Marriott Vacations Worldwide (VAC) 10-Q 9 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	9002 San Marco Court
Entity Address, City or Town	Orlando
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32819
City Area Code	407
Local Phone Number	206-6000
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	VAC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		41,432,080
Amendment Flag	false
Document Fiscal Year Focus	2022
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, 2022	Mar. 31, 2021
REVENUES
Revenue from contracts with customers	$ 981	$ 700
Financing	71	59
Cost reimbursements	316	255
TOTAL REVENUES	1,052	759
EXPENSES
Marketing and sales	182	109
Financing	21	21
General and administrative	61	46
Depreciation and amortization	33	41
Litigation charges	3	3
Royalty fee	27	25
Cost reimbursements	316	255
TOTAL EXPENSES	911	739
Gains and other income, net	4	6
Interest expense	(27)	(43)
Transaction and integration costs	(28)	(19)
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	90	(36)
(Provision for) benefit from income taxes	(32)	11
NET INCOME (LOSS)	58	(25)
Net income attributable to noncontrolling interests	0	(3)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 58	$ (28)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 1.36	$ (0.68)
Diluted (in usd per share)	1.23	(0.68)
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.62	$ 0
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 310	$ 163
EXPENSES
Expenses	60	40
Management and exchange
REVENUES
Revenue from contracts with customers	222	193
EXPENSES
Expenses	127	117
Rental
REVENUES
Revenue from contracts with customers	133	89
EXPENSES
Expenses	$ 81	$ 82

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 58	$ (25)
Other comprehensive income (loss):
Foreign currency translation adjustments	4	(3)
Derivative instrument adjustment, net of tax	16	6
OTHER COMPREHENSIVE GAIN, NET OF TAX	20	3
Net income attributable to noncontrolling interests	0	(3)
Other comprehensive income attributable to noncontrolling interests	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(3)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 78	$ (25)

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 354	$ 342
Restricted cash (including $78 and $139 from VIEs, respectively)	296	461
Accounts receivable, net (including $12 and $12 from VIEs, respectively)	234	279
Vacation ownership notes receivable, net (including $1,661 and $1,662 from VIEs, respectively)	2,030	2,045
Inventory	693	719
Property and equipment, net	1,162	1,136
Goodwill	3,142	3,150
Intangibles, net	978	993
Other (including $74 and $76 from VIEs, respectively)	614	488
TOTAL ASSETS	9,503	9,613
LIABILITIES AND EQUITY
Accounts payable	212	265
Advance deposits	194	160
Accrued liabilities (including $2 and $2 from VIEs, respectively)	347	345
Deferred revenue	507	453
Payroll and benefits liability	214	201
Deferred compensation liability	136	142
Securitized debt, net (including $1,799 and $1,877 from VIEs, respectively)	1,779	1,856
Debt, net	2,751	2,631
Other	206	224
Deferred taxes	333	350
TOTAL LIABILITIES	6,679	6,627
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; 75,721,548 and 75,519,049 shares issued, respectively	1	1
Treasury stock — at cost; 33,971,376 and 33,235,671 shares, respectively	(1,474)	(1,356)
Additional paid-in capital	3,945	4,072
Accumulated other comprehensive loss	4	(16)
Retained earnings	338	275
TOTAL MVW SHAREHOLDERS' EQUITY	2,814	2,976
Noncontrolling interests	10	10
TOTAL EQUITY	2,824	2,986
TOTAL LIABILITIES AND EQUITY	$ 9,503	$ 9,613

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Restricted cash	$ 296	$ 461
Accounts receivable, net	234	279
Vacation ownership notes receivable, net	2,030	2,045
Other assets	614	488
Accrued liabilities	347	345
Secured debt, net	$ 1,779	$ 1,856
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)	75,721,548	75,519,049
Treasury stock, shares (in shares)	33,971,376	33,235,671
Variable interest entity
Restricted cash	$ 78	$ 139
Accounts receivable, net	12	12
Vacation ownership notes receivable, net	1,661	1,662
Other assets	74	76
Accrued liabilities	2	2
Secured debt, net	$ 1,799	$ 1,877

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 58	$ (25)
Adjustments to reconcile net income (loss) to net cash, cash equivalents and restricted cash provided by (used in) operating activities:
Depreciation and amortization of intangibles	33	41
Amortization of debt discount and issuance costs	5	11
Vacation ownership notes receivable reserve	29	14
Share-based compensation	8	8
Deferred income taxes	18	15
Net change in assets and liabilities:
Accounts receivable	45	51
Vacation ownership notes receivable originations	(205)	(108)
Vacation ownership notes receivable collections	188	165
Inventory	28	(26)
Other assets	(134)	(138)
Accounts payable, advance deposits and accrued liabilities	12	(30)
Deferred revenue	54	102
Payroll and benefit liabilities	13	31
Deferred compensation liability	(7)	(2)
Other liabilities	(3)	5
Deconsolidation of certain Consolidated Property Owners' Associations	0	(71)
Purchase of vacation ownership units for future transfer to inventory	(12)	(99)
Other, net	(1)	(4)
Net cash, cash equivalents and restricted cash provided by (used in) operating activities	129	(60)
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(9)	(7)
Purchase of company owned life insurance	(4)	(1)
Dispositions, net	3	0
Net cash, cash equivalents and restricted cash used in investing activities	(10)	(8)
FINANCING ACTIVITIES
Borrowings from securitization transactions	102	0
Repayment of debt related to securitization transactions	(178)	(159)
Proceeds from debt	30	561
Repayments of debt	(30)	(100)
Purchase of convertible note hedges	0	(100)
Proceeds from issuance of warrants	0	70
Finance lease payment	(2)	0
Payment of debt issuance costs	(4)	(2)
Repurchase of common stock	(119)	0
Payment of dividends	(49)	0
Payment of withholding taxes on vesting of restricted stock units	(22)	(15)
Net cash, cash equivalents and restricted cash (used in) provided by financing activities	(272)	255
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	0	(1)
Change in cash, cash equivalents and restricted cash	(153)	186
Cash, cash equivalents and restricted cash, beginning of period	803	992
Cash, cash equivalents and restricted cash, end of period	650	1,178
SUPPLEMENTAL DISCLOSURES
Non-cash transfer from property and equipment to inventory	2	3
Non-cash transfer from inventory to property and equipment	31	2
Non-cash transfer of other assets to property and equipment	13	22
Non-cash issuance of debt in connection with asset acquisition	11	0
Non-cash issuance of treasury stock for employee stock purchase plan	1	0
Interest paid, net of amounts capitalized	30	53
Income tax refunds, net of income taxes paid	$ (7)	$ (30)

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Previously Reported	Revision of Prior Period, Accounting Standards Update, Adjustment	Cumulative effect, period of adoption, adjusted balance	Total MVW Shareholders' Equity	Total MVW Shareholders' EquityPreviously Reported	Total MVW Shareholders' EquityRevision of Prior Period, Accounting Standards Update, Adjustment	Total MVW Shareholders' EquityCumulative effect, period of adoption, adjusted balance	Common Stock	Common StockPreviously Reported	Common StockCumulative effect, period of adoption, adjusted balance	Treasury Stock	Treasury StockPreviously Reported	Treasury StockCumulative effect, period of adoption, adjusted balance	Additional Paid-In Capital	Additional Paid-In CapitalPreviously Reported	Additional Paid-In CapitalRevision of Prior Period, Accounting Standards Update, Adjustment	Additional Paid-In CapitalCumulative effect, period of adoption, adjusted balance	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) IncomePreviously Reported	Accumulated Other Comprehensive (Loss) IncomeCumulative effect, period of adoption, adjusted balance	Retained Earnings	Retained EarningsPreviously Reported	Retained EarningsRevision of Prior Period, Accounting Standards Update, Adjustment	Retained EarningsCumulative effect, period of adoption, adjusted balance	Noncontrolling Interests	Noncontrolling InterestsPreviously Reported	Noncontrolling InterestsCumulative effect, period of adoption, adjusted balance
Beginning balance (in shares) at Dec. 31, 2020									75,300,000
Beginning balance at Dec. 31, 2020	$ 2,682				$ 2,651				$ 1			$ (1,334)			$ 3,760				$ (48)			$ 272				$ 31
Increase (Decrease) in Stockholders' Equity
Net (loss) income	(25)				(28)																	(28)				3
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
Deconsolidation of certain Consolidated Property Owners' Associations	(5)																									(5)
Ending balance (in shares) at Mar. 31, 2021									75,500,000
Ending balance at Mar. 31, 2021	$ 2,738				2,709				$ 1			(1,334)			3,843				(45)			244				29
Beginning balance (in shares) at Dec. 31, 2021	75,519,049								75,500,000
Beginning balance at Dec. 31, 2021	$ 2,986	$ 2,986	$ (80)	$ 2,906		$ 2,976	$ (80)	$ 2,896		$ 1	$ 1		$ (1,356)	$ (1,356)		$ 4,072	$ (111)	$ 3,961		$ (16)	$ (16)		$ 275	$ 31	$ 306		$ 10	$ 10
Increase (Decrease) in Stockholders' Equity
Net (loss) income	58				58																	58
Foreign currency translation adjustments	4				4														4
Derivative instrument adjustment	16				16														16
Share-based compensation plans (in shares)									200,000
Share-based compensation plans	(15)				(15)							1			(16)
Repurchase of common stock	(119)				(119)							(119)
Dividends	$ (26)				(26)																	(26)
Ending balance (in shares) at Mar. 31, 2022	75,721,548								75,700,000
Ending balance at Mar. 31, 2022	$ 2,824				$ 2,814				$ 1			$ (1,474)			$ 3,945				$ 4			$ 338				$ 10
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements. The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and 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 income or loss 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 entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the COVID-19 pandemic, and the ongoing 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 2021 Annual Report. Acquisition of Welk On April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions” for more information on the Welk Acquisition.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards 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 the first quarter of 2022, we adopted accounting standards update (“ASU”) 2020-06, using the modified retrospective method. Under ASU 2020-06, we no longer separate our convertible notes into liability and equity components, and we are required to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of intent to settle or partially settle the debt in cash. 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 reduces our reported diluted earnings per share. The impacts of the adoption were recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes was reclassified from equity to liabilities. In addition, we eliminated the related equity adjustment associated with the deferred tax liability. The adoption of ASU 2020-06 on January 1, 2022 resulted in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $31 million. The remaining debt issuance costs will continue to be amortized over the term of our convertible notes. The prior period consolidated financial statements have not been retrospectively restated and continue to be reported under the accounting standards in effect for those periods. Accounting Standards Update 2021-08 - “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”) In the first quarter of 2022, we adopted ASU 2021-08, which amended ASC 805 to require entities to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination. The adoption of ASU 2021-08 on January 1, 2022 did not have a material impact on our financial statements and disclosure. In the event that we complete business combinations in the future, the application of ASU 2021-08 could result in higher acquired deferred revenue. 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 was effective upon issuance and issuers may generally elect to adopt the optional expedients and exceptions over time through December 31, 2022. As of March 31, 2022, the interest rate applicable to borrowings under our existing Term Loan (as defined in Footnote 13 “Debt”) and Warehouse Credit Facility (as defined in Footnote 12 “Securitized Debt”) generally continue to reference LIBOR, as do certain interest rate swaps and collars. These instruments have not yet discontinued the use of LIBOR. To the extent these instruments are amended to reference a different benchmark interest rate, we may elect to utilize the relief available in ASU 2020-04. When we renew or amend our remaining existing debt instruments, we will determine a replacement rate for LIBOR. We have not adopted any of the optional expedients or exceptions as of March 31, 2022, but will continue to evaluate their adoption during the effective period as circumstances evolve. Accounting Standards Update 2022-02 – “ Financial Instruments – Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures ” (“ASU 2022-02”) In March 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhances disclosure requirements with respect to loan modifications for borrowers experiencing financial difficulty. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination to be presented in the vintage disclosures for financing receivables. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact that adoption of ASU 2022-02, including the timing of implementation, will have on our financial statements and disclosures; however, we do not expect adoption to have a material effect on our financial statements or disclosures other than disclosure changes related to vintage disclosures for financing receivables.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	3. ACQUISITIONS Welk Acquisition On April 1, 2021 (the “Welk Acquisition Date”), we completed the Welk Acquisition. The following table presents the fair value of each type of consideration transferred at the Welk Acquisition Date, as finalized at March 31, 2022. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued 1.4 Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date $ 174.18 Fair value of Marriott Vacations Worldwide common stock issued 248 Cash consideration to Welk, net of cash and restricted cash acquired of $48 million 157 Total consideration transferred, net of cash and restricted cash acquired $ 405 Fair Values of Assets Acquired and Liabilities Assumed We accounted for the Welk Acquisition as a business combination, which required us to record the assets acquired and liabilities assumed at fair value as of the Welk Acquisition Date. The values attributed to Vacation ownership notes receivable, Inventory, Property and equipment, Intangible assets, and Securitized debt from VIEs are based on valuations prepared using Level 3 inputs and assumptions in accordance with ASC Topic 820, “ Fair Value Measurements ” (“ASC 820”). The value attributed to Debt is based on Level 2 inputs in accordance with ASC 820. During the first quarter of 2022, we finalized our allocation of the purchase price to the acquired assets and liabilities. The following table presents the fair values of the assets that we acquired and the liabilities that we assumed in connection with the business combination as previously reported at December 31, 2021, and as finalized at March 31, 2022. During the first quarter of 2022, we refined our valuation models related to certain acquired assets and liabilities as follows: ($ in millions) April 1, 2021 Adjustments April 1, 2021 Vacation ownership notes receivable, net $ 255 $ — $ 255 Inventory 111 — 111 Property and equipment 83 — 83 Intangible assets 102 — 102 Other assets 19 — 19 Deferred taxes (32) 8 (24) Debt (189) — (189) Securitized debt (184) — (184) Other liabilities (93) — (93) Net assets acquired 72 8 80 Goodwill (1) 333 (8) 325 $ 405 $ — $ 405 _________________________ (1) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes. Pro Forma Results of Operations The following unaudited pro forma information presents the combined results of operations of Marriott Vacations Worldwide and Welk as if we had completed the Welk Acquisition on December 31, 2019, the last day of our 2019 fiscal year, but using the fair values of assets and liabilities as of the Welk Acquisition Date set forth above. As required by GAAP, these unaudited pro forma results do not reflect any synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. There were no Welk Acquisition-related costs included in the unaudited pro forma results below for the three months ended March 31, 2021. Three Months Ended ($ in millions, except per share data) March 31, 2021 Revenues $ 806 Net loss $ (12) Net loss attributable to common shareholders $ (15) LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ (0.36) Diluted $ (0.36) Welk Results of Operations The following table presents the results of Welk operations included in our Income Statement for the three months ended March 31, 2022. ($ in millions) Three Months Ended March 31, 2022 Revenue $ 51 Net income $ 8 Other Acquisitions Bali

