Marriott Vacations Worldwide (VAC) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 03, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-35219
Entity Registrant Name	Marriott Vacations Worldwide Corp
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2598330
Entity Address, Address Line One	6649 Westwood Blvd.
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32821
City Area Code	407
Local Phone Number	206-6000
Title of each class	Common Stock, $0.01 Par Value
Trading Symbol(s)	VAC
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		42,695,158
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001524358
Current Fiscal Year End Date	--12-31

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Revenue from contracts with customers	$ 700	$ 938
Financing	59	72
Cost reimbursements	255	318
TOTAL REVENUES	759	1,010
EXPENSES
Marketing and sales	109	170
Financing	21	38
General and administrative	46	70
Depreciation and amortization	41	32
Litigation charges	3	2
Royalty fee	25	26
Impairment	0	95
Cost reimbursements	255	318
TOTAL EXPENSES	739	1,060
Gains (losses) and other income (expense), net	6	(56)
Interest expense	(43)	(33)
Transaction costs	(19)	(24)
LOSS BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	(36)	(163)
Benefit from income taxes	11	58
NET LOSS	(25)	(105)
Net income attributable to noncontrolling interests	(3)	(1)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (28)	$ (106)
LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ (0.68)	$ (2.56)
Diluted (in usd per share)	(0.68)	(2.56)
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0	$ 0.54
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 163	$ 258
EXPENSES
Expenses	40	60
Management and exchange
REVENUES
Revenue from contracts with customers	193	227
EXPENSES
Expenses	117	151
Rental
REVENUES
Revenue from contracts with customers	89	135
EXPENSES
Expenses	$ 82	$ 98

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
NET LOSS	$ (25)	$ (105)
Other comprehensive income (loss):
Foreign currency translation adjustments	(3)	(17)
Derivative instrument adjustment, net of tax	6	(24)
OTHER COMPREHENSIVE GAIN (LOSS), NET OF TAX	3	(41)
Net income attributable to noncontrolling interests	(3)	(1)
Other comprehensive income attributable to noncontrolling interests	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(3)	(1)
COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (25)	$ (147)

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 643	$ 524
Restricted cash (including $73 and $68 from VIEs, respectively)	535	468
Accounts receivable, net (including $10 and $11 from VIEs, respectively)	219	276
Vacation ownership notes receivable, net (including $1,338 and $1,493 from VIEs, respectively)	1,769	1,840
Inventory	785	759
Property and equipment, net	887	791
Goodwill	2,817	2,817
Intangibles, net	938	952
Other (including $56 and $54 from VIEs, respectively)	594	471
TOTAL ASSETS	9,187	8,898
LIABILITIES AND EQUITY
Accounts payable	159	209
Advance deposits	167	147
Accrued liabilities (including $1 and $1 from VIEs, respectively)	345	349
Deferred revenue	524	488
Payroll and benefits liability	188	157
Deferred compensation liability	124	127
Securitized debt, net (including $1,446 and $1,604 from VIEs, respectively)	1,431	1,588
Debt, net	3,025	2,680
Other	200	197
Deferred taxes	286	274
TOTAL LIABILITIES	6,449	6,216
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; 75,454,906 and 75,279,061 shares issued, respectively	1	1
Treasury stock — at cost; 34,182,278 and 34,184,813 shares, respectively	(1,334)	(1,334)
Additional paid-in capital	3,843	3,760
Accumulated other comprehensive loss	(45)	(48)
Retained earnings	244	272
TOTAL MVW SHAREHOLDERS' EQUITY	2,709	2,651
Noncontrolling interests	29	31
TOTAL EQUITY	2,738	2,682
TOTAL LIABILITIES AND EQUITY	$ 9,187	$ 8,898

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Restricted cash	$ 535	$ 468
Accounts Receivable, including VIE, after allowance for credit loss	219	276
Vacation ownership notes receivable, net	1,769	1,840
Other Assets	594	471
Accrued Liabilities	345	349
Securitized Debt	$ 1,431	$ 1,588
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	75,454,906	75,279,061
Treasury stock, shares (in shares)	34,182,278	34,184,813
Variable interest entity
Restricted cash	$ 73	$ 68
Accounts Receivable, including VIE, after allowance for credit loss	10	11
Vacation ownership notes receivable, net	1,338	1,493
Other Assets	56	54
Accrued Liabilities	1	1
Securitized Debt	$ 1,446	$ 1,604

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
OPERATING ACTIVITIES
Net loss	$ (25)	$ (105)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used by operating activities:
Depreciation and amortization of intangibles	41	32
Amortization of debt discount and issuance costs	11	5
Vacation ownership notes receivable reserve	14	71
Share-based compensation	8	3
Impairment charges	0	95
Deferred income taxes	15	(10)
Net change in assets and liabilities:
Accounts receivable	51	45
Vacation ownership notes receivable originations	(108)	(174)
Vacation ownership notes receivable collections	165	174
Inventory	(26)	(8)
Purchase of vacation ownership units for future transfer to inventory	(99)	(61)
Other assets	(138)	(83)
Accounts payable, advance deposits and accrued liabilities	(30)	(184)
Deferred revenue	102	107
Payroll and benefit liabilities	31	(20)
Deferred compensation liability	(2)	(7)
Other liabilities	5	(7)
Deconsolidation of certain Consolidated Property Owners' Associations	(71)	0
Other, net	(4)	5
Net cash, cash equivalents and restricted cash used in operating activities	(60)	(122)
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(7)	(17)
Purchase of company owned life insurance	(1)	(4)
Net cash, cash equivalents and restricted cash used in investing activities	(8)	(21)
FINANCING ACTIVITIES
Borrowings from securitization transactions	0	202
Repayment of debt related to securitization transactions	(159)	(148)
Proceeds from debt	561	666
Repayments of debt	(100)	(102)
Purchase of convertible note hedges	(100)	0
Proceeds from issuance of warrants	70	0
Finance lease payment	0	(9)
Debt issuance costs	(2)	0
Repurchase of common stock	0	(82)
Payment of dividends	0	(45)
Payment of withholding taxes on vesting of restricted stock units	(15)	(14)
Net cash, cash equivalents and restricted cash provided by financing activities	255	468
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	(6)
Change in cash, cash equivalents and restricted cash	186	319
Cash, cash equivalents and restricted cash, beginning of period	992	701
Cash, cash equivalents and restricted cash, end of period	1,178	1,020
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory	3	0
Non-cash transfer from inventory to property and equipment	2	65
Non-cash issuance of treasury stock for employee stock purchase plan	0	1
Interest paid, net of amounts capitalized	53	58
Income taxes paid, net of refunds	$ (30)	$ 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 (Loss) Gain	Retained Earnings	Total MVW Shareholders' Equity	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019		75,000,000
Beginning balance at Dec. 31, 2019	$ 3,031	$ 1	$ (1,253)	$ 3,738	$ (36)	$ 569	$ 3,019	$ 12
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(105)					(106)	(106)	1
Foreign currency translation adjustments	(17)				(17)		(17)
Derivative instrument adjustment	(24)				(24)		(24)
Share-based compensation plans (in shares)		200,000
Share-based compensation plans	(9)			(9)			(9)
Repurchase of common stock	(82)		(82)				(82)
Dividends	(22)					(22)	(22)
Ending balance (in shares) at Mar. 31, 2020		75,200,000
Ending balance at Mar. 31, 2020	$ 2,772	$ 1	(1,335)	3,729	(77)	441	2,759	13
Beginning balance (in shares) at Dec. 31, 2020	75,279,061	75,300,000
Beginning balance at Dec. 31, 2020	$ 2,682	$ 1	(1,334)	3,760	(48)	272	2,651	31
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(25)					(28)	(28)
Foreign currency translation adjustments	(3)				(3)		(3)
Derivative instrument adjustment	6				6		6
Share-based compensation plans (in shares)		200,000
Share-based compensation plans	(4)			(4)			(4)
Equity component of convertible notes, net of issuance costs	117			117			117
Purchase of convertible note hedges	(100)			(100)			(100)
Issuance of warrants	70			70			70
Employee stock plan issuance	0
Deconsolidation of certain Consolidated Property Owners' Associations	$ (5)							(5)
Ending balance (in shares) at Mar. 31, 2021	75,454,906	75,500,000
Ending balance at Mar. 31, 2021	$ 2,738	$ 1	$ (1,334)	$ 3,843	$ (45)	$ 244	$ 2,709	$ 29

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “2020 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 (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net (loss) 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. Pursuant to a change in control of certain consolidated property owners’ associations, we recorded a non-cash loss of less than $1 million in Gains (losses) and other income (expense), net on our Income Statement for the three months ended March 31, 2021, and deconsolidated $76 million of assets, inclusive of $71 million of restricted cash and $71 million of liabilities, for a decrease in Noncontrolling interests of $5 million during the first quarter of 2021. See our Interim Consolidated Statement of Shareholder’s Equity for the three months ended March 31, 2021 for further information. We continue to act as manager for these property owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests. 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. The uncertainty created by the COVID-19 pandemic, and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from our estimates, and such differences may be material. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2020 Annual Report. Reclassifications

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards Accounting Standards Update 2019-12 – “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) In the first quarter of 2021, we adopted ASU 2019-12, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for income taxes while maintaining or enhancing the helpfulness of information provided to financial statement users. Our adoption of ASU 2019-12 did not have a material impact on our Financial Statements or disclosures. Future Adoption of Accounting Standards Accounting Standards Update 2020-04 – “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ” (“ASU 2020-04”) In March 2020, the FASB issued ASU 2020-04, as amended, which provides optional expedients and exceptions to existing guidance on contract modifications and hedge accounting in an effort to ease the financial reporting burdens related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. This update can be adopted no later than December 1, 2022, with early adoption permitted. We expect to adopt ASU 2020-04 in fiscal year 2022 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 2020-06 – “ Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) In August 2020, the FASB issued ASU 2020-06, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. This update may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized as an adjustment to the opening balance of retained earnings on the date of adoption. Additionally, this update provides for a one-time irrevocable election by entities to apply the fair value option in accordance with ASC Topic 825-10, “ Financial Instruments - Overall, ” for any liability-classified convertible securities, with the difference between the carrying amount and the fair value recorded as a cumulative-effect adjustment to opening retained earnings as of the beginning of the period of adoption. We expect to adopt ASU 2020-06 on January 1, 2022, and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. In accordance with ASU 2020-06, we will be required to calculate diluted earnings per share under the “if-converted” method. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of our convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if-converted” method may reduce our reported diluted earnings per share.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS Planned Acquisition On January 26, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) under which we agreed to acquire, in a series of transactions, Welk Hospitality Group, Inc. (“Welk”), one of the largest independent timeshare companies in North America, in a cash and stock transaction. On April 1, 2021, subsequent to the end of the first quarter of 2021, we completed the acquisition of Welk for consideration of $485 million, including approximately 1.4 million shares of our common stock. Our Balance Sheet at March 31, 2021 reflects $152 million within Restricted cash for funds held by a third party in advance of the closing of the acquisition of Welk. Acquisitions Costa Rica During the first quarter of 2021, we acquired 24 completed vacation ownership units and an operations building located at our Marriott Vacation Club at Los Suenos resort in Costa Rica for $14 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($13 million) and Property and equipment ($1 million). New York, New York During the first quarter of 2021, we acquired the remaining 120 completed vacation ownership units located at our Marriott Vacation Club Pulse, New York City property for $98 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Property and equipment. During the first quarter of 2020, we acquired 57 completed vacation ownership units, as well as office and ancillary space, located at our Marriott Vacation Club Pulse, New York City property for $89 million, of which $22 million was a prepayment for future tranches of completed vacation ownership units and $20 million was paid in December 2019. We accounted for the transaction as an asset acquisition with the purchase price allocated to Other assets ($22 million) and Property and equipment ($67 million). San Francisco, California During the first quarter of 2021, we acquired 44 completed vacation ownership units located at our Marriott Vacation Club Pulse, San Francisco property for $34 million. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($29 million) and Other assets ($5 million). During the first quarter of 2020, we acquired 34 completed vacation ownership units located at our Marriott Vacation Club Pulse, San Francisco property for $26 million, of which $5 million was a prepayment for future tranches of completed vacation ownership units. We accounted for the transaction as an asset acquisition with the purchase price allocated to Inventory ($18 million), Other assets ($5 million), and Property and equipment ($3 million). See Footnote 16 “Variable Interest Entities” for information on our remaining commitment to purchase future inventory and additional information on our activities relating to the VIE involved in this transaction. Dispositions

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
REVENUE AND RECEIVABLES	4. REVENUE AND RECEIVABLES 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, 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 163 $ — $ — $ 163 Ancillary revenues 28 — — 28 Management fee revenues 38 5 (6) 37 Exchange and other services revenues 28 55 45 128 Management and exchange 94 60 39 193 Rental 77 12 — 89 Cost reimbursements 268 14 (27) 255 Revenue from contracts with customers 602 86 12 700 Financing 59 — — 59 Total Revenues $ 661 $ 86 $ 12 $ 759 Three Months Ended March 31, 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 258 $ — $ — $ 258 Ancillary revenues 46 1 — 47 Management fee revenues 38 10 (4) 44 Exchange and other services revenues 28 61 47 136 Management and exchange 112 72 43 227 Rental 122 13 — 135 Cost reimbursements 345 21 (48) 318 Revenue from contracts with customers 837 106 (5) 938 Financing 71 1 — 72 Total Revenues $ 908 $ 107 $ (5) $ 1,010 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, 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 408 $ 37 $ 12 $ 457 Goods or services transferred at a point in time 194 49 — 243 Revenue from contracts with customers $ 602 $ 86 $ 12 $ 700 Three Months Ended March 31, 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 530 $ 54 $ (5) $ 579 Goods or services transferred at a point in time 307 52 — 359 Revenue from contracts with customers $ 837 $ 106 $ (5) $ 938 Sale of Vacation Ownership Products Revenues were reduced during the first quarter of 2021 by $5 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Receivables from Contracts with Customers, Contract Assets & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2021 or December 31, 2020. ($ in millions) At March 31, 2021 At December 31, 2020 Receivables from Contracts with Customers Accounts receivable $ 108 $ 150 Vacation ownership notes receivable, net 1,769 1,840 $ 1,877 $ 1,990 Contract Liabilities Advance deposits $ 167 $ 147 Deferred revenue 524 488 $ 691 $ 635 Revenue recognized during the first quarter of 2021 that was included in our contract liabilities balance at December 31, 2020 was $114 million. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2021, approximately 80 percent of this amount is expected to be recognized as revenue over the next two years. Accounts Receivable Accounts receivable is comprised of amounts due from customers, primarily property owners’ associations, resort developers and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets and other miscellaneous receivables. The following table shows the composition of our accounts receivable balances: ($ in millions) At March 31, 2021 At December 31, 2020 Receivables from contracts with customers $ 108 $ 150 Interest receivable 12 13 Tax receivable 52 60 Indemnification assets 15 15 Employee tax credit receivable 20 19 Other 12 19 $ 219 $ 276

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	5. INCOME TAXES Our provision for income taxes is calculated using an estimated annual effective tax rate, based upon expected annual income, less losses in certain jurisdictions, permanent items, statutory rates and planned tax strategies in the various jurisdictions in which we operate. However, discrete items related to prior year tax items are treated separately. Our interim effective tax rate was 29.8 percent and 35.4 percent for the three months ended March 31, 2021 and March 31, 2020, respectively. The decrease in the effective tax rate is predominately attributable to a decrease in pre-tax loss and a release in provisions on uncertain tax benefits included in the three months ended March 31, 2020. U.S. Tax Law Update We have considered the income tax accounting and disclosure implications of the relief provided by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted in March 2020, and the Consolidated Appropriations Act, 2021, enacted in December 2020. As of March 31, 2021, we evaluated the income tax provisions of the above mentioned acts and have determined there to be minimal effect on either the March 31, 2021 tax rate or the computation of the estimated effective tax rate for the year ended December 31, 2021. We will continue to evaluate the income tax provisions of the above mentioned acts and monitor the developments in the jurisdictions where we have significant operations for tax law changes that could have additional income tax accounting and disclosure implications. Unrecognized Tax Benefits The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2021. ($ in millions) Unrecognized Tax Benefits Balance at December 31, 2020 $ 14 Increases related to tax positions taken during the current period 1 Balance at March 31, 2021 $ 15 The total unrecognized tax benefits related to uncertain income tax positions, which would affect the effective tax rate if recognized, was $15 million at March 31, 2021 and $14 million at December 31, 2020. The total amount of gross interest and penalties accrued was $28 million at March 31, 2021 and $25 million at December 31, 2020. We anticipate $5 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefits, including accrued interest and penalties, are included in other liabilities on our Balance Sheet. Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for tax years 2013 through 2018. The amount of the unrecognized tax benefit may increase or decrease within the next twelve months as a result of audits or audit settlements.

