Marriott Vacations Worldwide (VAC) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		36,808,928
Amendment Flag	false
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
REVENUES
Revenue from contracts with customers	$ 1,091	$ 981
Financing	78	71
TOTAL REVENUES	1,169	1,052
EXPENSES
Marketing and sales	210	182
Financing	26	21
General and administrative	68	61
Depreciation and amortization	32	33
Litigation charges	3	3
Royalty fee	29	27
Impairment	4	0
Cost reimbursements	365	316
TOTAL EXPENSES	1,015	911
Gains and other income, net	21	4
Interest expense, net	(34)	(27)
Transaction and integration costs	(13)	(28)
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	128	90
Provision for income taxes	(41)	(32)
NET INCOME	87	58
Net income attributable to noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 87	$ 58
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 2.32	$ 1.36
Diluted (in usd per share)	2.06	1.23
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.72	$ 0.62
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 375	$ 310
EXPENSES
Expenses	58	60
Management and exchange
REVENUES
Revenue from contracts with customers	200	222
EXPENSES
Expenses	107	127
Rental
REVENUES
Revenue from contracts with customers	151	133
EXPENSES
Expenses	113	81
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 365	$ 316

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 87	$ 58
Other comprehensive income (loss):
Foreign currency translation adjustments	6	4
Derivative instrument adjustment, net of tax	(3)	16
OTHER COMPREHENSIVE GAIN, NET OF TAX	3	20
Net income attributable to noncontrolling interests	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 90	$ 78

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 306	$ 524
Restricted cash (including $85 and $85 from VIEs, respectively)	268	330
Accounts and contracts receivable, net (including $13 and $13 from VIEs, respectively)	289	292
Vacation ownership notes receivable, net (including $1,793 and $1,792 from VIEs, respectively)	2,220	2,198
Inventory	672	660
Property and equipment, net	1,215	1,139
Goodwill	3,117	3,117
Intangibles, net	898	911
Other (including $80 and $76 from VIEs, respectively)	617	468
TOTAL ASSETS	9,602	9,639
LIABILITIES AND EQUITY
Accounts payable	222	356
Advance deposits	178	158
Accrued liabilities (including $3 and $5 from VIEs, respectively)	334	369
Deferred revenue	448	344
Payroll and benefits liability	206	251
Deferred compensation liability	147	139
Securitized debt, net (including $1,957 and $1,982 from VIEs, respectively)	1,936	1,938
Debt, net	3,129	3,088
Other	183	167
Deferred taxes	339	331
TOTAL LIABILITIES	7,122	7,141
Contingencies and Commitments (Note 10)
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; 75,805,974 and 75,744,524 shares issued, respectively	1	1
Treasury stock — at cost; 38,731,521 and 38,263,442 shares, respectively	(2,132)	(2,054)
Additional paid-in capital	3,937	3,941
Accumulated other comprehensive income	18	15
Retained earnings	654	593
TOTAL MVW SHAREHOLDERS' EQUITY	2,478	2,496
Noncontrolling interests	2	2
TOTAL EQUITY	2,480	2,498
TOTAL LIABILITIES AND EQUITY	$ 9,602	$ 9,639

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Restricted cash	$ 268	$ 330
Accounts receivable, net	289	292
Vacation ownership notes receivable, net	2,220	2,198
Other assets	617	468
Accrued liabilities	334	369
Secured debt, net	$ 1,936	$ 1,938
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)	75,805,974	75,744,524
Treasury stock, shares (in shares)	38,731,521	38,263,442
Variable interest entity
Restricted cash	$ 85	$ 85
Accounts receivable, net	13	13
Vacation ownership notes receivable, net	1,793	1,792
Other assets	80	76
Accrued liabilities	3	5
Secured debt, net	$ 1,957	$ 1,982

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 87	$ 58
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash (used in) provided by operating activities:
Depreciation and amortization of intangibles	32	33
Amortization of debt discount and issuance costs	7	5
Vacation ownership notes receivable reserve	38	29
Share-based compensation	7	8
Impairment charges	3	0
Deferred income taxes	6	18
Net change in assets and liabilities:
Accounts and contracts receivable	(6)	45
Vacation ownership notes receivable originations	(225)	(205)
Vacation ownership notes receivable collections	161	188
Inventory	16	28
Other assets	(146)	(134)
Accounts payable, advance deposits and accrued liabilities	(101)	12
Deferred revenue	101	54
Payroll and benefit liabilities	(45)	13
Deferred compensation liability	4	(7)
Other liabilities	16	(3)
Purchase of vacation ownership units for future transfer to inventory	0	(12)
Other, net	(5)	(1)
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	(50)	129
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)	(37)	(9)
Purchase of company owned life insurance	0	(4)
Other, net	0	3
Net cash, cash equivalents and restricted cash used in investing activities	(37)	(10)
FINANCING ACTIVITIES
Borrowings from securitization transactions	171	102
Repayment of debt related to securitization transactions	(174)	(178)
Proceeds from debt	405	30
Repayments of debt	(461)	(30)
Finance lease incentive	10	0
Finance lease payment	(2)	(2)
Payment of debt issuance costs	0	(4)
Repurchase of common stock	(80)	(119)
Payment of dividends	(54)	(49)
Payment of withholding taxes on vesting of restricted stock units	(9)	(22)
Net cash, cash equivalents and restricted cash used in financing activities	(194)	(272)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1	0
Change in cash, cash equivalents and restricted cash	(280)	(153)
Cash, cash equivalents and restricted cash, beginning of period	854	803
Cash, cash equivalents and restricted cash, end of period	574	650
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of debt in connection with asset acquisition	0	11
Non-cash issuance of treasury stock for employee stock purchase plan	1	1
Non-cash transfer from inventory to property and equipment	3	31
Non-cash transfer from property and equipment to inventory	43	2
Non-cash transfer from other assets to property and equipment	0	13
Non-cash transfer from property and equipment to other assets	2	0
Non-cash issuance of debt in connection with finance lease	80	0
Non-cash issuance of debt in connection with finance lease	97	0
Interest paid, net of amounts capitalized	44	30
Income taxes paid, net of refunds (income tax refunds, net of income taxes paid)	$ 56	$ (7)

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' Equity Previously Reported	Total MVW Shareholders' Equity Revision of Prior Period, Accounting Standards Update, Adjustment	Total MVW Shareholders' Equity Cumulative effect, period of adoption, adjusted balance	Common Stock	Common Stock Previously Reported	Common Stock Cumulative effect, period of adoption, adjusted balance	Treasury Stock	Treasury Stock Previously Reported	Treasury Stock Cumulative effect, period of adoption, adjusted balance	Additional Paid-In Capital	Additional Paid-In Capital Previously Reported	Additional Paid-In Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Additional Paid-In Capital Cumulative effect, period of adoption, adjusted balance	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Previously Reported	Accumulated Other Comprehensive Income (Loss) Cumulative effect, period of adoption, adjusted balance	Retained Earnings	Retained Earnings Previously Reported	Retained Earnings Revision of Prior Period, Accounting Standards Update, Adjustment	Retained Earnings Cumulative effect, period of adoption, adjusted balance	Noncontrolling Interests	Noncontrolling Interests Previously Reported	Noncontrolling Interests Cumulative effect, period of adoption, adjusted balance
Beginning balance (in shares) at Dec. 31, 2021									75,500,000
Beginning balance at Dec. 31, 2021		$ 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 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									75,700,000
Ending balance at Mar. 31, 2022	$ 2,824				2,814				$ 1			(1,474)			3,945				4			338				$ 10
Beginning balance (in shares) at Dec. 31, 2022	75,744,524								75,700,000
Beginning balance at Dec. 31, 2022	$ 2,498				2,496				$ 1			(2,054)			3,941				15			593				2
Increase (Decrease) in Stockholders' Equity
Net income	87				87																	87
Foreign currency translation adjustments	6				6														6
Derivative instrument adjustment	(3)				(3)														(3)
Share-based compensation plans (in shares)									100,000
Share-based compensation plans	(2)				(2)							2			(4)
Repurchase of common stock	(80)				(80)							(80)
Dividends	$ (26)				(26)																	(26)
Ending balance (in shares) at Mar. 31, 2023	75,805,974								75,800,000
Ending balance at Mar. 31, 2023	$ 2,480				$ 2,478				$ 1			$ (2,132)			$ 3,937				$ 18			$ 654				$ 2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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 the Interim Condensed Notes to 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, 2022 (the “2022 Annual Report”). We also 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 VIEs for which Marriott Vacations Worldwide is the primary beneficiary, as determined 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, 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 uncertainties in the broader macroeconomic environment, including inflationary pressures, as well as any effects of the recent COVID-19 pandemic have made it more challenging to make these estimates. Actual 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, general macroeconomic conditions, including inflationary pressures, rising interest rates, and seasonal and short-term variations, as well as any effects of the recent COVID-19 pandemic. 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 2022 Annual Report. We refer to the business and brands that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted, and the associated brands, prior to the ILG Acquisition as “Legacy-MVW.” The businesses acquired from ILG that we currently operate as part of our Vacation Ownership segment include Vistana Signature Experiences, which includes vacation ownership products branded as Sheraton or Westin, and Hyatt Vacation Ownership. The businesses acquired from ILG that we currently operate as part of our Exchange & Third-Party Management business include Interval International and Aqua-Aston Hospitality. As part of the ILG Acquisition, we also acquired the Vacation Resorts International (“VRI”) and Trading Places International (“TPI”) businesses (together, the “VRI Americas” business), which was part of our Exchange & Third-Party Management segment prior to our disposal of VRI Americas during the second quarter of 2022.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS New Accounting Standards Accounting Standards Update 2022-02 – “ Financial Instruments — Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) In the first quarter of 2023, we adopted accounting standards update (“ASU”) 2022-02, which eliminated the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhanced 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. The adoption of ASU 2022-02 on January 1, 2023, on a prospective basis, did not have a material impact on our financial statements or disclosures other than the incremental disclosures relating to gross write-offs for financing receivables. See Footnote 6 “Vacation Ownership Notes Receivable” for the incremental disclosures required by the adoption of ASU 2022-02. 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”) and Accounting Standards Update 2022-06 – “ Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 ” (“ASU 2022-06”) In March 2020, the Financial Accounting Standards Board (“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 USD London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This update was effective upon issuance and issuers were able to generally elect to adopt the optional expedients and exceptions over time through a period ending on December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. As of March 31, 2023, our Term Loan (as defined in Footnote 12 “Debt”) and certain of our interest rate swaps and collars 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. Subsequent to March 31, 2023, we amended the terms of our Term Loan to reference SOFR (as defined in Footnote 12 “Debt”) rather than LIBOR. See Footnote 12 “Debt” for more information. We have not adopted any of the optional expedients or exceptions under ASU 2020-04 as of March 31, 2023, but continue to evaluate their adoption during the effective period as circumstances evolve.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
Asset Acquisition [Abstract]
ACQUISITIONS	3. ACQUISITIONS Charleston, South Carolina During the first quarter of 2023, we acquired a parcel of land and an adjacent retail space in Charleston, South Carolina for $17 million. We plan to develop the parcel of land into a 50-unit vacation ownership resort, and use a portion of the retail space to operate a sales center. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net. Bali