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES	3 Months Ended
	Mar. 31, 2022
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, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 310 $ — $ — $ 310 Ancillary revenues 54 1 — 55 Management fee revenues 42 10 (3) 49 Exchange and other services revenues 30 53 35 118 Management and exchange 126 64 32 222 Rental 122 11 — 133 Cost reimbursements 327 9 (20) 316 Revenue from contracts with customers 885 84 12 981 Financing 71 — — 71 Total Revenues $ 956 $ 84 $ 12 $ 1,052 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 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, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 517 $ 38 $ 12 $ 567 Goods or services transferred at a point in time 368 46 — 414 Revenue from contracts with customers $ 885 $ 84 $ 12 $ 981 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 Sale of Vacation Ownership Products Revenue recognized during the first quarter of 2022 due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods was $1 million. Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2022 or December 31, 2021. ($ in millions) At March 31, 2022 At December 31, 2021 Receivables from Contracts with Customers Accounts receivable $ 140 $ 172 Vacation ownership notes receivable, net 2,030 2,045 $ 2,170 $ 2,217 Contract Liabilities Advance deposits $ 194 $ 160 Deferred revenue 507 453 $ 701 $ 613 Revenue recognized during the first quarter of 2022 that was included in our contract liabilities balance at December 31, 2021 was $126 million. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2022, approximately 86% of this amount is expected to be recognized as revenue over the next two years. Accounts Receivable Accounts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts receivable balances: ($ in millions) At March 31, 2022 At December 31, 2021 Receivables from contracts with customers $ 140 $ 172 Interest receivable 14 14 Tax receivable 34 48 Indemnification assets 21 22 Employee tax credit receivable 17 19 Other 8 4 $ 234 $ 279

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
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 35.6% and 29.8% for the three months ended March 31, 2022 and March 31, 2021, respectively. The change in the effective tax rate is predominately attributable to an increase in pre-tax income and an increase in the reserve for uncertain tax benefits. 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, 2022. These unrecognized tax benefits relate to uncertain income tax positions, which would affect the effective tax rate if recognized. ($ in millions) Unrecognized Tax Benefits Balance at December 31, 2021 $ 26 Increases related to tax positions taken during a prior period 2 Balance at March 31, 2022 $ 28 The total amount of gross interest and penalties accrued was $45 million at March 31, 2022 and $42 million at December 31, 2021. We anticipate $14 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefits, including accrued interest and penalties, are included in Other liabilities on our Balance Sheet. Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for tax years 2007 through 2019. The amount of the unrecognized tax benefit may increase or decrease as a result of audits or audit settlements.

VACATION OWNERSHIP NOTES RECEIV

VACATION OWNERSHIP NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,345 $ 316 $ 1,661 $ 1,308 $ 354 $ 1,662 Non-securitized Eligible for securitization (1) 102 1 103 96 1 97 Not eligible for securitization (1) 249 17 266 267 19 286 Subtotal 351 18 369 363 20 383 $ 1,696 $ 334 $ 2,030 $ 1,671 $ 374 $ 2,045 _________________________ (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, 2022 March 31, 2021 Interest income associated with vacation ownership notes receivable — securitized $ 59 $ 48 Interest income associated with vacation ownership notes receivable — non-securitized 10 9 Total interest income associated with vacation ownership notes receivable $ 69 $ 57 Acquired Vacation Ownership Notes Receivable Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at March 31, 2022. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022, remaining $ 2 $ 52 $ 54 2023 2 47 49 2024 2 47 49 2025 2 44 46 2026 2 39 41 Thereafter 8 87 95 Balance at March 31, 2022 $ 18 $ 316 $ 334 Weighted average stated interest rate 13.8% 14.2% 14.1% Range of stated interest rates 0.0% to 21.9% 0.0% to 21.9% 0.0% to 21.9% 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, 2021 $ 47 $ 23 $ 70 Write-offs (11) — (11) Recoveries 7 — 7 Defaulted vacation ownership notes receivable repurchase activity (1) 8 (8) — (Decrease) increase in vacation ownership notes receivable reserve (5) 5 — Balance at March 31, 2022 $ 46 $ 20 $ 66 _________________________ (1) Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchase securitized vacation ownership notes receivable. Originated Vacation Ownership Notes Receivable Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2022. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022, remaining $ 45 $ 97 $ 142 2023 29 130 159 2024 27 132 159 2025 27 135 162 2026 27 140 167 Thereafter 196 711 907 Balance at March 31, 2022 $ 351 $ 1,345 $ 1,696 Weighted average stated interest rate 12.8% 12.9% 12.9% Range of stated interest rates 0.0% to 20.9% 0.0% to 19.9% 0.0% to 20.9% 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, 2021 $ 193 $ 140 $ 333 Increase in vacation ownership notes receivable reserve 25 4 29 Securitizations (1) (21) 21 — Write-offs (19) — (19) Defaulted vacation ownership notes receivable repurchase activity (2) 15 (15) — Balance at March 31, 2022 $ 193 $ 150 $ 343 _________________________ (1) Reflects the change attributable to the transfer of the reserve from the non-securitized vacation ownership notes receivable reserve to the securitized vacation ownership notes receivable reserve, when MVW 2021-2 LLC purchased the remaining vacation ownership notes receivable that were securitized during the fourth quarter of 2021, and when we securitized vacation ownership notes receivable under our Warehouse Credit Facility (as defined in Footnote 12 “Securitized Debt”) during the first quarter of 2022. (2) Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchase 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 6.71% as of March 31, 2022, and 6.74% as of December 31, 2021. 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 $6 million as of both March 31, 2022 and December 31, 2021. We use the aging of the vacation ownership notes receivable as the primary credit quality indicator for our Legacy-MVW vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the age of the receivable associated with the vacation ownership interest. The following table shows our recorded investment in non-accrual Legacy-MVW vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2022 $ 84 $ 9 $ 93 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 88 $ 8 $ 96 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, 2022 and December 31, 2021. Legacy-MVW Vacation Ownership Notes Receivable As of March 31, 2022 As of December 31, 2021 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 18 $ 24 $ 6 $ 20 $ 26 91 – 150 days past due 3 9 12 4 8 12 Greater than 150 days past due 81 — 81 84 — 84 Total past due 90 27 117 94 28 122 Current 163 1,042 1,205 180 1,027 1,207 Total vacation ownership notes receivable $ 253 $ 1,069 $ 1,322 $ 274 $ 1,055 $ 1,329 The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of March 31, 2022. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2022 $ 83 $ 16 $ 99 2021 37 349 386 2020 19 151 170 2019 42 226 268 2018 26 145 171 2017 & Prior 46 182 228 $ 253 $ 1,069 $ 1,322 Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable At March 31, 2022 and December 31, 2021, the weighted average FICO score within our consolidated Legacy-ILG and Legacy-Welk vacation ownership notes receivable pools was 708 and 707, respectively, based upon the FICO score of the borrower at the time of origination. The average estimated rate for all future defaults for our Legacy-ILG and Legacy-Welk consolidated outstanding pool of vacation ownership notes receivable was 17.14% as of March 31, 2022 and 17.33% as of December 31, 2021. A 0.5 percentage point increase in the estimated default rate on the Legacy-ILG and Legacy-Welk vacation ownership notes receivable would have resulted in an increase in the related vacation ownership notes receivable reserve of $4 million as of both March 31, 2022 and December 31, 2021. We use the origination of the vacation ownership notes receivable by brand (Westin, Sheraton, Hyatt, Welk) and the FICO scores of the customer as the primary credit quality indicators for our Legacy-ILG and Legacy-Welk vacation ownership notes receivable, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership interest they have acquired, supplemented by the FICO scores of the customers. Vacation ownership notes receivable with no FICO score in the tables below primarily relate to non-U.S. resident borrowers. The following table shows our recorded investment in non-accrual Legacy-ILG and Legacy-Welk vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2022 $ 115 $ 9 $ 124 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 114 $ 10 $ 124 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG and Legacy-Welk vacation ownership notes receivable as of March 31, 2022 and December 31, 2021. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable As of March 31, 2022 As of December 31, 2021 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 11 $ 21 $ 32 $ 16 $ 24 $ 40 91 – 120 days past due 4 5 9 4 6 10 Greater than 120 days past due 111 4 115 110 4 114 Total past due 126 30 156 130 34 164 Current 229 732 961 219 735 954 Total vacation ownership notes receivable $ 355 $ 762 $ 1,117 $ 349 $ 769 $ 1,118 The following tables show the Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of March 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 48 $ 30 $ 3 $ 7 $ 88 Sheraton 49 43 7 19 118 Hyatt 7 5 1 — 13 Welk 102 71 1 2 176 Other 1 1 — 2 4 $ 207 $ 150 $ 12 $ 30 $ 399 Acquired Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 52 $ 32 $ 3 $ 8 $ 95 Sheraton 54 48 8 23 133 Hyatt 8 6 1 — 15 Welk 115 79 1 2 197 Other 2 — — 2 4 $ 231 $ 165 $ 13 $ 35 $ 444 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2022. Acquired Vacation Ownership Notes Receivable 2018 & Prior ($ in millions) Westin Sheraton Hyatt & Other Total 700 + $ 48 $ 49 $ 8 $ 105 600 - 699 30 43 6 79 < 600 3 7 1 11 No Score 7 19 2 28 $ 88 $ 118 $ 17 $ 223 Acquired Vacation Ownership Notes Receivable - Welk ($ in millions) 2021 2020 2019 2018 & Prior Total 700 + $ 8 $ 22 $ 26 $ 46 $ 102 600 - 699 4 13 19 35 71 < 600 — 1 — — 1 No Score — — 1 1 2 $ 12 $ 36 $ 46 $ 82 $ 176 The following tables show the Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of March 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 148 $ 68 $ 9 $ 40 $ 265 Sheraton 138 98 20 46 302 Hyatt 23 11 1 — 35 Welk 79 34 1 1 115 $ 388 $ 211 $ 31 $ 87 $ 717 Originated Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 143 $ 66 $ 8 $ 34 $ 251 Sheraton 136 94 20 46 296 Hyatt 22 11 — — 33 Welk 65 27 1 1 94 $ 366 $ 198 $ 29 $ 81 $ 674 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable by brand and FICO score as of March 31, 2022. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 21 $ 61 $ 20 $ 38 $ 8 $ 148 600 - 699 6 29 9 20 4 68 < 600 1 3 2 2 1 9 No Score 18 9 4 8 1 40 $ 46 $ 102 $ 35 $ 68 $ 14 $ 265 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 17 $ 56 $ 21 $ 35 $ 9 $ 138 600 - 699 8 43 14 25 8 98 < 600 1 9 4 5 1 20 No Score 5 11 8 18 4 46 $ 31 $ 119 $ 47 $ 83 $ 22 $ 302 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 5 $ 9 $ 3 $ 5 $ 1 $ 23 600 - 699 3 4 1 2 1 11 < 600 — 1 — — — 1 No Score — — — — — — $ 8 $ 14 $ 4 $ 7 $ 2 $ 35 Originated Vacation Ownership Notes Receivable - Welk ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 24 $ 55 $ — $ — $ — $ 79 600 - 699 11 23 — — — 34 < 600 — 1 — — — 1 No Score 1 — — — — 1 $ 36 $ 79 $ — $ — $ — $ 115

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 2,030 $ 2,091 $ 2,045 $ 2,102 Other assets 74 74 76 76 Total financial assets $ 2,104 $ 2,165 $ 2,121 $ 2,178 Securitized debt, net $ (1,779) $ (1,745) $ (1,856) $ (1,900) 2025 Notes, net (248) (257) (248) (261) 2028 Notes, net (346) (338) (346) (362) 2029 Notes, net (493) (474) (493) (505) Term Loan, net (777) (763) (776) (784) 2022 Convertible Notes, net (1) (229) (265) (224) (280) 2026 Convertible Notes, net (1) (563) (632) (461) (682) Non-interest bearing note payable, net (11) (11) — — Total financial liabilities $ (4,446) $ (4,485) $ (4,404) $ (4,774) _________________________ (1) Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. Vacation Ownership Notes Receivable At March 31, 2022 At December 31, 2021 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,661 $ 1,715 $ 1,662 $ 1,712 Eligible for securitization 103 110 97 104 Not eligible for securitization 266 266 286 286 Non-securitized 369 376 383 390 $ 2,030 $ 2,091 $ 2,045 $ 2,102 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 $74 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). 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, 2028 Notes, and 2029 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 this loan has only a limited trading history and volume, and as such this fair value estimate is not necessarily indicative of the value at which the Term Loan could be retired or transferred. We concluded that this fair value measurement should be categorized within Level 3. 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. Non-Interest Bearing Note Payable