VACATION OWNERSHIP NOTES RECEIV

VACATION OWNERSHIP NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2021
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, 2021 December 31, 2020 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,093 $ 245 $ 1,338 $ 1,220 $ 273 $ 1,493 Non-securitized Eligible for securitization (1) 208 3 211 126 2 128 Not eligible for securitization (1) 183 37 220 185 34 219 Subtotal 391 40 431 311 36 347 $ 1,484 $ 285 $ 1,769 $ 1,531 $ 309 $ 1,840 _________________________ (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, 2021 March 31, 2020 Interest income associated with vacation ownership notes receivable — securitized $ 48 $ 63 Interest income associated with vacation ownership notes receivable — non-securitized 9 6 Total interest income associated with vacation ownership notes receivable $ 57 $ 69 COVID-19 Impact on Vacation Ownership Notes Receivable Reserves We increased our vacation ownership notes receivable reserves by $52 million in the first quarter of 2020 as a result of higher actual and projected default activity related predominantly to the COVID-19 pandemic. In the fourth quarter of 2020, we increased our vacation ownership notes receivable reserve by an additional $17 million due to higher than previously expected default activity. During the first quarter of 2021, there were no additional increases to our vacation ownership notes receivable reserves due to the COVID-19 pandemic. Acquired Vacation Ownership Notes Receivable Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition. The following table shows future contractual principal payments and interest rates for our non-securitized and securitized acquired vacation ownership notes receivable at March 31, 2021. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2021, remaining $ 4 $ 27 $ 31 2022 4 36 40 2023 4 36 40 2024 4 34 38 2025 5 30 35 Thereafter 19 82 101 Balance at March 31, 2021 $ 40 $ 245 $ 285 Weighted average stated interest rate 13.5% 13.5% 13.5% Range of stated interest rates 3.0% to 17.9% 6.0% to 15.9% 3.0% to 17.9% The following table summarizes activity related to our acquired vacation ownership notes receivable reserve. Acquired Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2020 $ 39 $ 21 $ 60 Write-offs (3) — (3) Recoveries 1 — 1 Defaulted vacation ownership notes receivable repurchase activity (1) 9 (9) — (Decrease) increase in vacation ownership notes receivable reserve (7) 6 (1) Balance at March 31, 2021 $ 39 $ 18 $ 57 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable. 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 and interest rates for our originated non-securitized and securitized originated vacation ownership notes receivable at March 31, 2021. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2021, remaining $ 32 $ 87 $ 119 2022 37 118 155 2023 33 120 153 2024 31 121 152 2025 30 124 154 Thereafter 228 523 751 Balance at March 31, 2021 $ 391 $ 1,093 $ 1,484 Weighted average stated interest rate 12.7% 12.7% 12.7% Range of stated interest rates 0.0% to 18.0% 0.0% 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 Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2020 $ 193 $ 117 $ 310 Increase in vacation ownership notes receivable reserve 11 4 15 Write-offs (17) — (17) Defaulted vacation ownership notes receivable repurchase activity (1) 16 (16) — Balance at March 31, 2021 $ 203 $ 105 $ 308 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are 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 For both Legacy-MVW non-securitized and securitized vacation ownership notes receivable, we estimated average remaining default rates of 6.58 percent as of March 31, 2021, and 6.74 percent as of December 31, 2020. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $6 million as of March 31, 2021, and $6 million as of December 31, 2020. We use the aging of the vacation ownership notes receivable as the primary credit quality indicator for our Legacy-MVW vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the age of the receivable associated with the vacation ownership interest. The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2021 $ 100 $ 11 $ 111 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 100 $ 14 $ 114 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, 2021 and December 31, 2020. Legacy-MVW Vacation Ownership Notes Receivable As of March 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 8 $ 19 $ 27 $ 8 $ 25 $ 33 91 – 150 days past due 5 11 16 5 14 19 Greater than 150 days past due 95 — 95 95 — 95 Total past due 108 30 138 108 39 147 Current 284 905 1,189 231 1,011 1,242 Total vacation ownership notes receivable $ 392 $ 935 $ 1,327 $ 339 $ 1,050 $ 1,389 The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of March 31, 2021. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2021 $ 66 $ — $ 66 2020 148 82 230 2019 69 340 409 2018 43 219 262 2017 21 134 155 2016 and Prior 45 160 205 $ 392 $ 935 $ 1,327 Legacy-ILG Vacation Ownership Notes Receivable At March 31, 2021 and December 31, 2020, the weighted average FICO score within our consolidated Legacy-ILG vacation ownership notes receivable pools was 708 and 708, 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 was 14.62 percent as of March 31, 2021 and 14.63 percent as of December 31, 2020. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $3 million as of March 31, 2021, and $3 million as of December 31, 2020. We use the origination of the vacation ownership notes receivable by brand (Westin, Sheraton, Hyatt) and the FICO scores of the customer as the primary credit quality indicators for our Legacy-ILG vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership interest they have acquired, supplemented by the FICO scores of the customers. The following table shows our recorded investment in non-accrual Legacy-ILG vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2021 $ 118 $ 8 $ 126 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 109 $ 12 $ 121 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG vacation ownership notes receivable as of March 31, 2021 and December 31, 2020. Legacy-ILG Vacation Ownership Notes Receivable As of March 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 8 $ 12 $ 20 $ 8 $ 19 $ 27 91 – 120 days past due 2 4 6 2 7 9 Greater than 120 days past due 116 4 120 107 5 112 Total past due 126 20 146 117 31 148 Current 155 506 661 123 550 673 Total vacation ownership notes receivable $ 281 $ 526 $ 807 $ 240 $ 581 $ 821 The following tables show the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score, before reserves. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Acquired Vacation Ownership Notes Receivable as of March 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 73 $ 44 $ 4 $ 10 $ 131 Sheraton 74 69 13 30 186 Hyatt 11 8 1 — 20 Other 2 1 — 2 5 $ 160 $ 122 $ 18 $ 42 $ 342 Acquired Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 81 $ 48 $ 4 $ 11 $ 144 Sheraton 81 73 13 31 198 Hyatt 12 9 1 — 22 Other 2 1 — 2 5 $ 176 $ 131 $ 18 $ 44 $ 369 The following table details the origination year of our Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2021. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Acquired Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 20 $ 20 $ 33 $ 73 600 - 699 — — — 11 12 21 44 < 600 — — — 2 1 1 4 No Score — — — 2 3 5 10 $ — $ — $ — $ 35 $ 36 $ 60 $ 131 Acquired Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 21 $ 21 $ 32 $ 74 600 - 699 — — — 18 18 33 69 < 600 — — — 8 2 3 13 No Score — — — 9 9 12 30 $ — $ — $ — $ 56 $ 50 $ 80 $ 186 Acquired Vacation Ownership Notes Receivable - Hyatt and Other ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 3 $ 3 $ 7 $ 13 600 - 699 — — — 2 2 5 9 < 600 — — — — — 1 1 No Score — — — — — 2 2 $ — $ — $ — $ 5 $ 5 $ 15 $ 25 The following tables show the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score, before reserves. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Originated Vacation Ownership Notes Receivable as of March 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 111 $ 54 $ 6 $ 26 $ 197 Sheraton 108 75 17 43 243 Hyatt 17 8 — — 25 $ 236 $ 137 $ 23 $ 69 $ 465 Originated Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 109 $ 52 $ 6 $ 23 $ 190 Sheraton 106 72 16 43 237 Hyatt 16 8 — — 24 $ 231 $ 132 $ 22 $ 66 $ 451 The following tables detail the origination year of our Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of March 31, 2021. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 14 $ 30 $ 55 $ 12 $ — $ — $ 111 600 - 699 5 13 29 7 — — 54 < 600 1 2 3 — — — 6 No Score 8 6 10 2 — — 26 $ 28 $ 51 $ 97 $ 21 $ — $ — $ 197 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 10 $ 31 $ 53 $ 14 $ — $ — $ 108 600 - 699 6 20 38 11 — — 75 < 600 1 5 9 2 — — 17 No Score 2 10 25 6 — — 43 $ 19 $ 66 $ 125 $ 33 $ — $ — $ 243 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 2 $ 5 $ 8 $ 2 $ — $ — $ 17 600 - 699 — 2 5 1 — — 8 < 600 — — — — — — — No Score — — — — — — — $ 2 $ 7 $ 13 $ 3 $ — $ — $ 25

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2021
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, deposits included in Other assets, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At March 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 1,769 $ 1,830 $ 1,840 $ 1,886 Other assets 62 62 60 60 Total financial assets $ 1,831 $ 1,892 $ 1,900 $ 1,946 Securitized debt, net $ (1,431) $ (1,486) $ (1,588) $ (1,653) 2025 Notes, net (494) (532) (494) (533) 2026 Notes, net (744) (785) (744) (784) 2028 Notes, net (346) (354) (346) (359) Term Loan, net (775) (760) (873) (864) 2022 Convertible Notes, net (217) (298) (215) (262) 2026 Convertible Notes, net (442) (684) — — Total financial liabilities $ (4,449) $ (4,899) $ (4,260) $ (4,455) Vacation Ownership Notes Receivable At March 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,338 $ 1,384 $ 1,493 $ 1,530 Eligible for securitization 211 226 128 137 Not eligible for securitization 220 220 219 219 Non-securitized 431 446 347 356 $ 1,769 $ 1,830 $ 1,840 $ 1,886 We estimate the fair value of our vacation ownership notes receivable that have been securitized using a discounted cash flow model. We believe this is comparable to the model that an independent third party would use in the current market. Our model uses default rates, prepayment rates, coupon rates and loan terms for our securitized vacation ownership notes receivable portfolio as key drivers of risk and relative value to determine the fair value of the underlying vacation ownership notes receivable. We concluded that this fair value measurement should be categorized within Level 3. Due to factors that impact the general marketability of our vacation ownership notes receivable that have not been securitized, as well as current market conditions, we bifurcate our non-securitized vacation ownership notes receivable at each balance sheet date into those eligible and not eligible for securitization using criteria applicable to current securitization transactions in the ABS market. Generally, vacation ownership notes receivable are considered not eligible for securitization if any of the following attributes are present: (1) payments are greater than 30 days past due; (2) the first payment has not been received; or (3) the collateral is located in Asia or Europe. In some cases, eligibility may also be determined based on the credit score of the borrower, the remaining term of the loans and other similar factors that may reflect investor demand in a securitization transaction or the cost to effectively securitize the vacation ownership notes receivable. The table above shows the bifurcation of our vacation ownership notes receivable that have not been securitized into those eligible and not eligible for securitization based upon the aforementioned eligibility criteria. We estimate the fair value of the portion of our vacation ownership notes receivable that have not been securitized that we believe will ultimately be securitized in the same manner as vacation ownership notes receivable that have been securitized. We value the remaining vacation ownership notes receivable that have not been securitized at their carrying value, rather than using our pricing model. We believe that the carrying value of these particular vacation ownership notes receivable approximates fair value because the stated, or otherwise imputed, interest rates of these loans are 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 $56 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 $6 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. Senior Notes We estimate the fair value of our 2025 Notes, 2026 Notes, and 2028 Notes (each as defined in Footnote 13 “Debt”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which these notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. Term Loan We estimate the fair value of our Term Loan (as defined in Footnote 13 “Debt”) using 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. Convertible Notes We estimate the fair value of our 2022 Convertible Notes and 2026 Convertible Notes (each as defined in Footnote 13 “Debt” and referred to collectively as our “convertible notes”) using quoted market prices as of the last trading day for the quarter; however these notes have only a limited trading history and volume and as such this fair value estimate is not necessarily indicative of the value at which the convertible notes could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 2. 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	8. EARNINGS PER SHARE Basic earnings or loss per common share attributable to common shareholders is calculated by dividing net income or loss 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 or loss 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, except in periods when there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted earnings or loss 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 or loss per share attributable to common shareholders reflects our intent to settle conversions of our 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 based upon an average price per share for the quarter. As of March 31, 2021, a conversion premium existed for our 2022 Convertible Notes (as defined in Footnote 13 “Debt”). As no conversion premium existed as of March 31, 2020, there was no potential dilutive impact from our 2022 Convertible Notes for the first quarter of 2020. Additionally, as no conversion premium existed for our 2026 Convertible Notes (as defined in Footnote 13 “Debt”) as of March 31, 2021, there was no potential dilutive impact from our 2026 Convertible Notes for the first quarter of 2021. The shares issuable on exercise of the warrants sold in connection with the issuance of our convertible notes will not impact the total dilutive weighted average shares outstanding unless and until the price of our common stock exceeds the respective strike price. If and when the price of our common stock exceeds the respective strike price of either 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 purchased in connection with each issuance of convertible notes are considered to be anti-dilutive and do not impact our calculation of diluted earnings per share attributable to common shareholders for any periods presented herein. See Footnote 13 “Debt” for further information on our convertible notes. The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic and diluted loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2021 March 31, 2020 Computation of Basic Loss Per Share Attributable to Common Shareholders Net loss attributable to common shareholders $ (28) $ (106) Shares for basic loss per share 41.4 41.5 Basic loss per share $ (0.68) $ (2.56) Computation of Diluted Loss Per Share Attributable to Common Shareholders Net loss attributable to common shareholders $ (28) $ (106) Shares for basic loss per share 41.4 41.5 Effect of dilutive shares outstanding (1) — — Shares for diluted loss per share 41.4 41.5 Diluted loss per share $ (0.68) $ (2.56) _______________________________ (1) The following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the periods presented, as there was a net loss attributable to common shareholders and as such, the effects of including these securities would have been anti-dilutive. Three Months Ended (in millions) March 31, 2021 March 31, 2020 Employee stock options and SARs 0.2 0.2 Restricted stock units 0.5 0.3 2022 Convertible Notes 0.1 — 0.8 0.5