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE AND RECEIVABLES	4. REVENUE AND RECEIVABLES Sources of Revenue by Segment Three Months Ended March 31, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 375 $ — $ — $ 375 Ancillary revenues 61 1 — 62 Management fee revenues 45 8 (1) 52 Exchange and other services revenues 29 47 10 86 Management and exchange 135 56 9 200 Rental 141 10 — 151 Cost reimbursements 368 5 (8) 365 Revenue from contracts with customers 1,019 71 1 1,091 Financing 78 — — 78 Total Revenues $ 1,097 $ 71 $ 1 $ 1,169 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 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, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 578 $ 29 $ 1 $ 608 Goods or services transferred at a point in time 441 42 — 483 Revenue from contracts with customers $ 1,019 $ 71 $ 1 $ 1,091 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 Sale of Vacation Ownership Products Revenues were reduced during the first quarter of 2023 by $8 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2023 or December 31, 2022. ($ in millions) At March 31, 2023 At December 31, 2022 Receivables from Contracts with Customers Accounts and contracts receivable, net $ 181 $ 209 Vacation ownership notes receivable, net 2,220 2,198 $ 2,401 $ 2,407 Contract Liabilities Advance deposits $ 178 $ 158 Deferred revenue 448 344 $ 626 $ 502 Revenue recognized during the first quarter of 2023 that was included in our contract liabilities balance at December 31, 2022 was $100 million. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2023, approximately 91% of this amount is expected to be recognized as revenue over the next two years. Accounts and Contracts Receivable Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances: ($ in millions) At March 31, 2023 At December 31, 2022 Receivables from contracts with customers, net $ 181 $ 209 Interest receivable 16 16 Tax receivable 35 20 Indemnification assets 39 19 Employee tax credit receivable 16 16 Other 2 12 $ 289 $ 292

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
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 32.3% and 35.6% for the three months ended March 31, 2023 and March 31, 2022, respectively. The decrease in the effective tax rate is predominately attributable to an increase in Income Before Income Taxes and Noncontrolling Interests and a net increase in discrete items, including a net increase in the reserve for uncertain tax benefits of $16 million, partially offset by an increase in our share-based compensation benefit of $5 million and a $4 million increase in favorable foreign income tax adjustments. Unrecognized Tax Benefits The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2023. These unrecognized tax benefits relate to uncertain income tax positions, which would affect the effective tax rate if recognized. ($ in millions) Unrecognized Tax Benefits Balance at December 31, 2022 $ 25 Increases related to tax positions taken during a prior period 7 Decreases related to tax positions taken during a prior period (5) Balance at March 31, 2023 $ 27 The total amount of gross interest and penalties accrued was $46 million at March 31, 2023 and $28 million at December 31, 2022, an increase of $18 million which is predominantly attributable to additional adjustments to the pre-acquisition reserves for uncertain tax positions. We anticipate $33 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 2020. The amount of the unrecognized tax benefits may increase or decrease within the next twelve months as a result of audits or audit settlements.

VACATION OWNERSHIP NOTES RECEIV

VACATION OWNERSHIP NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,594 $ 199 $ 1,793 $ 1,571 $ 221 $ 1,792 Non-securitized Eligible for securitization (1) 104 1 105 63 — 63 Not eligible for securitization (1) 300 22 322 322 21 343 Subtotal 404 23 427 385 21 406 $ 1,998 $ 222 $ 2,220 $ 1,956 $ 242 $ 2,198 (1) Refer to Footnote 7 “Financial Instruments” for 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, 2023 March 31, 2022 Interest income associated with vacation ownership notes receivable — securitized $ 67 $ 59 Interest income associated with vacation ownership notes receivable — non-securitized 9 10 Total interest income associated with vacation ownership notes receivable $ 76 $ 69 Credit Quality Indicators - Vacation Ownership Notes Receivable We use the origination of vacation ownership notes receivable by Marriott-, Sheraton-, and Westin-brands (“Combined Marriott”) and the FICO scores of the customer as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers and the brand associated with the vacation ownership interest (“VOI”) they have acquired. The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 722 and 721, at March 31, 2023 and December 31, 2022, respectively, based on the FICO score of the borrower at the time of origination. 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, 2023. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 3 $ 27 $ 30 2024 3 36 39 2025 3 33 36 2026 3 30 33 2027 3 24 27 Thereafter 8 49 57 Balance at March 31, 2023 $ 23 $ 199 $ 222 Weighted average stated interest rate 13.9% 14.2% 14.2% 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, 2022 $ 11 $ 18 $ 29 Write-offs (7) — (7) Recoveries 4 — 4 Defaulted vacation ownership notes receivable repurchase activity (1) 5 (5) — (Decrease) increase in vacation ownership notes receivable reserve (4) 4 — Balance at March 31, 2023 $ 9 $ 17 $ 26 (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 repurchased securitized vacation ownership notes receivable. The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of March 31, 2023 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 63 $ 43 $ 5 $ 14 $ 125 Hyatt and Welk 72 49 1 1 123 $ 135 $ 92 $ 6 $ 15 $ 248 Acquired Vacation Ownership Notes Receivable as of December 31, 2022 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 67 $ 47 $ 6 $ 16 $ 136 Hyatt and Welk 80 53 1 1 135 $ 147 $ 100 $ 7 $ 17 $ 271 The following tables detail the origination year of our acquired vacation ownership notes receivable, before reserves, by brand and FICO score as of March 31, 2023, and gross write-offs by brand for the first quarter of 2023. Acquired Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2021 2020 2019 & Prior Total 700 + $ — $ — $ 63 $ 63 600 - 699 — — 43 43 < 600 — — 5 5 No Score — — 14 14 $ — $ — $ 125 $ 125 Gross write-offs $ — $ — $ 4 $ 4 Acquired Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2021 2020 2019 & Prior Total 700 + $ 5 $ 15 $ 52 $ 72 600 - 699 3 8 38 49 < 600 — 1 — 1 No Score — — 1 1 $ 8 $ 24 $ 91 $ 123 Gross write-offs $ — $ 1 $ 2 $ 3 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, 2023. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 38 $ 99 $ 137 2024 40 137 177 2025 35 142 177 2026 35 149 184 2027 33 155 188 Thereafter 223 912 1,135 Balance at March 31, 2023 $ 404 $ 1,594 $ 1,998 Weighted average stated interest rate 12.3% 13.2% 13.0% 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, 2022 $ 149 $ 213 $ 362 Increase in vacation ownership notes receivable reserve 29 9 38 Securitizations (23) 23 — Write-offs (29) — (29) Defaulted vacation ownership notes receivable repurchase activity (1) 23 (23) — Balance at March 31, 2023 $ 149 $ 222 $ 371 (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 repurchased securitized vacation ownership notes receivable. The following tables show originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of March 31, 2023 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,230 $ 554 $ 55 $ 297 $ 2,136 Hyatt and Welk 162 66 2 3 233 $ 1,392 $ 620 $ 57 $ 300 $ 2,369 Originated Vacation Ownership Notes Receivable as of December 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,210 $ 549 $ 55 $ 278 2,092 Hyatt and Welk 157 64 3 2 226 $ 1,367 $ 613 $ 58 $ 280 $ 2,318 The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and FICO score as of March 31, 2023, and gross write-offs by brand for the first quarter of 2023. Originated Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 115 $ 453 $ 277 $ 92 $ 293 $ 1,230 600 - 699 36 188 132 49 149 554 < 600 3 18 14 6 14 55 No Score 48 101 37 23 88 297 $ 202 $ 760 $ 460 $ 170 $ 544 $ 2,136 Gross write-offs $ — $ 3 $ 9 $ 4 $ 10 $ 26 Originated Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 27 $ 90 $ 39 $ 2 $ 4 $ 162 600 - 699 9 38 16 1 2 66 < 600 — 1 1 — — 2 No Score 1 2 — — — 3 $ 37 $ 131 $ 56 $ 3 $ 6 $ 233 Gross write-offs $ — $ 1 $ 2 $ — $ — $ 3 Vacation Ownership Notes Receivable on Non-Accrual Status For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 11.54% as of March 31, 2023 and 11.62% as of December 31, 2022. 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 $12 million as of both March 31, 2023 and December 31, 2022. The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2023 $ 128 $ 26 $ 154 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2022 $ 126 $ 24 $ 150 The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2023 and December 31, 2022. As of March 31, 2023 As of December 31, 2022 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 20 $ 53 $ 73 $ 25 $ 56 $ 81 91 – 120 days past due 6 16 22 7 16 23 Greater than 120 days past due 122 10 132 119 8 127 Total past due 148 79 227 151 80 231 Current 437 1,953 2,390 415 1,943 2,358 Total vacation ownership notes receivable $ 585 $ 2,032 $ 2,617 $ 566 $ 2,023 $ 2,589

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
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 and contracts receivable, deposits included in Other assets, Accounts payable, Advance deposits, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At March 31, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net $ 2,220 $ 2,283 $ 2,198 $ 2,245 Other assets 80 80 76 76 Total financial assets $ 2,300 $ 2,363 $ 2,274 $ 2,321 Securitized debt, net $ (1,936) $ (1,838) $ (1,938) $ (1,828) 2025 Notes, net — — (248) (258) 2028 Notes, net (347) (310) (347) (307) 2029 Notes, net (494) (424) (494) (417) Term Loan, net (779) (780) (778) (775) Revolving Corporate Credit Facility, net (196) (200) — — 2026 Convertible Notes, net (566) (553) (565) (560) 2027 Convertible Notes, net (561) (566) (560) (568) Non-interest bearing note payable, net (4) (4) (10) (10) Total financial liabilities $ (4,883) $ (4,675) $ (4,940) $ (4,723) Vacation Ownership Notes Receivable At March 31, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net Securitized $ 1,793 $ 1,854 $ 1,792 $ 1,837 Eligible for securitization 105 107 63 65 Not eligible for securitization 322 322 343 343 Non-securitized 427 429 406 408 $ 2,220 $ 2,283 $ 2,198 $ 2,245 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 generally 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 $80 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 12 “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 12 “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. Revolving Corporate Credit Facility We estimate that the gross carrying value of our Revolving Corporate Credit Facility (as defined in Footnote 12 “Debt”) approximates fair value as the contractual interest rate is variable plus an applicable margin. We concluded that this fair value measurement should be categorized within Level 3. Convertible Notes We estimate the fair value of our convertible notes 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. Non-Interest Bearing Note Payable

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
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. 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 any 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 our 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. The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of basic earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2023 March 31, 2022 Net income attributable to common shareholders $ 87 $ 58 Shares for basic earnings per share 37.4 42.4 Basic earnings per share $ 2.32 $ 1.36 The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2023 (1) March 31, 2022 (1) Net income attributable to common shareholders $ 87 $ 58 Add back of interest expense related to convertible notes, net of tax 4 1 Numerator used to calculate diluted earnings per share $ 91 $ 59 Shares for basic earnings per share 37.4 42.4 Effect of dilutive shares outstanding Employee SARs 0.2 0.2 Restricted stock units 0.3 0.3 2022 Convertible Notes ($230 million of principal) — 1.6 2026 Convertible Notes ($575 million of principal) 3.5 3.4 2027 Convertible Notes ($575 million of principal) 3.0 — Shares for diluted earnings per share 44.4 47.9 Diluted earnings per share $ 2.06 $ 1.23 (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 239,000 and 300,000 shares of common stock, the maximum number of shares issuable as of March 31, 2023 and March 31, 2022, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period. In accordance with the applicable accounting guidance for calculating earnings per share, for the first quarter of 2023, we excluded from our calculation of diluted earnings per share 237,249 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $153.10 to $173.88, were greater than the average market price of our common stock for the applicable period.