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
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. We adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. ASU 2020-06 was applicable to our convertible notes outstanding as of adoption and requires us to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of our intent to settle or partially settle the debt in cash. Under the “if-converted” method, shares issuable upon conversion of our convertible notes are assumed to be converted into common stock at the beginning of the period, to the extent dilutive. Earnings per share for the three months ended March 31, 2021 have not been retrospectively restated and continue to be reported under the accounting standards in effect for that period. 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 or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2022 (1) March 31, 2021 Computation of Basic Earnings (Loss) Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 58 $ (28) Shares for basic earnings (loss) per share 42.4 41.4 Basic earnings (loss) per share $ 1.36 $ (0.68) Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 58 $ (28) Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax 1 — Numerator used to calculate diluted EPS $ 59 $ (28) Shares for basic earnings (loss) per share 42.4 41.4 Effect of dilutive shares outstanding (2) Employee SARs 0.2 — Restricted stock units 0.3 — 2022 Convertible Notes ($230 million of principal) 1.6 — 2026 Convertible Notes ($575 million of principal) 3.4 — Shares for diluted earnings (loss) per share 47.9 41.4 Diluted earnings (loss) per share $ 1.23 $ (0.68) _______________________________ (1) The computation of diluted earnings per share attributable to common shareholders excludes approximately 300,000 shares of common stock, the maximum number of shares issuable as of March 31, 2022, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. (2) For the first quarter of 2021, 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 the effects of including these securities would have been anti-dilutive. Three Months Ended (in millions) March 31, 2021 Employee SARs 0.2 Restricted stock units 0.5 2022 Convertible Notes ($230 million of principal) 0.1 0.8 In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2022, we excluded from our calculation of diluted earnings per share 126,169 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise price of $173.88 of such SARs was greater than the average market price for the applicable period.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORY	9. INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2022 At December 31, 2021 Real estate inventory (1) $ 684 $ 710 Other 9 9 $ 693 $ 719 _________________________ (1) Represents completed inventory that is registered for sale as vacation ownership interests and vacation ownership inventory expected to be reacquired 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 $7 million during the first quarter of 2022 and by $1 million during the first quarter of 2021. In addition to the above, at March 31, 2022 and December 31, 2021, we had $496 million and $460 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition. ($ in millions) Vacation Ownership Reporting Unit Exchange & Third-Party Management Reporting Unit Total Consolidated Balance at December 31, 2021 $ 2,778 $ 372 $ 3,150 Measurement period adjustments (8) — (8) Balance at March 31, 2022 $ 2,770 $ 372 $ 3,142 Intangible Assets The following table details the composition of our intangible asset balances: ($ in millions) At March 31, 2022 At December 31, 2021 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 452 452 1,123 1,123 Accumulated amortization (209) (194) 914 929 Indefinite-lived intangible assets Trade names 64 64 $ 978 $ 993

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	11. CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of March 31, 2022, we had the following commitments outstanding: • We have various contracts for the use of information technology hardware and software that we use in the normal course of business. Our aggregate commitment under these contracts was $97 million, of which we expect $43 million, $30 million, $13 million, $8 million, and $3 million will be paid in the remainder of 2022, 2023, 2024, 2025, and 2026 and thereafter, respectively. • We have a commitment to acquire real estate for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 16 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction. • We have commitments to acquire inventory from our managed owners’ associations in the remainder of 2022 for $79 million. Surety bonds issued as of March 31, 2022 totaled $120 million, the majority of which were requested by federal, state, or local governments in connection with our operations. As of March 31, 2022, 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, 2022, 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. Guarantees Certain of our rental management agreements in our Exchange & Third-Party Management segment provide for owners of properties we manage to receive specified percentages of rental revenue or guaranteed amounts generated under our management. In these cases, the operating expenses for the rental operations are paid from the revenue generated by the rentals, the owners are then paid their contractual percentages or guaranteed amounts, and our vacation rental business either retains the balance (if any) as its fee or makes up the deficit. At March 31, 2022, our maximum exposure under fixed dollar guarantees was $8 million, of which $1 million, $2 million, $2 million, $1 million, $1 million, and $1 million relate to the remainder of 2022, 2023, 2024, 2025, 2026, and thereafter, respectively. We have a commitment to an owners’ association that we manage to pay for any shortfall between the actual expenses incurred by the owners’ association and the income received by the owners’ association, in lieu of maintenance fees for unsold inventory. The agreement will terminate on the earlier of: 1) sale of 95% of the total ownership interests in the owners’ association; or 2) written notification of termination by either party. At March 31, 2022, our expected commitment for the remainder of 2022 is $10 million, which will ultimately be recorded as a component of rental expense on our income statement. Loss Contingencies In February 2019, the owners’ association for the St. Regis Residence Club, New York filed a lawsuit in the Supreme Court for the State of New York, New York County, Commercial Division against ILG and several of its subsidiaries and certain third parties. The operative complaint 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, were 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 February 2022, the Court granted our motion to dismiss the complaint and dismissed with prejudice all claims except one, with respect to which the plaintiff was granted leave to amend its complaint. The plaintiff has filed an amended complaint and has appealed the dismissal of the other claims. 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. 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 or in the aggregate, will materially harm our financial position, cash flows, or overall trends in results of operations based on information currently available. However, legal proceedings are inherently uncertain, and while we believe that our accruals are adequate and/or we have valid defenses to the claims asserted, unfavorable rulings could occur that could, individually or in the aggregate, have a material adverse effect on our business, financial condition, or operating results. Leases That Have Not Yet Commenced During 2020, we entered into a finance lease arrangement, which was then amended in 2021, for our new global headquarters office building, which is being constructed in Orlando, Florida. The initial lease term is approximately 16 years with total lease payments of $137 million for the aforementioned period. We expect the new office building to be completed in 2023. Upon commencement of the lease term, a right-of-use asset and corresponding liability will be recorded on our balance sheet.

SECURITIZED DEBT

SECURITIZED DEBT	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 Vacation ownership notes receivable securitizations, gross (1) $ 1,698 $ 1,877 Unamortized debt discount and issuance costs (19) (21) 1,679 1,856 Warehouse Credit Facility, gross 101 — Unamortized debt issuance costs (2) (1) — 100 — $ 1,779 $ 1,856 _________________________ (1) Interest rates as of March 31, 2022 range from 1.5% to 4.4%, with a weighted average interest rate of 2.3%. (2) Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding on the Warehouse Credit Facility at that time. All of our securitized debt is non-recourse to MVWC. See Footnote 16 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt. The following table shows scheduled future principal payments for our securitized debt as of March 31, 2022. Vacation Ownership Warehouse Credit Total ($ in millions) Payments Year 2022, remaining $ 135 $ 3 $ 138 2023 182 5 187 2024 185 93 278 2025 185 — 185 2026 183 — 183 Thereafter 828 — 828 $ 1,698 $ 101 $ 1,799 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 2022, and as of March 31, 2022, we had 14 securitized vacation ownership notes receivable pools outstanding, none of which were out of compliance with their respective established parameters. As the contractual terms of the underlying securitized vacation ownership notes receivable determine the maturities of the non-recourse debt associated with them, actual maturities may occur earlier than shown above due to prepayments by the vacation ownership notes receivable obligors. 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. During the first quarter of 2022, we securitized vacation ownership notes receivable under our Warehouse Credit Facility. The carrying amount of the vacation ownership notes receivable securitized was $125 million. The average advance rate was 81%, which resulted in gross proceeds of $102 million. Net proceeds were $101 million due to the funding of reserve accounts of $1 million.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 Senior Secured Notes 2025 Notes $ 250 $ 250 Unamortized debt discount and issuance costs (2) (2) 248 248 Senior Unsecured Notes 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 2029 Notes 500 500 Unamortized debt discount and issuance costs (7) (7) 493 493 Corporate Credit Facility Term Loan 784 784 Unamortized debt discount and issuance costs (7) (8) 777 776 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (1) (6) 229 224 2026 Convertible Notes 575 575 Unamortized debt discount and issuance costs (12) (114) 563 461 Non-interest bearing note payable 11 — Finance Leases 84 83 $ 2,751 $ 2,631 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2022. ($ in millions) 2025 2028 2029 Term 2022 Convertible Notes 2026 Convertible Notes Non-Interest Bearing Note Payable Total Payments Year 2022, remaining $ — $ — $ — $ — $ 230 $ — $ — $ 230 2023 — — — — — — 7 7 2024 — — — — — — 4 4 2025 250 — — 784 — — — 1,034 2026 — — — — — 575 — 575 Thereafter — 350 500 — — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 11 $ 2,700 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”), of which $250 million of principal was outstanding as of March 31, 2022. • $350 million aggregate principal amount of 4.750% Senior Unsecured Notes due 2028 issued in the fourth quarter of 2019 with a maturity date of January 15, 2028 (the “2028 Notes”). • $500 million aggregate principal amount of 4.500% Senior Unsecured Notes due 2029 issued in the second quarter of 2021 with a maturity date of June 15, 2029 (the “2029 Notes”). 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 bears interest at LIBOR plus 1.75%, and a revolving credit facility (the “Revolving Corporate Credit Facility”) that includes a letter of credit sub-facility of $75 million. During the first quarter of 2022, we entered into an amendment to the Revolving Corporate Credit Facility (the “Amendment”), which increased the borrowing capacity of the existing revolving credit facility from $600 million to $750 million and extended the maturity date from August 31, 2023 to March 31, 2027. The Amendment modified the interest rate applicable to borrowings under the Revolving Corporate Credit Facility to reference the Secured Overnight Financing Rate (“SOFR”) and to be based on “Adjusted Term SOFR,” which is calculated as Term SOFR (as defined in the Amendment), plus a 0.10% adjustment, subject to a 0.00% floor. Interest rates for other select non-U.S. dollar borrowings were also amended to be based on updated variable rate indices. The applicable margins with respect to the Revolving Corporate Credit Facility were amended to be based on leverage-based measures instead of credit ratings-based measures. The Amendment made no other material changes to the Corporate Credit Facility. Prior to 2020, we entered into $250 million of interest rate swaps under which we pay a fixed rate of 2.9625% 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% 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 $100 million interest rate collar with a cap strike rate of 2.5000% and a floor strike rate of 1.8810% through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and recorded in Other liabilities on our Balance Sheet as of March 31, 2022 and December 31, 2021. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income for presentation purposes. The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first quarters of 2022 and 2021. There were no reclassifications to the Income Statement for either of the periods presented below. ($ in millions) 2022 2021 Derivative instrument adjustment balance, January 1 $ (18) $ (39) Other comprehensive gain before reclassifications 16 6 Derivative instrument adjustment balance, March 31 $ (2) $ (33) 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%, 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, 2022 to 6.8402 shares of common stock per $1,000 principal amount of 2022 Convertible Notes (equivalent to a conversion price of $146.19 per share of our common stock), as a result of the dividends we declared since issuance of the 2022 Convertible Notes that were greater than the quarterly dividend we paid when the 2022 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of March 31, 2022, the effective interest rate was 2.19%. The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At March 31, 2022 At December 31, 2021 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (1) — (5) Unamortized debt issuance costs (1) (1) Net carrying amount of the liability component $ 229 $ 224 Carrying amount of equity component, net of issuance costs (1) $ — $ 33 ________________________ (1) As a result of the adoption of ASU 2020-06 during the first quarter of 2022, we no longer account for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2022 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. The following table shows interest expense information related to the 2022 Convertible Notes. Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Contractual interest expense $ 1 $ 1 Amortization of debt discount — 2 $ 1 $ 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 1.6 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 1.6 million shares of our common stock. As of March 31, 2022, the strike prices of the 2022 Convertible Note Hedges and the 2022 Warrants were subject to adjustment to approximately $148.29 and $176.80, respectively, and no 2022 Convertible Note Hedges or 2022 Warrants have been exercised. 2026 Convertible Notes During 2021, we issued $575 million aggregate principal amount of convertible senior notes (the “2026 Convertible Notes”) that bear interest at a rate of 0.00%. The 2026 Convertible Notes mature on January 15, 2026, unless 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, 2022 to 5.9122 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $169.14 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of March 31, 2022, the effective interest rate was 0.55%. The following table shows the net carrying value of the 2026 Convertible Notes. ($ in millions) At March 31, 2022 At December 31, 2021 Liability component Principal amount $ 575 $ 575 Unamortized debt discount (1) — (104) Unamortized debt issuance costs (12) (10) Net carrying amount of the liability component $ 563 $ 461 Carrying amount of equity component, net of issuance costs (1) $ — $ 117 ________________________ (1) As a result of adoption of ASU 2020-06 during the first quarter of 2022, we no longer account for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2026 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Amortization of debt discount $ — $ 5 Amortization of debt issuance costs 1 — $ 1 $ 5 2026 Convertible Note Hedges and Warrants In connection with the offering of the 2026 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (“2026 Convertible Note Hedges”), covering a total of approximately 3.4 million shares of our common stock, and warrant transactions (“2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges, warrants to acquire approximately 3.4 million shares of our common stock. As of March 31, 2022, the strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to approximately $169.14 and $211.43, respectively, and no 2026 Convertible Note Hedges 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 2028 Notes, and the 2029 Notes are guaranteed by MVWC and certain of our direct and indirect, existing and future, domestic subsidiaries, excluding bankruptcy remote special purpose subsidiaries . Non-Interest Bearing Note Payable During the first quarter of 2022, we issued a non-interest bearing note payable in connection with the acquisition of vacation ownership units located in Bali, Indonesia. See Footnote 3 “Acquisitions” for additional information on this transaction.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2022
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, 2022, there were 75,721,548 shares of Marriott Vacations Worldwide common stock issued, of which 41,750,172 shares were outstanding and 33,971,376 shares were held as treasury stock. At December 31, 2021, there were 75,519,049 shares of Marriott Vacations Worldwide common stock issued, of which 42,283,378 shares were outstanding and 33,235,671 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, 2022 or December 31, 2021. Share Repurchase Program During the third quarter of 2021, our Board of Directors authorized a share repurchase program under which we may purchase shares of our common stock for an aggregate purchase price not to exceed $250 million, prior to December 31, 2022. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. Acquired shares of our common stock are held as treasury shares carried at cost in our Financial Statements. In connection with the repurchase program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. During the first quarter of 2022, our Board of Directors authorized the repurchase of up to an additional $300 million of our common stock, as well as the extension of the term of our existing share repurchase program to March 31, 2023. As of March 31, 2022, $353 million remained available for repurchase under the share repurchase program approved by the Board of Directors. The authorization for the current share repurchase program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. The following table summarizes share repurchase activity under our share repurchase programs: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price As of December 31, 2021 17,681,395 $ 1,418 $ 80.17 For the first quarter of 2022 764,824 119 $ 156.50 As of March 31, 2022 18,446,219 $ 1,537 $ 83.34 Dividends We declared cash dividends to holders of common stock during the quarter ended March 31, 2022 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt, and Board approval. There can be no assurance that we will pay dividends in the future. Declaration Date Shareholder Record Date Distribution Date Dividend per Share February 18, 2022 March 3, 2022 March 17, 2022 $0.62 Noncontrolling Interests - Owners’ Associations We consolidate certain owners’ associations. Noncontrolling interests represent the portion of the owners’ associations related to third-party vacation ownership interest owners. Noncontrolling interests of $10 million as of both March 31, 2022 and December 31, 2021 are included on our Balance Sheets as a component of equity.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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, 2022, approximately 1.0 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, 2022 March 31, 2021 Service-based RSUs $ 7 $ 6 Performance-based RSUs — 1 7 7 SARs 1 1 $ 8 $ 8 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2022 At December 31, 2021 Service-based RSUs $ 51 $ 33 Performance-based RSUs 10 — 61 33 SARs 5 2 $ 66 $ 35 Restricted Stock Units We granted 165,392 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $153.25, to our employees and non-employee directors during the first quarter of 2022. During the first quarter of 2022, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 135,012 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2022. Stock Appreciation Rights We granted 77,037 SARs, with a weighted average grant-date fair value of $59.68 and a weighted average exercise price of $159.27, to members of management during the first quarter of 2022. 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 2022: Expected volatility 42.86% Dividend yield 1.53% Risk-free rate 1.77% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2022
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, 2022: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,552 $ 109 $ 1,661 Interest receivable 11 1 12 Restricted cash 73 5 78 Total $ 1,636 $ 115 $ 1,751 Consolidated Liabilities Interest payable $ 1 $ 1 $ 2 Securitized Debt 1,698 101 1,799 Total $ 1,699 $ 102 $ 1,801 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2022: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 57 $ 2 $ 59 Interest expense to investors $ 10 $ — $ 10 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, 2022 March 31, 2021 Cash Inflows Principal receipts $ 139 $ 130 Interest receipts 58 50 Reserve release (1) 57 — Total 254 180 Cash Outflows Principal to investors (155) (129) Voluntary repurchases of defaulted vacation ownership notes receivable (23) (30) Interest to investors (11) (11) Total (189) (170) Net Cash Flows $ 65 $ 10 _________________________ (1) Relates to the release of funds when MVW 2021-2 LLC purchased the remaining vacation ownership notes receivable that were securitized during the fourth quarter of 2021. 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, 2022 March 31, 2021 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 102 $ — Principal receipts 4 — Interest receipts 1 — Total 107 — Cash Outflows Funding of restricted cash (1) — Total (1) — Net Cash Flows $ 106 $ — Other Variable Interest Entities We have a commitment to purchase a property located in Waikiki, Hawaii, which we assigned to a third party during 2020. The property is held by a VIE for which we are not the primary beneficiary. Accordingly, we have not consolidated the VIE. As of March 31, 2022, 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, 2022. Subsequent to the end of the first quarter of 2022, we extended a loan to the VIE for $47 million and amended the terms of this commitment. As a result of the amended commitment, if we are unable to negotiate a capital efficient inventory arrangement under which a third party will purchase the property and agree to resell it to us at a later date, we are committed to purchase the property, in its then current form, for $80 million in the fourth quarter of 2022, unless it has been sold to another party. The loan extended to the VIE is due in full upon the earlier of sale of the property, including a sale to us, or an amendment and restatement of our purchase commitment. In the latter case, the existing loan of $47 million would be repaid to us as part of that revised purchase commitment on the part of MVW. 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, 2022, the value of the assets held in the rabbi trust was $74 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2022
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 some of the world’s most iconic brands licensed under exclusive, long-term relationships. We are the exclusive worldwide developer, marketer, seller, and manager of vacation ownership and related products under the Marriott Vacation Club, Grand Residences by Marriott, Sheraton Vacation Club, Westin Vacation Club, and Hyatt Residence Club brands, as well as under Marriott Vacation Club Pulse, an extension to the Marriott Vacation Club brand. We are also the exclusive worldwide developer, marketer, and seller of vacation ownership and related products under The Ritz-Carlton Destination Club brand, we have the non-exclusive right to develop, market, and sell whole ownership residential products under The Ritz-Carlton Residences brand and have a license to use the St. Regis brand for specified fractional ownership resorts. • Our Vacation Ownership segment generates most of its revenues from four primary sources: selling vacation ownership products; managing vacation ownership resorts, clubs, and owners’ associations; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory. • Exchange & Third-Party Management includes exchange networks and membership programs, as well as provision of management services to other resorts and lodging properties. We provide these services through a variety of brands including Interval International, Trading Places International (“TPI”), Vacation Resorts International (“VRI”), and Aqua-Aston. Exchange & Third-Party Management revenue generally is fee-based and derived from membership, exchange and rental transactions, owners’ association management, and other related products and services. Our CODM evaluates the performance of our segments based primarily on the results of the segment without allocating corporate expenses or income taxes. We do not allocate corporate interest expense or indirect general and administrative expenses to our segments. We include interest income specific to segment activities within the appropriate segment. We allocate depreciation, other gains and losses, equity in earnings or losses from our joint ventures, and noncontrolling interest to each of our segments as appropriate. Corporate and other represents that portion of our results that are not allocable to our segments, including those relating to consolidated owners’ associations, as our CODM does not use this information to make operating segment resource allocations. Our CODM uses Adjusted EBITDA to evaluate the profitability of our operating segments, and the components of net income or loss 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 securitization transactions), income taxes, depreciation and amortization, excluding share-based compensation expense and adjusted for certain items that affect the comparability of our operating performance. Our reconciliation of the aggregate amount of Adjusted EBITDA for our reportable segments to consolidated net income or loss attributable to common shareholders is presented below. Revenues Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Vacation Ownership $ 956 $ 661 Exchange & Third-Party Management 84 86 Total segment revenues 1,040 747 Corporate and other 12 12 $ 1,052 $ 759 Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Adjusted EBITDA Vacation Ownership $ 199 $ 68 Adjusted EBITDA Exchange & Third-Party Management 43 41 Reconciling items: Corporate and other (54) (40) Interest expense (27) (43) Tax (provision) benefit (32) 11 Depreciation and amortization (33) (41) Share-based compensation expense (8) (8) Certain items (30) (16) Net income (loss) attributable to common shareholders $ 58 $ (28) Assets ($ in millions) At March 31, 2022 At December 31, 2021 Vacation Ownership $ 7,946 $ 7,897 Exchange & Third-Party Management 903 911 Total segment assets 8,849 8,808 Corporate and other 654 805 $ 9,503 $ 9,613