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORY	9. INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2021 At December 31, 2020 Finished goods (1) $ 776 $ 749 Work-in-progress — — Real estate inventory 776 749 Other 9 10 $ 785 $ 759 _________________________ (1) Represents completed inventory that is registered for sale as vacation ownership interests and inventory expected to be acquired pursuant to estimated future foreclosures. 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 $1 million during the first quarter of 2021 and by $8 million during the first quarter of 2020. In addition to the above, at March 31, 2021 and December 31, 2020, we had $291 million and $162 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment until the time at which they are legally registered for sale as vacation ownership products. We also have $24 million and $43 million of deposits on future purchases of inventory at March 31, 2021 and December 31, 2020, respectively, which are included in the Other assets line on our Balance Sheets.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	10. GOODWILL AND INTANGIBLES Goodwill The following table details the carrying amount of our goodwill at March 31, 2021 and December 31, 2020, and reflects goodwill attributed to the ILG Acquisition, which was allocated to our Vacation Ownership and our Exchange & Third-party Management reporting units. ($ in millions) Vacation Ownership Segment Exchange & Third-Party Management Segment Total Consolidated Balance at December 31, 2020 $ 2,445 $ 372 $ 2,817 Impairment — — — Foreign exchange adjustments — — — Balance at March 31, 2021 $ 2,445 $ 372 $ 2,817 Q1 2021 We performed a qualitative analysis of the impact of recent events, including business and industry specific considerations, on the fair value of our reporting units as of the end of the first quarter of 2021 and determined that an interim quantitative impairment test was not required for either of our reporting units. While the goodwill of our reporting units was not impaired as of the first quarter of 2021, we cannot assure you that goodwill will not be impaired in future periods. We will continue to monitor the operating results, cash flow forecasts and impact from changes in market conditions, as well as impacts of COVID-19, for these reporting units. Q1 2020 During the first quarter of 2020, we recognized a non-cash impairment charge of $73 million in the Impairment line on our Income Statement for the three months ended March 31, 2020, related to the Exchange & Third-Party Management reporting unit, which was primarily driven by the change in expected future operating results as a result of the impact of the COVID-19 pandemic. Intangible Assets The following table details the composition of our intangible asset balances: ($ in millions) At March 31, 2021 At December 31, 2020 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 351 351 1,022 1,022 Accumulated amortization (148) (134) 874 888 Indefinite-lived intangible assets Trade names 64 64 $ 938 $ 952 Q1 2020 During the first quarter of 2020, we recognized a non-cash impairment charge of $18 million in the Impairment line on our Income Statement for the three months ended March 31, 2020, related to the indefinite-lived intangible assets in our Exchange & Third-Party Management reporting unit. The impairment charge was primarily attributed to the impact of the COVID-19 pandemic.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	11. CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of March 31, 2021, 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 $92 million, of which we expect $28 million, $35 million, $20 million, $6 million, and $3 million will be paid in the remainder of 2021, 2022, 2023, 2024, and 2025 and thereafter, respectively. • We have various commitments to acquire real estate for use in our Vacation Ownership segment via our involvement with VIEs. Refer to Footnote 16 “Variable Interest Entities” for additional information and our activities relating to the VIEs involved in these transactions. • We have a remaining 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. We expect to complete the acquisition in 2021 and to make the remaining payments with respect to these units when specific construction milestones are completed, as follows: $21 million in late 2021 and $2 million in 2022. Surety bonds issued as of March 31, 2021 totaled $85 million, the majority of which were requested by federal, state, or local governments in connection with our operations. As of March 31, 2021, we had $2 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 13 “Debt”). In addition, as of March 31, 2021, we had $2 million in letters of credit outstanding related to and in lieu of reserves required for several vacation ownership notes receivable securitization transactions outstanding. These letters of credit are not issued pursuant to, nor do they impact our borrowing capacity under, the Revolving Corporate Credit Facility. We estimate the cash outflow associated with completing the phases of our existing portfolio of vacation ownership projects currently under development will be approximately $3 million, of which $1 million is included within liabilities on our Balance Sheet at March 31, 2021. This estimate is based on our current development plans, which remain subject to change, and we expect the phases currently under development will be completed by the end of 2021. Guarantees Certain of our rental management agreements in our Exchange & Third-Party Management segment provide for owners of properties we manage to receive specified percentages or guaranteed 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 amounts, and our vacation rental business either retains the balance (if any) as its fee or makes up the deficit. At March 31, 2021, our maximum exposure under fixed dollar guarantees was $15 million, of which $4 million, $4 million, $2 million, $2 million, $1 million and $2 million relate to the remainder of 2021, 2022, 2023, 2024, 2025 and thereafter, respectively. Based on the impact of the COVID-19 pandemic on our rental operations, we declared the occurrence of a force majeure event under many of these agreements, generally effective as of April 1, 2020. As a result, owner distributions made under such agreements will be paid on a net operating income basis, rather than as guaranteed amounts, until such time as force majeure event conditions abate. Loss Contingencies In March 2017, RCHFU, L.L.C. and other owners at The Ritz-Carlton Club, Aspen Highlands (“RCC Aspen Highlands”) filed a complaint in an action pending in the U.S. District Court for the District of Colorado against us and certain third parties, alleging that their 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 plaintiffs are seeking compensatory damages, disgorgement, punitive damages, fees and costs. A trial is scheduled to begin in January 2022. In May 2016, a purported class-action lawsuit was filed in the U.S. District Court for the Middle District of Florida by Anthony and Beth Lennen against us and certain third parties. The complaint challenged the characterization of the beneficial interests in the MVCD trust that are sold to customers as real estate interests under Florida law, the structure of the trust, and associated operational aspects of the trust. The plaintiffs sought declaratory relief, an unwinding of the MVCD product, and punitive damages. In August 2019, the District Court granted our motion for judgment on the pleadings and dismissed the case. The plaintiffs have appealed the ruling. In February 2019, the owners’ association for the St. Regis, New York filed a lawsuit in the Supreme Court for the State of New York, New York County, Commercial Division against ILG and several of its subsidiaries and certain third parties. The operative complaint alleges that the defendants breached their fiduciary duties related to sale and rental practices, aided and abetted certain breaches of fiduciary duty, engaged in self-dealing as the sponsor and manager of the club, tortiously interfered with the management agreement, was unjustly enriched, and engaged in anticompetitive conduct. The plaintiff is seeking unspecified damages, punitive damages and disgorgement of payments under the management and purchase agreements. In April 2019, a purported class-action lawsuit was filed by Alan and Marjorie Helman and others against us in the Superior Court of the Virgin Islands, Division of St. Thomas alleging that their fractional interests were devalued by the affiliation of The Ritz-Carlton Club, St. Thomas and other Ritz-Carlton Clubs with our MVCD program. The lawsuit was subsequently removed to the U.S. District Court for the District of the Virgin Islands. The plaintiffs are seeking unspecified damages, disgorgement of profits, fees and costs. In May 2019, the G.A. Resort Condominium Association Inc., the owners’ association for the fractional owners at the Hyatt Residence Club Grand Aspen resort (“HRC Grand Aspen”) filed a lawsuit against us in the District Court for the County of Pitkin, Colorado relating to the transfer of ownership of developer-owned fractional interests at HRC Grand Aspen to the HPC Trust Club for sale and use as a part of the Hyatt Residence Club Portfolio Program. The lawsuit was subsequently removed to the U.S. District Court for the District of Colorado. The plaintiff is seeking termination of the management agreement with the owners’ association, the annulment of certain amendments to governing documents at HRC Grand Aspen, the removal of fractional interests at HRC Grand Aspen from the HPC Trust Club, unspecified damages, disgorgement of profits, fees and costs. In November 2020, the District Court granted our motion to dismiss and dismissed the case. The plaintiffs have appealed the ruling. We believe we have meritorious defenses to the claims in each of the above matters and intend to vigorously defend each matter. In the ordinary course of our business, various claims and lawsuits have been filed or are pending against us. A number of these lawsuits and claims may exist at any given time. Additionally, the COVID-19 pandemic may give rise to various claims and lawsuits from owners, members and other parties. We record and accrue for legal contingencies when we determine that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, we evaluate, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, our ability to make a reasonable estimate of loss. We review these accruals each reporting period and make revisions based on changes in facts and circumstances. We have not accrued for any of the pending matters described above and we cannot estimate a range of the potential liability associated with these pending matters, if any, at this time. We have accrued for other claims and lawsuits, but the amount accrued is not material individually or in the aggregate. For matters not requiring accrual, we do not believe that the ultimate outcome of such matters, individually and in the aggregate, will materially harm our financial position, cash flows, or overall trends in results of operations based on information currently available. However, legal proceedings are inherently uncertain, and while we believe that our accruals are adequate and that we have valid defenses to the claims asserted, unfavorable rulings could occur that could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results. Leases That Have Not Yet Commenced During the first quarter of 2020, we entered into a finance lease arrangement for our new global headquarters in Orlando, Florida. The new office building is currently expected to be completed in 2023, at which time the lease term will commence and a right-of-use asset and corresponding liability will be recorded on our balance sheet. The initial lease term is approximately 16 years with total lease payments of $129 million for the aforementioned period. During 2020, in response to the COVID-19 pandemic and our ongoing evaluation of future space needs, we entered into a standstill arrangement with the developer/lessor, which expires in June 2021. The agreement provides for a standstill on certain project spending, extends certain deliverable dates pertaining to the development and lease, and grants us a limited termination option in exchange for reimbursement of certain developer soft costs.