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORY	9. INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2023 At December 31, 2022 Real estate inventory (1) $ 663 $ 651 Other 9 9 $ 672 $ 660 (1) Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable. 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 $11 million during the first quarter of 2023 and $7 million during the first quarter of 2022. In addition to the above, at March 31, 2023 and December 31, 2022, we had $392 million and $428 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.

CONTINGENCIES AND COMMITMENTS

CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	10. CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of March 31, 2023, 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 $70 million, of which we expect $42 million, $16 million, $8 million, and $4 million will be paid in the remainder of 2023, 2024, 2025, and 2026, 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 15 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction. Surety bonds issued as of March 31, 2023 totaled $127 million, the majority of which were requested by federal, state, or local governments in connection with our operations. As of March 31, 2023, we had $1 million of letters of credit outstanding under our Revolving Corporate Credit Facility (as defined in Footnote 12 “Debt”). In addition, as of March 31, 2023, 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 we either retain the balance (if any) as our fee or we make up the deficit. At March 31, 2023, our maximum exposure under fixed dollar guarantees was $6 million, of which $1 million, $2 million, $1 million, $1 million, and $1 million relate to the remainder of 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 our payment 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, 2023, our expected commitment for the remainder of 2023 is $7 million. 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 filed an amended complaint and appealed the dismissal of the other claims. In November 2022, the Court granted our motion to dismiss the amended complaint and again granted plaintiff leave to amend. The appeal remains pending. We believe we have meritorious defenses to the claims in this matter and intend to vigorously defend against them. 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 the pending matter described above and we cannot estimate a range of the potential liability associated with this pending matter, 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.

SECURITIZED DEBT

SECURITIZED DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
SECURITIZED DEBT	11. SECURITIZED DEBT The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2023 At December 31, 2022 Vacation ownership notes receivable securitizations, gross (1) $ 1,661 $ 1,799 Unamortized debt discount and issuance costs (20) (21) 1,641 1,778 Warehouse Credit Facility, gross (2) 296 162 Unamortized debt issuance costs (1) (2) 295 160 $ 1,936 $ 1,938 (1) Interest rates as of March 31, 2023 range from 1.5% to 6.6%, with a weighted average interest rate of 3.3%. (2) Effective interest rate as of March 31, 2023 was 5.9%. All of our securitized debt is non-recourse to MVWC. See Footnote 15 “Variable Interest Entities” for a discussion of the collateral for the non-recourse debt associated with our securitized debt. The following table shows anticipated future principal payments for our securitized debt as of March 31, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 127 $ 10 $ 137 2024 172 15 187 2025 174 271 445 2026 176 — 176 2027 173 — 173 Thereafter 839 — 839 $ 1,661 $ 296 $ 1,957 (1) Excludes future Warehouse Credit Facility renewals. 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 2023, and as of March 31, 2023, 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. On April 13, 2023, subsequent to the end of the first quarter of 2023, we securitized a pool of $388 million of vacation ownership notes receivable. In connection with the securitization, $380 million in vacation ownership loan backed notes were issued by MVW 2023-1 LLC (the “2023-1 LLC”) in a private placement. Four classes of vacation ownership loan backed notes were issued by the 2023-1 LLC: $237 million of Class A Notes, $65 million of Class B Notes, $48 million of Class C Notes, and $30 million of Class D Notes. The Class A Notes have an interest rate of 4.93%, the Class B Notes have an interest rate of 5.42%, the Class C Notes have an interest rate of 6.54%, and the Class D Notes have an interest rate of 8.83%. Investors purchased $369 million of the vacation ownership loan backed notes issued by the 2023-1 LLC on April 13, 2023, comprised of the Class A Notes, the Class B Notes, the Class C Notes, and a portion of the Class D Notes, of which we retained $11 million. Proceeds from the transaction, net of fees and a reserve, were used to repay the outstanding obligations on our warehouse credit facility (the “Warehouse Credit Facility”) and for other general corporate purposes.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	12. DEBT The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs. ($ in millions) At March 31, 2023 At December 31, 2022 Senior Secured Notes 2025 Notes $ — $ 250 Unamortized debt discount and issuance costs — (2) — 248 Senior Unsecured Notes 2028 Notes 350 350 Unamortized debt discount and issuance costs (3) (3) 347 347 2029 Notes 500 500 Unamortized debt discount and issuance costs (6) (6) 494 494 Corporate Credit Facility Term Loan 784 784 Unamortized debt discount and issuance costs (5) (6) 779 778 Revolving Corporate Credit Facility (1) 200 — Unamortized debt issuance costs (2) (4) — 196 — Convertible Notes 2026 Convertible Notes 575 575 Unamortized debt issuance costs (9) (10) 566 565 2027 Convertible Notes 575 575 Unamortized debt issuance costs (14) (15) 561 560 Finance Leases 182 86 Non-interest bearing note payable 4 10 $ 3,129 $ 3,088 (1) Effective interest rate as of March 31, 2023 was 6.7%. (2) Excludes $5 million of unamortized debt issuance costs as of December 31, 2022, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time. The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total 2028 Notes $ — $ — $ — $ — $ — $ 350 $ 350 2029 Notes — — — — — 500 500 Term Loan — — 784 — — — 784 Revolving Corporate Credit Facility — — — — 200 — 200 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 775 $ 850 $ 2,988 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 was outstanding as of December 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”). Redemption of Senior Secured Notes During the first quarter of 2023, we redeemed, prior to maturity, the remaining $250 million of the 2025 Notes outstanding pursuant to a redemption notice issued in the fourth quarter of 2022 and the terms of the indenture governing the 2025 Notes. In connection with this redemption, we incurred charges of $10 million, inclusive of a redemption premium and the write-off of unamortized debt issuance costs, which was recorded in Gains and other income, net on our Income Statement for the three months ended March 31, 2023. Corporate Credit Facility Our corporate credit facility (“Corporate Credit Facility”), which provides support for our business, including ongoing liquidity and letters of credit, includes a $900 million term loan facility (the “Term Loan”), which matures on August 31, 2025, and a revolving credit facility with a borrowing capacity of $750 million (the “Revolving Corporate Credit Facility”), including a letter of credit sub-facility of $75 million, that terminates on March 31, 2027. Subsequent to the end of the first quarter of 2023, we entered into an amendment to the Corporate Credit Facility (the “Amendment”), which modified the interest rate applicable to borrowings under the Term Loan. Beginning July 1, 2023, the Term Loan will reference the Secured Overnight Financing Rate (“SOFR”) and will be based on “Adjusted Term SOFR,” which is calculated as Term SOFR (as defined in the Amendment), plus a 0.10% adjustment for a one-month interest period, a 0.15% adjustment for a three-month interest period, or a 0.25% adjustment for a six-month interest period, subject to a 0.00% floor. 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 $100 million interest rate collar with a cap strike rate of 2.5000% and a floor strike rate of 1.8810% through April 2024 to further hedge our interest rate risk on the Term Loan. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and are recorded in Other assets on our Balance Sheet as of March 31, 2023 and December 31, 2022. We characterize payments we make or receive in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes. The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first quarter of 2023 and 2022. There were no reclassifications to the Income Statement for either of the periods presented below. ($ in millions) 2023 2022 Derivative instrument adjustment balance, January 1 $ 13 $ (18) Other comprehensive (loss) gain before reclassifications (3) 16 Derivative instrument adjustment balance, March 31 $ 10 $ (2) Convertible Notes 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, 2023 to 6.0262 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $165.94 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of March 31, 2023, the effective interest rate was 0.55%. The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Amortization of debt issuance costs $ 1 $ 1 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 (the “2026 Convertible Note Hedges”), covering a total of 3.5 million shares of our common stock, and warrant transactions (the “2026 Warrants”), whereby we sold to the counterparties to the 2026 Convertible Note Hedges, warrants to acquire 3.5 million shares of our common stock. As of March 31, 2023, the strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to approximately $165.94 and $207.43, respectively, and no 2026 Convertible Note Hedges or 2026 Warrants have been exercised. 2027 Convertible Notes During 2022, we issued $575 million aggregate principal amount of convertible senior notes (the “2027 Convertible Notes”) that bear interest at a rate of 3.25%. The 2027 Convertible Notes mature on December 15, 2027, unless earlier repurchased or converted in accordance with their terms prior to that date. The 2027 Convertible Notes are convertible at a rate of 5.2729 shares of common stock per $1,000 principal amount of 2027 Convertible Notes (equivalent to a conversion price of $189.65 per share of our common stock) as of March 31, 2023. The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of March 31, 2023, the effective interest rate was 3.88%. The following table shows interest expense information related to the 2027 Convertible Notes. Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Contractual interest expense $ 4 $ — Amortization of debt issuance costs 1 — $ 5 $ — 2027 Convertible Note Hedges and Warrants In connection with the offering of the 2027 Convertible Notes, we concurrently entered into the following privately-negotiated separate transactions: convertible note hedge transactions with respect to our common stock (the “2027 Convertible Note Hedges”), covering a total of 3.0 million shares of our common stock, and warrant transactions (the “2027 Warrants”), whereby we sold to the counterparties to the 2027 Convertible Note Hedges, warrants to acquire 3.0 million shares of our common stock. As of March 31, 2023, the strike prices of the 2027 Convertible Note Hedges and the 2027 Warrants were $189.65 and $286.26, respectively, and no 2027 Convertible Note Hedges or 2027 Warrants have been exercised. Security and Guarantees Amounts borrowed under the Corporate Credit Facility, 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 2027 Convertible 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 certain bankruptcy remote special purpose subsidiaries. Finance Lease During 2020, we entered into a finance lease arrangement, which was amended in 2021, for our new global headquarters office building in Orlando, Florida. The lease for the new building commenced for accounting purposes during the first quarter of 2023, upon the substantial completion of construction. The lease includes a 26-year lease term, consisting of a 16-year initial term plus two five-year renewal options. As of March 31, 2023, the present value of the future lease payments, net of lease incentives, was $80 million, with a corresponding lease liability of $97 million. We record right-of-use assets for our finance leases in Property and equipment, net. Our total payments under this lease are $247 million, of which we expect $1 million, $7 million, $8 million, $8 million, $9 million, and $214 million will be paid in 2023, 2024, 2025, 2026, 2027, and thereafter respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
SHAREHOLDERS’ EQUITY	13. SHAREHOLDERS’ EQUITY Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $0.01 per share. At March 31, 2023, there were 75,805,974 shares of Marriott Vacations Worldwide common stock issued, of which 37,074,453 shares were outstanding and 38,731,521 shares were held as treasury stock. At December 31, 2022, there were 75,744,524 shares of Marriott Vacations Worldwide common stock issued, of which 37,481,082 shares were outstanding and 38,263,442 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, 2023 or December 31, 2022. Share Repurchase Program From time to time, with the approval of our Board of Directors, we may undertake programs to purchase shares of our common stock (each, a “Share Repurchase Program” and collectively, the “Share Repurchase Programs”). During the third quarter of 2021, our Board of Directors authorized us to purchase shares of our common stock under a Share Repurchase Program for an aggregate purchase price not to exceed $250 million, prior to December 31, 2022. During the first quarter of 2022, our Board of Directors authorized the purchase of up to an additional $300 million of our common stock under this program, and extended the term of this program to March 31, 2023. During the third quarter of 2022, our Board of Directors authorized the purchase of up to an additional $500 million of our common stock under this program, and extended the term of this program to June 30, 2023. As of March 31, 2023, approximately $191 million remained available for share repurchases under the Share Repurchase Program. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. In connection with the current Share Repurchase Program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The authorization for the current Share Repurchase Program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Acquired shares of our common stock are currently held as treasury shares and carried at cost in our Financial Statements. The Inflation Reduction Act of 2022, which was enacted in August 2022, imposes a 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. In the first quarter of 2023, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in Accrued liabilities on our Balance Sheet. The following table summarizes share repurchase activity under our Share Repurchase Programs: ($ in millions, except per share amounts) Number of Shares Repurchased Cost Basis of Shares Repurchased Average Price As of December 31, 2022 22,773,218 $ 2,119 $ 93.06 For the first quarter of 2023 522,422 80 $ 153.71 As of March 31, 2023 23,295,640 $ 2,199 $ 94.42 Dividends We declared cash dividends to holders of common stock during the first quarter of 2023 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 16, 2023 March 2, 2023 March 16, 2023 $0.72

