 39
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	30	16
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	18	7
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	9	15
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	57	38
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	4	1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 0	$ 0

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	31.10%
Dividend yield	1.76%
Risk-free rate	2.59%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES - Cl

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) $ in Millions	Mar. 31, 2019USD ($)
Variable Interest Entity [Line Items]
VIE Assets	$ 1,721
VIE Liabilities	1,701
Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,699
Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,645
Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	11
Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	65
Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	2
Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
VIE Assets	1,457
VIE Liabilities	1,466
Vacation Ownership Notes Receivable Securitizations | Debt
Variable Interest Entity [Line Items]
VIE Liabilities	1,464
Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	1,389
Vacation Ownership Notes Receivable Securitizations | Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	10
Vacation Ownership Notes Receivable Securitizations | Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	58
Vacation Ownership Notes Receivable Securitizations | Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	2
Warehouse Credit Facility
Variable Interest Entity [Line Items]
VIE Assets	264
VIE Liabilities	235
Warehouse Credit Facility | Debt
Variable Interest Entity [Line Items]
VIE Liabilities	235
Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
VIE Assets	256
Warehouse Credit Facility | Interest receivable
Variable Interest Entity [Line Items]
VIE Assets	1
Warehouse Credit Facility | Restricted cash
Variable Interest Entity [Line Items]
VIE Assets	7
Warehouse Credit Facility | Interest payable
Variable Interest Entity [Line Items]
VIE Liabilities	$ 0

VARIABLE INTEREST ENTITIES - In

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Variable Interest Entity [Line Items]
Interest income	$ 65	$ 34
Variable Interest Entity
Variable Interest Entity [Line Items]
Interest income	59
Interest expense to investors	15
Debt issuance cost amortization	1
Variable Interest Entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	52
Interest expense to investors	13
Debt issuance cost amortization	1
Variable Interest Entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	7
Interest expense to investors	2
Debt issuance cost amortization	$ 0

VARIABLE INTEREST ENTITIES - Ca

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Principal receipts	$ 119	$ 66
Interest receipts	50	26
Reserve release	13	1
Total	182	93
Cash Outflows
Principal to investors	(119)	(57)
Voluntary repurchases of defaulted vacation ownership notes receivable	(9)	(7)
Voluntary clean-up call	0	(22)
Interest to investors	(11)	(5)
Total	(139)	(91)
Net Cash Flows	43	2
Warehouse Credit Facility
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	124	0
Principal receipts	7	0
Interest receipts	7	0
Total	138	0
Cash Outflows
Principal to investors	(5)	0
Interest to investors	(2)	0
Funding of restricted cash	(1)	0
Total	(8)	0
Net Cash Flows	$ 130	$ 0

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Finance lease assets	$ 23
Accrued liabilities	520	$ 423
Finance lease liabilities	23
Variable Interest Entity, Not Primary Beneficiary | San Francisco, California
Variable Interest Entity [Line Items]
Finance lease assets	13
Accrued liabilities	1
Finance lease liabilities	10
Note receivable	1
Maximum loss (less than)	3
Variable Interest Entity, Not Primary Beneficiary | New York City, New York
Variable Interest Entity [Line Items]
Finance lease assets	8
Accrued liabilities	1
Finance lease liabilities	7
Note receivable	1
Maximum loss (less than)	1
Variable Interest Entity
Variable Interest Entity [Line Items]
Accrued liabilities	2	$ 2
Cash surrender value of life insurance	$ 31

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	1 Months Ended	3 Months Ended
	Sep. 30, 2018Segment	Mar. 31, 2019brand	Mar. 31, 2018
Segment Reporting Information [Line Items]
Number of reportable business segments | Segment	2
Vacation Ownership
Segment Reporting Information [Line Items]
Number of vacation ownership brands | brand		7
Geographic Concentration Risk | Sales Revenue, Net | Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage		13.00%	12.00%

BUSINESS SEGMENTS - Revenues (D

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,060	$ 571
Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	931	571
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	124	0
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,055	571
Operating Segments | Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	931	571
Operating Segments | Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	124	0
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 5	$ 0

BUSINESS SEGMENTS - Adjusted EB

BUSINESS SEGMENTS - Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Corporate and other	$ (71)	$ (25)
Interest expense	(34)	(4)
Provision for income taxes	(15)	(11)
Depreciation and amortization	(37)	(6)
Share-based compensation expense	(9)	(4)
Certain items	(47)	(2)
Net income attributable to common shareholders	24	36
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted Earnings Before Income Taxes Depreciation And Amortization	171	88
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted Earnings Before Income Taxes Depreciation And Amortization	$ 66	$ 0