SECURITIZED DEBT

SECURITIZED DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
SECURITIZED DEBT	12. SECURITIZED DEBT The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2021 At December 31, 2020 Vacation ownership notes receivable securitizations, gross (1) $ 1,446 $ 1,604 Unamortized debt discount and issuance costs (15) (16) $ 1,431 $ 1,588 _________________________ (1) Interest rates as of March 31, 2021 range from 2.3% to 4.4%, with a weighted average interest rate of 2.8% All of our securitized debt is non-recourse to us. See Footnote 16 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt. The following table shows scheduled future principal payments for our securitized debt as of March 31, 2021. Vacation Ownership ($ in millions) Payments Year 2021, remaining $ 119 2022 161 2023 163 2024 164 2025 165 Thereafter 674 $ 1,446 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 2021, and as of March 31, 2021, no securitized vacation ownership notes receivable pools were out of compliance with their respective established parameters. As of March 31, 2021, we had 12 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 above due to prepayments by the vacation ownership notes receivable obligors. Warehouse Credit Facility Our warehouse credit facility (the “Warehouse Credit Facility”), which has a borrowing capacity of $350 million, allows for the securitization of vacation ownership notes receivable on a revolving non-recourse basis. Subsequent to the end of the first quarter of 2021, we amended certain agreements associated with this facility, and as a result, the revolving period was extended from December 20, 2021 to April 21, 2023 and the interest rate increased from primarily LIBOR plus 1.1% to primarily LIBOR plus 1.35%. Our borrowing capacity was not modified by these amendments. The amended facility expands our ability to monetize vacation ownership notes receivable loans originated by Welk, which was acquired subsequent to the end of the first quarter of 2021. The other terms are substantially similar to those in effect prior to the execution of the amendments.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	13. DEBT The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2021 At December 31, 2020 Senior Secured Notes 2025 Notes $ 500 $ 500 Unamortized debt discount and issuance costs (6) (6) 494 494 Senior Unsecured Notes 2026 Notes 750 750 Unamortized debt discount and issuance costs (6) (6) 744 744 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 Corporate Credit Facility Term Loan 784 884 Unamortized debt discount and issuance costs (9) (11) 775 873 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (13) (15) 217 215 2026 Convertible Notes 575 — Unamortized debt discount and issuance costs (133) — 442 — Finance Leases 7 8 $ 3,025 $ 2,680 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2021. ($ in millions) 2025 2026 2028 Term 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2021, remaining $ — $ — $ — $ — $ — $ — $ — 2022 — — — — 230 — 230 2023 — — — — — — — 2024 — — — — — — — 2025 500 — — 784 — — 1,284 Thereafter — 750 350 — — 575 1,675 $ 500 $ 750 $ 350 $ 784 $ 230 $ 575 $ 3,189 Senior Notes • Our senior notes include: • $500 million aggregate principal amount of 6.125% Senior Secured Notes due 2025 issued in the second quarter of 2020 with a maturity date of September 15, 2025 (the “2025 Notes”). • $750 million aggregate principal amount of 6.500% Senior Unsecured Notes due 2026 issued in the third quarter of 2018 with a maturity date of September 15, 2026 (the “2026 Notes”); and • $350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 2019 with a maturity date of January 15, 2028 (the “2028 Notes”). 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 credit facility with a borrowing capacity of $600 million (the “Revolving Corporate Credit Facility”), including a letter of credit sub-facility of $75 million, that terminates on August 31, 2023. The Term Loan bears interest at LIBOR plus 1.75 percent. Borrowings under the Revolving Corporate Credit Facility generally bear interest at a floating rate plus an applicable margin that varies from 0.50 percent to 2.75 percent depending on the type of loan and our credit rating. In addition, we pay a commitment fee on the unused availability under the Revolving Corporate Credit Facility at a rate that varies from 20 to 40 basis points per annum, also depending on our credit rating. In 2020, we entered into a waiver (the “Waiver”) to the agreement that governs our Corporate Credit Facility, which, among other things, suspended the requirement to comply with the leverage covenant in the Revolving Corporate Credit Facility, commencing with the fiscal quarter ending June 30, 2020. The initial suspension period included in the Waiver was up to four quarters, however in February 2021, we further amended the agreement governing our Corporate Credit Facility to extend the suspension period included in the Waiver through the end of 2021. We are required to maintain monthly minimum liquidity of at least $300 million until the later of December 31, 2021, or the end of the suspension period. In addition, for the duration of the period during which the waiver of the leverage covenant remains in effect, we are prohibited from making certain restricted payments, including share repurchases and dividends. If we are not in compliance with the leverage covenant at the end of the suspension period, we will seek to negotiate with our lenders to amend such covenant, as needed. Prior to 2020, we entered into $250 million of interest rate swaps under which we pay a fixed rate of 2.9625 percent and receive a floating interest rate through September 2023 and $200 million of interest rate swaps under which we pay a fixed rate of 2.2480 percent and receive a floating interest rate through April 2024, in each case to hedge a portion of our interest rate risk on the Term Loan. We also entered into a $100 million interest rate collar with a cap strike rate of 2.5000 percent and a floor strike rate of 1.8810 percent through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and recorded in Other liabilities on our Balance Sheet as of March 31, 2021 and December 31, 2020. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes. The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first quarters of 2021 and 2020: ($ in millions) 2021 2020 Derivative instrument adjustment balance, January 1 $ (39) $ (21) Other comprehensive gain (loss) before reclassifications 6 (24) Reclassification to Income Statement — — Net other comprehensive income (loss) 6 (24) Derivative instrument adjustment balance, March 31 $ (33) $ (45) Convertible Notes 2022 Convertible Notes During 2017, we issued $230 million of aggregate principal amount of convertible senior notes (the “2022 Convertible Notes”) that bear interest at a rate of 1.50 percent, payable in cash semi-annually. The 2022 Convertible Notes mature on September 15, 2022, unless repurchased or converted in accordance with their terms prior to that date. The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes, and was subject to adjustment as of March 31, 2021 to 6.8115 shares of common stock per $1,000 principal amount of 2022 Convertible Notes (equivalent to a conversion price of approximately $146.81 per share of our common stock), as a result of the dividends that have been declared since issuance that were greater than the quarterly dividend when the 2022 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election. It is our intent to settle conversions of the 2022 Convertible Notes through combination settlement, which contemplates repayment in cash of the principal amount and repayment in shares of our common stock of any excess of the conversion value over the principal amount. As of March 31, 2021, the effective interest rate was 4.73% and the remaining discount amortization period was 1.5 years. The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At March 31, 2021 At December 31, 2020 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (11) (13) Unamortized debt issuance costs (2) (2) Net carrying amount of the liability component $ 217 $ 215 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the 2022 Convertible Notes. Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Contractual interest expense $ 1 $ 1 Amortization of debt discount 2 2 $ 3 $ 3 2022 Convertible Note Hedges and Warrants In connection with the offering of the 2022 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“2022 Convertible Note Hedges”), covering a total of approximately 1.55 million shares of our common stock, and warrant transactions (“2022 Warrants”), whereby we sold to the counterparties to the 2022 Convertible Note Hedges warrants to acquire approximately 1.55 million shares of our common stock. As of March 31, 2021, the strike prices of the 2022 Convertible Note Hedges and the 2022 Warrants were subject to adjustment to approximately $148.61 and $177.19, respectively, and no 2022 Convertible Note Hedges or 2022 Warrants have been exercised. 2026 Convertible Notes During the first quarter of 2021, we issued $575 million aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Convertible Notes”). The 2026 Convertible Notes are governed by an indenture dated February 2, 2021 (the Indenture) between the Company, Marriott Ownership Resorts, Inc. and the other guarantors party thereto (the “Guarantors”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). We received net proceeds from the offering of approximately $530 million after adjusting for debt issuance costs, including the discount to the initial purchasers, the cost of the 2026 Convertible Note Hedges, and proceeds from the 2026 Warrants (both as defined below). The 2026 Convertible Notes will not bear regular interest and will mature on January 15, 2026, unless earlier repurchased or converted in accordance with their terms prior to that date. On or after October 15, 2025, and prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date of the 2026 Convertible Notes, holders may convert their 2026 Convertible Notes at their option. The 2026 Convertible Notes are convertible at a rate of 5.8476 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to an initial conversion price of $171.01 per share of our common stock) as of March 31, 2021. The conversion rate is subject to adjustment for certain events as described in the Indenture. 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 2026 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. Holders may convert their 2026 Convertible Notes prior to October 15, 2025 only under the following circumstances: • during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of our common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 percent of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of 2026 Convertible Notes for each trading day of the measurement period was less than 98 percent of the product of the last reported sale price of the common stock and the conversion rate on each such trading day; or • upon the occurrence of specified corporate events as described in the Indenture. We may not redeem the 2026 Convertible Notes prior to their maturity date, and no sinking fund is provided for them. If we undergo a fundamental change, as described in the Indenture, subject to certain conditions, holders may require us to repurchase for cash all or any portion of their 2026 Convertible Notes. The repurchase price as a result of a fundamental change is equal to 100 percent of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the repurchase date. If certain fundamental changes referred to in the Indenture as make-whole fundamental changes occur, the conversion rate applicable to the 2026 Convertible Notes may increase. The 2026 Convertible Notes are unconditionally guaranteed, on a joint and several basis, by the Guarantors on a senior, unsecured basis. The 2026 Convertible Notes are our general senior unsecured obligations and rank equally in right of payment with all of our existing and future senior indebtedness, and senior in right of payment to all of our future subordinated debt. The 2026 Convertible Notes will be effectively subordinated to any of our existing and future secured debt to the extent of the value of the assets securing such debt, including the guarantees of borrowings outstanding under the Corporate Credit Facility and our 2025 Notes. The 2026 Convertible Notes will be structurally subordinated to any existing and future indebtedness and any other liabilities and obligations of any of our subsidiaries that are not guarantors of the 2026 Convertible Notes. The guarantees will be the Guarantors’ general senior unsecured obligations and will rank equally in right of payment with all of the Guarantors’ existing and future senior indebtedness, and senior in right of payment to all of the Guarantors’ future subordinated debt. The guarantees will be effectively subordinated to any of the Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt, including any borrowings outstanding under the Corporate Credit Facility and the 2025 Notes. The guarantees will be structurally subordinated to any existing and future indebtedness and any other liabilities and obligations of any of our subsidiaries that are not guarantors of the 2026 Convertible Notes. There are no financial or operating covenants related to the 2026 Convertible Notes. The indenture governing these notes contains customary events of default with respect to the 2026 Convertible Notes and provides that upon the occurrence and continuation of certain events of default, the Trustee or the holders of at least 25 percent in aggregate principal amount of the 2026 Convertible Notes then outstanding, may declare all principal of, and accrued and any unpaid interest on, the 2026 Convertible Notes then outstanding to be immediately due and payable. In case of certain events of bankruptcy or insolvency involving the Company, all of the principal of and accrued and unpaid interest on the 2026 Convertible Notes will automatically become immediately due and payable. In accounting for the issuance of the 2026 Convertible Notes, we separated the 2026 Convertible Notes into liability and equity components, and allocated $449 million to the liability component and $126 million to the equity component. The resulting debt discount is amortized as interest expense. As of March 31, 2021, the effective interest rate was 4.96% and the remaining debt discount amortization period was 4.8 years. We had debt issuance costs, including initial purchasers’ discount to underwriters, of $15 million related to the 2026 Convertible Notes, which were allocated to the liability and equity components based on their relative values. Issuance costs attributable to the liability component are amortized to interest expense over the term of the 2026 Convertible Notes, and issuance costs attributable to the equity component are included along with the equity component in shareholders’ equity. During the first quarter of 2021, our interest expense related to the 2026 Convertible Notes was $5 million, all of which related to the amortization of the debt discount. The following table shows the net carrying value of the 2026 Convertible Notes at March 31, 2021: ($ in millions) At March 31, 2021 Liability component Principal amount $ 575 Unamortized debt discount (121) Unamortized debt issuance costs (12) Net carrying amount of the liability component $ 442 Carrying amount of equity component, net of issuance costs $ 117 2026 Convertible Note Hedges and Warrants In connection with the offering of the 2026 Convertible Notes, we entered into privately-negotiated convertible note hedge transactions with respect to our common stock with certain counterparties (the “2026 Convertible Note Hedges”), covering a total of 3.4 million shares of our common stock at a cost of $100 million. The 2026 Convertible Note Hedges are subject to anti-dilution provisions substantially similar to those of the 2026 Convertible Notes, have a strike price that initially corresponds to the initial conversion price of the 2026 Convertible Notes, are exercisable by us upon any conversion under the 2026 Convertible Notes, and expire when the 2026 Convertible Notes mature. The cost of the 2026 Convertible Note Hedges is expected to be tax deductible as an original issue discount over the life of the 2026 Convertible Notes, as the 2026 Convertible Notes and the 2026 Convertible Note Hedges represent an integrated debt instrument for tax purposes. The cost of the 2026 Convertible Note Hedges was recorded as a reduction of Additional paid-in capital on our Balance Sheet as of March 31, 2021. Concurrently with the entry into the 2026 Convertible Note Hedges, we separately entered into privately-negotiated warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges warrants to acquire, collectively, subject to anti-dilution adjustments, approximately 3.4 million shares of our common stock at an initial strike price of $213.76 per share. We received aggregate proceeds of $70 million from the sale of the 2026 Warrants to the counterparties. The proceeds from the issuance of the 2026 Warrants were recorded as an increase to Additional paid-in capital on our Balance Sheet as of March 31, 2021. Taken together, the 2026 Convertible Note Hedges and the 2026 Warrants are generally expected to reduce the potential dilution to our common stock (or, in the event the conversion of the 2026 Convertible Notes is settled in cash, to reduce our cash payment obligation) in the event that at the time of conversion our stock price exceeds the conversion price under the 2026 Convertible Notes and to effectively increase the overall conversion price to the Company from $171.01 per share to $213.76 per share. The 2026 Warrants will expire in ratable portions on a series of expiration dates commencing on April 15, 2026. The 2026 Convertible Notes, the 2026 Convertible Note Hedges, and the 2026 Warrants are transactions that are separate from each other. Holders of any such instrument have no rights with respect to the other instruments. As of March 31, 2021, no 2026 Convertible Notes or 2026 Warrants have been exercised. Security and Guarantees Amounts borrowed under the Corporate Credit Facility and the 2025 Notes, as well as obligations with respect to letters of credit issued pursuant to the Corporate Credit Facility, are secured by a perfected first priority security interest in substantially all of the assets of the borrowers under, and guarantors of, that facility (which include MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding certain bankruptcy remote special purpose subsidiaries), in each case including inventory, subject to certain exceptions. In addition, the Corporate Credit Facility, the 2026 Convertible Notes, the 2025 Notes, the 2026 Notes and the 2028 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding bankruptcy remote special purpose subsidiaries.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
SHAREHOLDERS’ EQUITY	14. SHAREHOLDERS’ EQUITY Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 31, 2021, there were 75,454,906 shares of Marriott Vacations Worldwide common stock issued, of which 41,272,628 shares were outstanding and 34,182,278 shares were held as treasury stock. At December 31, 2020, there were 75,279,061 shares of Marriott Vacations Worldwide common stock issued, of which 41,094,248 shares were outstanding and 34,184,813 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, 2021 or December 31, 2020. Dividends Due to the impact of the COVID-19 pandemic, we temporarily suspended cash dividends. Any future dividend payments will be subject to both the restrictions imposed under the Waiver and other agreements covering our debt, Board approval, and there can be no assurance that we will pay dividends in the future. Noncontrolling Interests - Property Owners’ Associations We consolidate certain property owners’ associations. Noncontrolling interests represents the portion of the property owners’ associations related to individual or third-party vacation ownership interest owners. Noncontrolling interests of $29 million and $31 million, as of March 31, 2021 and December 31, 2020, respectively, are included on our Balance Sheets as a component of equity.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	15. SHARE-BASED COMPENSATION We maintain the Marriott Vacations Worldwide Corporation 2020 Equity Incentive Plan (the “MVW Equity Plan”), for the benefit of our officers, directors, and employees. Under the MVW Equity Plan, we are authorized to award: (1) restricted stock units (“RSUs”) of our common stock, (2) stock appreciation rights (“SARs”) relating to our common stock, and (3) stock options to purchase our common stock. A total of 1.8 million shares are authorized for issuance pursuant to grants under the MVW Equity Plan. As of March 31, 2021, approximately 1.5 million shares were available for grants under the MVW Equity Plan. The following table details our share-based compensation expense related to award grants to our officers, directors, and employees: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Service-based RSUs $ 6 $ 4 Performance-based RSUs 1 (2) ILG Acquisition Converted RSUs — 1 7 3 SARs 1 1 $ 8 $ 4 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2021 At December 31, 2020 Service-based RSUs $ 48 $ 27 Performance-based RSUs 4 6 52 33 SARs 9 1 $ 61 $ 34 Restricted Stock Units We granted 161,392 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $169.17, to our employees and non-employee directors during the first quarter of 2021. Stock Appreciation Rights We granted 127,857 SARs, with a weighted average grant-date fair value of $70.66 and a weighted average exercise price of $173.88, to members of management during the first quarter of 2021. 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 2021: Expected volatility 48.35% Dividend yield 1.48% Risk-free rate 0.97% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	16. 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 VIEs. 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. The following table shows consolidated assets, which are collateral for the obligations of these VIEs, and consolidated liabilities included on our Balance Sheet at March 31, 2021: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,338 $ — $ 1,338 Interest receivable 10 — 10 Restricted cash 73 — 73 Total $ 1,421 $ — $ 1,421 Consolidated Liabilities Interest payable $ 1 $ — $ 1 Securitized Debt 1,446 — 1,446 Total $ 1,447 $ — $ 1,447 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2021: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 48 $ — $ 48 Interest expense to investors $ 11 $ — $ 11 Debt issuance cost amortization $ 2 $ — $ 2 The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Cash Inflows Principal receipts $ 130 $ 121 Interest receipts 50 56 Total 180 177 Cash Outflows Principal to investors (129) (129) Voluntary repurchases of defaulted vacation ownership notes receivable (30) (15) Interest to investors (11) (13) Total (170) (157) Net Cash Flows $ 10 $ 20 Under the terms of our vacation ownership notes receivable securitizations, we have the right to substitute loans for, or repurchase, defaulted loans at our option, subject to certain limitations. Our maximum exposure to potential loss relating to the special purpose entities that purchase, sell and own these vacation ownership notes receivable is the overcollateralization amount (the difference between the loan collateral balance and the balance of the outstanding vacation ownership notes receivable), plus cash reserves and any residual interest in future cash flows from collateral. The following table shows cash flows between us and the Warehouse Credit Facility VIE: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ — $ 202 Principal receipts — 11 Interest receipts — 4 Total — 217 Cash Outflows Principal to investors — (4) Interest to investors — (1) Funding of restricted cash — (1) Total — (6) Net Cash Flows $ — $ 211 Other Variable Interest Entities We have a commitment to purchase an operating property located in San Francisco, California, that we currently manage as Marriott Vacation Club Pulse, San Francisco. We expect to acquire the operating property over time and as of March 31, 2021 are committed to make payments for the operating property as follows: $25 million in 2022 and $32 million in 2023. See Footnote 3 “Acquisitions and Dispositions” for information on the purchases that occurred during the first quarters of 2021 and 2020. We are required to purchase the property from the third-party developer unless the developer has sold the property to another party. The property is held by a VIE for which we are not the primary beneficiary as we cannot prevent the VIE from selling the property to another party at a higher price. Accordingly, we have not consolidated the VIE. As of March 31, 2021, our Balance Sheet reflected $2 million in Accounts Receivable, including a note receivable of less than $1 million, and $10 million in Other assets for a deposit related to the future acquisition of a portion of this property. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $12 million as of March 31, 2021. We have a commitment to purchase a property located in Waikiki, Hawaii, which was assigned to a third party during 2020. If we are unable to negotiate a capital efficient inventory arrangement, we are committed to purchase the property, in its then current form, for $98 million in 2021, unless it has been sold to another party. The property is held by a VIE for which we are not the primary beneficiary as we do not control the operations of the VIE. Accordingly, we have not consolidated the VIE. As of March 31, 2021, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of less than $1 million. We believe that our maximum exposure to loss as a result of our involvement with this VIE is approximately $1 million as of March 31, 2021. 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 VIE. 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, 2021, the value of the assets held in the rabbi trust was $56 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
BUSINESS SEGMENTS	17. 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 Vacation Club, Westin Vacation Club 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 we 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, and Aqua-Aston. 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 or loss attributable to common shareholders, before interest expense (excluding consumer financing interest expense associated with term loan securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and adjusted for certain items that affect the comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net loss attributable to common shareholders is presented below. Revenues Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Vacation Ownership $ 661 $ 908 Exchange & Third-Party Management 86 107 Total segment revenues 747 1,015 Corporate and other 12 (5) $ 759 $ 1,010 Adjusted EBITDA and Reconciliation to Net Loss Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Adjusted EBITDA Vacation Ownership $ 68 $ 147 Adjusted EBITDA Exchange & Third-Party Management 41 41 Reconciling items: Corporate and other (40) (50) Interest expense (43) (33) Tax benefit 11 58 Depreciation and amortization (41) (32) Share-based compensation expense (8) (4) Certain items (16) (233) Net loss attributable to common shareholders $ (28) $ (106) Assets ($ in millions) At March 31, 2021 At December 31, 2020 Vacation Ownership $ 7,004 $ 6,859 Exchange & Third-Party Management 930 951 Total segment assets 7,934 7,810 Corporate and other 1,253 1,088 $ 9,187 $ 8,898

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Nature of Operations	The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “2020 Annual Report”). We use certain other terms that are defined within these Financial Statements.
Principles of Consolidation and Basis of Presentation	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 (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net (loss) 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. Pursuant to a change in control of certain consolidated property owners’ associations, we recorded a non-cash loss of less than $1 million in Gains (losses) and other income (expense), net on our Income Statement for the three months ended March 31, 2021, and deconsolidated $76 million of assets, inclusive of $71 million of restricted cash and $71 million of liabilities, for a decrease in Noncontrolling interests of $5 million during the first quarter of 2021. See our Interim Consolidated Statement of Shareholder’s Equity for the three months ended March 31, 2021 for further information. We continue to act as manager for these property owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests. 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. The uncertainty created by the COVID-19 pandemic, and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from our estimates, and such differences may be material. In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations, and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2020 Annual Report.
Reclassifications	ReclassificationsWe have reclassified certain prior year amounts to conform to our current year presentation.
New accounting pronouncements	New Accounting Standards Accounting Standards Update 2019-12 – “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) In the first quarter of 2021, we adopted ASU 2019-12, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for income taxes while maintaining or enhancing the helpfulness of information provided to financial statement users. Our adoption of ASU 2019-12 did not have a material impact on our Financial Statements or disclosures.
Future adoption of new accounting standards	Future Adoption of Accounting Standards Accounting Standards Update 2020-04 – “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting ” (“ASU 2020-04”) In March 2020, the FASB issued ASU 2020-04, as amended, which provides optional expedients and exceptions to existing guidance on contract modifications and hedge accounting in an effort to ease the financial reporting burdens related to the expected market transition from the LIBOR and other interbank offered rates to alternative reference rates. This update can be adopted no later than December 1, 2022, with early adoption permitted. We expect to adopt ASU 2020-04 in fiscal year 2022 and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. Accounting Standards Update 2020-06 – “ Debt — Debt With Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”) In August 2020, the FASB issued ASU 2020-06, which amends and simplifies existing guidance in an effort to reduce the complexity of accounting for convertible instruments and to provide financial statement users with more meaningful information. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. This update may be applied retrospectively or on a modified retrospective basis with the cumulative effect recognized as an adjustment to the opening balance of retained earnings on the date of adoption. Additionally, this update provides for a one-time irrevocable election by entities to apply the fair value option in accordance with ASC Topic 825-10, “ Financial Instruments - Overall, ” for any liability-classified convertible securities, with the difference between the carrying amount and the fair value recorded as a cumulative-effect adjustment to opening retained earnings as of the beginning of the period of adoption. We expect to adopt ASU 2020-06 on January 1, 2022, and continue to evaluate the impact that adoption of this update will have on our financial statements and disclosures. In accordance with ASU 2020-06, we will be required to calculate diluted earnings per share under the “if-converted” method. Under the “if-converted” method, diluted earnings per share would generally be calculated assuming that all of our convertible notes were converted solely into shares of common stock at the beginning of the reporting period, unless the result would be anti-dilutive. The application of the “if-converted” method may reduce our reported diluted earnings per share.