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	14. 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 and 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, 2023, approximately 0.8 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, 2023 March 31, 2022 Service-based RSUs $ 6 $ 7 Performance-based RSUs 1 — 7 7 SARs — 1 $ 7 $ 8 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At March 31, 2023 At December 31, 2022 Service-based RSUs $ 46 $ 26 Performance-based RSUs 12 7 58 33 SARs 2 1 $ 60 $ 34 Restricted Stock Units We granted 180,842 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $146.11, to our employees and non-employee directors during the first quarter of 2023. During the first quarter of 2023, we also granted performance-based RSUs, which are subject to performance-based vesting conditions, to members of management. A maximum of 114,602 RSUs may be earned under the performance-based RSU awards granted during the first quarter of 2023. Stock Appreciation Rights We granted 37,436 SARs, with a weighted average grant-date fair value of $58.50 and a weighted average exercise price of $153.10, to members of management during the first quarter of 2023. 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 2023: Expected volatility 40.47% Dividend yield 1.87% Risk-free rate 4.07% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	15. 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 general corporate purposes. 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 all or a portion of the securities that are issued, and certain residual interests. 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, 2023: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,481 $ 312 $ 1,793 Interest receivable 11 2 13 Restricted cash 66 19 85 Total $ 1,558 $ 333 $ 1,891 Consolidated Liabilities Interest payable $ 1 $ 2 $ 3 Securitized debt 1,661 296 1,957 Total $ 1,662 $ 298 $ 1,960 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first quarter of 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 56 $ 11 $ 67 Interest expense to investors $ 14 $ 4 $ 18 Debt issuance cost amortization $ 2 $ 1 $ 3 The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 21 $ — Principal receipts 121 139 Interest receipts 57 58 Reserve release — 57 Total 199 254 Cash Outflows Principal to investors (131) (155) Voluntary repurchases of defaulted vacation ownership notes receivable (28) (23) Interest to investors (16) (11) Total (175) (189) Net Cash Flows $ 24 $ 65 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, 2023 March 31, 2022 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 150 $ 102 Principal receipts 18 4 Interest receipts 10 1 Total 178 107 Cash Outflows Principal to investors (15) — Interest to investors (3) — Funding of restricted cash (5) (1) Total (23) (1) Net Cash Flows $ 155 $ 106 Other Variable Interest Entities We have a commitment to purchase a property located in Waikiki, Hawaii. The property is held by a VIE for which we are not the primary beneficiary. We do not control the decisions that most significantly impact the economic performance of the entity during construction. Further, our purchase commitment is generally contingent upon the property being redeveloped to our brand standards. Accordingly, we have not consolidated the VIE. We expect to acquire the property over time and as of March 31, 2023, we expect to make payments for the property as follows: $112 million in 2024, $81 million in 2025 and $41 million in 2026. As of March 31, 2023, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of approximately $1 million, $1 million in Property and Equipment, and $1 million in Accrued Liabilities. 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, 2023. 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 a 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, 2023, the value of the assets held in the rabbi trust was $80 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENTS	16. 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 of 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 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 an exchange network and membership programs, as well as provision of management services to other resorts and lodging properties. We provide these services through our Interval International and Aqua-Aston businesses. Exchange & Third-Party Management revenue generally is fee- based and derived from membership, exchange and rental transactions, property and owners’ association management, and other related products and services. VRI Americas was part of the Exchange & Third-Party Management segment through the date of sale in April 2022. 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 and amortization, 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 Earnings before Interest Expense, Taxes, Depreciation and Amortization (“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 term 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, 2023 March 31, 2022 Vacation Ownership $ 1,097 $ 956 Exchange & Third-Party Management 71 84 Total segment revenues 1,168 1,040 Corporate and other 1 12 $ 1,169 $ 1,052 Adjusted EBITDA and Reconciliation to Net Income or Loss Attributable to Common Shareholders Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Adjusted EBITDA Vacation Ownership $ 229 $ 199 Adjusted EBITDA Exchange & Third-Party Management 37 43 Reconciling items: Corporate and other (63) (54) Interest expense, net (34) (27) Tax provision (41) (32) Depreciation and amortization (32) (33) Share-based compensation expense (7) (8) Certain items (2) (30) Net income attributable to common shareholders $ 87 $ 58 Assets ($ in millions) At March 31, 2023 At December 31, 2022 Vacation Ownership $ 8,197 $ 8,037 Exchange & Third-Party Management 845 865 Total segment assets 9,042 8,902 Corporate and other 560 737 $ 9,602 $ 9,639 Revenues Excluding Cost Reimbursements Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 United States $ 700 $ 657 All other countries 104 79 $ 804 $ 736

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	3 Months Ended
	Mar. 31, 2023
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 the Interim Condensed Notes to 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, 2022 (the “2022 Annual Report”). We also 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 VIEs for which Marriott Vacations Worldwide is the primary beneficiary, as determined 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, 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 uncertainties in the broader macroeconomic environment, including inflationary pressures, as well as any effects of the recent COVID-19 pandemic have made it more challenging to make these estimates. Actual 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, general macroeconomic conditions, including inflationary pressures, rising interest rates, and seasonal and short-term variations, as well as any effects of the recent COVID-19 pandemic. 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 2022 Annual Report. We refer to the business and brands that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted, and the associated brands, prior to the ILG Acquisition as “Legacy-MVW.” The businesses acquired from ILG that we currently operate as part of our Vacation Ownership segment include Vistana Signature Experiences, which includes vacation ownership products branded as Sheraton or Westin, and Hyatt Vacation Ownership. The businesses acquired from ILG that we currently operate as part of our Exchange & Third-Party Management business include Interval International and Aqua-Aston Hospitality. As part of the ILG Acquisition, we also acquired the Vacation Resorts International (“VRI”) and Trading Places International (“TPI”) businesses (together, the “VRI Americas” business), which was part of our Exchange & Third-Party Management segment prior to our disposal of VRI Americas during the second quarter of 2022.
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 VIEs for which Marriott Vacations Worldwide is the primary beneficiary, as determined 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, 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 uncertainties in the broader macroeconomic environment, including inflationary pressures, as well as any effects of the recent COVID-19 pandemic have made it more challenging to make these estimates. Actual 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, general macroeconomic conditions, including inflationary pressures, rising interest rates, and seasonal and short-term variations, as well as any effects of the recent COVID-19 pandemic. 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 2022 Annual Report. We refer to the business and brands that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted, and the associated brands, prior to the ILG Acquisition as “Legacy-MVW.” The businesses acquired from ILG that we currently operate as part of our Vacation Ownership segment include Vistana Signature Experiences, which includes vacation ownership products branded as Sheraton or Westin, and Hyatt Vacation Ownership. The businesses acquired from ILG that we currently operate as part of our Exchange & Third-Party Management business include Interval International and Aqua-Aston Hospitality. As part of the ILG Acquisition, we also acquired the Vacation Resorts International (“VRI”) and Trading Places International (“TPI”) businesses (together, the “VRI Americas” business), which was part of our Exchange & Third-Party Management segment prior to our disposal of VRI Americas during the second quarter of 2022.
New Accounting Standards And Future Adoption of Accounting Standards	New Accounting Standards Accounting Standards Update 2022-02 – “ Financial Instruments — Credit Losses (Topic 326) – Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”) In the first quarter of 2023, we adopted accounting standards update (“ASU”) 2022-02, which eliminated the recognition and measurement guidance applicable to troubled debt restructurings for creditors and enhanced 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. The adoption of ASU 2022-02 on January 1, 2023, on a prospective basis, did not have a material impact on our financial statements or disclosures other than the incremental disclosures relating to gross write-offs for financing receivables. See Footnote 6 “Vacation Ownership Notes Receivable” for the incremental disclosures required by the adoption of ASU 2022-02. 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”) and Accounting Standards Update 2022-06 – “ Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848 ” (“ASU 2022-06”) In March 2020, the Financial Accounting Standards Board (“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 USD London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. This update was effective upon issuance and issuers were able to generally elect to adopt the optional expedients and exceptions over time through a period ending on December 31, 2022. In December 2022, the FASB issued ASU 2022-06 to extend the temporary accounting rules under Topic 848 from December 31, 2022 to December 31, 2024. As of March 31, 2023, our Term Loan (as defined in Footnote 12 “Debt”) and certain of our interest rate swaps and collars 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. Subsequent to March 31, 2023, we amended the terms of our Term Loan to reference SOFR (as defined in Footnote 12 “Debt”) rather than LIBOR. See Footnote 12 “Debt” for more information. We have not adopted any of the optional expedients or exceptions under ASU 2020-04 as of March 31, 2023, but continue to evaluate their adoption during the effective period as circumstances evolve.