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENT In April 2022, we disposed of the VRI and TPI after determining that these businesses did not meet our future growth strategy and operating model, for net proceeds of approximately $60 million. Both of these businesses are components of our Exchange and Third-Party Management segment.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.
Principles of Consolidation	The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and 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 income or loss 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 entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the COVID-19 pandemic, and the ongoing 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 2021 Annual Report.
Basis of Presentation	The Financial Statements presented herein and discussed below include 100% of the assets, liabilities, revenues, expenses, and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and 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 income or loss 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 entities have been eliminated in consolidation. These Financial Statements reflect our financial position, results of operations, and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, allocations of the purchase price paid in business combinations, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes, and loss contingencies. The uncertainty created by the COVID-19 pandemic, and the ongoing 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 2021 Annual Report.
Acquisition of Welk	Acquisition of Welk On April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions” for more information on the Welk Acquisition.
New Accounting Standards And Future Adoption of Accounting Standards	New Accounting Standards 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 the first quarter of 2022, we adopted accounting standards update (“ASU”) 2020-06, using the modified retrospective method. Under ASU 2020-06, we no longer separate our convertible notes into liability and equity components, and we are required to calculate the impact of our convertible notes on diluted earnings per share using the “if-converted” method, regardless of intent to settle or partially settle the debt in cash. 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 reduces our reported diluted earnings per share. The impacts of the adoption were recorded as a cumulative effect in the opening balance of retained earnings and the conversion feature related to our convertible notes was reclassified from equity to liabilities. In addition, we eliminated the related equity adjustment associated with the deferred tax liability. The adoption of ASU 2020-06 on January 1, 2022 resulted in an increase in debt of $107 million, a decrease in additional paid-in capital of $111 million, and a decrease in deferred taxes of $27 million, as well as a cumulative effect adjustment to the opening balance of retained earnings of $31 million. The remaining debt issuance costs will continue to be amortized over the term of our convertible notes. The prior period consolidated financial statements have not been retrospectively restated and continue to be reported under the accounting standards in effect for those periods. Accounting Standards Update 2021-08 - “ Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”) In the first quarter of 2022, we adopted ASU 2021-08, which amended ASC 805 to require entities to apply ASC 606 to recognize and measure contract assets and contract liabilities from contracts with customers in a business combination. The adoption of ASU 2021-08 on January 1, 2022 did not have a material impact on our financial statements and disclosure. In the event that we complete business combinations in the future, the application of ASU 2021-08 could result in higher acquired deferred revenue. 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 was effective upon issuance and issuers may generally elect to adopt the optional expedients and exceptions over time through December 31, 2022. As of March 31, 2022, the interest rate applicable to borrowings under our existing Term Loan (as defined in Footnote 13 “Debt”) and Warehouse Credit Facility (as defined in Footnote 12 “Securitized Debt”) generally continue to reference LIBOR, as do certain interest rate swaps and collars. These instruments have not yet discontinued the use of LIBOR. To the extent these instruments are amended to reference a different benchmark interest rate, we may elect to utilize the relief available in ASU 2020-04. When we renew or amend our remaining existing debt instruments, we will determine a replacement rate for LIBOR. We have not adopted any of the optional expedients or exceptions as of March 31, 2022, but will continue to evaluate their adoption during the effective period as circumstances evolve. Accounting Standards Update 2022-02 – “ Financial Instruments – Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures ” (“ASU 2022-02”) In March 2022, the FASB issued ASU 2022-02, which eliminates the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhances disclosure requirements with respect to loan modifications for borrowers experiencing financial difficulty. ASU 2022-02 also requires disclosure of current-period gross write-offs by year of origination to be presented in the vintage disclosures for financing receivables. This update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. We are evaluating the impact that adoption of ASU 2022-02, including the timing of implementation, will have on our financial statements and disclosures; however, we do not expect adoption to have a material effect on our financial statements or disclosures other than disclosure changes related to vintage disclosures for financing receivables.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Consideration transferred	The following table presents the fair value of each type of consideration transferred at the Welk Acquisition Date, as finalized at March 31, 2022. (in millions, except per share amounts) Equivalent shares of Marriott Vacations Worldwide common stock issued 1.4 Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date $ 174.18 Fair value of Marriott Vacations Worldwide common stock issued 248 Cash consideration to Welk, net of cash and restricted cash acquired of $48 million 157 Total consideration transferred, net of cash and restricted cash acquired $ 405
Schedule of recognized identified assets acquired and liabilities assumed	The following table presents the fair values of the assets that we acquired and the liabilities that we assumed in connection with the business combination as previously reported at December 31, 2021, and as finalized at March 31, 2022. During the first quarter of 2022, we refined our valuation models related to certain acquired assets and liabilities as follows: ($ in millions) April 1, 2021 Adjustments April 1, 2021 Vacation ownership notes receivable, net $ 255 $ — $ 255 Inventory 111 — 111 Property and equipment 83 — 83 Intangible assets 102 — 102 Other assets 19 — 19 Deferred taxes (32) 8 (24) Debt (189) — (189) Securitized debt (184) — (184) Other liabilities (93) — (93) Net assets acquired 72 8 80 Goodwill (1) 333 (8) 325 $ 405 $ — $ 405 _________________________ (1) Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes.
Business acquisition, pro forma information	Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations. There were no Welk Acquisition-related costs included in the unaudited pro forma results below for the three months ended March 31, 2021. Three Months Ended ($ in millions, except per share data) March 31, 2021 Revenues $ 806 Net loss $ (12) Net loss attributable to common shareholders $ (15) LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS Basic $ (0.36) Diluted $ (0.36) Welk Results of Operations The following table presents the results of Welk operations included in our Income Statement for the three months ended March 31, 2022. ($ in millions) Three Months Ended March 31, 2022 Revenue $ 51 Net income $ 8

REVENUE AND RECEIVABLES (Tables

REVENUE AND RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 310 $ — $ — $ 310 Ancillary revenues 54 1 — 55 Management fee revenues 42 10 (3) 49 Exchange and other services revenues 30 53 35 118 Management and exchange 126 64 32 222 Rental 122 11 — 133 Cost reimbursements 327 9 (20) 316 Revenue from contracts with customers 885 84 12 981 Financing 71 — — 71 Total Revenues $ 956 $ 84 $ 12 $ 1,052 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
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, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 517 $ 38 $ 12 $ 567 Goods or services transferred at a point in time 368 46 — 414 Revenue from contracts with customers $ 885 $ 84 $ 12 $ 981 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
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, 2022 or December 31, 2021. ($ in millions) At March 31, 2022 At December 31, 2021 Receivables from Contracts with Customers Accounts receivable $ 140 $ 172 Vacation ownership notes receivable, net 2,030 2,045 $ 2,170 $ 2,217 Contract Liabilities Advance deposits $ 194 $ 160 Deferred revenue 507 453 $ 701 $ 613
Accounts and nontrade receivable	The following table shows the composition of our accounts receivable balances: ($ in millions) At March 31, 2022 At December 31, 2021 Receivables from contracts with customers $ 140 $ 172 Interest receivable 14 14 Tax receivable 34 48 Indemnification assets 21 22 Employee tax credit receivable 17 19 Other 8 4 $ 234 $ 279

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022. These unrecognized tax benefits relate to uncertain income tax positions, which would affect the effective tax rate if recognized. ($ in millions) Unrecognized Tax Benefits Balance at December 31, 2021 $ 26 Increases related to tax positions taken during a prior period 2 Balance at March 31, 2022 $ 28