REVENUE AND RECEIVABLES (Tables

REVENUE AND RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables detail the sources of revenue by segment for the time periods presented. Three Months Ended March 31, 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 163 $ — $ — $ 163 Ancillary revenues 28 — — 28 Management fee revenues 38 5 (6) 37 Exchange and other services revenues 28 55 45 128 Management and exchange 94 60 39 193 Rental 77 12 — 89 Cost reimbursements 268 14 (27) 255 Revenue from contracts with customers 602 86 12 700 Financing 59 — — 59 Total Revenues $ 661 $ 86 $ 12 $ 759 Three Months Ended March 31, 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 258 $ — $ — $ 258 Ancillary revenues 46 1 — 47 Management fee revenues 38 10 (4) 44 Exchange and other services revenues 28 61 47 136 Management and exchange 112 72 43 227 Rental 122 13 — 135 Cost reimbursements 345 21 (48) 318 Revenue from contracts with customers 837 106 (5) 938 Financing 71 1 — 72 Total Revenues $ 908 $ 107 $ (5) $ 1,010
Revenue remaining performance obligation	The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented. Three Months Ended March 31, 2021 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 408 $ 37 $ 12 $ 457 Goods or services transferred at a point in time 194 49 — 243 Revenue from contracts with customers $ 602 $ 86 $ 12 $ 700 Three Months Ended March 31, 2020 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 530 $ 54 $ (5) $ 579 Goods or services transferred at a point in time 307 52 — 359 Revenue from contracts with customers $ 837 $ 106 $ (5) $ 938
Contract with customer, asset and liability	The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2021 or December 31, 2020. ($ in millions) At March 31, 2021 At December 31, 2020 Receivables from Contracts with Customers Accounts receivable $ 108 $ 150 Vacation ownership notes receivable, net 1,769 1,840 $ 1,877 $ 1,990 Contract Liabilities Advance deposits $ 167 $ 147 Deferred revenue 524 488 $ 691 $ 635
Accounts and nontrade receivable	The following table shows the composition of our accounts receivable balances: ($ in millions) At March 31, 2021 At December 31, 2020 Receivables from contracts with customers $ 108 $ 150 Interest receivable 12 13 Tax receivable 52 60 Indemnification assets 15 15 Employee tax credit receivable 20 19 Other 12 19 $ 219 $ 276

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of unrecognized tax benefits	The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2021. ($ in millions) Unrecognized Tax Benefits Balance at December 31, 2020 $ 14 Increases related to tax positions taken during the current period 1 Balance at March 31, 2021 $ 15

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable
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, 2021 December 31, 2020 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,093 $ 245 $ 1,338 $ 1,220 $ 273 $ 1,493 Non-securitized Eligible for securitization (1) 208 3 211 126 2 128 Not eligible for securitization (1) 183 37 220 185 34 219 Subtotal 391 40 431 311 36 347 $ 1,484 $ 285 $ 1,769 $ 1,531 $ 309 $ 1,840 _________________________ (1) Refer to Footnote 7 “Financial Instruments” for a discussion of eligibility of our vacation ownership notes receivable for securitization.
Interest income associated with vacation ownership notes receivable	The following table summarizes interest income associated with vacation ownership notes receivable. Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Interest income associated with vacation ownership notes receivable — securitized $ 48 $ 63 Interest income associated with vacation ownership notes receivable — non-securitized 9 6 Total interest income associated with vacation ownership notes receivable $ 57 $ 69
Financing receivable, nonaccrual	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, 2021 $ 100 $ 11 $ 111 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 100 $ 14 $ 114 The following table shows our recorded investment in non-accrual Legacy-ILG vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2021 $ 118 $ 8 $ 126 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2020 $ 109 $ 12 $ 121
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-MVW vacation ownership notes receivable as of March 31, 2021 and December 31, 2020. Legacy-MVW Vacation Ownership Notes Receivable As of March 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 8 $ 19 $ 27 $ 8 $ 25 $ 33 91 – 150 days past due 5 11 16 5 14 19 Greater than 150 days past due 95 — 95 95 — 95 Total past due 108 30 138 108 39 147 Current 284 905 1,189 231 1,011 1,242 Total vacation ownership notes receivable $ 392 $ 935 $ 1,327 $ 339 $ 1,050 $ 1,389 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG vacation ownership notes receivable as of March 31, 2021 and December 31, 2020. Legacy-ILG Vacation Ownership Notes Receivable As of March 31, 2021 As of December 31, 2020 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 8 $ 12 $ 20 $ 8 $ 19 $ 27 91 – 120 days past due 2 4 6 2 7 9 Greater than 120 days past due 116 4 120 107 5 112 Total past due 126 20 146 117 31 148 Current 155 506 661 123 550 673 Total vacation ownership notes receivable $ 281 $ 526 $ 807 $ 240 $ 581 $ 821
Schedule of financing receivable	The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of March 31, 2021. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2021 $ 66 $ — $ 66 2020 148 82 230 2019 69 340 409 2018 43 219 262 2017 21 134 155 2016 and Prior 45 160 205 $ 392 $ 935 $ 1,327
Acquired
Accounts, Notes, Loans and Financing Receivable
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future contractual principal payments and interest rates for our non-securitized and securitized acquired vacation ownership notes receivable at March 31, 2021. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2021, remaining $ 4 $ 27 $ 31 2022 4 36 40 2023 4 36 40 2024 4 34 38 2025 5 30 35 Thereafter 19 82 101 Balance at March 31, 2021 $ 40 $ 245 $ 285 Weighted average stated interest rate 13.5% 13.5% 13.5% Range of stated interest rates 3.0% to 17.9% 6.0% to 15.9% 3.0% to 17.9%
Notes receivable reserves	The following table summarizes activity related to our acquired vacation ownership notes receivable reserve. Acquired Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2020 $ 39 $ 21 $ 60 Write-offs (3) — (3) Recoveries 1 — 1 Defaulted vacation ownership notes receivable repurchase activity (1) 9 (9) — (Decrease) increase in vacation ownership notes receivable reserve (7) 6 (1) Balance at March 31, 2021 $ 39 $ 18 $ 57 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score, before reserves. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Acquired Vacation Ownership Notes Receivable as of March 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 73 $ 44 $ 4 $ 10 $ 131 Sheraton 74 69 13 30 186 Hyatt 11 8 1 — 20 Other 2 1 — 2 5 $ 160 $ 122 $ 18 $ 42 $ 342 Acquired Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 81 $ 48 $ 4 $ 11 $ 144 Sheraton 81 73 13 31 198 Hyatt 12 9 1 — 22 Other 2 1 — 2 5 $ 176 $ 131 $ 18 $ 44 $ 369 The following table details the origination year of our Legacy-ILG acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2021. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Acquired Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 20 $ 20 $ 33 $ 73 600 - 699 — — — 11 12 21 44 < 600 — — — 2 1 1 4 No Score — — — 2 3 5 10 $ — $ — $ — $ 35 $ 36 $ 60 $ 131 Acquired Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 21 $ 21 $ 32 $ 74 600 - 699 — — — 18 18 33 69 < 600 — — — 8 2 3 13 No Score — — — 9 9 12 30 $ — $ — $ — $ 56 $ 50 $ 80 $ 186 Acquired Vacation Ownership Notes Receivable - Hyatt and Other ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ — $ — $ — $ 3 $ 3 $ 7 $ 13 600 - 699 — — — 2 2 5 9 < 600 — — — — — 1 1 No Score — — — — — 2 2 $ — $ — $ — $ 5 $ 5 $ 15 $ 25
Originated
Accounts, Notes, Loans and Financing Receivable
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future principal payments, net of reserves and interest rates for our originated non-securitized and securitized originated vacation ownership notes receivable at March 31, 2021. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2021, remaining $ 32 $ 87 $ 119 2022 37 118 155 2023 33 120 153 2024 31 121 152 2025 30 124 154 Thereafter 228 523 751 Balance at March 31, 2021 $ 391 $ 1,093 $ 1,484 Weighted average stated interest rate 12.7% 12.7% 12.7% Range of stated interest rates 0.0% to 18.0% 0.0% to 17.5% 0.0% to 18.0%
Notes receivable reserves	The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2020 $ 193 $ 117 $ 310 Increase in vacation ownership notes receivable reserve 11 4 15 Write-offs (17) — (17) Defaulted vacation ownership notes receivable repurchase activity (1) 16 (16) — Balance at March 31, 2021 $ 203 $ 105 $ 308 _________________________ (1) Decrease in securitized vacation ownership notes receivable reserve and increase in non-securitized vacation ownership notes receivable reserve are attributable to the transfer of the reserve when we voluntarily repurchased defaulted securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG originated vacation ownership notes receivable by brand and FICO score, before reserves. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Originated Vacation Ownership Notes Receivable as of March 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 111 $ 54 $ 6 $ 26 $ 197 Sheraton 108 75 17 43 243 Hyatt 17 8 — — 25 $ 236 $ 137 $ 23 $ 69 $ 465 Originated Vacation Ownership Notes Receivable as of December 31, 2020 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 109 $ 52 $ 6 $ 23 $ 190 Sheraton 106 72 16 43 237 Hyatt 16 8 — — 24 $ 231 $ 132 $ 22 $ 66 $ 451 The following tables detail the origination year of our Legacy-ILG originated vacation ownership notes receivable by brand and FICO score as of March 31, 2021. Vacation ownership notes receivable with no FICO score primarily relate to non-U.S. resident borrowers. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 14 $ 30 $ 55 $ 12 $ — $ — $ 111 600 - 699 5 13 29 7 — — 54 < 600 1 2 3 — — — 6 No Score 8 6 10 2 — — 26 $ 28 $ 51 $ 97 $ 21 $ — $ — $ 197 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 10 $ 31 $ 53 $ 14 $ — $ — $ 108 600 - 699 6 20 38 11 — — 75 < 600 1 5 9 2 — — 17 No Score 2 10 25 6 — — 43 $ 19 $ 66 $ 125 $ 33 $ — $ — $ 243 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2021 2020 2019 2018 2017 2016 & Prior Total 700 + $ 2 $ 5 $ 8 $ 2 $ — $ — $ 17 600 - 699 — 2 5 1 — — 8 < 600 — — — — — — — No Score — — — — — — — $ 2 $ 7 $ 13 $ 3 $ — $ — $ 25

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
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, deposits included in Other assets, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At March 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 1,769 $ 1,830 $ 1,840 $ 1,886 Other assets 62 62 60 60 Total financial assets $ 1,831 $ 1,892 $ 1,900 $ 1,946 Securitized debt, net $ (1,431) $ (1,486) $ (1,588) $ (1,653) 2025 Notes, net (494) (532) (494) (533) 2026 Notes, net (744) (785) (744) (784) 2028 Notes, net (346) (354) (346) (359) Term Loan, net (775) (760) (873) (864) 2022 Convertible Notes, net (217) (298) (215) (262) 2026 Convertible Notes, net (442) (684) — — Total financial liabilities $ (4,449) $ (4,899) $ (4,260) $ (4,455) Vacation Ownership Notes Receivable At March 31, 2021 At December 31, 2020 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,338 $ 1,384 $ 1,493 $ 1,530 Eligible for securitization 211 226 128 137 Not eligible for securitization 220 220 219 219 Non-securitized 431 446 347 356 $ 1,769 $ 1,830 $ 1,840 $ 1,886

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
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 loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2021 March 31, 2020 Computation of Basic Loss Per Share Attributable to Common Shareholders Net loss attributable to common shareholders $ (28) $ (106) Shares for basic loss per share 41.4 41.5 Basic loss per share $ (0.68) $ (2.56) Computation of Diluted Loss Per Share Attributable to Common Shareholders Net loss attributable to common shareholders $ (28) $ (106) Shares for basic loss per share 41.4 41.5 Effect of dilutive shares outstanding (1) — — Shares for diluted loss per share 41.4 41.5 Diluted loss per share $ (0.68) $ (2.56) _______________________________
Schedule of antidilutive securities excluded from computation of earnings per share	The following potentially dilutive securities were excluded from the above calculation of diluted net loss per share attributable to common shareholders during the periods presented, as there was a net loss attributable to common shareholders and as such, the effects of including these securities would have been anti-dilutive. Three Months Ended (in millions) March 31, 2021 March 31, 2020 Employee stock options and SARs 0.2 0.2 Restricted stock units 0.5 0.3 2022 Convertible Notes 0.1 — 0.8 0.5

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Composition of inventory	The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2021 At December 31, 2020 Finished goods (1) $ 776 $ 749 Work-in-progress — — Real estate inventory 776 749 Other 9 10 $ 785 $ 759 _________________________ (1) Represents completed inventory that is registered for sale as vacation ownership interests and inventory expected to be acquired pursuant to estimated future foreclosures.