REVENUE AND RECEIVABLES (Tables

REVENUE AND RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Three Months Ended March 31, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 375 $ — $ — $ 375 Ancillary revenues 61 1 — 62 Management fee revenues 45 8 (1) 52 Exchange and other services revenues 29 47 10 86 Management and exchange 135 56 9 200 Rental 141 10 — 151 Cost reimbursements 368 5 (8) 365 Revenue from contracts with customers 1,019 71 1 1,091 Financing 78 — — 78 Total Revenues $ 1,097 $ 71 $ 1 $ 1,169 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
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, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 578 $ 29 $ 1 $ 608 Goods or services transferred at a point in time 441 42 — 483 Revenue from contracts with customers $ 1,019 $ 71 $ 1 $ 1,091 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
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, 2023 or December 31, 2022. ($ in millions) At March 31, 2023 At December 31, 2022 Receivables from Contracts with Customers Accounts and contracts receivable, net $ 181 $ 209 Vacation ownership notes receivable, net 2,220 2,198 $ 2,401 $ 2,407 Contract Liabilities Advance deposits $ 178 $ 158 Deferred revenue 448 344 $ 626 $ 502
Accounts and nontrade receivable	The following table shows the composition of our accounts and contracts receivable balances: ($ in millions) At March 31, 2023 At December 31, 2022 Receivables from contracts with customers, net $ 181 $ 209 Interest receivable 16 16 Tax receivable 35 20 Indemnification assets 39 19 Employee tax credit receivable 16 16 Other 2 12 $ 289 $ 292

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023. 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, 2022 $ 25 Increases related to tax positions taken during a prior period 7 Decreases related to tax positions taken during a prior period (5) Balance at March 31, 2023 $ 27

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,594 $ 199 $ 1,793 $ 1,571 $ 221 $ 1,792 Non-securitized Eligible for securitization (1) 104 1 105 63 — 63 Not eligible for securitization (1) 300 22 322 322 21 343 Subtotal 404 23 427 385 21 406 $ 1,998 $ 222 $ 2,220 $ 1,956 $ 242 $ 2,198 (1) Refer to Footnote 7 “Financial Instruments” for 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, 2023 March 31, 2022 Interest income associated with vacation ownership notes receivable — securitized $ 67 $ 59 Interest income associated with vacation ownership notes receivable — non-securitized 9 10 Total interest income associated with vacation ownership notes receivable $ 76 $ 69
Financing receivable, nonaccrual	The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at March 31, 2023 $ 128 $ 26 $ 154 Investment in vacation ownership notes receivable on non-accrual status at December 31, 2022 $ 126 $ 24 $ 150
Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable	The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2023 and December 31, 2022. As of March 31, 2023 As of December 31, 2022 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 20 $ 53 $ 73 $ 25 $ 56 $ 81 91 – 120 days past due 6 16 22 7 16 23 Greater than 120 days past due 122 10 132 119 8 127 Total past due 148 79 227 151 80 231 Current 437 1,953 2,390 415 1,943 2,358 Total vacation ownership notes receivable $ 585 $ 2,032 $ 2,617 $ 566 $ 2,023 $ 2,589
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, 2023. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 3 $ 27 $ 30 2024 3 36 39 2025 3 33 36 2026 3 30 33 2027 3 24 27 Thereafter 8 49 57 Balance at March 31, 2023 $ 23 $ 199 $ 222 Weighted average stated interest rate 13.9% 14.2% 14.2% 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, 2022 $ 11 $ 18 $ 29 Write-offs (7) — (7) Recoveries 4 — 4 Defaulted vacation ownership notes receivable repurchase activity (1) 5 (5) — (Decrease) increase in vacation ownership notes receivable reserve (4) 4 — Balance at March 31, 2023 $ 9 $ 17 $ 26 (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 repurchased securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and FICO score. Acquired Vacation Ownership Notes Receivable as of March 31, 2023 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 63 $ 43 $ 5 $ 14 $ 125 Hyatt and Welk 72 49 1 1 123 $ 135 $ 92 $ 6 $ 15 $ 248 Acquired Vacation Ownership Notes Receivable as of December 31, 2022 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 67 $ 47 $ 6 $ 16 $ 136 Hyatt and Welk 80 53 1 1 135 $ 147 $ 100 $ 7 $ 17 $ 271 The following tables detail the origination year of our acquired vacation ownership notes receivable, before reserves, by brand and FICO score as of March 31, 2023, and gross write-offs by brand for the first quarter of 2023. Acquired Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2021 2020 2019 & Prior Total 700 + $ — $ — $ 63 $ 63 600 - 699 — — 43 43 < 600 — — 5 5 No Score — — 14 14 $ — $ — $ 125 $ 125 Gross write-offs $ — $ — $ 4 $ 4 Acquired Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2021 2020 2019 & Prior Total 700 + $ 5 $ 15 $ 52 $ 72 600 - 699 3 8 38 49 < 600 — 1 — 1 No Score — — 1 1 $ 8 $ 24 $ 91 $ 123 Gross write-offs $ — $ 1 $ 2 $ 3
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, 2023. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 38 $ 99 $ 137 2024 40 137 177 2025 35 142 177 2026 35 149 184 2027 33 155 188 Thereafter 223 912 1,135 Balance at March 31, 2023 $ 404 $ 1,594 $ 1,998 Weighted average stated interest rate 12.3% 13.2% 13.0% 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, 2022 $ 149 $ 213 $ 362 Increase in vacation ownership notes receivable reserve 29 9 38 Securitizations (23) 23 — Write-offs (29) — (29) Defaulted vacation ownership notes receivable repurchase activity (1) 23 (23) — Balance at March 31, 2023 $ 149 $ 222 $ 371 (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 repurchased securitized vacation ownership notes receivable.
Financing receivable credit quality indicators	The following tables show originated vacation ownership notes receivable, before reserves, by brand and FICO score. Originated Vacation Ownership Notes Receivable as of March 31, 2023 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,230 $ 554 $ 55 $ 297 $ 2,136 Hyatt and Welk 162 66 2 3 233 $ 1,392 $ 620 $ 57 $ 300 $ 2,369 Originated Vacation Ownership Notes Receivable as of December 31, 2022 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,210 $ 549 $ 55 $ 278 2,092 Hyatt and Welk 157 64 3 2 226 $ 1,367 $ 613 $ 58 $ 280 $ 2,318 The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and FICO score as of March 31, 2023, and gross write-offs by brand for the first quarter of 2023. Originated Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 115 $ 453 $ 277 $ 92 $ 293 $ 1,230 600 - 699 36 188 132 49 149 554 < 600 3 18 14 6 14 55 No Score 48 101 37 23 88 297 $ 202 $ 760 $ 460 $ 170 $ 544 $ 2,136 Gross write-offs $ — $ 3 $ 9 $ 4 $ 10 $ 26 Originated Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 27 $ 90 $ 39 $ 2 $ 4 $ 162 600 - 699 9 38 16 1 2 66 < 600 — 1 1 — — 2 No Score 1 2 — — — 3 $ 37 $ 131 $ 56 $ 3 $ 6 $ 233 Gross write-offs $ — $ 1 $ 2 $ — $ — $ 3

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 and contracts receivable, deposits included in Other assets, Accounts payable, Advance deposits, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. At March 31, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net $ 2,220 $ 2,283 $ 2,198 $ 2,245 Other assets 80 80 76 76 Total financial assets $ 2,300 $ 2,363 $ 2,274 $ 2,321 Securitized debt, net $ (1,936) $ (1,838) $ (1,938) $ (1,828) 2025 Notes, net — — (248) (258) 2028 Notes, net (347) (310) (347) (307) 2029 Notes, net (494) (424) (494) (417) Term Loan, net (779) (780) (778) (775) Revolving Corporate Credit Facility, net (196) (200) — — 2026 Convertible Notes, net (566) (553) (565) (560) 2027 Convertible Notes, net (561) (566) (560) (568) Non-interest bearing note payable, net (4) (4) (10) (10) Total financial liabilities $ (4,883) $ (4,675) $ (4,940) $ (4,723) Vacation Ownership Notes Receivable At March 31, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net Securitized $ 1,793 $ 1,854 $ 1,792 $ 1,837 Eligible for securitization 105 107 63 65 Not eligible for securitization 322 322 343 343 Non-securitized 427 429 406 408 $ 2,220 $ 2,283 $ 2,198 $ 2,245

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2023 March 31, 2022 Net income attributable to common shareholders $ 87 $ 58 Shares for basic earnings per share 37.4 42.4 Basic earnings per share $ 2.32 $ 1.36 The table below illustrates the reconciliation of the earnings or loss and number of shares used in our calculation of diluted earnings or loss per share attributable to common shareholders. Three Months Ended (in millions, except per share amounts) March 31, 2023 (1) March 31, 2022 (1) Net income attributable to common shareholders $ 87 $ 58 Add back of interest expense related to convertible notes, net of tax 4 1 Numerator used to calculate diluted earnings per share $ 91 $ 59 Shares for basic earnings per share 37.4 42.4 Effect of dilutive shares outstanding Employee SARs 0.2 0.2 Restricted stock units 0.3 0.3 2022 Convertible Notes ($230 million of principal) — 1.6 2026 Convertible Notes ($575 million of principal) 3.5 3.4 2027 Convertible Notes ($575 million of principal) 3.0 — Shares for diluted earnings per share 44.4 47.9 Diluted earnings per share $ 2.06 $ 1.23 (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 239,000 and 300,000 shares of common stock, the maximum number of shares issuable as of March 31, 2023 and March 31, 2022, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Composition of inventory	The following table shows the composition of our inventory balances: ($ in millions) At March 31, 2023 At December 31, 2022 Real estate inventory (1) $ 663 $ 651 Other 9 9 $ 672 $ 660 (1) Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable.

SECURITIZED DEBT (Tables)

SECURITIZED DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 At December 31, 2022 Vacation ownership notes receivable securitizations, gross (1) $ 1,661 $ 1,799 Unamortized debt discount and issuance costs (20) (21) 1,641 1,778 Warehouse Credit Facility, gross (2) 296 162 Unamortized debt issuance costs (1) (2) 295 160 $ 1,936 $ 1,938 (1) Interest rates as of March 31, 2023 range from 1.5% to 6.6%, with a weighted average interest rate of 3.3%. (2) Effective interest rate as of March 31, 2023 was 5.9%.
Scheduled future principal payments for debt	The following table shows anticipated future principal payments for our securitized debt as of March 31, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 127 $ 10 $ 137 2024 172 15 187 2025 174 271 445 2026 176 — 176 2027 173 — 173 Thereafter 839 — 839 $ 1,661 $ 296 $ 1,957 (1) Excludes future Warehouse Credit Facility renewals. The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total 2028 Notes $ — $ — $ — $ — $ — $ 350 $ 350 2029 Notes — — — — — 500 500 Term Loan — — 784 — — — 784 Revolving Corporate Credit Facility — — — — 200 — 200 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 775 $ 850 $ 2,988

