Marriott Vacations Worldwide (VAC) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		35,517,203
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Revenue from contracts with customers	$ 1,105	$ 1,178	$ 3,294	$ 3,251
Financing	81	74	239	217
TOTAL REVENUES	1,186	1,252	3,533	3,468
EXPENSES
Marketing and sales	202	207	618	603
Financing	30	5	81	49
General and administrative	57	62	189	187
Depreciation and amortization	33	33	99	98
Litigation charges	2	2	7	7
Royalty fee	30	28	88	84
Impairment	0	1	4	1
Cost reimbursements	443	371	1,163	1,011
TOTAL EXPENSES	1,081	1,012	3,099	2,880
Gains (losses) and other income (expense), net	3	(2)	34	39
Interest expense, net	(36)	(34)	(106)	(91)
Transaction and integration costs	(5)	(34)	(28)	(99)
Other	(1)	(1)	0	0
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS	66	169	334	437
Provision for income taxes	(24)	(59)	(115)	(134)
NET INCOME	42	110	219	303
Net income attributable to noncontrolling interests	0	(1)	0	0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 42	$ 109	$ 219	$ 303
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic (in usd per share)	$ 1.16	$ 2.76	$ 5.96	$ 7.39
Diluted (in usd per share)	1.09	2.53	5.33	6.68
CASH DIVIDENDS DECLARED PER SHARE (in usd per share)	$ 0.72	$ 0.62	$ 2.16	$ 1.86
Sale of vacation ownership products
REVENUES
Revenue from contracts with customers	$ 319	$ 444	$ 1,085	$ 1,179
EXPENSES
Expenses	50	76	174	216
Management and exchange
REVENUES
Revenue from contracts with customers	205	198	611	623
EXPENSES
Expenses	115	101	332	330
Rental
REVENUES
Revenue from contracts with customers	138	165	435	438
EXPENSES
Expenses	119	126	344	294
Cost Reimbursement
REVENUES
Revenue from contracts with customers	$ 443	$ 371	$ 1,163	$ 1,011

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 42	$ 110	$ 219	$ 303
Other comprehensive income (loss):
Foreign currency translation adjustments	(2)	(1)	10	1
Reclassification of foreign currency translation adjustments realized upon disposition of entities	0	0	0	(10)
Derivative instrument adjustment, net of tax	(3)	8	(7)	31
OTHER COMPREHENSIVE (LOSS) GAIN, NET OF TAX	(5)	7	3	22
Net income attributable to noncontrolling interests	0	(1)	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	0	(1)	0	0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 37	$ 116	$ 222	$ 325

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 265	$ 524
Restricted cash (including $84 and $85 from VIEs, respectively)	238	330
Accounts and contracts receivable, net (including $14 and $13 from VIEs, respectively)	298	292
Vacation ownership notes receivable, net (including $1,885 and $1,792 from VIEs, respectively)	2,291	2,198
Inventory	642	660
Property and equipment, net	1,250	1,139
Goodwill	3,117	3,117
Intangibles, net	868	911
Other (including $88 and $76 from VIEs, respectively)	484	468
TOTAL ASSETS	9,453	9,639
LIABILITIES AND EQUITY
Accounts payable	238	356
Advance deposits	169	158
Accrued liabilities (including $3 and $5 from VIEs, respectively)	359	369
Deferred revenue	371	344
Payroll and benefits liability	193	251
Deferred compensation liability	156	139
Securitized debt, net (including $2,048 and $1,982 from VIEs, respectively)	2,026	1,938
Debt, net	3,031	3,088
Other	165	167
Deferred taxes	335	331
TOTAL LIABILITIES	7,043	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; 75,807,873 and 75,744,524 shares issued, respectively	1	1
Treasury stock — at cost; 40,122,822 and 38,263,442 shares, respectively	(2,298)	(2,054)
Additional paid-in capital	3,953	3,941
Accumulated other comprehensive income	18	15
Retained earnings	734	593
TOTAL MVW SHAREHOLDERS' EQUITY	2,408	2,496
Noncontrolling interests	2	2
TOTAL EQUITY	2,410	2,498
TOTAL LIABILITIES AND EQUITY	$ 9,453	$ 9,639

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Restricted cash	$ 238	$ 330
Accounts receivable, net	298	292
Vacation ownership notes receivable, net	2,291	2,198
Other assets	484	468
Accrued liabilities	359	369
Secured debt, net	$ 2,026	$ 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)	75,807,873	75,744,524
Treasury stock, shares (in shares)	40,122,822	38,263,442
Variable interest entity
Restricted cash	$ 84	$ 85
Accounts receivable, net	14	13
Vacation ownership notes receivable, net	1,885	1,792
Other assets	88	76
Accrued liabilities	3	5
Secured debt, net	$ 2,048	$ 1,982