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Composition of vacation ownership notes receivable balances, net of reserves	The following table shows the composition of our vacation ownership notes receivable balances, net of reserves. March 31, 2022 December 31, 2021 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,345 $ 316 $ 1,661 $ 1,308 $ 354 $ 1,662 Non-securitized Eligible for securitization (1) 102 1 103 96 1 97 Not eligible for securitization (1) 249 17 266 267 19 286 Subtotal 351 18 369 363 20 383 $ 1,696 $ 334 $ 2,030 $ 1,671 $ 374 $ 2,045 _________________________ (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, 2022 March 31, 2021 Interest income associated with vacation ownership notes receivable — securitized $ 59 $ 48 Interest income associated with vacation ownership notes receivable — non-securitized 10 9 Total interest income associated with vacation ownership notes receivable $ 69 $ 57
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, 2022 $ 84 $ 9 $ 93 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 88 $ 8 $ 96 The following table shows our recorded investment in non-accrual Legacy-ILG and Legacy-Welk vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2022 $ 115 $ 9 $ 124 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2021 $ 114 $ 10 $ 124
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, 2022 and December 31, 2021. Legacy-MVW Vacation Ownership Notes Receivable As of March 31, 2022 As of December 31, 2021 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 6 $ 18 $ 24 $ 6 $ 20 $ 26 91 – 150 days past due 3 9 12 4 8 12 Greater than 150 days past due 81 — 81 84 — 84 Total past due 90 27 117 94 28 122 Current 163 1,042 1,205 180 1,027 1,207 Total vacation ownership notes receivable $ 253 $ 1,069 $ 1,322 $ 274 $ 1,055 $ 1,329 The following table shows the aging of the recorded investment in principal, before reserves, in Legacy-ILG and Legacy-Welk vacation ownership notes receivable as of March 31, 2022 and December 31, 2021. Legacy-ILG and Legacy-Welk Vacation Ownership Notes Receivable As of March 31, 2022 As of December 31, 2021 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 11 $ 21 $ 32 $ 16 $ 24 $ 40 91 – 120 days past due 4 5 9 4 6 10 Greater than 120 days past due 111 4 115 110 4 114 Total past due 126 30 156 130 34 164 Current 229 732 961 219 735 954 Total vacation ownership notes receivable $ 355 $ 762 $ 1,117 $ 349 $ 769 $ 1,118
Schedule of financing receivable	The following table details the origination year of our Legacy-MVW vacation ownership notes receivable as of March 31, 2022. Legacy-MVW Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Year of Origination 2022 $ 83 $ 16 $ 99 2021 37 349 386 2020 19 151 170 2019 42 226 268 2018 26 145 171 2017 & Prior 46 182 228 $ 253 $ 1,069 $ 1,322
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at March 31, 2022. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022, remaining $ 2 $ 52 $ 54 2023 2 47 49 2024 2 47 49 2025 2 44 46 2026 2 39 41 Thereafter 8 87 95 Balance at March 31, 2022 $ 18 $ 316 $ 334 Weighted average stated interest rate 13.8% 14.2% 14.1% Range of stated interest rates 0.0% to 21.9% 0.0% to 21.9% 0.0% to 21.9%
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, 2021 $ 47 $ 23 $ 70 Write-offs (11) — (11) Recoveries 7 — 7 Defaulted vacation ownership notes receivable repurchase activity (1) 8 (8) — (Decrease) increase in vacation ownership notes receivable reserve (5) 5 — Balance at March 31, 2022 $ 46 $ 20 $ 66 _________________________ (1) Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchase securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of March 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 48 $ 30 $ 3 $ 7 $ 88 Sheraton 49 43 7 19 118 Hyatt 7 5 1 — 13 Welk 102 71 1 2 176 Other 1 1 — 2 4 $ 207 $ 150 $ 12 $ 30 $ 399 Acquired Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 52 $ 32 $ 3 $ 8 $ 95 Sheraton 54 48 8 23 133 Hyatt 8 6 1 — 15 Welk 115 79 1 2 197 Other 2 — — 2 4 $ 231 $ 165 $ 13 $ 35 $ 444 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk acquired vacation ownership notes receivable by brand and FICO score as of March 31, 2022. Acquired Vacation Ownership Notes Receivable 2018 & Prior ($ in millions) Westin Sheraton Hyatt & Other Total 700 + $ 48 $ 49 $ 8 $ 105 600 - 699 30 43 6 79 < 600 3 7 1 11 No Score 7 19 2 28 $ 88 $ 118 $ 17 $ 223 Acquired Vacation Ownership Notes Receivable - Welk ($ in millions) 2021 2020 2019 2018 & Prior Total 700 + $ 8 $ 22 $ 26 $ 46 $ 102 600 - 699 4 13 19 35 71 < 600 — 1 — — 1 No Score — — 1 1 2 $ 12 $ 36 $ 46 $ 82 $ 176
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable	The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2022. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2022, remaining $ 45 $ 97 $ 142 2023 29 130 159 2024 27 132 159 2025 27 135 162 2026 27 140 167 Thereafter 196 711 907 Balance at March 31, 2022 $ 351 $ 1,345 $ 1,696 Weighted average stated interest rate 12.8% 12.9% 12.9% Range of stated interest rates 0.0% to 20.9% 0.0% to 19.9% 0.0% to 20.9%
Notes receivable reserves	The following table summarizes the activity related to our originated vacation ownership notes receivable reserve. Originated Vacation Ownership Notes Receivable Reserve ($ in millions) Non-Securitized Securitized Total Balance at December 31, 2021 $ 193 $ 140 $ 333 Increase in vacation ownership notes receivable reserve 25 4 29 Securitizations (1) (21) 21 — Write-offs (19) — (19) Defaulted vacation ownership notes receivable repurchase activity (2) 15 (15) — Balance at March 31, 2022 $ 193 $ 150 $ 343 _________________________ (1) Reflects the change attributable to the transfer of the reserve from the non-securitized vacation ownership notes receivable reserve to the securitized vacation ownership notes receivable reserve, when MVW 2021-2 LLC purchased the remaining vacation ownership notes receivable that were securitized during the fourth quarter of 2021, and when we securitized vacation ownership notes receivable under our Warehouse Credit Facility (as defined in Footnote 12 “Securitized Debt”) during the first quarter of 2022. (2) Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchase securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show the Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of March 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 148 $ 68 $ 9 $ 40 $ 265 Sheraton 138 98 20 46 302 Hyatt 23 11 1 — 35 Welk 79 34 1 1 115 $ 388 $ 211 $ 31 $ 87 $ 717 Originated Vacation Ownership Notes Receivable as of December 31, 2021 ($ in millions) 700 + 600 - 699 < 600 No Score Total Westin $ 143 $ 66 $ 8 $ 34 $ 251 Sheraton 136 94 20 46 296 Hyatt 22 11 — — 33 Welk 65 27 1 1 94 $ 366 $ 198 $ 29 $ 81 $ 674 The following tables detail the origination year of our Legacy-ILG and Legacy-Welk originated vacation ownership notes receivable by brand and FICO score as of March 31, 2022. Originated Vacation Ownership Notes Receivable - Westin ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 21 $ 61 $ 20 $ 38 $ 8 $ 148 600 - 699 6 29 9 20 4 68 < 600 1 3 2 2 1 9 No Score 18 9 4 8 1 40 $ 46 $ 102 $ 35 $ 68 $ 14 $ 265 Originated Vacation Ownership Notes Receivable - Sheraton ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 17 $ 56 $ 21 $ 35 $ 9 $ 138 600 - 699 8 43 14 25 8 98 < 600 1 9 4 5 1 20 No Score 5 11 8 18 4 46 $ 31 $ 119 $ 47 $ 83 $ 22 $ 302 Originated Vacation Ownership Notes Receivable - Hyatt ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 5 $ 9 $ 3 $ 5 $ 1 $ 23 600 - 699 3 4 1 2 1 11 < 600 — 1 — — — 1 No Score — — — — — — $ 8 $ 14 $ 4 $ 7 $ 2 $ 35 Originated Vacation Ownership Notes Receivable - Welk ($ in millions) 2022 2021 2020 2019 2018 Total 700 + $ 24 $ 55 $ — $ — $ — $ 79 600 - 699 11 23 — — — 34 < 600 — 1 — — — 1 No Score 1 — — — — 1 $ 36 $ 79 $ — $ — $ — $ 115

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable $ 2,030 $ 2,091 $ 2,045 $ 2,102 Other assets 74 74 76 76 Total financial assets $ 2,104 $ 2,165 $ 2,121 $ 2,178 Securitized debt, net $ (1,779) $ (1,745) $ (1,856) $ (1,900) 2025 Notes, net (248) (257) (248) (261) 2028 Notes, net (346) (338) (346) (362) 2029 Notes, net (493) (474) (493) (505) Term Loan, net (777) (763) (776) (784) 2022 Convertible Notes, net (1) (229) (265) (224) (280) 2026 Convertible Notes, net (1) (563) (632) (461) (682) Non-interest bearing note payable, net (11) (11) — — Total financial liabilities $ (4,446) $ (4,485) $ (4,404) $ (4,774) _________________________ (1) Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. Vacation Ownership Notes Receivable At March 31, 2022 At December 31, 2021 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable Securitized $ 1,661 $ 1,715 $ 1,662 $ 1,712 Eligible for securitization 103 110 97 104 Not eligible for securitization 266 266 286 286 Non-securitized 369 376 383 390 $ 2,030 $ 2,091 $ 2,045 $ 2,102

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of earnings or loss and number of shares used in calculation of basic and diluted earnings or loss per share	The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic and diluted earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2022 (1) March 31, 2021 Computation of Basic Earnings (Loss) Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 58 $ (28) Shares for basic earnings (loss) per share 42.4 41.4 Basic earnings (loss) per share $ 1.36 $ (0.68) Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders Net income (loss) attributable to common shareholders $ 58 $ (28) Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax 1 — Numerator used to calculate diluted EPS $ 59 $ (28) Shares for basic earnings (loss) per share 42.4 41.4 Effect of dilutive shares outstanding (2) Employee SARs 0.2 — Restricted stock units 0.3 — 2022 Convertible Notes ($230 million of principal) 1.6 — 2026 Convertible Notes ($575 million of principal) 3.4 — Shares for diluted earnings (loss) per share 47.9 41.4 Diluted earnings (loss) per share $ 1.23 $ (0.68) _______________________________ (1) The computation of diluted earnings per share attributable to common shareholders excludes approximately 300,000 shares of common stock, the maximum number of shares issuable as of March 31, 2022, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. (2) For the first quarter of 2021, 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 the effects of including these securities would have been anti-dilutive. Three Months Ended (in millions) March 31, 2021 Employee SARs 0.2 Restricted stock units 0.5 2022 Convertible Notes ($230 million of principal) 0.1 0.8
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 the effects of including these securities would have been anti-dilutive. Three Months Ended (in millions) March 31, 2021 Employee SARs 0.2 Restricted stock units 0.5 2022 Convertible Notes ($230 million of principal) 0.1 0.8

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Composition of inventory	The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2022 At December 31, 2021 Real estate inventory (1) $ 684 $ 710 Other 9 9 $ 693 $ 719 _________________________ (1) Represents completed inventory that is registered for sale as vacation ownership interests and vacation ownership inventory expected to be reacquired pursuant to estimated future foreclosures.

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table details the carrying amount of our goodwill at March 31, 2022 and December 31, 2021, and reflects goodwill attributed to the ILG Acquisition and the Welk Acquisition. ($ in millions) Vacation Ownership Reporting Unit Exchange & Third-Party Management Reporting Unit Total Consolidated Balance at December 31, 2021 $ 2,778 $ 372 $ 3,150 Measurement period adjustments (8) — (8) Balance at March 31, 2022 $ 2,770 $ 372 $ 3,142
Schedule of composition of intangible asset balances	The following table details the composition of our intangible asset balances: ($ in millions) At March 31, 2022 At December 31, 2021 Definite-lived intangible assets Member relationships $ 671 $ 671 Management contracts 452 452 1,123 1,123 Accumulated amortization (209) (194) 914 929 Indefinite-lived intangible assets Trade names 64 64 $ 978 $ 993

SECURITIZED DEBT (Tables)

SECURITIZED DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 Vacation ownership notes receivable securitizations, gross (1) $ 1,698 $ 1,877 Unamortized debt discount and issuance costs (19) (21) 1,679 1,856 Warehouse Credit Facility, gross 101 — Unamortized debt issuance costs (2) (1) — 100 — $ 1,779 $ 1,856 _________________________ (1) Interest rates as of March 31, 2022 range from 1.5% to 4.4%, with a weighted average interest rate of 2.3%. (2) Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding on the Warehouse Credit Facility at that time.
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of March 31, 2022. Vacation Ownership Warehouse Credit Total ($ in millions) Payments Year 2022, remaining $ 135 $ 3 $ 138 2023 182 5 187 2024 185 93 278 2025 185 — 185 2026 183 — 183 Thereafter 828 — 828 $ 1,698 $ 101 $ 1,799 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2022. ($ in millions) 2025 2028 2029 Term 2022 Convertible Notes 2026 Convertible Notes Non-Interest Bearing Note Payable Total Payments Year 2022, remaining $ — $ — $ — $ — $ 230 $ — $ — $ 230 2023 — — — — — — 7 7 2024 — — — — — — 4 4 2025 250 — — 784 — — — 1,034 2026 — — — — — 575 — 575 Thereafter — 350 500 — — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 11 $ 2,700