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 At December 31, 2022 Senior Secured Notes 2025 Notes $ — $ 250 Unamortized debt discount and issuance costs — (2) — 248 Senior Unsecured Notes 2028 Notes 350 350 Unamortized debt discount and issuance costs (3) (3) 347 347 2029 Notes 500 500 Unamortized debt discount and issuance costs (6) (6) 494 494 Corporate Credit Facility Term Loan 784 784 Unamortized debt discount and issuance costs (5) (6) 779 778 Revolving Corporate Credit Facility (1) 200 — Unamortized debt issuance costs (2) (4) — 196 — Convertible Notes 2026 Convertible Notes 575 575 Unamortized debt issuance costs (9) (10) 566 565 2027 Convertible Notes 575 575 Unamortized debt issuance costs (14) (15) 561 560 Finance Leases 182 86 Non-interest bearing note payable 4 10 $ 3,129 $ 3,088 (1) Effective interest rate as of March 31, 2023 was 6.7%. (2) Excludes $5 million of unamortized debt issuance costs as of December 31, 2022, as no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time.
Scheduled future principal payments for debt	The following table shows anticipated future principal payments for our securitized debt as of March 31, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 127 $ 10 $ 137 2024 172 15 187 2025 174 271 445 2026 176 — 176 2027 173 — 173 Thereafter 839 — 839 $ 1,661 $ 296 $ 1,957 (1) Excludes future Warehouse Credit Facility renewals. The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total 2028 Notes $ — $ — $ — $ — $ — $ 350 $ 350 2029 Notes — — — — — 500 500 Term Loan — — 784 — — — 784 Revolving Corporate Credit Facility — — — — 200 — 200 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 775 $ 850 $ 2,988
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)	The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first quarter of 2023 and 2022. There were no reclassifications to the Income Statement for either of the periods presented below. ($ in millions) 2023 2022 Derivative instrument adjustment balance, January 1 $ 13 $ (18) Other comprehensive (loss) gain before reclassifications (3) 16 Derivative instrument adjustment balance, March 31 $ 10 $ (2)
Convertible debt	The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Amortization of debt issuance costs $ 1 $ 1 The following table shows interest expense information related to the 2027 Convertible Notes. Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Contractual interest expense $ 4 $ — Amortization of debt issuance costs 1 — $ 5 $ —

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
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 Basis of Shares Repurchased Average Price As of December 31, 2022 22,773,218 $ 2,119 $ 93.06 For the first quarter of 2023 522,422 80 $ 153.71 As of March 31, 2023 23,295,640 $ 2,199 $ 94.42
Cash dividend declared	We declared cash dividends to holders of common stock during the first quarter of 2023 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 16, 2023 March 2, 2023 March 16, 2023 $0.72

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 March 31, 2022 Service-based RSUs $ 6 $ 7 Performance-based RSUs 1 — 7 7 SARs — 1 $ 7 $ 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, 2023 At December 31, 2022 Service-based RSUs $ 46 $ 26 Performance-based RSUs 12 7 58 33 SARs 2 1 $ 60 $ 34
Assumptions used to estimate fair value of grants	The following table outlines the assumptions used to estimate the fair value of grants during the first quarter of 2023: Expected volatility 40.47% Dividend yield 1.87% Risk-free rate 4.07% Expected term (in years) 6.25

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,481 $ 312 $ 1,793 Interest receivable 11 2 13 Restricted cash 66 19 85 Total $ 1,558 $ 333 $ 1,891 Consolidated Liabilities Interest payable $ 1 $ 2 $ 3 Securitized debt 1,661 296 1,957 Total $ 1,662 $ 298 $ 1,960
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 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 56 $ 11 $ 67 Interest expense to investors $ 14 $ 4 $ 18 Debt issuance cost amortization $ 2 $ 1 $ 3
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, 2023 March 31, 2022 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 21 $ — Principal receipts 121 139 Interest receipts 57 58 Reserve release — 57 Total 199 254 Cash Outflows Principal to investors (131) (155) Voluntary repurchases of defaulted vacation ownership notes receivable (28) (23) Interest to investors (16) (11) Total (175) (189) Net Cash Flows $ 24 $ 65 The following table shows cash flows between us and the Warehouse Credit Facility VIE: Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 150 $ 102 Principal receipts 18 4 Interest receipts 10 1 Total 178 107 Cash Outflows Principal to investors (15) — Interest to investors (3) — Funding of restricted cash (5) (1) Total (23) (1) Net Cash Flows $ 155 $ 106

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Revenues	Revenues Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 Vacation Ownership $ 1,097 $ 956 Exchange & Third-Party Management 71 84 Total segment revenues 1,168 1,040 Corporate and other 1 12 $ 1,169 $ 1,052
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, 2023 March 31, 2022 Adjusted EBITDA Vacation Ownership $ 229 $ 199 Adjusted EBITDA Exchange & Third-Party Management 37 43 Reconciling items: Corporate and other (63) (54) Interest expense, net (34) (27) Tax provision (41) (32) Depreciation and amortization (32) (33) Share-based compensation expense (7) (8) Certain items (2) (30) Net income attributable to common shareholders $ 87 $ 58
Assets	Assets ($ in millions) At March 31, 2023 At December 31, 2022 Vacation Ownership $ 8,197 $ 8,037 Exchange & Third-Party Management 845 865 Total segment assets 9,042 8,902 Corporate and other 560 737 $ 9,602 $ 9,639
Revenue from external customers by geographic areas	Revenues Excluding Cost Reimbursements Three Months Ended ($ in millions) March 31, 2023 March 31, 2022 United States $ 700 $ 657 All other countries 104 79 $ 804 $ 736

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100%

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) vacation_ownership_unit	Mar. 31, 2022 USD ($) vacation_ownership_unit
Charleston, South Carolina
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 17
Number of vacation units to be developed | vacation_ownership_unit	50
Bali, Indonesia Resort
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 36
Number of vacation ownership units acquired | vacation_ownership_unit		88
Cash and issued a non-interest bearing note payable		$ 12
Asset acquisition, notes payable issued		11
Asset acquisition, consideration paid	$ 6
Reclassified of previous deposits associated with the project from other assets to property and equipment		$ 13

REVENUE AND RECEIVABLES - Sourc

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,091	$ 981
Financing	78	71
Total Revenues	1,169	1,052
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	375	310
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	62	55
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	52	49
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	86	118
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	200	222
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	151	133
Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	365	316
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	12
Financing	0	0
Total Revenues	1	12
Corporate and Other | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(1)	(3)
Corporate and Other | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10	35
Corporate and Other | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	9	32
Corporate and Other | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Corporate and Other | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(8)	(20)
Vacation Ownership
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,019	885
Financing	78	71
Total Revenues	1,097	956
Vacation Ownership | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	375	310
Vacation Ownership | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	61	54
Vacation Ownership | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	45	42
Vacation Ownership | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	29	30
Vacation Ownership | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	135	126
Vacation Ownership | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	141	122
Vacation Ownership | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	368	327
Exchange & Third-Party Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71	84
Financing	0	0
Total Revenues	71	84
Exchange & Third-Party Management | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Exchange & Third-Party Management | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1
Exchange & Third-Party Management | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	8	10
Exchange & Third-Party Management | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	47	53
Exchange & Third-Party Management | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	56	64
Exchange & Third-Party Management | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10	11
Exchange & Third-Party Management | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 5	$ 9

REVENUE AND RECEIVABLES - Timin

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,091	$ 981
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	608	567
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	483	414
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	12
Corporate and Other | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	12
Corporate and Other | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0
Vacation Ownership
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,019	885
Vacation Ownership | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	578	517
Vacation Ownership | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	441	368
Exchange & Third-Party Management
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	71	84
Exchange & Third-Party Management | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	29	38
Exchange & Third-Party Management | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 42	$ 46

REVENUE AND RECEIVABLES - Addit

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ (8,000,000)
Contract with customer, contract assets	0	$ 0
Contract with customer, liability, revenue recognized	$ 100,000,000

REVENUE AND RECEIVABLES - Contr

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 181	$ 209
Vacation ownership notes receivable, net	2,220	2,198
Receivables from Contracts with Customers	2,401	2,407
Contract Liabilities
Advance deposits	178	158
Deferred revenue	448	344
Contract Liabilities	$ 626	$ 502

REVENUE AND RECEIVABLES - Remai

REVENUE AND RECEIVABLES - Remaining Performance Obligation Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligation expected timing (percentage)	91%
Expected timing of satisfaction (in years)	2 years

REVENUE AND RECEIVABLES - Accou

REVENUE AND RECEIVABLES - Accounts and Contracts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 181	$ 209
Interest receivable	16	16
Tax receivable	35	20
Indemnification assets	39	19
Employee tax credit receivable	16	16
Other	2	12
Accounts receivable, including VIE, after allowance for credit loss	$ 289	$ 292

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate, percent	32.30%	35.60%
Unrecognized tax benefits, income tax penalties and interest accrued	$ 46		$ 28
Increase in acquisition reserves for uncertain tax positions	18
Increase in the reserve for uncertain tax benefits	16
Share based compensation benefit, increase	5
Foreign income tax adjustments, increase	4
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 33

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 25
Increases related to tax positions taken during a prior period	7
Decreases related to tax positions taken during a prior period	(5)
Unrecognized tax benefit at end of balance	$ 27

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, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,220	$ 2,198
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,793	1,792
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	427	406
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	105	63
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	322	343
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,998	1,956
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,594	1,571
Originated | Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	404	385
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	104	63
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	300	322
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	222	242
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	199	221
Acquired | Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	23	21
Acquired | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1	0
Acquired | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 22	$ 21

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, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 76	$ 69
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	67	59
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 9	$ 10

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Receivables [Abstract]
Weighted average FICO score within originated loan pool	722	721
Average estimated rate of default for all outstanding loans	11.54%	11.62%
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	$ 12	$ 12

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 29
Write-offs	(7)
Recoveries	4
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	0
Ending balance	26
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	362
Securitizations	0
Write-offs	(29)
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	38
Ending balance	371
Non-securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	11
Write-offs	(7)
Recoveries	4
Defaulted vacation ownership notes receivable repurchase activity	5
(Decrease) increase in vacation ownership notes receivable reserve	(4)
Ending balance	9
Non-securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	149
Securitizations	(23)
Write-offs	(29)
Defaulted vacation ownership notes receivable repurchase activity	23
(Decrease) increase in vacation ownership notes receivable reserve	29
Ending balance	149
Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	18
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(5)
(Decrease) increase in vacation ownership notes receivable reserve	4
Ending balance	17
Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	213
Securitizations	23
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(23)
(Decrease) increase in vacation ownership notes receivable reserve	9
Ending balance	$ 222

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Vacation Ownership Notes Receivable, Brand and FICO score (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 2,617	$ 2,589
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	248	271
Acquired | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	125	136
Acquired | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	123	135
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	135	147
Acquired | 700 + | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	63	67
Acquired | 700 + | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	72	80
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	92	100
Acquired | 600 - 699 | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	43	47
Acquired | 600 - 699 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	49	53
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	6	7
Acquired | Less Than 600 | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5	6
Acquired | Less Than 600 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	15	17
Acquired | No Score | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	14	16
Acquired | No Score | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1	1
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,369	2,318
Originated | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,136	2,092
Originated | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	233	226
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,392	1,367
Originated | 700 + | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,230	1,210
Originated | 700 + | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	162	157
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	620	613
Originated | 600 - 699 | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	554	549
Originated | 600 - 699 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	66	64
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	57	58
Originated | Less Than 600 | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	55	55
Originated | Less Than 600 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2	3
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	300	280
Originated | No Score | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	297	278
Originated | No Score | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 3	$ 2