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table details the carrying amount of our goodwill at March 31, 2021 and December 31, 2020, and reflects goodwill attributed to the ILG Acquisition, which was allocated to our Vacation Ownership and our Exchange & Third-party Management reporting units. ($ in millions) Vacation Ownership Segment Exchange & Third-Party Management Segment Total Consolidated Balance at December 31, 2020 $ 2,445 $ 372 $ 2,817 Impairment — — — Foreign exchange adjustments — — — Balance at March 31, 2021 $ 2,445 $ 372 $ 2,817
Schedule of composition of intangible asset balances	The following table details the composition of our intangible asset balances: ($ in millions) At March 31, 2021 At December 31, 2020 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 351 351 1,022 1,022 Accumulated amortization (148) (134) 874 888 Indefinite-lived intangible assets Trade names 64 64 $ 938 $ 952

SECURITIZED DEBT (Tables)

SECURITIZED DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of securitized vacation ownership debt	The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2021 At December 31, 2020 Vacation ownership notes receivable securitizations, gross (1) $ 1,446 $ 1,604 Unamortized debt discount and issuance costs (15) (16) $ 1,431 $ 1,588 _________________________ (1) Interest rates as of March 31, 2021 range from 2.3% to 4.4%, with a weighted average interest rate of 2.8%
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of March 31, 2021. Vacation Ownership ($ in millions) Payments Year 2021, remaining $ 119 2022 161 2023 163 2024 164 2025 165 Thereafter 674 $ 1,446 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2021. ($ in millions) 2025 2026 2028 Term 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2021, remaining $ — $ — $ — $ — $ — $ — $ — 2022 — — — — 230 — 230 2023 — — — — — — — 2024 — — — — — — — 2025 500 — — 784 — — 1,284 Thereafter — 750 350 — — 575 1,675 $ 500 $ 750 $ 350 $ 784 $ 230 $ 575 $ 3,189

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 At December 31, 2020 Senior Secured Notes 2025 Notes $ 500 $ 500 Unamortized debt discount and issuance costs (6) (6) 494 494 Senior Unsecured Notes 2026 Notes 750 750 Unamortized debt discount and issuance costs (6) (6) 744 744 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 Corporate Credit Facility Term Loan 784 884 Unamortized debt discount and issuance costs (9) (11) 775 873 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (13) (15) 217 215 2026 Convertible Notes 575 — Unamortized debt discount and issuance costs (133) — 442 — Finance Leases 7 8 $ 3,025 $ 2,680
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of March 31, 2021. Vacation Ownership ($ in millions) Payments Year 2021, remaining $ 119 2022 161 2023 163 2024 164 2025 165 Thereafter 674 $ 1,446 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2021. ($ in millions) 2025 2026 2028 Term 2022 Convertible Notes 2026 Convertible Notes Total Payments Year 2021, remaining $ — $ — $ — $ — $ — $ — $ — 2022 — — — — 230 — 230 2023 — — — — — — — 2024 — — — — — — — 2025 500 — — 784 — — 1,284 Thereafter — 750 350 — — 575 1,675 $ 500 $ 750 $ 350 $ 784 $ 230 $ 575 $ 3,189
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first quarters of 2021 and 2020: ($ in millions) 2021 2020 Derivative instrument adjustment balance, January 1 $ (39) $ (21) Other comprehensive gain (loss) before reclassifications 6 (24) Reclassification to Income Statement — — Net other comprehensive income (loss) 6 (24) Derivative instrument adjustment balance, March 31 $ (33) $ (45)
Convertible debt	The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At March 31, 2021 At December 31, 2020 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (11) (13) Unamortized debt issuance costs (2) (2) Net carrying amount of the liability component $ 217 $ 215 Carrying amount of equity component, net of issuance costs $ 33 $ 33 The following table shows interest expense information related to the 2022 Convertible Notes. Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Contractual interest expense $ 1 $ 1 Amortization of debt discount 2 2 $ 3 $ 3 The following table shows the net carrying value of the 2026 Convertible Notes at March 31, 2021: ($ in millions) At March 31, 2021 Liability component Principal amount $ 575 Unamortized debt discount (121) Unamortized debt issuance costs (12) Net carrying amount of the liability component $ 442 Carrying amount of equity component, net of issuance costs $ 117

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan	The following table details our share-based compensation expense related to award grants to our officers, directors, and employees: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Service-based RSUs $ 6 $ 4 Performance-based RSUs 1 (2) ILG Acquisition Converted RSUs — 1 7 3 SARs 1 1 $ 8 $ 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, 2021 At December 31, 2020 Service-based RSUs $ 48 $ 27 Performance-based RSUs 4 6 52 33 SARs 9 1 $ 61 $ 34
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 2021: Expected volatility 48.35% Dividend yield 1.48% Risk-free rate 0.97% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2021
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 VIEs, and consolidated liabilities included on our Balance Sheet at March 31, 2021: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,338 $ — $ 1,338 Interest receivable 10 — 10 Restricted cash 73 — 73 Total $ 1,421 $ — $ 1,421 Consolidated Liabilities Interest payable $ 1 $ — $ 1 Securitized Debt 1,446 — 1,446 Total $ 1,447 $ — $ 1,447
Interest income and expense recognized as a result of our involvement with variable interest entities	The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2021: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 48 $ — $ 48 Interest expense to investors $ 11 $ — $ 11 Debt issuance cost amortization $ 2 $ — $ 2
Cash flows between company and variable interest entities	The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Cash Inflows Principal receipts $ 130 $ 121 Interest receipts 50 56 Total 180 177 Cash Outflows Principal to investors (129) (129) Voluntary repurchases of defaulted vacation ownership notes receivable (30) (15) Interest to investors (11) (13) Total (170) (157) Net Cash Flows $ 10 $ 20 The following table shows cash flows between us and the Warehouse Credit Facility VIE: Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ — $ 202 Principal receipts — 11 Interest receipts — 4 Total — 217 Cash Outflows Principal to investors — (4) Interest to investors — (1) Funding of restricted cash — (1) Total — (6) Net Cash Flows $ — $ 211

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Revenues	Revenues Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Vacation Ownership $ 661 $ 908 Exchange & Third-Party Management 86 107 Total segment revenues 747 1,015 Corporate and other 12 (5) $ 759 $ 1,010
Adjusted EBITDA, net income, depreciation and amortization	Adjusted EBITDA and Reconciliation to Net Loss Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2021 March 31, 2020 Adjusted EBITDA Vacation Ownership $ 68 $ 147 Adjusted EBITDA Exchange & Third-Party Management 41 41 Reconciling items: Corporate and other (40) (50) Interest expense (43) (33) Tax benefit 11 58 Depreciation and amortization (41) (32) Share-based compensation expense (8) (4) Certain items (16) (233) Net loss attributable to common shareholders $ (28) $ (106)
Assets	Assets ($ in millions) At March 31, 2021 At December 31, 2020 Vacation Ownership $ 7,004 $ 6,859 Exchange & Third-Party Management 930 951 Total segment assets 7,934 7,810 Corporate and other 1,253 1,088 $ 9,187 $ 8,898

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Noncontrolling Interest [Line Items]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%
Non-cash loss (less than)	$ (6)	$ 56
Deconsolidation of certain Consolidated Property Owners' Associations	(76)
Deconsolidation liabilities	71
Deconsolidation of certain Consolidated Property Owners' Associations	5
Restricted cash
Noncontrolling Interest [Line Items]
Cash divested from deconsolidation	71
Joint Venture
Noncontrolling Interest [Line Items]
Non-cash loss (less than)	$ 1

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Details) shares in Millions, $ in Millions	Apr. 01, 2021USD ($)shares	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)vacation_ownership_unit	Mar. 31, 2020USD ($)vacation_ownership_unit
Business Acquisition
Purchase of vacation ownership units			$ 99	$ 61
Welk Hospitality Group, Inc.
Business Acquisition
Restricted cash			$ 152
Welk Hospitality Group, Inc. | Subsequent event
Business Acquisition
Business Acquisition, value assigned	$ 485
Welk Hospitality Group, Inc. | Common Stock | Subsequent event
Business Acquisition
Business acquisition, number of shares | shares	1.4
New York City, New York
Business Acquisition
Number of vacation ownership units acquired | vacation_ownership_unit			120	57
Asset acquisition, consideration transferred			$ 98	$ 89
Asset acquisition, recognized identifiable assets acquired, property and equipment				67
Purchase of vacation ownership units		$ 20		22
Asset acquisition, recognized identifiable assets acquired, other assets				$ 22
San Francisco, California
Business Acquisition
Number of vacation ownership units acquired | vacation_ownership_unit			44	34
Asset acquisition, consideration transferred			$ 34	$ 26
Asset acquisition, recognized identifiable assets acquired, inventory			29	18
Asset acquisition, recognized identifiable assets acquired, property and equipment				3
Purchase of vacation ownership units				5
Asset acquisition, recognized identifiable assets acquired, other assets			$ 5	$ 5
Costa Rica
Business Acquisition
Number of vacation ownership units acquired | vacation_ownership_unit				24
Asset acquisition, consideration transferred				$ 14
Asset acquisition, recognized identifiable assets acquired, inventory				13
Asset acquisition, recognized identifiable assets acquired, property and equipment				$ 1

REVENUE AND RECEIVABLES - Sourc

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements	$ 255	$ 318
Revenue from contracts with customers	700	938
Financing	59	72
Total Revenues	759	1,010
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	163	258
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	28	47
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	37	44
Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	128	136
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	193	227
Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	89	135
Corporate and Other
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements	(27)	(48)
Revenue from contracts with customers	12	(5)
Financing	0	0
Total Revenues	12	(5)
Corporate and Other | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	0
Corporate and Other | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	0
Corporate and Other | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	(6)	(4)
Corporate and Other | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	45	47
Corporate and Other | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	39	43
Corporate and Other | Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements	268	345
Revenue from contracts with customers	602	837
Financing	59	71
Total Revenues	661	908
Vacation Ownership | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	163	258
Vacation Ownership | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	28	46
Vacation Ownership | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	38	38
Vacation Ownership | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	28	28
Vacation Ownership | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	94	112
Vacation Ownership | Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	77	122
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition
Cost reimbursements	14	21
Revenue from contracts with customers	86	106
Financing	0	1
Total Revenues	86	107
Exchange & Third-Party Management | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	0
Exchange & Third-Party Management | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	1
Exchange & Third-Party Management | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	5	10
Exchange & Third-Party Management | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	55	61
Exchange & Third-Party Management | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	60	72
Exchange & Third-Party Management | Rental
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	$ 12	$ 13

REVENUE AND RECEIVABLES - Timin

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	$ 700	$ 938
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	457	579
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	243	359
Corporate and Other
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	12	(5)
Corporate and Other | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	12	(5)
Corporate and Other | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	602	837
Vacation Ownership | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	408	530
Vacation Ownership | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	194	307
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	86	106
Exchange & Third-Party Management | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	37	54
Exchange & Third-Party Management | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition
Revenue from contracts with customers	$ 49	$ 52

REVENUE AND RECEIVABLES - Addit

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (5,000,000)
Contract with customer, contract assets	$ 0	$ 0
Contract with customer, liability, revenue recognized		$ 114,000,000

REVENUE AND RECEIVABLES - Contr

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Receivables from Contracts with Customers
Accounts receivable	$ 108	$ 150
Vacation ownership notes receivable, net	1,769	1,840
Receivables from Contracts with Customers	1,877	1,990
Contract Liabilities
Advance deposits	167	147
Deferred revenue	524	488
Contract Liabilities	$ 691	$ 635

REVENUE AND RECEIVABLES - Remai

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition
Revenue remaining performance obligation expected timing (percentage)	80.00%
Expected timing of satisfaction (in years)	2 years

REVENUE AND RECEIVABLES - Accou

REVENUE AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 108	$ 150
Interest receivable	12	13
Tax receivable	52	60
Indemnification assets	15	15
Employee tax credit receivable	20	19
Other	12	19
Accounts Receivable, including VIE, after allowance for credit loss	$ 219	$ 276

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Contingency
Effective income tax rate, percent	29.80%	35.40%
Unrecognized tax benefits that would impact effective tax rate	$ 15		$ 14
Unrecognized tax benefits, income tax penalties and interest accrued	28		$ 25
Indemnified tax liability
Income Tax Contingency
Unrecognized tax benefits, income tax penalties and interest accrued	$ 5

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns
Unrecognized tax benefit at beginning of balance	$ 14
Increases related to tax positions taken during the current period	1
Unrecognized tax benefit at end of balance	$ 15

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, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	$ 1,769	$ 1,840
Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,338	1,493
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	211	128
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	220	219
Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	431	347
Originated
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,484	1,531
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	1,093	1,220
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	208	126
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	183	185
Originated | Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	391	311
Acquired
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	285	309
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	245	273
Acquired | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	3	2
Acquired | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	37	34
Acquired | Non-securitized
Accounts, Notes, Loans and Financing Receivable
Vacation ownership notes receivable, net	$ 40	$ 36

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, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Interest income	$ 57	$ 69
Securitized
Accounts, Notes, Loans and Financing Receivable
Interest income	48	63
Non-securitized
Accounts, Notes, Loans and Financing Receivable
Interest income	$ 9	$ 6

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Average estimated rate of default for all outstanding loans	6.58%	6.74%
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	$ 6	$ 6
Weighted average FICO score within originated loan pool	708	708
COVID-19 pandemic
Accounts, Notes, Loans and Financing Receivable
Allowance for credit loss, period increase	$ 0	$ 17	$ 52
Acquired
Accounts, Notes, Loans and Financing Receivable
Average estimated rate of default for all outstanding loans	14.62%	14.63%
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	$ 3	$ 3

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2021USD ($)
Acquired
Future Minimum Payments Receivable
2021, remaining	$ 31
2022	40
2023	40
2024	38
2025	35
Thereafter	101
Total Vacation ownership notes receivable, net of reserve	285
Acquired | Non-Securitized
Future Minimum Payments Receivable
2021, remaining	4
2022	4
2023	4
2024	4
2025	5
Thereafter	19
Total Vacation ownership notes receivable, net of reserve	40
Acquired | Securitized
Future Minimum Payments Receivable
2021, remaining	27
2022	36
2023	36
2024	34
2025	30
Thereafter	82
Total Vacation ownership notes receivable, net of reserve	$ 245
Acquired | Weighted Average
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	13.50%
Acquired | Weighted Average | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	13.50%
Acquired | Weighted Average | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	13.50%
Acquired | Minimum
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	3.00%
Acquired | Minimum | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	3.00%
Acquired | Minimum | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	6.00%
Acquired | Maximum
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	17.90%
Acquired | Maximum | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	17.90%
Acquired | Maximum | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	15.90%
Originated
Future Minimum Payments Receivable
2021, remaining	$ 119
2022	155
2023	153
2024	152
2025	154
Thereafter	751
Total Vacation ownership notes receivable, net of reserve	1,484
Originated | Non-Securitized
Future Minimum Payments Receivable
2021, remaining	32
2022	37
2023	33
2024	31
2025	30
Thereafter	228
Total Vacation ownership notes receivable, net of reserve	391
Originated | Securitized
Future Minimum Payments Receivable
2021, remaining	87
2022	118
2023	120
2024	121
2025	124
Thereafter	523
Total Vacation ownership notes receivable, net of reserve	$ 1,093
Originated | Weighted Average
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	12.70%
Originated | Weighted Average | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	12.70%
Originated | Weighted Average | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	12.70%
Originated | Minimum
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	0.00%
Originated | Minimum | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	0.00%
Originated | Minimum | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	0.00%
Originated | Maximum
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	18.00%
Originated | Maximum | Non-Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	18.00%
Originated | Maximum | Securitized
Future Minimum Payments Receivable
Time-sharing Transactions, Stated Interest Rate for Notes Receivable	17.50%

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	$ 60
Write-offs	(3)
Recoveries	1
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	(1)
Ending balance	57
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	310
Write-offs	(17)
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	15
Ending balance	308
Non-Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	39
Write-offs	(3)
Recoveries	1
Defaulted vacation ownership notes receivable repurchase activity	9
(Decrease) increase in vacation ownership notes receivable reserve	(7)
Ending balance	39
Non-Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	193
Write-offs	(17)
Defaulted vacation ownership notes receivable repurchase activity	16
(Decrease) increase in vacation ownership notes receivable reserve	11
Ending balance	203
Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	21
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(9)
(Decrease) increase in vacation ownership notes receivable reserve	6
Ending balance	18
Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts
Beginning balance	117
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(16)
(Decrease) increase in vacation ownership notes receivable reserve	4
Ending balance	$ 105