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 At December 31, 2021 Senior Secured Notes 2025 Notes $ 250 $ 250 Unamortized debt discount and issuance costs (2) (2) 248 248 Senior Unsecured Notes 2028 Notes 350 350 Unamortized debt discount and issuance costs (4) (4) 346 346 2029 Notes 500 500 Unamortized debt discount and issuance costs (7) (7) 493 493 Corporate Credit Facility Term Loan 784 784 Unamortized debt discount and issuance costs (7) (8) 777 776 Convertible Notes 2022 Convertible Notes 230 230 Unamortized debt discount and issuance costs (1) (6) 229 224 2026 Convertible Notes 575 575 Unamortized debt discount and issuance costs (12) (114) 563 461 Non-interest bearing note payable 11 — Finance Leases 84 83 $ 2,751 $ 2,631
Scheduled future principal payments for debt	The following table shows scheduled future principal payments for our securitized debt as of March 31, 2022. Vacation Ownership Warehouse Credit Total ($ in millions) Payments Year 2022, remaining $ 135 $ 3 $ 138 2023 182 5 187 2024 185 93 278 2025 185 — 185 2026 183 — 183 Thereafter 828 — 828 $ 1,698 $ 101 $ 1,799 The following table shows scheduled future principal payments for our debt, excluding finance leases, as of March 31, 2022. ($ in millions) 2025 2028 2029 Term 2022 Convertible Notes 2026 Convertible Notes Non-Interest Bearing Note Payable Total Payments Year 2022, remaining $ — $ — $ — $ — $ 230 $ — $ — $ 230 2023 — — — — — — 7 7 2024 — — — — — — 4 4 2025 250 — — 784 — — — 1,034 2026 — — — — — 575 — 575 Thereafter — 350 500 — — — — 850 $ 250 $ 350 $ 500 $ 784 $ 230 $ 575 $ 11 $ 2,700
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 2022 and 2021. There were no reclassifications to the Income Statement for either of the periods presented below. ($ in millions) 2022 2021 Derivative instrument adjustment balance, January 1 $ (18) $ (39) Other comprehensive gain before reclassifications 16 6 Derivative instrument adjustment balance, March 31 $ (2) $ (33)
Convertible debt	The following table shows the net carrying value of the 2022 Convertible Notes. ($ in millions) At March 31, 2022 At December 31, 2021 Liability component Principal amount $ 230 $ 230 Unamortized debt discount (1) — (5) Unamortized debt issuance costs (1) (1) Net carrying amount of the liability component $ 229 $ 224 Carrying amount of equity component, net of issuance costs (1) $ — $ 33 ________________________ (1) As a result of the adoption of ASU 2020-06 during the first quarter of 2022, we no longer account for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2022 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. The following table shows interest expense information related to the 2022 Convertible Notes. Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Contractual interest expense $ 1 $ 1 Amortization of debt discount — 2 $ 1 $ 3 The following table shows the net carrying value of the 2026 Convertible Notes. ($ in millions) At March 31, 2022 At December 31, 2021 Liability component Principal amount $ 575 $ 575 Unamortized debt discount (1) — (104) Unamortized debt issuance costs (12) (10) Net carrying amount of the liability component $ 563 $ 461 Carrying amount of equity component, net of issuance costs (1) $ — $ 117 ________________________ (1) As a result of adoption of ASU 2020-06 during the first quarter of 2022, we no longer account for the liability and equity components of the convertible notes separately, and we reclassified the conversion feature related to the 2026 Convertible Notes from equity to liabilities. Prior period amounts have not been adjusted due to our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06. The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Amortization of debt discount $ — $ 5 Amortization of debt issuance costs 1 — $ 1 $ 5

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stock repurchase activity under current stock repurchase program	The following table summarizes share repurchase activity under our share repurchase programs: ($ in millions, except per share amounts) Number of Shares Repurchased Cost of Shares Repurchased Average Price As of December 31, 2021 17,681,395 $ 1,418 $ 80.17 For the first quarter of 2022 764,824 119 $ 156.50 As of March 31, 2022 18,446,219 $ 1,537 $ 83.34
Cash dividend declared	We declared cash dividends to holders of common stock during the quarter ended March 31, 2022 as follows. Any future dividend payments will be subject to the restrictions imposed under the agreements covering our debt, and Board approval. There can be no assurance that we will pay dividends in the future. Declaration Date Shareholder Record Date Distribution Date Dividend per Share February 18, 2022 March 3, 2022 March 17, 2022 $0.62

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 March 31, 2021 Service-based RSUs $ 7 $ 6 Performance-based RSUs — 1 7 7 SARs 1 1 $ 8 $ 8
Schedule of unrecognized compensation cost, unvested awards	The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2022 At December 31, 2021 Service-based RSUs $ 51 $ 33 Performance-based RSUs 10 — 61 33 SARs 5 2 $ 66 $ 35
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 2022: Expected volatility 42.86% Dividend yield 1.53% Risk-free rate 1.77% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,552 $ 109 $ 1,661 Interest receivable 11 1 12 Restricted cash 73 5 78 Total $ 1,636 $ 115 $ 1,751 Consolidated Liabilities Interest payable $ 1 $ 1 $ 2 Securitized Debt 1,698 101 1,799 Total $ 1,699 $ 102 $ 1,801
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 2022: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 57 $ 2 $ 59 Interest expense to investors $ 10 $ — $ 10 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, 2022 March 31, 2021 Cash Inflows Principal receipts $ 139 $ 130 Interest receipts 58 50 Reserve release (1) 57 — Total 254 180 Cash Outflows Principal to investors (155) (129) Voluntary repurchases of defaulted vacation ownership notes receivable (23) (30) Interest to investors (11) (11) Total (189) (170) Net Cash Flows $ 65 $ 10 _________________________ (1) Relates to the release of funds when MVW 2021-2 LLC purchased the remaining vacation ownership notes receivable that were securitized during the fourth quarter of 2021. The following table shows cash flows between us and the Warehouse Credit Facility VIE: Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 102 $ — Principal receipts 4 — Interest receipts 1 — Total 107 — Cash Outflows Funding of restricted cash (1) — Total (1) — Net Cash Flows $ 106 $ —

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Revenues	Revenues Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Vacation Ownership $ 956 $ 661 Exchange & Third-Party Management 84 86 Total segment revenues 1,040 747 Corporate and other 12 12 $ 1,052 $ 759
Adjusted EBITDA, net (loss) income, depreciation and amortization	Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2022 March 31, 2021 Adjusted EBITDA Vacation Ownership $ 199 $ 68 Adjusted EBITDA Exchange & Third-Party Management 43 41 Reconciling items: Corporate and other (54) (40) Interest expense (27) (43) Tax (provision) benefit (32) 11 Depreciation and amortization (33) (41) Share-based compensation expense (8) (8) Certain items (30) (16) Net income (loss) attributable to common shareholders $ 58 $ (28)
Assets	Assets ($ in millions) At March 31, 2022 At December 31, 2021 Vacation Ownership $ 7,946 $ 7,897 Exchange & Third-Party Management 903 911 Total segment assets 8,849 8,808 Corporate and other 654 805 $ 9,503 $ 9,613

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100.00%

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Details) - USD ($) $ in Millions	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net	$ (2,751)		$ (2,631)
Additional paid-in capital	(3,945)		(4,072)
Stockholders' equity	$ 2,814		$ 2,976
Cumulative effect, period of adoption, adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt, net		$ (107)
Additional paid-in capital		111
Deferred Taxes		27
Cumulative effect, period of adoption, adjustment | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stockholders' equity		$ (31)

ACQUISITIONS - Consideration Tr

ACQUISITIONS - Consideration Transferred (Details) - Welk $ / shares in Units, shares in Millions, $ in Millions	Apr. 01, 2021USD ($)$ / sharesshares
Business Acquisition [Line Items]
Equivalent shares of marriott vacations worldwide common stock issued (in shares) | shares	1.4
Marriott vacations worldwide common stock price per share as of welk acquisition date (in usd per share) | $ / shares	$ 174.18
Fair value of Marriott Vacations Worldwide common stock issued	$ 248
Cash consideration to Welk, net of cash and restricted cash acquired of $48 million	157
Total consideration transferred, net of cash and restricted cash acquired	405
Cash acquired from acquisition	$ 48

ACQUISITIONS - Preliminary Fair

ACQUISITIONS - Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Apr. 01, 2021
Business Combination, Provisional Information [Abstract]
Goodwill	$ 3,142	$ 3,150
Welk
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net			$ 255
Inventory			111
Property and equipment			83
Intangible assets			102
Other assets			19
Deferred taxes			(24)
Debt			(189)
Securitized debt			(184)
Other liabilities			(93)
Net assets acquired			80
Goodwill			325
Assets acquired			405
Welk | Previously Reported
Business Combination, Provisional Information [Abstract]
Vacation ownership notes receivable, net			255
Inventory			111
Property and equipment			83
Intangible assets			102
Other assets			19
Deferred taxes			(32)
Debt			(189)
Securitized debt			(184)
Other liabilities			(93)
Net assets acquired			72
Goodwill			333
Assets acquired			405
Welk | Revision of Prior Period, Adjustment
Business Combination, Provisional Information [Abstract]
Deferred taxes			8
Net assets acquired			8
Goodwill			(8)
Assets acquired			$ 0

ACQUISITIONS - Additional Infor

ACQUISITIONS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)vacation_ownership_unit	Mar. 31, 2021USD ($)
Bali, Indonesia Resort
Business Acquisition [Line Items]
Number of vacation ownership units acquired | vacation_ownership_unit	88
Asset acquisition, consideration transferred	$ 36
Asset acquisition, consideration paid	12
Asset acquisition, notes payable issued	11
Reclassified of previous deposits associated with the project from other assets to property and equipment	$ 13
Welk
Business Acquisition [Line Items]
Business combinations, pro forma, acquisition-related costs		$ 0

ACQUISITIONS - Pro Forma Result

ACQUISITIONS - Pro Forma Results of Operations (Details) - Welk - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Revenues		$ 806
Net loss		(12)
Net loss attributable to common shareholders		$ (15)
LOSS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)		$ (0.36)
Diluted (in usd per share)		$ (0.36)
Revenue	$ 51
Net income	$ 8

REVENUE AND RECEIVABLES - Sourc

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 981	$ 700
Cost reimbursements	316	255
Financing	71	59
Total Revenues	1,052	759
Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	310	163
Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	55	28
Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	49	37
Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	118	128
Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	222	193
Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	133	89
Corporate and Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	12	12
Cost reimbursements	(20)	(27)
Financing	0	0
Total Revenues	12	12
Corporate and Other | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	(3)	(6)
Corporate and Other | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	35	45
Corporate and Other | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	32	39
Corporate and Other | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	885	602
Cost reimbursements	327	268
Financing	71	59
Total Revenues	956	661
Vacation Ownership | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	310	163
Vacation Ownership | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	54	28
Vacation Ownership | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	42	38
Vacation Ownership | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	30	28
Vacation Ownership | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	126	94
Vacation Ownership | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	122	77
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	84	86
Cost reimbursements	9	14
Financing	0	0
Total Revenues	84	86
Exchange & Third-Party Management | Sale of vacation ownership products
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Exchange & Third-Party Management | Ancillary revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	1	0
Exchange & Third-Party Management | Management fee revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	10	5
Exchange & Third-Party Management | Exchange and other services revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	53	55
Exchange & Third-Party Management | Management and exchange
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	64	60
Exchange & Third-Party Management | Rental
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 11	$ 12

REVENUE AND RECEIVABLES - Timin

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 981	$ 700
Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	567	457
Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	414	243
Corporate and Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	12	12
Corporate and Other | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	12	12
Corporate and Other | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	885	602
Vacation Ownership | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	517	408
Vacation Ownership | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	368	194
Exchange & Third-Party Management
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	84	86
Exchange & Third-Party Management | Services transferred over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	38	37
Exchange & Third-Party Management | Goods or services transferred at a point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contracts with customers	$ 46	$ 49

REVENUE AND RECEIVABLES - Addit

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ 1,000,000
Contract with customer, contract assets	0	$ 0
Contract with customer, liability, revenue recognized	$ 126,000,000

REVENUE AND RECEIVABLES - Contr

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Receivables from Contracts with Customers
Accounts receivable	$ 140	$ 172
Vacation ownership notes receivable, net	2,030	2,045
Receivables from Contracts with Customers	2,170	2,217
Contract Liabilities
Advance deposits	194	160
Deferred revenue	507	453
Contract Liabilities	$ 701	$ 613

REVENUE AND RECEIVABLES - Remai

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01	Mar. 31, 2022
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue remaining performance obligation expected timing (percentage)	86.00%
Expected timing of satisfaction (in years)	2 years

REVENUE AND RECEIVABLES - Accou

REVENUE AND RECEIVABLES - Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers	$ 140	$ 172
Interest receivable	14	14
Tax receivable	34	48
Indemnification assets	21	22
Employee tax credit receivable	17	19
Other	8	4
Accounts receivable, including VIE, after allowance for credit loss	$ 234	$ 279

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective income tax rate, percent	35.60%	29.80%
Unrecognized tax benefits, income tax penalties and interest accrued	$ 45		$ 42
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 14

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 26
Increases related to tax positions taken during a prior period	2
Unrecognized tax benefit at end of balance	$ 28

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, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,030	$ 2,045
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,661	1,662
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	369	383
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	103	97
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	266	286
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,696	1,671
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,345	1,308
Originated | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	351	363
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	102	96
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	249	267
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	334	374
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	316	354
Acquired | Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	18	20
Acquired | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1	1
Acquired | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 17	$ 19

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, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 69	$ 57
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	59	48
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 10	$ 9

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2022USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 54
2023	49
2024	49
2025	46
2026	41
Thereafter	95
Balance at Mar 31, 2022	$ 334
Acquired | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.10%
Acquired | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Acquired | Non-Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 2
2023	2
2024	2
2025	2
2026	2
Thereafter	8
Balance at Mar 31, 2022	$ 18
Acquired | Non-Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.80%
Acquired | Non-Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired | Non-Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Acquired | Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 52
2023	47
2024	47
2025	44
2026	39
Thereafter	87
Balance at Mar 31, 2022	$ 316
Acquired | Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.20%
Acquired | Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Acquired | Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	21.90%
Originated
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 142
2023	159
2024	159
2025	162
2026	167
Thereafter	907
Balance at Mar 31, 2022	$ 1,696
Originated | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.90%
Originated | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	20.90%
Originated | Non-Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 45
2023	29
2024	27
2025	27
2026	27
Thereafter	196
Balance at Mar 31, 2022	$ 351
Originated | Non-Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.80%
Originated | Non-Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated | Non-Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	20.90%
Originated | Securitized
Future Minimum Payments Receivable [Line Items]
2022, remaining	$ 97
2023	130
2024	132
2025	135
2026	140
Thereafter	711
Balance at Mar 31, 2022	$ 1,345
Originated | Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.90%
Originated | Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0.00%
Originated | Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	19.90%