VACATION OWNERSHIP NOTES RECE_8

VACATION OWNERSHIP NOTES RECEIVABLE - Origination Year, Vacation Ownership Notes Receivable, Brand and FICO score prior year (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 2,617	$ 2,589
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	248	271
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	135	147
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	92	100
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	6	7
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	15	17
Acquired | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	125
Total vacation ownership notes receivable	125	136
Gross write-offs 2021	0
Gross write-offs 2020	0
Gross write-offs 2019 and Prior	4
Gross write-offs	4
Acquired | Combined Marriott [Member] | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	63
Total vacation ownership notes receivable	63	67
Acquired | Combined Marriott [Member] | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	43
Total vacation ownership notes receivable	43	47
Acquired | Combined Marriott [Member] | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	5
Total vacation ownership notes receivable	5	6
Acquired | Combined Marriott [Member] | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	14
Total vacation ownership notes receivable	14	16
Acquired | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	8
2020	24
2019 & Prior	91
Total vacation ownership notes receivable	123	135
Gross write-offs 2021	0
Gross write-offs 2020	1
Gross write-offs 2019 and Prior	2
Gross write-offs	3
Acquired | Hyatt And Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	5
2020	15
2019 & Prior	52
Total vacation ownership notes receivable	72	80
Acquired | Hyatt And Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	3
2020	8
2019 & Prior	38
Total vacation ownership notes receivable	49	53
Acquired | Hyatt And Welk | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	1
2019 & Prior	0
Total vacation ownership notes receivable	1	1
Acquired | Hyatt And Welk | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	1
Total vacation ownership notes receivable	1	1
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	2,369	2,318
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1,392	1,367
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	620	613
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	57	58
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	300	280
Originated | Combined Marriott [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	202
2022	760
2021	460
2020	170
2019 & Prior	544
Total vacation ownership notes receivable	2,136	2,092
Gross write-offs 2023	0
Gross write-offs 2022	3
Gross write-offs 2021	9
Gross write-offs 2020	4
Gross write-offs 2019 and Prior	10
Gross write-offs	26
Originated | Combined Marriott [Member] | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	115
2022	453
2021	277
2020	92
2019 & Prior	293
Total vacation ownership notes receivable	1,230	1,210
Originated | Combined Marriott [Member] | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	36
2022	188
2021	132
2020	49
2019 & Prior	149
Total vacation ownership notes receivable	554	549
Originated | Combined Marriott [Member] | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	3
2022	18
2021	14
2020	6
2019 & Prior	14
Total vacation ownership notes receivable	55	55
Originated | Combined Marriott [Member] | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	48
2022	101
2021	37
2020	23
2019 & Prior	88
Total vacation ownership notes receivable	297	278
Originated | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	37
2022	131
2021	56
2020	3
2019 & Prior	6
Total vacation ownership notes receivable	233	226
Gross write-offs 2023	0
Gross write-offs 2022	1
Gross write-offs 2021	2
Gross write-offs 2020	0
Gross write-offs 2019 and Prior	0
Gross write-offs	3
Originated | Hyatt And Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	27
2022	90
2021	39
2020	2
2019 & Prior	4
Total vacation ownership notes receivable	162	157
Originated | Hyatt And Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	9
2022	38
2021	16
2020	1
2019 & Prior	2
Total vacation ownership notes receivable	66	64
Originated | Hyatt And Welk | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	0
2022	1
2021	1
2020	0
2019 & Prior	0
Total vacation ownership notes receivable	2	3
Originated | Hyatt And Welk | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	1
2022	2
2021	0
2020	0
2019 & Prior	0
Total vacation ownership notes receivable	$ 3	$ 2

VACATION OWNERSHIP NOTES RECE_9

VACATION OWNERSHIP NOTES RECEIVABLE - Future Principal Payments, Net of Reserves, and Interest Rates of Vacation Ownership Notes Receivable (Details) $ in Millions	Mar. 31, 2023 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2023, remaining	$ 30
2024	39
2025	36
2026	33
2027	27
Thereafter	57
Balance at Mar 31, 2022	$ 222
Acquired | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14.20%
Acquired | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0%
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]
2023, remaining	$ 3
2024	3
2025	3
2026	3
2027	3
Thereafter	8
Balance at Mar 31, 2022	$ 23
Acquired | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.90%
Acquired | Non-securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0%
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]
2023, remaining	$ 27
2024	36
2025	33
2026	30
2027	24
Thereafter	49
Balance at Mar 31, 2022	$ 199
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%
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]
2023, remaining	$ 137
2024	177
2025	177
2026	184
2027	188
Thereafter	1,135
Balance at Mar 31, 2022	$ 1,998
Originated | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13%
Originated | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0%
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]
2023, remaining	$ 38
2024	40
2025	35
2026	35
2027	33
Thereafter	223
Balance at Mar 31, 2022	$ 404
Originated | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.30%
Originated | Non-securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0%
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]
2023, remaining	$ 99
2024	137
2025	142
2026	149
2027	155
Thereafter	912
Balance at Mar 31, 2022	$ 1,594
Originated | Securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	13.20%
Originated | Securitized | Minimum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	0%
Originated | Securitized | Maximum
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	19.90%

VACATION OWNERSHIP NOTES REC_10

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, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 154	$ 150
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	128	126
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 26	$ 24

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,617	$ 2,589
Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	585	566
Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,032	2,023
Total past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	227	231
Total past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	148	151
Total past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	79	80
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	73	81
31 – 90 days past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	20	25
31 – 90 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	53	56
91 – 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	22	23
91 – 120 days past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	6	7
91 – 120 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	16	16
Greater than 120 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	132	127
Greater than 120 days past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	122	119
Greater than 120 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	10	8
Current
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,390	2,358
Current | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	437	415
Current | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 1,953	$ 1,943

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,220	$ 2,198
Other assets	80	76
Total financial assets	2,300	2,274
Total financial liabilities	(4,883)	(4,940)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,283	2,245
Other assets	80	76
Total financial assets	2,363	2,321
Total financial liabilities	(4,675)	(4,723)
Securitized debt, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,936)	(1,938)
Securitized debt, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,838)	(1,828)
2025 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(248)
2025 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	0	(258)
2028 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(347)	(347)
2028 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(310)	(307)
2029 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(494)	(494)
2029 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(424)	(417)
2026 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(566)	(565)
2026 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(553)	(560)
2027 Convertible Notes, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(561)	(560)
2027 Convertible Notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(566)	(568)
Non-interest bearing note payable, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(4)	(10)
Non-interest bearing note payable, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(4)	(10)
Line of Credit | Term Loan, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(779)	(778)
Line of Credit | Term Loan, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(780)	(775)
Line of Credit | Revolving Corporate Credit Facility, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(196)	0
Line of Credit | Revolving Corporate Credit Facility, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ (200)	$ 0

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,220	$ 2,198
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,283	2,245
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,793	1,792
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,854	1,837
Non-securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	427	406
Non-securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	429	408
Non-securitized | Eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	105	63
Non-securitized | Eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	107	65
Non-securitized | Not eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	322	343
Non-securitized | Not eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 322	$ 343

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Mar. 31, 2023 USD ($)
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 80

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share
Net income (loss) attributable to common shareholders	$ 87,000,000	$ 58,000,000
Numerator used to calculate diluted earnings (loss) per share	$ 91,000,000	$ 59,000,000
Shares for basic earnings (loss) per share (in shares)	37,400	42,400
Basic earnings (loss) per share (in usd per share)	$ 2.32	$ 1.36
Effect of dilutive shares outstanding
Employee SARs (in shares)	200	200
Restricted stock units (in shares)	300	300
Shares for diluted earnings (loss) per share (in shares)	44,400	47,900
Diluted (in usd per share)	$ 2.06	$ 1.23
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Add back of interest expense related to convertible notes, net of tax	$ 4,000,000	$ 1,000,000
2022 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0	1,600
2022 Convertible Notes | Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Principal amount					$ 230,000,000
2026 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,500	3,400
2026 Convertible Notes | Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Principal amount				$ 575,000,000
2027 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	3,000	0
2027 Convertible Notes | Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Principal amount			$ 575,000,000
Add back of interest expense related to convertible notes, net of tax	$ 5,000,000	$ 0
Performance Shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	239	300

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - SARs - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	237,249	126,169
Exercise price securities, excluded from computation of earnings per share (in usd per share)		$ 173.88
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 153.10
Maximum
Antidilutive Securities Excluded from Computation of Earnings Per Share
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, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Real estate inventory	$ 663	$ 651
Other	9	9
Inventory	$ 672	$ 660

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 11	$ 7
Amount of completed vacation ownership units classified as property and equipment	$ 392		$ 428

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 127
Guarantor obligations, maximum exposure due in first year	7
Revolving corporate credit facility, net
Commitments and Contingencies Disclosure [Line Items]
Letters of credit outstanding	1
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	6
Guarantor obligations, maximum exposure, remainder of year	1
Guarantor obligations, maximum exposure, due in second year	2
Guarantor obligations, maximum exposure, due in third year	1
Guarantor obligations, maximum exposure, due in fourth year	1
Guarantor obligations, maximum exposure, due in five year	$ 1
Guarantor obligations, ownership percentage	95%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 70
Purchase commitment obligation due, remainder of 2023	42
Purchase commitment obligation due, 2024	16
Purchase commitment obligation due, 2025	8
Purchase commitment obligation due, 2026	$ 4

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,936	$ 1,938
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	1,936	1,938
Variable interest entity
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,957	1,982
Variable interest entity | Securitized debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	3.30%
Variable interest entity | Securitized debt | Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, gross	$ 296	162
Unamortized debt discount and issuance costs	1	2
Secured debt, net	$ 295	160
Interest rate, effective percentage	5.90%
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	6.60%
Vacation Ownership Notes Receivable Securitizations | Variable interest entity | Securitized debt
Debt Instrument [Line Items]
Securitized debt, gross	$ 1,661	1,799
Unamortized debt discount and issuance costs	(20)	(21)
Secured debt, net	$ 1,641	$ 1,778

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
2023, remaining	$ 0
2024	4
2025	784
2026	575
2027	775
Thereafter	850
Secured Debt | Vacation Ownership Receivables and Warehouse Credit Facility
Debt Instrument [Line Items]
2023, remaining	137
2024	187
2025	445
2026	176
2027	173
Thereafter	839
Long-term debt	1,957
Variable interest entity | Secured Debt | Warehouse Credit Facility
Debt Instrument [Line Items]
2023, remaining	10
2024	15
2025	271
2026	0
2027	0
Thereafter	0
Long-term debt	296
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Secured Debt
Debt Instrument [Line Items]
2023, remaining	127
2024	172
2025	174
2026	176
2027	173
Thereafter	839
Long-term debt	$ 1,661