VACATION OWNERSHIP NOTES RECE_8

VACATION OWNERSHIP NOTES RECEIVABLE - Recorded Investment in Non-accrual Notes Receivable that are Ninety Days or More Past Due (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Legacy-MVW
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 111	$ 114
Legacy-MVW | Non-securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	100	100
Legacy-MVW | Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	11	14
Legacy-ILG
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	126	121
Legacy-ILG | Non-securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	118	109
Legacy-ILG | Securitized
Financing Receivable, Past Due
Investment in notes receivable on non-accrual status	$ 8	$ 12

VACATION OWNERSHIP NOTES RECE_9

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Legacy-MVW
Financing Receivable, Past Due
Total past due	$ 138	$ 147
Current	1,189	1,242
Total vacation ownership notes receivable	1,327	1,389
Legacy-MVW | Non-securitized
Financing Receivable, Past Due
Total past due	108	108
Current	284	231
Total vacation ownership notes receivable	392	339
Legacy-MVW | Securitized
Financing Receivable, Past Due
Total past due	30	39
Current	905	1,011
Total vacation ownership notes receivable	935	1,050
Legacy-MVW | 31 – 90 days past due
Financing Receivable, Past Due
Total past due	27	33
Legacy-MVW | 31 – 90 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	8	8
Legacy-MVW | 31 – 90 days past due | Securitized
Financing Receivable, Past Due
Total past due	19	25
Legacy-MVW | 91 – 150 days past due
Financing Receivable, Past Due
Total past due	16	19
Legacy-MVW | 91 – 150 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	5	5
Legacy-MVW | 91 – 150 days past due | Securitized
Financing Receivable, Past Due
Total past due	11	14
Legacy-MVW | Greater than 150 days past due
Financing Receivable, Past Due
Total past due	95	95
Legacy-MVW | Greater than 150 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	95	95
Legacy-MVW | Greater than 150 days past due | Securitized
Financing Receivable, Past Due
Total past due	0	0
Legacy-ILG
Financing Receivable, Past Due
Total past due	146	148
Current	661	673
Total vacation ownership notes receivable	807	821
Legacy-ILG | Non-securitized
Financing Receivable, Past Due
Total past due	126	117
Current	155	123
Total vacation ownership notes receivable	281	240
Legacy-ILG | Securitized
Financing Receivable, Past Due
Total past due	20	31
Current	506	550
Total vacation ownership notes receivable	526	581
Legacy-ILG | 31 – 90 days past due
Financing Receivable, Past Due
Total past due	20	27
Legacy-ILG | 31 – 90 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	8	8
Legacy-ILG | 31 – 90 days past due | Securitized
Financing Receivable, Past Due
Total past due	12	19
Legacy-ILG | 91 – 120 days past due
Financing Receivable, Past Due
Total past due	6	9
Legacy-ILG | 91 – 120 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	2	2
Legacy-ILG | 91 – 120 days past due | Securitized
Financing Receivable, Past Due
Total past due	4	7
Legacy-ILG | Greater than 120 days past due
Financing Receivable, Past Due
Total past due	120	112
Legacy-ILG | Greater than 120 days past due | Non-securitized
Financing Receivable, Past Due
Total past due	116	107
Legacy-ILG | Greater than 120 days past due | Securitized
Financing Receivable, Past Due
Total past due	$ 4	$ 5

VACATION OWNERSHIP NOTES REC_10

VACATION OWNERSHIP NOTES RECEIVABLE - Financing Receivable Year of Originated (Details) - Legacy-MVW - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
2021	$ 66
2020	230
2019	409
2018	262
2017	155
2016 and Prior	205
Total vacation ownership notes receivable	1,327	$ 1,389
Non-securitized
Accounts, Notes, Loans and Financing Receivable
2021	66
2020	148
2019	69
2018	43
2017	21
2016 and Prior	45
Total vacation ownership notes receivable	392	339
Securitized
Accounts, Notes, Loans and Financing Receivable
2021	0
2020	82
2019	340
2018	219
2017	134
2016 and Prior	160
Total vacation ownership notes receivable	$ 935	$ 1,050

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score (Details) - Legacy-ILG - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	$ 807	$ 821
Acquired
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	342	369
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	131	144
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	186	198
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	20	22
Acquired | Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5	5
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	160	176
Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	73	81
Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	74	81
Acquired | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	11	12
Acquired | 700 + | Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2	2
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	122	131
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	44	48
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	69	73
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8	9
Acquired | 600 - 699 | Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	18	18
Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	4	4
Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	13	13
Acquired | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600 | Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	0
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	42	44
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	10	11
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	30	31
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	0
Acquired | No Score | Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2	2
Originated
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	465	451
Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	197	190
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	243	237
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	25	24
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	236	231
Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	111	109
Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	108	106
Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	17	16
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	137	132
Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	54	52
Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	75	72
Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8	8
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	23	22
Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	6	6
Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	17	16
Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	0
Originated | No Score
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	69	66
Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	26	23
Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	43	43
Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	$ 0	$ 0

VACATION OWNERSHIP NOTES REC_12

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - Legacy-ILG - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	$ 807	$ 821
Acquired
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	342	369
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	131	144
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	186	198
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	20	22
Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	25
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	160	176
Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	73	81
Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	74	81
Acquired | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	11	12
Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	13
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	122	131
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	44	48
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	69	73
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8	9
Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	9
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	18	18
Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	4	4
Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	13	13
Acquired | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	42	44
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	10	11
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	30	31
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	0
Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
Originated
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	465	451
Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	197	190
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	243	237
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	25	24
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	236	231
Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	111	109
Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	108	106
Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	17	16
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	137	132
Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	54	52
Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	75	72
Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8	8
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	23	22
Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	6	6
Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	17	16
Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	0
Originated | No Score
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	69	66
Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	26	23
Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	43	43
Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0	$ 0
2021 | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	28
2021 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	19
2021 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2021 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	14
2021 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	10
2021 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2021 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2021 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	6
2021 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2021 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2021 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2021 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8
2021 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2021 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	51
2020 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	66
2020 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	7
2020 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	30
2020 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	31
2020 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2020 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	13
2020 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	20
2020 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2020 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2020 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2020 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2020 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	6
2020 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	10
2020 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	97
2019 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	125
2019 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	13
2019 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	55
2019 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	53
2019 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8
2019 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	29
2019 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	38
2019 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2019 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2019 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	9
2019 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2019 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	10
2019 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	25
2019 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2018 | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	35
2018 | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	56
2018 | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2018 | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	20
2018 | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	21
2018 | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2018 | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	11
2018 | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	18
2018 | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	8
2018 | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2018 | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	9
2018 | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2018 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	21
2018 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	33
2018 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2018 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	12
2018 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	14
2018 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	7
2018 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	11
2018 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2018 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2018 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2018 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2018 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	6
2018 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	36
2017 | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	50
2017 | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2017 | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	20
2017 | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	21
2017 | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2017 | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	12
2017 | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	18
2017 | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2017 | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2017 | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2017 | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2017 | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	9
2017 | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2017 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	60
2016 & Prior | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	80
2016 & Prior | Acquired | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	15
2016 & Prior | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	33
2016 & Prior | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	32
2016 & Prior | Acquired | 700 + | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	7
2016 & Prior | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	21
2016 & Prior | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	33
2016 & Prior | Acquired | 600 - 699 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2016 & Prior | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2016 & Prior | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	3
2016 & Prior | Acquired | Less Than 600 | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	1
2016 & Prior | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	5
2016 & Prior | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	12
2016 & Prior | Acquired | No Score | Hyatt and Other
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	2
2016 & Prior | Originated | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	0
2016 & Prior | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable
Total vacation ownership notes receivable	$ 0

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 1,769	$ 1,840
Other assets	62	60
Total financial assets	1,831	1,900
Total financial liabilities	(4,449)	(4,260)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,830	1,886
Other assets	62	60
Total financial assets	1,892	1,946
Total financial liabilities	(4,899)	(4,455)
Debt | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(1,431)	(1,588)
Debt | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(1,486)	(1,653)
2025 Notes | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(494)	(494)
2025 Notes | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(532)	(533)
2026 Notes | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(744)	(744)
2026 Notes | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(785)	(784)
2028 Notes | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(346)	(346)
2028 Notes | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(354)	(359)
2022 Convertible Notes, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Convertible Notes, net	(217)	(215)
2022 Convertible Notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Convertible Notes, net	(298)	(262)
2026 Convertible Notes, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Convertible Notes, net	(442)	0
2026 Convertible Notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Convertible Notes, net	(684)	0
Originated | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,769	1,840
Originated | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,830	1,886
Corporate Credit Facility | Term Loan | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	(775)	(873)
Corporate Credit Facility | Term Loan | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Debt instrument, fair value	$ (760)	$ (864)

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 1,769	$ 1,840
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,830	1,886
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,338	1,493
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	1,384	1,530
Non-Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	431	347
Non-Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	446	356
Non-Securitized | Eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	211	128
Non-Securitized | Eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	226	137
Non-Securitized | Not eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	220	219
Non-Securitized | Not eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Vacation ownership notes receivable	$ 220	$ 219

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 6
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash surrender value of life insurance	$ 56

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net loss attributable to common shareholders	$ (28)	$ (106)
Shares for basic loss per share (in shares)	41.4	41.5
Basic loss per share (in usd per share)	$ (0.68)	$ (2.56)
Effect of dilutive shares outstanding (in shares)	0	0
Shares for diluted loss per share (in shares)	41.4	41.5
Diluted loss per share (in usd per share)	$ (0.68)	$ (2.56)
Shares excluded from the calculation of diluted earnings per share (in shares)	0.8	0.5

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.8	0.5
Employee stock options and SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.2	0.2
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.5	0.3
2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	0.1	0

INVENTORY - Composition of Inve

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 776	$ 749
Work-in-progress	0	0
Real estate inventory	776	749
Other	9	10
Inventory	$ 785	$ 759

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Real estate inventory, increase (decrease) true up (less than)	$ 1	$ 8
Amount of completed vacation ownership units classified as property and equipment	291		$ 162
Deposits on future purchases of inventory	$ 24		$ 43

GOODWILL AND INTANGIBLES - Good

GOODWILL AND INTANGIBLES - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill
Beginning Balance	$ 2,817
Impairment	0
Foreign exchange adjustments	0
Ending Balance	2,817
Vacation Ownership
Goodwill
Beginning Balance	2,445
Impairment	0
Foreign exchange adjustments	0
Ending Balance	2,445
Exchange & Third-Party Management
Goodwill
Beginning Balance	372
Impairment	0	$ (73)
Foreign exchange adjustments	0
Ending Balance	$ 372

GOODWILL AND INTANGIBLES - Addi

GOODWILL AND INTANGIBLES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill
Goodwill, impairment charge	$ 0
Exchange & Third-Party Management
Goodwill
Goodwill, impairment charge	$ 0	$ (73)
Intangible Assets, impairment charge		$ (18)

GOODWILL AND INTANGIBLES - Inta

GOODWILL AND INTANGIBLES - Intangibles Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,022	$ 1,022
Accumulated amortization	(148)	(134)
Finite-lived intangible assets, net	874	888
Indefinite-lived intangible assets
Intangibles, net	938	952
Trade names
Indefinite-lived intangible assets
Indefinite-lived intangible assets	64	64
Member relationships
Definite-lived intangible assets
Finite-lived intangible assets, gross	671	671
Management contracts
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 351	$ 351

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Mar. 31, 2021USD ($)vacation_ownership_unit
Commitments and Contingencies Disclosure
Surety bonds issued	$ 85
Vacation ownership projects currently under development	3
Time share, accrued costs	$ (1)
Lease not yet commenced, term of contract	16 years
Lease not yet commenced, right-of-use asset	$ 129
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure
Letters of credit outstanding	2
Letter of credit
Commitments and Contingencies Disclosure
Letters of credit outstanding	2
Bali, Indonesia Resort
Commitments and Contingencies Disclosure
Purchase commitment obligation due, remainder of 2021	21
Purchase commitment obligation due, 2022	$ 2
Number of vacation ownership units expected to be acquired | vacation_ownership_unit	88
Information technology hardware and software
Commitments and Contingencies Disclosure
Purchase commitment	$ 92
Purchase commitment obligation due, remainder of 2021	28
Purchase commitment obligation due, 2022	35
Purchase commitment obligation due, 2023	20
Purchase commitment obligation due, 2024	6
Purchase commitment obligation due, 2025 and thereafter	3
Exchange & Third-Party Management
Commitments and Contingencies Disclosure
Guarantor obligations, maximum exposure	15
Guarantor obligations, maximum exposure. due remainder of fiscal year	4
Guarantor obligations, maximum exposure, due in second year	4
Guarantor obligations, maximum exposure, due in third year	2
Guarantor obligations, maximum exposure, due in fourth year	2
Guarantor obligations, maximum exposure, due in five year	1
Guarantor obligations, maximum exposure, due after fifth year	$ 2

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Securitized Debt	$ 1,431	$ 1,588
Secured debt, net	1,431	1,588
Variable interest entity
Debt Instrument
Securitized Debt	1,446	1,604
Variable interest entity | Securitized Debt
Debt Instrument
Securitized Debt	$ 1,446
Debt, weighted average interest rate	2.80%
Variable interest entity | Securitized Debt | Minimum
Debt Instrument
Debt, stated interest rate	2.30%
Variable interest entity | Securitized Debt | Maximum
Debt Instrument
Debt, stated interest rate	4.40%
Vacation Ownership Notes Receivable Securitizations | Variable interest entity | Securitized Debt
Debt Instrument
Securitized Debt	$ 1,446	1,604
Unamortized debt discount and issuance costs	$ (15)	$ (16)

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2021USD ($)
Debt Instrument
2021, remaining	$ 0
2022	230
2023	0
2024	0
2025	1,284
Thereafter	1,675
Variable interest entity | Securitized Debt | Vacation Ownership Notes Receivable Securitizations
Debt Instrument
2021, remaining	119
2022	161
2023	163
2024	164
2025	165
Thereafter	674
Long-term debt	$ 1,446

SECURITIZED DEBT - Additional I

SECURITIZED DEBT - Additional Information (Details)	Apr. 01, 2021	Mar. 31, 2021USD ($)loan
Debt Instrument
Number of notes receivable pools under performance triggers		0
Number of notes receivable pools out of compliance		0
Number of notes receivable pools outstanding		12
Warehouse Credit Facility
Debt Instrument
Credit facility | $		$ 350,000,000
Warehouse Credit Facility | LIBOR
Debt Instrument
Credit facility, interest rate		1.10%
Warehouse Credit Facility | LIBOR | Subsequent event
Debt Instrument
Credit facility, interest rate	1.35%

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Debt, gross	$ 3,189
Net carrying amount of the liability component	3,025	$ 2,680
Carrying Amount
Debt Instrument
Net carrying amount of the liability component	3,025	2,680
Finance Leases	7	8
2025 Notes | Senior notes
Debt Instrument
Debt, gross	500	500
Unamortized debt discount and issuance costs	(6)	(6)
Net carrying amount of the liability component	494	494
2026 Notes | Senior notes
Debt Instrument
Debt, gross	750	750
Unamortized debt discount and issuance costs	(6)	(6)
Net carrying amount of the liability component	744	744
2028 Notes | Senior notes
Debt Instrument
Debt, gross	350	350
Unamortized debt discount and issuance costs	(4)	(4)
Net carrying amount of the liability component	346	346
2022 Convertible Notes, net | Convertible notes
Debt Instrument
Debt, gross	230	230
Unamortized debt issuance costs	(2)	(2)
Net carrying amount of the liability component	217	215
2022 Convertible Notes, net | Convertible notes | Carrying Amount
Debt Instrument
Debt, gross	230	230
Unamortized debt discount and issuance costs	(13)	(15)
Net carrying amount of the liability component	217	215
2026 Convertible Notes, net
Debt Instrument
Unamortized debt discount and issuance costs	(15)
Net carrying amount of the liability component	449
2026 Convertible Notes, net | Convertible notes
Debt Instrument
Debt, gross	575
Unamortized debt issuance costs	(12)
Net carrying amount of the liability component	442
2026 Convertible Notes, net | Convertible notes | Carrying Amount
Debt Instrument
Debt, gross	575	0
Unamortized debt discount and issuance costs	(133)	0
Net carrying amount of the liability component	442	0
Corporate Credit Facility | Term Loan
Debt Instrument
Debt, gross	784	884
Unamortized debt discount and issuance costs	(9)	(11)
Net carrying amount of the liability component	$ 775	$ 873