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 70
Write-offs	(11)
Recoveries	7
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	0
Ending balance	66
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	333
Securitizations	0
Write-offs	(19)
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	29
Ending balance	343
Non-Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	47
Write-offs	(11)
Recoveries	7
Defaulted vacation ownership notes receivable repurchase activity	8
(Decrease) increase in vacation ownership notes receivable reserve	(5)
Ending balance	46
Non-Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	193
Securitizations	(21)
Write-offs	(19)
Defaulted vacation ownership notes receivable repurchase activity	15
(Decrease) increase in vacation ownership notes receivable reserve	25
Ending balance	193
Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	23
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(8)
(Decrease) increase in vacation ownership notes receivable reserve	5
Ending balance	20
Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	140
Securitizations	21
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(15)
(Decrease) increase in vacation ownership notes receivable reserve	4
Ending balance	$ 150

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans	6.71%	6.74%
Financing receivable, allowance for credit losses, that would have been increased	$ 6	$ 6
Legacy-MVW
Accounts, Notes, Loans and Financing Receivable [Line Items]
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%
Legacy-ILG and Legacy-Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average estimated rate of default for all outstanding loans	17.14%	17.33%
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	$ 4	$ 4
Weighted average FICO score within originated loan pool	708	707

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, 2022	Dec. 31, 2021
Legacy-MVW
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 93	$ 96
Legacy-MVW | Non-Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	84	88
Legacy-MVW | Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	9	8
Legacy-ILG and Legacy-Welk
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	124	124
Legacy-ILG and Legacy-Welk | Non-Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	115	114
Legacy-ILG and Legacy-Welk | Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 9	$ 10

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, 2022	Dec. 31, 2021
Legacy-MVW
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	$ 1,322	$ 1,329
Legacy-MVW | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	253	274
Legacy-MVW | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	1,069	1,055
Legacy-MVW | 31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	24	26
Legacy-MVW | 31 – 90 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	6	6
Legacy-MVW | 31 – 90 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	18	20
Legacy-MVW | 91 – 150 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	12	12
Legacy-MVW | 91 – 150 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	3	4
Legacy-MVW | 91 – 150 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	9	8
Legacy-MVW | Greater than 150 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	81	84
Legacy-MVW | Greater than 150 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	81	84
Legacy-MVW | Greater than 150 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	0	0
Legacy-MVW | Total past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	117	122
Legacy-MVW | Total past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	90	94
Legacy-MVW | Total past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	27	28
Legacy-MVW | Current
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	1,205	1,207
Legacy-MVW | Current | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	163	180
Legacy-MVW | Current | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	1,042	1,027
Legacy-ILG and Legacy-Welk
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	1,117	1,118
Legacy-ILG and Legacy-Welk | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	355	349
Legacy-ILG and Legacy-Welk | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	762	769
Legacy-ILG and Legacy-Welk | 31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	32	40
Legacy-ILG and Legacy-Welk | 31 – 90 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	11	16
Legacy-ILG and Legacy-Welk | 31 – 90 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	21	24
Legacy-ILG and Legacy-Welk | 91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	9	10
Legacy-ILG and Legacy-Welk | 91 – 120 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	4	4
Legacy-ILG and Legacy-Welk | 91 – 120 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	5	6
Legacy-ILG and Legacy-Welk | Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	115	114
Legacy-ILG and Legacy-Welk | Greater than 120 days past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	111	110
Legacy-ILG and Legacy-Welk | Greater than 120 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	4	4
Legacy-ILG and Legacy-Welk | Total past due
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	156	164
Legacy-ILG and Legacy-Welk | Total past due | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	126	130
Legacy-ILG and Legacy-Welk | Total past due | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	30	34
Legacy-ILG and Legacy-Welk | Current
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	961	954
Legacy-ILG and Legacy-Welk | Current | Non-Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	229	219
Legacy-ILG and Legacy-Welk | Current | Securitized
Financing Receivable, Past Due [Line Items]
Total vacation ownership notes receivable	$ 732	$ 735

VACATION OWNERSHIP NOTES REC_10

VACATION OWNERSHIP NOTES RECEIVABLE - Financing Receivable Year of Originated (Details) - Legacy-MVW - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 99
2021	386
2020	170
2019	268
2018	171
2017 & Prior	228
Total vacation ownership notes receivable	1,322	$ 1,329
Non-Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	83
2021	37
2020	19
2019	42
2018	26
2017 & Prior	46
Total vacation ownership notes receivable	253	274
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	16
2021	349
2020	151
2019	226
2018	145
2017 & Prior	182
Total vacation ownership notes receivable	$ 1,069	$ 1,055

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score (Details) - Legacy-ILG and Legacy-Welk - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 1,117	$ 1,118
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	399	444
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	88	95
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	118	133
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	13	15
Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	176	197
Acquired | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4	4
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	207	231
Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	48	52
Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	49	54
Acquired | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	102	115
Acquired | 700 + | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	2
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	150	165
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	30	32
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	43	48
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5	6
Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	71	79
Acquired | 600 - 699 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	0
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	12	13
Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3	3
Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600 | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0	0
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	30	35
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	19	23
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0	0
Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2	2
Acquired | No Score | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2	2
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	717	674
Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	265	251
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	302	296
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	35	33
Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	115	94
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	388	366
Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	148	143
Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	138	136
Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	23	22
Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	79	65
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	211	198
Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	68	66
Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	98	94
Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	11	11
Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	34	27
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	31	29
Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9	8
Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	20	20
Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	0
Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	87	81
Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	40	34
Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	46	46
Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0	0
Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 1	$ 1

VACATION OWNERSHIP NOTES REC_12

VACATION OWNERSHIP NOTES RECEIVABLE - Legacy-ILG Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - Legacy-ILG and Legacy-Welk - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 1,117	$ 1,118
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	399	444
Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	88	95
Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	118	133
Acquired | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	13	15
Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	176	197
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	207	231
Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	48	52
Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	49	54
Acquired | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	102	115
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	150	165
Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	30	32
Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	43	48
Acquired | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5	6
Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	71	79
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	12	13
Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3	3
Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	30	35
Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7	8
Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	19	23
Acquired | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0	0
Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2	2
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	717	674
Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	265	251
Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	302	296
Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	35	33
Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	115	94
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	388	366
Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	148	143
Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	138	136
Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	23	22
Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	79	65
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	211	198
Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	68	66
Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	98	94
Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	11	11
Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	34	27
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	31	29
Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9	8
Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	20	20
Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	0
Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	1
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	87	81
Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	40	34
Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	46	46
Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0	0
Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1	$ 1
2022 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	46
2022 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	31
2022 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2022 | Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	36
2022 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	21
2022 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	17
2022 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5
2022 | Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	24
2022 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	6
2022 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2022 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3
2022 | Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	11
2022 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2022 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2022 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2022 | Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2022 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	18
2022 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5
2022 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2022 | Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2021 | Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	12
2021 | Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2021 | Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2021 | Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2021 | Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2021 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	102
2021 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	119
2021 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	14
2021 | Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	79
2021 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	61
2021 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	56
2021 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9
2021 | Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	55
2021 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	29
2021 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	43
2021 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2021 | Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	23
2021 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3
2021 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9
2021 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2021 | Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2021 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9
2021 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	11
2021 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2021 | Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	36
2020 | Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	22
2020 | Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	13
2020 | Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2020 | Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	35
2020 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	47
2020 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2020 | Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	20
2020 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	21
2020 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3
2020 | Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9
2020 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	14
2020 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2020 | Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2
2020 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2020 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2020 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2020 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2020 | Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	46
2019 | Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	26
2019 | Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	19
2019 | Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2019 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	68
2019 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	83
2019 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7
2019 | Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	38
2019 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	35
2019 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5
2019 | Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	20
2019 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	25
2019 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2
2019 | Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2
2019 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5
2019 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2019 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	18
2019 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2019 | Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	14
2018 | Originated | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	22
2018 | Originated | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2
2018 | Originated | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2018 | Originated | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	9
2018 | Originated | 700 + | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 | Originated | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2018 | Originated | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2018 | Originated | 600 - 699 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 | Originated | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 | Originated | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 | Originated | Less Than 600 | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 | Originated | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	4
2018 | Originated | No Score | Hyatt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 | Originated | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 & Prior | Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	223
2018 & Prior | Acquired | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	88
2018 & Prior | Acquired | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	118
2018 & Prior | Acquired | Hyatt & Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	17
2018 & Prior | Acquired | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	82
2018 & Prior | Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	105
2018 & Prior | Acquired | 700 + | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	48
2018 & Prior | Acquired | 700 + | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	49
2018 & Prior | Acquired | 700 + | Hyatt & Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	8
2018 & Prior | Acquired | 700 + | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	46
2018 & Prior | Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	79
2018 & Prior | Acquired | 600 - 699 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	30
2018 & Prior | Acquired | 600 - 699 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	43
2018 & Prior | Acquired | 600 - 699 | Hyatt & Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	6
2018 & Prior | Acquired | 600 - 699 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	35
2018 & Prior | Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	11
2018 & Prior | Acquired | Less Than 600 | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	3
2018 & Prior | Acquired | Less Than 600 | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7
2018 & Prior | Acquired | Less Than 600 | Hyatt & Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1
2018 & Prior | Acquired | Less Than 600 | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	0
2018 & Prior | Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	28
2018 & Prior | Acquired | No Score | Westin
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	7
2018 & Prior | Acquired | No Score | Sheraton
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	19
2018 & Prior | Acquired | No Score | Hyatt & Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2
2018 & Prior | Acquired | No Score | Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 1

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 2,030	$ 2,045
Other assets	74	76
Total financial assets	2,104	2,121
Total financial liabilities	(4,446)	(4,404)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,091	2,102
Other assets	74	76
Total financial assets	2,165	2,178
Total financial liabilities	(4,485)	(4,774)
Securitized debt, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,779)	(1,856)
Securitized debt, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,745)	(1,900)
2025 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(248)	(248)
2025 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(257)	(261)
2028 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(346)	(346)
2028 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(338)	(362)
2029 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(493)	(493)
2029 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(474)	(505)
2022 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(229)	(224)
2022 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(265)	(280)
2026 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(563)	(461)
2026 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(632)	(682)
Non-interest bearing note payable, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(11)	0
Non-interest bearing note payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(11)	0
Line of Credit | Term Loan, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(777)	(776)
Line of Credit | Term Loan, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(763)	(784)
Originated | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,030	2,045
Originated | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 2,091	$ 2,102

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 2,030	$ 2,045
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	2,091	2,102
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	1,661	1,662
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	1,715	1,712
Non-Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	369	383
Non-Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	376	390
Non-Securitized | Eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	103	97
Non-Securitized | Eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	110	104
Non-Securitized | Not eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	266	286
Non-Securitized | Not eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable	$ 266	$ 286

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Mar. 31, 2022USD ($)
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 74

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Computation of Basic Earnings (Loss) Per Share Attributable to Common Shareholders
Net income (loss) attributable to common shareholders	$ 58	$ (28)
Shares for basic earnings (loss) per share (in shares)	42,400	41,400
Basic earnings (loss) per share (in usd per share)	$ 1.36	$ (0.68)
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Numerator used to calculate diluted EPS	$ 59	$ (28)
Effect of dilutive shares outstanding
Employee stock options and SARs (in shares)	200	0
Restricted stock units (in shares)	300	0
Shares for diluted earnings (loss) per share (in shares)	47,900	41,400
Diluted earnings (loss) per share (in usd per share)	$ 1.23	$ (0.68)
Long-term debt, gross	$ 2,700
Shares excluded from the calculation of diluted earnings per share (in shares)		800
2022 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	1,600	0
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,400	0
Convertible notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	$ 1	$ 0
Convertible notes | 2022 Convertible Notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	1	3
Effect of dilutive shares outstanding
Long-term debt, gross	230		$ 230
Convertible notes | 2026 Convertible Notes
Computation of Diluted Earnings (Loss) Per Share Attributable to Common Shareholders
Add back of interest expense related to convertible notes subsequent to the adoption of ASU 2020-06, net of tax	1	$ 5
Effect of dilutive shares outstanding
Long-term debt, gross	$ 575		$ 575
Performance shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	300

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)		800,000
Long-term debt, gross	$ 2,700
Convertible notes | 2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Long-term debt, gross	$ 230		$ 230
Employee SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)		200,000
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)		500,000
Convertible Notes | 2022 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)		100,000
SARs
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	126,169
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 173.88

INVENTORY - Composition of Inve

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Real estate inventory	$ 684	$ 710
Other	9	9
Inventory	$ 693	$ 719

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 7	$ 1
Amount of completed vacation ownership units classified as property and equipment	$ 496		$ 460

GOODWILL AND INTANGIBLES - Good

GOODWILL AND INTANGIBLES - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 3,150
Measurement period adjustments	(8)
Ending balance	3,142
Vacation Ownership
Goodwill [Roll Forward]
Beginning balance	2,778
Measurement period adjustments	(8)
Ending balance	2,770
Exchange & Third-Party Management
Goodwill [Roll Forward]
Beginning balance	372
Measurement period adjustments	0
Ending balance	$ 372

GOODWILL AND INTANGIBLES - Inta

GOODWILL AND INTANGIBLES - Intangibles Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Definite-lived intangible assets
Finite-lived intangible assets, gross	$ 1,123	$ 1,123
Accumulated amortization	(209)	(194)
Finite-lived intangible assets, net	914	929
Indefinite-lived intangible assets
Intangibles, net	978	993
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	$ 452	$ 452

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 120
Guarantor obligations, maximum exposure. due in first year	$ 10
Lease not yet commenced, term of contract (in years)	16 years
Lease not yet commenced, right-of-use asset	$ 137
Property owners associations
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment obligation due, remainder of 2022	79
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	2
Letter of credit
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	2
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	8
Guarantor obligations, maximum exposure. due remainder of fiscal year	1
Guarantor obligations, maximum exposure, due in second year	2
Guarantor obligations, maximum exposure, due in third year	2
Guarantor obligations, maximum exposure, due in fourth year	1
Guarantor obligations, maximum exposure, due in five year	1
Guarantor obligations, maximum exposure, due after fifth year	$ 1
Guarantor obligations, ownership percentage	95.00%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 97
Purchase commitment obligation due, remainder of 2022	43
Purchase commitment obligation due, 2023	30
Purchase commitment obligation due, 2024	13
Purchase commitment obligation due, 2025	8
Purchase commitment obligation due, 2026 and thereafter	$ 3