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total Assets	$ 9,112	$ 9,018
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	8,583	8,457
Operating Segments | Vacation Ownership
Segment Reporting Information [Line Items]
Total Assets	7,396	7,275
Operating Segments | Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Total Assets	1,187	1,182
Corporate and other
Segment Reporting Information [Line Items]
Total Assets	$ 529	$ 561

SUPPLEMENTAL GUARANTOR INFORM_3

SUPPLEMENTAL GUARANTOR INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 222	$ 231
Restricted cash	356	383
Accounts receivable, net	277	324
Vacation ownership notes receivable, net	2,055	2,039
Inventory	910	863
Property and equipment	848	951
Goodwill	2,828	2,828
Intangibles, net	1,092	1,107
Investments in subsidiaries	0	0
Other	524	292
TOTAL ASSETS	9,112	9,018
Accounts payable	168	245
Contract Liabilities	565	432
Accrued liabilities	520	423
Payroll and benefits liability	172	211
Deferred compensation liability	100	93
Securitized debt, net	1,688	1,694
Debt, net	2,201	2,124
Other	15	12
Deferred taxes	332	318
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	3,346	3,461
Noncontrolling interests	5	5
TOTAL LIABILITIES AND EQUITY	9,112	9,018
Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	128	113
Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	437	319
Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Accounts receivable, net	(6)	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	0
Intangibles, net	0	0
Investments in subsidiaries	(4,575)	(4,504)
Other	(60)	0
TOTAL ASSETS	(4,641)	(4,504)
Accounts payable	5	0
Accrued liabilities	(7)	0
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	0	0
Other	0	0
Deferred taxes	0	0
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	(4,639)	(4,504)
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	(4,641)	(4,504)
Total Eliminations | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
Total Eliminations | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
MVW | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	1
Restricted cash	0	0
Accounts receivable, net	29	30
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	2,828	2,828
Intangibles, net	0	0
Investments in subsidiaries	711	848
Other	32	25
TOTAL ASSETS	3,600	3,732
Accounts payable	46	49
Accrued liabilities	1	7
Payroll and benefits liability	4	15
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	201	199
Other	2	1
Deferred taxes	0	0
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	3,346	3,461
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	3,600	3,732
MVW | Reportable Legal Entities | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
MVW | Reportable Legal Entities | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
ILG | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	2
Restricted cash	0	0
Accounts receivable, net	33	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	1	1
Goodwill	0	0
Intangibles, net	0	0
Investments in subsidiaries	1,875	1,776
Other	0	(7)
TOTAL ASSETS	1,909	1,772
Accounts payable	0	0
Accrued liabilities	37	8
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	0	0
Other	0	0
Deferred taxes	0	0
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	1,872	1,764
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	1,909	1,772
ILG | Reportable Legal Entities | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
ILG | Reportable Legal Entities | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
Interval Acquisition Corp. | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	0	11
Restricted cash	0	0
Accounts receivable, net	2	0
Vacation ownership notes receivable, net	0	0
Inventory	0	0
Property and equipment	0	0
Goodwill	0	0
Intangibles, net	0	0
Investments in subsidiaries	1,989	1,880
Other	3	2
TOTAL ASSETS	1,994	1,893
Accounts payable	0	0
Accrued liabilities	(22)	(24)
Payroll and benefits liability	0	0
Deferred compensation liability	0	0
Securitized debt, net	0	0
Debt, net	141	141
Other	0	0
Deferred taxes	0	0
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	1,875	1,776
Noncontrolling interests	0	0
TOTAL LIABILITIES AND EQUITY	1,994	1,893
Interval Acquisition Corp. | Reportable Legal Entities | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
Interval Acquisition Corp. | Reportable Legal Entities | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	0	0
Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	43	26
Restricted cash	62	83
Accounts receivable, net	77	101
Vacation ownership notes receivable, net	208	176
Inventory	456	440
Property and equipment	236	273
Goodwill	0	0
Intangibles, net	1,051	1,066
Investments in subsidiaries	0	0
Other	276	112
TOTAL ASSETS	2,409	2,277
Accounts payable	52	64
Accrued liabilities	199	135
Payroll and benefits liability	70	76
Deferred compensation liability	8	7
Securitized debt, net	0	0
Debt, net	0	0
Other	1	1
Deferred taxes	183	178
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	1,716	1,683
Noncontrolling interests	(3)	(2)
TOTAL LIABILITIES AND EQUITY	2,409	2,277
Guarantor Subsidiaries | Reportable Legal Entities | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	25	25
Guarantor Subsidiaries | Reportable Legal Entities | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	158	110
Non-Guarantor Subsidiaries | Reportable Legal Entities
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	179	191
Restricted cash	294	300
Accounts receivable, net	142	193
Vacation ownership notes receivable, net	1,847	1,863
Inventory	454	423
Property and equipment	611	677
Goodwill	0	0
Intangibles, net	41	41
Investments in subsidiaries	0	0
Other	273	160
TOTAL ASSETS	3,841	3,848
Accounts payable	65	132
Accrued liabilities	312	297
Payroll and benefits liability	98	120
Deferred compensation liability	92	86
Securitized debt, net	1,688	1,694
Debt, net	1,859	1,784
Other	12	10
Deferred taxes	149	140
Intercompany liabilities (receivables) / equity	0
MVW shareholders' equity	(824)	(719)
Noncontrolling interests	8	7
TOTAL LIABILITIES AND EQUITY	3,841	3,848
Non-Guarantor Subsidiaries | Reportable Legal Entities | Advance deposits
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	103	88
Non-Guarantor Subsidiaries | Reportable Legal Entities | Deferred revenue
Condensed Financial Statements, Captions [Line Items]
Contract Liabilities	$ 279	$ 209