SECURITIZED DEBT - Additional I

SECURITIZED DEBT - Additional Information (Details) $ in Millions		3 Months Ended
	Apr. 13, 2023 USD ($) class	Mar. 31, 2023 loan
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
Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were securitized during the period	$ 388
Vacation ownership notes, number of classes | class	4
MVW 2023-1 LLC | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 380
MVW 2023-1 LLC | Class A Notes | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 237
Debt, stated interest rate	4.93%
MVW 2023-1 LLC | Class B Notes | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 65
Debt, stated interest rate	5.42%
MVW 2023-1 LLC | Class C Notes | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Principal amount	$ 48
Debt, stated interest rate	6.54%
MVW 2023-1 LLC | Class D Notes | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 11
Principal amount	$ 30
Debt, stated interest rate	8.83%
MVW 2023-1 LLC | Class A, B, C, Portion Of D | Secured Debt | Subsequent event
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period	$ 369

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,988
Finance Leases	182	$ 86
Debt and lease obligation	3,129	3,088
2025 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	0	250
Unamortized debt discount and issuance costs	0	(2)
Long-term debt	0	248
2028 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350	350
Unamortized debt discount and issuance costs	(3)	(3)
Long-term debt	347	347
2029 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500	500
Unamortized debt discount and issuance costs	(6)	(6)
Long-term debt	494	494
Term Loan | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784	784
Unamortized debt discount and issuance costs	(5)	(6)
Long-term debt	779	778
Revolving Corporate Credit Facility, net | Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	200	0
Unamortized debt discount and issuance costs	4	0
Long-term debt	$ 196	0
Interest rate, effective percentage	6.70%
Unamortized debt issuance costs		5
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575	575
Unamortized debt discount and issuance costs	(9)	(10)
Long-term debt	$ 566	565
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
2027 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 575	575
Unamortized debt discount and issuance costs	(14)	(15)
Long-term debt	561	560
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	$ 4	$ 10

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	$ 0
2024	4
2025	784
2026	575
2027	775
Thereafter	850
Long-term debt	2,988
Non-interest bearing note payable, net
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	4
2025	0
2026	0
2027	0
Thereafter	0
Long-term debt	4	$ 10
Line of Credit | Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	784
2026	0
2027	0
Thereafter	0
Long-term debt	784	784
Revolving Corporate Credit Facility
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	0
2026	0
2027	200
Thereafter	0
Long-term debt	200
Senior notes | 2028 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	0
2026	0
2027	0
Thereafter	350
Long-term debt	350	350
Senior notes | 2029 Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	0
2026	0
2027	0
Thereafter	500
Long-term debt	500	500
Convertible notes | 2026 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	0
2026	575
2027	0
Thereafter	0
Long-term debt	575	575
Convertible notes | 2027 Convertible Notes
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	0
2024	0
2025	0
2026	0
2027	575
Thereafter	0
Long-term debt	$ 575	$ 575

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,988,000,000
2025 Notes | Senior notes
Debt Instrument [Line Items]
Principal amount	$ 500,000,000
Debt, stated interest rate	6.125%
Long-term debt, gross	$ 0	$ 250,000,000
Aggregate principal amount	250,000,000
Write off of deferred debt issuance cost	10,000,000
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 | 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 ($)	1 Months Ended
	May 04, 2023	Mar. 31, 2023	Dec. 31, 2020
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
Line of Credit | Corporate Credit Facility | SOFR One Month Period | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Line of Credit | Corporate Credit Facility | SOFR Three Month Period | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Line of Credit | Corporate Credit Facility | SOFR Six Month Period | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Line of Credit | Corporate Credit Facility | SOFR Floor | Forecast
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Revolving corporate credit facility, net | Revolving Corporate Credit Facility, net
Debt Instrument [Line Items]
Credit facility		750,000,000
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, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,496,000,000
Ending balance	2,478,000,000
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification to Income Statement	0	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	13,000,000	(18,000,000)
Other comprehensive (loss) gain before reclassifications	(3,000,000)	16,000,000
Ending balance	$ 10,000,000	$ (2,000,000)

DEBT - 2026 Convertible Notes (

DEBT - 2026 Convertible Notes (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%
2026 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Principal amount				$ 575,000,000
Debt, stated interest rate				0%
Conversion ratio	0.0060262
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 165.94
Amortization of debt issuance costs	$ 1,000,000	$ 1,000,000
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
2027 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Principal amount			$ 575,000,000
Debt, stated interest rate			3.25%
Conversion ratio	0.0052729
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 189.65

DEBT - 2026 Convertible Note He

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	3 Months Ended
	Mar. 31, 2023 $ / shares shares
2026 Convertible Note Hedges
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)	3,500,000
Strike price (in usd per share) | $ / shares	$ 165.94
Convertible note hedges exercised (in shares)	0
2026 Warrants
Debt Instrument [Line Items]
Number of securities called by warrants (in shares)	3,500,000
Strike price (in usd per share) | $ / shares	$ 207.43
Number of warrants exercised (in shares)	0

DEBT - 2027 Convertible Notes (

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	3 Months Ended
	Mar. 31, 2023 $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%
Convertible notes
Debt Instrument [Line Items]
Principal amount | $		$ 575,000,000
Debt, stated interest rate		3.25%
Conversion ratio	0.0052729
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 189.65

DEBT - Interest Expense Related

DEBT - Interest Expense Related To The Convertible Notes (Details) - Convertible notes - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Interest expense	$ 4	$ 1
2027 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	4	0
Amortization of debt issuance costs	1	0
Interest expense	$ 5	$ 0

DEBT - 2027 Convertible Note He

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2018
2027 Warrants
Debt Instrument [Line Items]
Option indexed to issuer's equity, indexed shares (in shares)		3,000,000
Number of securities called by warrants (in shares)	3,000,000
Strike price (in usd per share)	$ 286.26
Number of warrants exercised (in shares)	0
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Strike price (in usd per share)	$ 189.65
Convertible note hedges exercised (in shares)	0

DEBT - Finance Lease (Details)

DEBT - Finance Lease (Details) $ in Millions	1 Months Ended
	Mar. 31, 2023 USD ($) renewal_options	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Finance lease liabilities	$ 182	$ 86
Headquarters in Orlando
Lessee, Lease, Description [Line Items]
Term of contract including renewals	26 years
Term of contract	16 years
Number of extensions | renewal_options	2
Renewal term	5 years
Finance lease assets	$ 80
Finance lease liabilities	97
Total lease payments	247
Remainder of 2023, lease liability to be paid	1
2024, lease liability to be paid	7
2025, lease liability to be paid	8
2026, lease liability to be paid	8
2027, lease liability to be paid	9
Lease liability to be paid, thereafter	$ 214

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021
Equity [Abstract]
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)	75,805,974	75,744,524
Common stock, shares outstanding (in shares)	37,074,453	37,481,082
Treasury stock, shares (in shares)	38,731,521	38,263,442
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			$ 500,000,000	$ 300,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 191,000,000

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cost Basis of Shares Repurchased
Cost of shares repurchased	$ 80	$ 119
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)	22,773,218
Repurchase of common stock (in shares)	522,422
Ending of period, number of shares repurchased (in shares)	23,295,640
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased	$ 2,119
Cost of shares repurchased	80	$ 119
Ending of period, cost of shares repurchased	$ 2,199
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)	$ 93.06
Average price paid per share (in usd per share)	153.71
Ending of period, average price paid per share (in usd per share)	$ 94.42

SHAREHOLDERS' EQUITY - Cash Div

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares		3 Months Ended
	Feb. 16, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.72	$ 0.72	$ 0.62

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
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)	800,000
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)	180,842
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 146.11
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum earnable amount of shares (in shares)	114,602
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, grants in period (in shares)	37,436
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 58.50
Stock awards granted, weighted average (in usd per share) exercise date fair value | $ / shares	$ 153.10

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7	$ 8
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	7
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	6	7
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0	$ 1

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 60	$ 34
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	58	33
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	46	26
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	12	7
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 2	$ 1

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected volatility	40.47%
Dividend yield	1.87%
Risk-free rate	4.07%
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, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Consolidated Assets	$ 9,602	$ 9,639
Consolidated Liabilities	7,122	$ 7,141
Variable interest entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,891
Consolidated Liabilities	1,960
Variable interest entity | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,957
Variable interest entity | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,793
Variable interest entity | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	13
Variable interest entity | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	85
Variable interest entity | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	3
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Consolidated Assets	1,558
Consolidated Liabilities	1,662
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,661
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,481
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	66
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	333
Consolidated Liabilities	298
Variable interest entity | Warehouse Credit Facility | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	296
Variable interest entity | Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	312
Variable interest entity | Warehouse Credit Facility | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	2
Variable interest entity | Warehouse Credit Facility | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	19
Variable interest entity | Warehouse Credit Facility | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	$ 2

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, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Interest income	$ 76	$ 69
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	67
Interest expense to investors	18
Debt issuance cost amortization	3
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	56
Interest expense to investors	14
Debt issuance cost amortization	2
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	11
Interest expense to investors	4
Debt issuance cost amortization	$ 1

VARIABLE INTEREST ENTITIES - Ca

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Vacation Ownership Notes Receivable Securitizations
Cash Inflows [Abstract]
Proceeds from vacation ownership notes receivable securitizations	$ 21	$ 0
Principal receipts	121	139
Interest receipts	57	58
Reserve release	0	57
Total	199	254
Cash Outflows [Abstract]
Principal to investors	(131)	(155)
Voluntary repurchases of defaulted vacation ownership notes receivable	(28)	(23)
Interest to investors	(16)	(11)
Total	(175)	(189)
Cash Flows Between Transferee and Transferor Net	24	65
Warehouse Credit Facility
Cash Inflows [Abstract]
Proceeds from vacation ownership notes receivable securitizations	150	102
Principal receipts	18	4
Interest receipts	10	1
Total	178	107
Cash Outflows [Abstract]
Principal to investors	(15)	0
Interest to investors	(3)	0
Cash Flows Between Transferee And Transfer or Funding Of Restricted Cash	(5)	(1)
Total	(23)	(1)
Cash Flows Between Transferee and Transferor Net	$ 155	$ 106

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	$ 289	$ 292
Accrued liabilities	334	369
Variable interest entity
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	13	13
Accrued liabilities	3	$ 5
Cash surrender value of life insurance	80
Waikiki Hawaii
Variable Interest Entity [Line Items]
Purchase commitment obligation due, 2024	112
Purchase commitment obligation due, 2025	81
Purchase commitment obligation due, 2026	41
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	1
Property, plant and equipment, gross	1
Accrued liabilities	1
Maximum loss	$ 1

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 source segment
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

BUSINESS SEGMENTS - Revenues (D

BUSINESS SEGMENTS - Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,169	$ 1,052
Revenues excluding reimbursed costs	804	736
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	700	657
All other countries
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	104	79
Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,097	956
Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	71	84
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,168	1,040
Operating segments | Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,097	956
Operating segments | Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	71	84
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1	$ 12

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Corporate and other	$ (63)	$ (54)
Interest expense, net	(34)	(27)
Tax provision	(41)	(32)
Depreciation and amortization	(32)	(33)
Share-based compensation expense	(7)	(8)
Certain items	(2)	(30)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	87	58
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	229	199
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 37	$ 43

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,602	$ 9,639
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	9,042	8,902
Operating segments | Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	8,197	8,037
Operating segments | Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	845	865
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 560	$ 737

Uncategorized Items - vac-20230

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]