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,779,000,000	$ 1,856,000,000
Securitized Debt
Debt Instrument [Line Items]
Secured debt, net	1,779,000,000	1,856,000,000
Variable interest entity
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,799,000,000	1,877,000,000
Variable interest entity | Securitized Debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	2.30%
Variable interest entity | Securitized Debt | Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, gross	$ 101,000,000	0
Unamortized debt issuance costs	1,000,000	0
Secured debt, net	$ 100,000,000	0
Excluded unamortized debt issuance expense		2,000,000
Amount outstanding		0
Variable interest entity | Securitized Debt | Minimum
Debt Instrument [Line Items]
Debt, stated interest rate	1.50%
Variable interest entity | Securitized Debt | Maximum
Debt Instrument [Line Items]
Debt, stated interest rate	4.40%
Vacation Ownership Notes Receivable Securitizations | Variable interest entity | Securitized Debt
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,698,000,000	1,877,000,000
Unamortized debt discount and issuance costs	(19,000,000)	(21,000,000)
Secured debt, net	$ 1,679,000,000	$ 1,856,000,000

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
2022, remaining	$ 230
2023	7
2024	4
2025	1,034
2026	575
Thereafter	850
Vacation Ownership Receivables and Warehouse Credit Facility | Secured Debt
Debt Instrument [Line Items]
2022, remaining	138
2023	187
2024	278
2025	185
2026	183
Thereafter	828
Long-term debt	1,799
Variable interest entity | Warehouse Credit Facility | Secured Debt
Debt Instrument [Line Items]
2022, remaining	3
2023	5
2024	93
2025	0
2026	0
Thereafter	0
Long-term debt	101
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Secured Debt
Debt Instrument [Line Items]
2022, remaining	135
2023	182
2024	185
2025	185
2026	183
Thereafter	828
Long-term debt	$ 1,698

SECURITIZED DEBT - Additional I

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)loan	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Number of notes receivable pools outstanding | loan	14
Number of notes receivable pools under performance triggers | loan	0
Number of notes receivable pools out of compliance | loan	0
Warehouse Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 350,000,000
Values of vacation ownership notes receivable that were securitized during the period	$ 125,000,000
Advance rate for securitization	81.00%
Proceeds from vacation ownership notes receivable securitizations	$ 102,000,000
Cash flows between transferee and transferor proceeds	101,000,000
Cash flows between transferee and transfer or funding of restricted cash	$ (1,000,000)

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,700
Finance Leases	84	$ 83
Debt and lease obligation	2,751	2,631
2025 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	250	250
Unamortized debt discount and issuance costs	(2)	(2)
Long-term debt	248	248
2028 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Unamortized debt discount and issuance costs	(4)	(4)
Long-term debt	346	346
2029 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
Unamortized debt discount and issuance costs	(7)	(7)
Long-term debt	493	493
Term Loan | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784	784
Unamortized debt discount and issuance costs	(7)	(8)
Long-term debt	777	776
2022 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	230	230
Unamortized debt discount and issuance costs	(1)	(6)
Long-term debt	229	224
2026 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	575	575
Unamortized debt discount and issuance costs	(12)	(114)
Long-term debt	563	461
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	11	$ 0
Non-interest bearing note payable, net | Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 11

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	$ 230
2023	7
2024	4
2025	1,034
2026	575
Thereafter	850
Long-term debt	2,700
Non-interest bearing note payable, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
Long-term debt	11	$ 0
Line of Credit | Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	784
2026	0
Thereafter	0
Long-term debt	784	784
Senior notes | 2025 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	250
2026	0
Thereafter	0
Long-term debt	250	250
Senior notes | 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	0
Thereafter	350
Long-term debt	350	350
Senior notes | 2029 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	0
Thereafter	500
Long-term debt	500	500
Convertible notes | 2022 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	230
2023	0
2024	0
2025	0
2026	0
Thereafter	0
Long-term debt	230	230
Convertible notes | 2026 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	0
2024	0
2025	0
2026	575
Thereafter	0
Long-term debt	575	$ 575
Convertible notes | Non-interest bearing note payable, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2022, remaining	0
2023	7
2024	4
2025	0
2026	0
Thereafter	0
Long-term debt	$ 11

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,700,000,000
2025 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	6.125%
Long-term debt, gross	$ 250,000,000	$ 250,000,000
2028 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 350,000,000
Debt, stated interest rate	4.75%
Long-term debt, gross	$ 350,000,000	350,000,000
2029 Notes, net | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	4.50%
Long-term debt, gross	$ 500,000,000	$ 500,000,000

DEBT - Corporate Credit Facilit

DEBT - Corporate Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2019
Floating interest rate through September 2023 | Interest Rate Contract
Debt Instrument [Line Items]
Notional amount			$ 250,000,000
Derivative, fixed interest rate			2.9625%
Floating interest rate through April 2024 | Interest Rate Contract
Debt Instrument [Line Items]
Notional amount			$ 200,000,000
Derivative, fixed interest rate			2.248%
Interest rate collar with a cap and a floor strike rate of April 2024 | Interest Rate Contract
Debt Instrument [Line Items]
Notional amount			$ 100,000,000
Cap strike rate			2.50%
Floor strike rate			1.881%
Line of Credit | Corporate Credit Facility
Debt Instrument [Line Items]
Credit facility	$ 900,000,000
Basis spread on variable rate	1.75%
Line of Credit | Corporate Credit Facility | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Line of Credit | Corporate Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
Revolving corporate credit facility, net | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 750,000,000	$ 600,000,000
Letter of credit | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility	$ 75,000,000

DEBT - Accumulated Other Compre

DEBT - Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,976,000,000
Ending balance	2,814,000,000
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification to Income Statement	0
Beginning balance	(18,000,000)	$ (39,000,000)
Other comprehensive gain before reclassifications	16,000,000	6,000,000
Ending balance	$ (2,000,000)	$ (33,000,000)

DEBT - 2022 Convertible Notes (

DEBT - 2022 Convertible Notes (Details) - 2022 Convertible Notes - Convertible notes	3 Months Ended
	Mar. 31, 2022$ / shares	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Principal amount | $		$ 230,000,000
Debt, stated interest rate		1.50%
Conversion ratio	0.0068402
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 146.19
Interest rate, effective percentage	2.19%

DEBT - Net Carrying Value Of Th

DEBT - Net Carrying Value Of The Convertible Notes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net carrying amount of the liability component	$ 2,751	$ 2,631
Convertible notes | 2022 Convertible Notes
Debt Instrument [Line Items]
Principal amount	230	230
Unamortized debt discount	0	(5)
Unamortized debt issuance costs	(1)	(1)
Net carrying amount of the liability component	229	224
Carrying amount of equity component, net of issuance costs	0	33
Convertible notes | 2026 Convertible Notes
Debt Instrument [Line Items]
Principal amount	575	575
Unamortized debt discount	0	(104)
Unamortized debt issuance costs	(12)	(10)
Net carrying amount of the liability component	563	461
Carrying amount of equity component, net of issuance costs	$ 0	$ 117

DEBT - Interest Expense Related

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense	$ 1	$ 0
2022 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	1	1
Amortization of debt discount	0	2
Interest expense	1	3
2026 Convertible Notes
Debt Instrument [Line Items]
Amortization of debt discount	0	5
Amortization of debt issuance costs	1	0
Interest expense	$ 1	$ 5

DEBT - 2022 Convertible Note He

DEBT - 2022 Convertible Note Hedges and Warrants (Details) - 2022 Convertible Notes - $ / shares	Mar. 31, 2022	Dec. 31, 2017
2022 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)		1,600,000
Number of securities called by warrants (in shares)	1,600,000
Debt instrument, convertible, conversion price (in usd per share)	$ 148.29
Convertible note hedges exercised (in shares)	0
2022 Warrants
Debt Instrument [Line Items]
Exercise price of warrants (in usd per share)	$ 176.80
Number of warrants exercised (in shares)	0

DEBT - 2026 Convertible Notes (

DEBT - 2026 Convertible Notes (Details) - 2026 Convertible Notes	3 Months Ended
	Mar. 31, 2022$ / shares	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
Convertible notes
Debt Instrument [Line Items]
Principal amount | $		$ 575,000,000
Debt, stated interest rate		0.00%
Conversion ratio	0.0059122
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 169.14

DEBT - 2026 Convertible Note He

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	3 Months Ended
	Mar. 31, 2022$ / sharesshares
2026 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,400,000
Strike price (in usd per share) | $ / shares	$ 169.14
Convertible note hedges exercised (in shares)	0
2026 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,400,000
Strike price (in usd per share) | $ / shares	$ 211.43
Number of warrants exercised (in shares)	0

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
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)	75,721,548	75,519,049
Common stock, shares outstanding (in shares)	41,750,172	42,283,378
Treasury stock, shares (in shares)	33,971,376	33,235,671
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Stock repurchase program, authorized amount			$ 250,000,000
Stock repurchase program, additional authorized amount	$ 300,000,000
Noncontrolling interests	10,000,000	$ 10,000,000
Stock repurchase program, remaining authorized repurchase amount	353,000,000
Property owners associations
Stockholders Equity Note
Noncontrolling interests	$ 10,000,000	$ 10,000,000

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Share Repurchase Program (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	33,235,671
Ending of period, number of shares repurchased (in shares)	33,971,376
Cost of Shares Repurchased
Cost of shares repurchased | $	$ 119
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	17,681,395
Repurchase of common stock (in shares)	764,824
Ending of period, number of shares repurchased (in shares)	18,446,219
Cost of Shares Repurchased
Beginning of period, cost of shares repurchased | $	$ 1,418
Cost of shares repurchased | $	119
Ending of period, cost of shares repurchased | $	$ 1,537
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share) | $ / shares	$ 80.17
Average price paid per share (in usd per share) | $ / shares	156.50
Ending of period, average price paid per share (in usd per share) | $ / shares	$ 83.34

SHAREHOLDERS' EQUITY - Cash Div

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares	Feb. 18, 2022	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.62	$ 0.62	$ 0

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance under the plan (in shares)	1,800,000
Shares available for grants under the plan (in shares)	1,000,000
Restricted stock units | Employees and non employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	165,392
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 153.25
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum earnable amount of shares (in shares)	135,012
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	77,037
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 59.68
Stock awards granted, weighted average (in usd per share) exercise date fair value | $ / shares	$ 159.27

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 8	$ 8
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	6
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	7
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 1

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 66	$ 35
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	51	33
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	10	0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	61	33
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 5	$ 2

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Expected volatility	42.86%
Dividend yield	1.53%
Risk-free rate	1.77%
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, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Consolidated Assets	$ 9,503	$ 9,613
Consolidated Liabilities	6,679	$ 6,627
Variable interest entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,751
Consolidated Liabilities	1,801
Variable interest entity | Securitized Debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,799
Variable interest entity | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,661
Variable interest entity | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	12
Variable interest entity | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	78
Variable interest entity | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Consolidated Assets	1,636
Consolidated Liabilities	1,699
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Securitized Debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,698
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,552
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	11
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	73
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	1
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Consolidated Assets	115
Consolidated Liabilities	102
Variable interest entity | Warehouse Credit Facility | Securitized Debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	101
Variable interest entity | Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	109
Variable interest entity | Warehouse Credit Facility | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	1
Variable interest entity | Warehouse Credit Facility | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	5
Variable interest entity | Warehouse Credit Facility | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	$ 1

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, 2022	Mar. 31, 2021
Variable Interest Entity [Line Items]
Interest income	$ 69	$ 57
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	59
Interest expense to investors	10
Debt issuance cost amortization	2
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	57
Interest expense to investors	10
Debt issuance cost amortization	2
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	2
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, 2022	Mar. 31, 2021
Vacation Ownership Notes Receivable Securitizations
Cash Inflows
Principal receipts	$ 139	$ 130
Interest receipts	58	50
Reserve release	57	0
Total	254	180
Cash Outflows
Principal to investors	(155)	(129)
Voluntary repurchases of defaulted vacation ownership notes receivable	(23)	(30)
Interest to investors	(11)	(11)
Total	(189)	(170)
Net Cash Flows	65	10
Warehouse Credit Facility
Cash Inflows
Proceeds from vacation ownership notes receivable securitizations	102	0
Principal receipts	4	0
Interest receipts	1	0
Total	107	0
Cash Outflows
Funding of restricted cash	(1)	0
Total	(1)	0
Net Cash Flows	$ 106	$ 0

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	May 09, 2022	Mar. 31, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss			$ 234	$ 279
Forecast
Variable Interest Entity [Line Items]
Purchase commitment	$ 80
Variable Interest Entity, Not Primary Beneficiary | Subsequent event
Variable Interest Entity [Line Items]
Loan receivable		$ 47
Variable interest entity
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss			12	$ 12
Cash surrender value of life insurance			74
Waikiki Hawaii | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
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, 2022sourcesegment	Mar. 31, 2021
Segment Reporting Information [Line Items]
Number of operating business segments	2
Number of reportable business segments	2
Vacation Ownership
Segment Reporting Information [Line Items]
Number of primary sources | source	4
Geographic concentration risk | Sales revenue, net | Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	11.00%	9.00%

BUSINESS SEGMENTS - Revenues (D

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 1,052	$ 759
Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	956	661
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	84	86
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	1,040	747
Operating segments | Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	956	661
Operating segments | Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	84	86
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Total Revenues	$ 12	$ 12

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Corporate and other	$ (54)	$ (40)
Interest expense	(27)	(43)
Tax (provision) benefit	(32)	11
Depreciation and amortization	(33)	(41)
Share-based compensation expense	(8)	(8)
Certain items	(30)	(16)
Net income (loss) attributable to common shareholders	58	(28)
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	199	68
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 43	$ 41

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,503	$ 9,613
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	8,849	8,808
Operating segments | Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	7,946	7,897
Operating segments | Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	903	911
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 654	$ 805

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022USD ($)
VRI and TPI | Subsequent event | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Net proceeds from disposition	$ 60