SUPPLEMENTAL GUARANTOR INFORM_4

SUPPLEMENTAL GUARANTOR INFORMATION - Income Statement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Revenues	$ 1,060	$ 571
Expenses	(969)	(518)
Gains and other income, net	8	1
Interest expense	(34)	(4)
ILG acquisition-related costs	(26)	(1)
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	0
Provision for income taxes	(15)	(11)
NET INCOME	24	36
Net income attributable to noncontrolling interests	0	0
Net income attributable to common shareholders	24	$ 36
Reportable Legal Entities | MVW
Condensed Financial Statements, Captions [Line Items]
Revenues	3
Expenses	(6)
Gains and other income, net	0
Interest expense	(3)
ILG acquisition-related costs	0
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	29
Provision for income taxes	1
NET INCOME	24
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	24
Reportable Legal Entities | ILG
Condensed Financial Statements, Captions [Line Items]
Revenues	0
Expenses	0
Gains and other income, net	0
Interest expense	0
ILG acquisition-related costs	0
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	40
Provision for income taxes	0
NET INCOME	40
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	40
Reportable Legal Entities | Interval Acquisition Corp.
Condensed Financial Statements, Captions [Line Items]
Revenues	0
Expenses	0
Gains and other income, net	0
Interest expense	(1)
ILG acquisition-related costs	0
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	41
Provision for income taxes	0
NET INCOME	40
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	40
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	395
Expenses	(366)
Gains and other income, net	0
Interest expense	0
ILG acquisition-related costs	0
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	0
Provision for income taxes	(10)
NET INCOME	19
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	19
Reportable Legal Entities | Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenues	670
Expenses	(597)
Gains and other income, net	0
Interest expense	(38)
ILG acquisition-related costs	(26)
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	0
Provision for income taxes	(7)
NET INCOME	2
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	2
Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenues	(8)
Expenses	0
Gains and other income, net	8
Interest expense	8
ILG acquisition-related costs	0
Equity in earnings from unconsolidated entities	0
Equity in net income of subsidiaries	(110)
Provision for income taxes	1
NET INCOME	(101)
Net income attributable to noncontrolling interests	0
Net income attributable to common shareholders	$ (101)

SUPPLEMENTAL GUARANTOR INFORM_5

SUPPLEMENTAL GUARANTOR INFORMATION - Cash Flow (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	$ 28	$ 23
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	27	(12)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(92)	(119)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1	2
Cash, cash equivalents and restricted cash, beginning of period	614	491
Cash, cash equivalents and restricted cash, end of period	578	$ 385
Total Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	(155)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	155
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	0
Cash, cash equivalents and restricted cash, end of period	0
MVW
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	0
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	1
Cash, cash equivalents and restricted cash, end of period	0
ILG
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	0
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(2)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	2
Cash, cash equivalents and restricted cash, end of period	0
Interval Acquisition Corp.
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	1
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	0
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(12)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	11
Cash, cash equivalents and restricted cash, end of period	0
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	(4)
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	27
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(27)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0
Cash, cash equivalents and restricted cash, beginning of period	109
Cash, cash equivalents and restricted cash, end of period	105
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	186
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	1
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(206)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1
Cash, cash equivalents and restricted cash, beginning of period	491
Cash, cash equivalents and restricted cash, end of period	$ 473

Uncategorized Items - a2019q110

Label	Element	Value
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	$ 3,458,000,000
AOCI Attributable to Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	6,000,000
Retained Earnings [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	515,000,000
Noncontrolling Interest [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	5,000,000
Parent [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,453,000,000
Treasury Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	(790,000,000)
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	1,000,000
Additional Paid-in Capital [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance	us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1	3,721,000,000
Accounting Standards Update 2016-02 [Member] | Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (8,000,000)