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	$ 0
2022	230
2023	0
2024	0
2025	1,284
Thereafter	1,675
Principal amount	3,189
Senior notes | 2025 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	0
2023	0
2024	0
2025	500
Thereafter	0
Principal amount	500	$ 500
Senior notes | 2026 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	0
2023	0
2024	0
2025	0
Thereafter	750
Principal amount	750	750
Senior notes | 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	0
2023	0
2024	0
2025	0
Thereafter	350
Principal amount	350	350
Convertible notes | 2022 Convertible Notes, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	230
2023	0
2024	0
2025	0
Thereafter	0
Principal amount	230	230
Convertible notes | 2026 Convertible Notes, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	0
2023	0
2024	0
2025	0
Thereafter	575
Principal amount	575
Corporate Credit Facility | Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2021, remaining	0
2022	0
2023	0
2024	0
2025	784
Thereafter	0
Principal amount	$ 784	$ 884

DEBT - Additional Information (

DEBT - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)trading_dayconsecutive_trading_day$ / sharesshares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)shares	Dec. 31, 2017USD ($)shares
Debt Disclosure
Common stock, shares issued (in shares) | shares	75,454,906		75,279,061
Amount of liability component	$ 3,025,000,000		$ 2,680,000,000
Debt instrument, convertible, remaining discount amortization period	1 year 6 months
Interest Rate Swap, September 2023
Debt Disclosure
Notional amount	$ 250,000,000
Derivative, fixed interest rate	2.9625%
Interest Rate Swap, April 2024
Debt Disclosure
Notional amount	$ 200,000,000
Derivative, fixed interest rate	2.248%
Interest Rate Contract
Debt Disclosure
Notional amount	$ 100,000,000
Cap strike rate	2.50%
Floor strike rate	1.881%
2026 Convertible Notes, net
Debt Disclosure
Debt conversion, converted instrument, rate	100.00%
Amount of liability component	$ 449,000,000
Amount of equity component	$ 126,000,000
Debt instrument, convertible, remaining discount amortization period	4 years 9 months 18 days
Unamortized debt discount and issuance costs	$ (15,000,000)
Interest rate, effective percentage	4.96%
2026 Convertible Notes, net | Period One
Debt Disclosure
Debt instrument, convertible, threshold trading days | trading_day	20
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
2026 Convertible Notes, net | Period Two
Debt Disclosure
Debt instrument, convertible, threshold trading days | trading_day	5
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day	5
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%
Senior notes | Senior Secured Notes
Debt Disclosure
Principal amount	$ 500,000,000
Debt, stated interest rate	6.125%
Senior notes | 2026 Notes
Debt Disclosure
Principal amount	$ 750,000,000
Debt, stated interest rate	6.50%
Amount of liability component	$ 744,000,000		744,000,000
Unamortized debt discount and issuance costs	(6,000,000)		(6,000,000)
Senior notes | 2028 Notes
Debt Disclosure
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
Amount of liability component	$ 346,000,000		346,000,000
Unamortized debt discount and issuance costs	$ (4,000,000)		(4,000,000)
Convertible notes | 2022 Convertible Notes, net
Debt Disclosure
Principal amount				$ 230,000,000
Debt, stated interest rate				1.50%
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 146.81
Common stock, shares issued (in shares) | shares	0.0068115
Amount of liability component	$ 217,000,000		215,000,000
Amount of equity component	33,000,000		33,000,000
Amortization of debt discount	$ 2,000,000	$ 2,000,000
Interest rate, effective percentage	4.73%
Convertible notes | 2026 Convertible Notes, net
Debt Disclosure
Principal amount	$ 575,000,000
Debt, stated interest rate	0.00%
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 171.01
Common stock, shares issued (in shares) | shares	0.0058476
Amount of liability component	$ 442,000,000
Amount of equity component	117,000,000
Amortization of debt discount	5,000,000
Proceeds from issuance debt	530,000,000
Corporate Credit Facility | Term Loan
Debt Disclosure
Credit facility	900,000,000
Amount of liability component	775,000,000		873,000,000
Unamortized debt discount and issuance costs	(9,000,000)		$ (11,000,000)
Corporate Credit Facility | Revolving corporate credit facility, net
Debt Disclosure
Credit facility	600,000,000
Debt Instrument, Covenant, Liquidity Threshold	$ 300,000,000
Corporate Credit Facility | Revolving corporate credit facility, net | Minimum
Debt Disclosure
Commitment fee percentage	0.20%
Corporate Credit Facility | Revolving corporate credit facility, net | Maximum
Debt Disclosure
Commitment fee percentage	0.40%
Corporate Credit Facility | Revolving corporate credit facility, net | Letter of credit
Debt Disclosure
Credit facility	$ 75,000,000
LIBOR | Corporate Credit Facility | Term Loan
Debt Disclosure
Basis spread on variable rate	1.75%
Floating Rate | Corporate Credit Facility | Revolving Corporate Credit Facility, net | Minimum
Debt Disclosure
Basis spread on variable rate	0.50%
Floating Rate | Corporate Credit Facility | Revolving Corporate Credit Facility, net | Maximum
Debt Disclosure
Basis spread on variable rate	2.75%
Convertible Note Hedges
Debt Disclosure
Option indexed to issuer's equity, indexed shares (in shares) | shares				1,550,000
Convertible Note Hedges | 2022 Convertible Notes, net
Debt Disclosure
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 148.61
Convertible note hedges exercised (in shares) | shares	0
Convertible Note Hedges | 2026 Convertible Notes, net
Debt Disclosure
Convertible note hedges exercised (in shares) | shares	0
Option indexed to issuer's equity, indexed shares (in shares) | shares	3,400,000
Option Indexed to Issuer's Equity, Indexed Values	$ 100,000,000
Private Warrants | 2022 Convertible Notes, net
Debt Disclosure
Exercise price of warrants (in usd per share) | $ / shares	$ 177.19
Number of warrants exercised (in shares) | shares	0
Private Warrants | 2026 Convertible Notes, net
Debt Disclosure
Exercise price of warrants (in usd per share) | $ / shares	$ 213.76
Number of warrants exercised (in shares) | shares	0
Number of securities called by warrants (in shares) | shares	3,400,000
Warrants and Rights Outstanding	$ 70,000,000

DEBT - Accumulated Other Compre

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax
Beginning balance	$ 2,651
Ending balance	2,709
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Attributable to Parent, Net of Tax
Beginning balance	(39)	$ (21)
Other comprehensive gain (loss) before reclassifications	6	(24)
Reclassification to Income Statement	0	0
Net other comprehensive income (loss)	6	(24)
Ending balance	$ (33)	$ (45)

DEBT - Net Carrying Value Of Th

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal amount	$ 3,189
Net carrying amount of the liability component	3,025	$ 2,680
2026 Convertible Notes, net
Debt Instrument
Net carrying amount of the liability component	449
Carrying amount of equity component, net of issuance costs	126
Convertible notes | 2022 Convertible Notes, net
Debt Instrument
Principal amount	230	230
Unamortized debt discount	(11)	(13)
Unamortized debt issuance costs	(2)	(2)
Net carrying amount of the liability component	217	215
Carrying amount of equity component, net of issuance costs	33	$ 33
Convertible notes | 2026 Convertible Notes, net
Debt Instrument
Principal amount	575
Unamortized debt discount	(121)
Unamortized debt issuance costs	(12)
Net carrying amount of the liability component	442
Carrying amount of equity component, net of issuance costs	$ 117

DEBT - Interest Expense Related

DEBT - Interest Expense Related To The Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument
Interest expense, debt	$ 43	$ 33
Convertible notes | 2022 Convertible Notes, net
Debt Instrument
Contractual interest expense	1	1
Amortization of debt discount	2	2
Interest expense, debt	$ 3	$ 3

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Stockholders Equity Note
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par (in usd per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	75,454,906	75,279,061
Common stock, shares outstanding (in shares)	41,272,628	41,094,248
Treasury stock, shares (in shares)	34,182,278	34,184,813
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
Noncontrolling interests	$ 29	$ 31
Property owners associations
Stockholders Equity Note
Noncontrolling interests	$ 29	$ 31

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized for issuance under the plan (in shares)	1,800,000
Shares available for grants under the plan (in shares)	1,500,000
Restricted stock units | Employees and non employee directors
Share-based Compensation Arrangement by Share-based Payment Award
Stock awards, grants in period (in shares)	161,392
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 169.17
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Stock awards, grants in period (in shares)	127,857
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 70.66
Stock awards granted, weighted average (in usd per share) exercise date fair value | $ / shares	$ 173.88

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 8	$ 4
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	6	4
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	1	(2)
ILG Acquisition Converted RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	0	1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	7	3
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense	$ 1	$ 1

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 61	$ 34
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	48	27
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	4	6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	52	33
SARs
Share-based Compensation Arrangement by Share-based Payment Award
Deferred compensation costs related to unvested awards	$ 9	$ 1

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Expected volatility	48.35%
Dividend yield	1.48%
Risk-free rate	0.97%
Expected term (in years)	6 years 3 months

VARIABLE INTEREST ENTITIES - Cl

VARIABLE INTEREST ENTITIES - Classifications of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity
Vacation ownership notes receivable, net	$ 1,769	$ 1,840
Interest receivable	12	13
Restricted cash	535	468
TOTAL ASSETS	9,187	8,898
Securitized Debt	1,431	1,588
TOTAL LIABILITIES	6,449	6,216
Variable interest entity
Variable Interest Entity
Vacation ownership notes receivable, net	1,338	1,493
Restricted cash	73	68
TOTAL ASSETS	1,421
Securitized Debt	1,446	1,604
TOTAL LIABILITIES	1,447
Variable interest entity | Securitized Debt
Variable Interest Entity
Securitized Debt	1,446
Variable interest entity | Vacation ownership notes receivable, net of reserves
Variable Interest Entity
Vacation ownership notes receivable, net	1,338
Variable interest entity | Interest receivable
Variable Interest Entity
Interest receivable	10
Variable interest entity | Restricted cash
Variable Interest Entity
Restricted cash	73
Variable interest entity | Interest payable
Variable Interest Entity
Interest payable	1
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity
TOTAL ASSETS	1,421
TOTAL LIABILITIES	1,447
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Securitized Debt
Variable Interest Entity
Securitized Debt	1,446	$ 1,604
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves
Variable Interest Entity
Vacation ownership notes receivable, net	1,338
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Interest receivable
Variable Interest Entity
Interest receivable	10
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Restricted cash
Variable Interest Entity
Restricted cash	73
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Interest payable
Variable Interest Entity
Interest payable	1
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity
TOTAL ASSETS	0
TOTAL LIABILITIES	0
Variable interest entity | Warehouse Credit Facility | Securitized Debt
Variable Interest Entity
Securitized Debt	0
Variable interest entity | Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves
Variable Interest Entity
Vacation ownership notes receivable, net	0
Variable interest entity | Warehouse Credit Facility | Interest receivable
Variable Interest Entity
Interest receivable	0
Variable interest entity | Warehouse Credit Facility | Restricted cash
Variable Interest Entity
Restricted cash	0
Variable interest entity | Warehouse Credit Facility | Interest payable
Variable Interest Entity
Interest payable	$ 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, 2021	Mar. 31, 2020
Variable Interest Entity
Interest income	$ 57	$ 69
Variable interest entity
Variable Interest Entity
Interest income	48
Interest expense to investors	11
Debt issuance cost amortization	2
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity
Interest income	48
Interest expense to investors	11
Debt issuance cost amortization	2
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity
Interest income	0
Interest expense to investors	0
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, 2021	Mar. 31, 2020
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Principal receipts	$ 130	$ 121
Interest receipts	50	56
Total	180	177
Cash Outflows
Principal to investors	(129)	(129)
Voluntary repurchases of defaulted vacation ownership notes receivable	(30)	(15)
Interest to investors	(11)	(13)
Total	(170)	(157)
Net Cash Flows	10	20
Warehouse Credit Facility
Cash Inflows
Net proceeds from vacation ownership notes receivable securitizations	0	202
Principal receipts	0	11
Interest receipts	0	4
Total	0	217
Cash Outflows
Principal to investors	0	(4)
Interest to investors	0	(1)
Funding of restricted cash	0	(1)
Total	0	(6)
Net Cash Flows	$ 0	$ 211

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss	$ 219	$ 276
Variable interest entity
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss	10	$ 11
Cash surrender value of life insurance	56
San Francisco, California
Variable Interest Entity
Purchase commitment obligation due, 2022	25
Purchase commitment obligation due, 2023	32
San Francisco, California | Variable interest entity
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss	2
Note receivable (less than)	1
Inventory	10
Maximum loss (less than for New York)	12
Waikiki Hawaii
Variable Interest Entity
Purchase commitment obligation due, remainder of 2021	98
Waikiki Hawaii | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity
Accounts Receivable, including VIE, after allowance for credit loss	1
Note receivable (less than)	1
Maximum loss (less than for New York)	$ 1

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021Segmentbrand	Mar. 31, 2020
Segment Reporting Information
Number of reportable business segments | Segment	2
Vacation Ownership
Segment Reporting Information
Number of vacation ownership brands | brand	7
Geographic concentration risk | Sales revenue, net | Non-US
Segment Reporting Information
Concentration risk, percentage	9.00%	12.00%

BUSINESS SEGMENTS - Revenues (D

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Asset Reconciling Item
Total Revenues	$ 759	$ 1,010
Vacation Ownership
Segment Reporting, Asset Reconciling Item
Total Revenues	661	908
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item
Total Revenues	86	107
Operating segments
Segment Reporting, Asset Reconciling Item
Total Revenues	747	1,015
Operating segments | Vacation Ownership
Segment Reporting, Asset Reconciling Item
Total Revenues	661	908
Operating segments | Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item
Total Revenues	86	107
Corporate and Other
Segment Reporting, Asset Reconciling Item
Total Revenues	$ 12	$ (5)

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Corporate and other	$ (40)	$ (50)
Interest expense	(43)	(33)
Tax benefit	11	58
Depreciation and amortization	(41)	(32)
Share-based compensation expense	(8)	(4)
Certain items	(16)	(233)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	(28)	(106)
Vacation Ownership
Segment Reporting Information
Adjusted earnings before income taxes depreciation and amortization	68	147
Exchange & Third-Party Management
Segment Reporting Information
Adjusted earnings before income taxes depreciation and amortization	$ 41	$ 41

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Segment Reporting Information
Total assets	$ 9,187	$ 8,898
Operating segments
Segment Reporting Information
Total assets	7,934	7,810
Operating segments | Vacation Ownership
Segment Reporting Information
Total assets	7,004	6,859
Operating segments | Exchange & Third-Party Management
Segment Reporting Information
Total assets	930	951
Corporate and Other
Segment Reporting Information
Total assets	$ 1,253	$ 1,088

Uncategorized Items - vac-20210

Label	Element	Value
Dividends	us-gaap_Dividends	$ 0