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 219	$ 303
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles	99	98
Amortization of debt discount and issuance costs	17	20
Vacation ownership notes receivable reserve	182	130
Share-based compensation	25	30
Impairment charges	2	1
Gain and Other Income, Net	(8)	(48)
Deferred income taxes	2	64
Net change in assets and liabilities:
Accounts and contracts receivable	(16)	6
Vacation ownership notes receivable originations	(749)	(728)
Vacation ownership notes receivable collections	461	469
Inventory	80	74
Other assets	(10)	(21)
Accounts payable, advance deposits and accrued liabilities	(103)	(28)
Deferred revenue	24	(5)
Payroll and benefit liabilities	(58)	52
Deferred compensation liability	12	8
Other liabilities	(2)	7
Deconsolidation of certain Consolidated Property Owners' Associations	0	(48)
Purchase of property for future transfer to inventory	(27)	(12)
Other, net	(1)	8
Net cash, cash equivalents and restricted cash provided by operating activities	149	380
INVESTING ACTIVITIES
Proceeds from disposition of subsidiaries, net of cash and restricted cash transferred	0	94
Capital expenditures for property and equipment (excluding inventory)	(92)	(36)
Issuance of note receivable to VIE	0	(47)
Proceeds from collection of note receivable from VIE	0	47
Purchase of company owned life insurance	(8)	(14)
Other dispositions, net	15	5
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(85)	49
FINANCING ACTIVITIES
Borrowings from securitization transactions	916	609
Repayment of debt related to securitization transactions	(828)	(655)
Proceeds from debt	790	505
Repayments of debt	(956)	(505)
Finance lease incentive	10	0
Finance lease payment	(2)	(3)
Payment of debt issuance costs	(6)	(10)
Repurchase of common stock	(248)	(528)
Payment of dividends	(80)	(75)
Payment of withholding taxes on vesting of restricted stock units	(10)	(23)
Net cash, cash equivalents and restricted cash used in financing activities	(414)	(685)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	(1)	(4)
Change in cash, cash equivalents and restricted cash	(351)	(260)
Cash, cash equivalents and restricted cash, beginning of period	854	803
Cash, cash equivalents and restricted cash, end of period	503	543
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	4	4
Non-cash transfer from inventory to property and equipment	11	45
Non-cash transfer from property and equipment to inventory	60	2
Non-cash transfer from other assets to property and equipment	0	15
Right-of-use asset obtained in exchange for finance lease obligation	80	0
Non-cash issuance of debt in connection with finance lease	97	0
Dividends payable	26	24
Interest paid, net of amounts capitalized	141	104
Income taxes paid, net of refunds	$ 138	$ 51

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, 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	303
Derivative instrument adjustment	31
Ending balance (in shares) at Sep. 30, 2022									75,700,000
Ending balance at Sep. 30, 2022	2,628				2,626				$ 1			(1,882)			3,968				6			533				2
Beginning balance (in shares) at Mar. 31, 2022									75,700,000
Beginning balance at Mar. 31, 2022	2,824				2,814				$ 1			(1,474)			3,945				4			338				10
Increase (Decrease) in Stockholders' Equity
Net income	135				136																	136				(1)
Foreign currency translation adjustments	(2)				(2)														(2)
Reclassification of foreign currency translation adjustments realized upon disposition of entities	(10)				(10)														(10)
Derivative instrument adjustment	7				7														7
Adjustment for 2022 Convertible Note Hedges	6				6										6
Share-based compensation plans	13				13							1			12
Repurchase of common stock	(193)				(193)							(193)
Deconsolidation of certain Consolidated Property Owners' Associations	(8)																									(8)
Dividends	(26)				(26)																	(26)
Ending balance (in shares) at Jun. 30, 2022									75,700,000
Ending balance at Jun. 30, 2022	2,746				2,745				$ 1			(1,666)			3,963				(1)			448				1
Increase (Decrease) in Stockholders' Equity
Net income	110				109																	109				1
Foreign currency translation adjustments	(1)				(1)														(1)
Derivative instrument adjustment	8				8														8
Tax effect on equity, convertible notes	(1)				(1)										(1)
Share-based compensation plans	5				5										5
Repurchase of common stock	(216)				(216)							(216)
Dividends	(24)				(24)																	(24)
Employee stock plan issuance	1				1										1
Ending balance (in shares) at Sep. 30, 2022									75,700,000
Ending balance at Sep. 30, 2022	$ 2,628				2,626				$ 1			(1,882)			3,968				6			533				2
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									75,800,000
Ending balance at Mar. 31, 2023	$ 2,480				2,478				$ 1			(2,132)			3,937				18			654				2
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	219
Derivative instrument adjustment	$ (7)
Repurchase of common stock												(248)
Ending balance (in shares) at Sep. 30, 2023	75,807,873								75,800,000
Ending balance at Sep. 30, 2023	$ 2,410				2,408				$ 1			(2,298)			3,953				18			734				2
Beginning balance (in shares) at Mar. 31, 2023									75,800,000
Beginning balance at Mar. 31, 2023	2,480				2,478				$ 1			(2,132)			3,937				18			654				2
Increase (Decrease) in Stockholders' Equity
Net income	90				90																	90				0
Foreign currency translation adjustments	6				6														6
Derivative instrument adjustment	(1)				(1)														(1)
Share-based compensation plans	11				11							1			10
Repurchase of common stock	(82)				(82)							(82)
Dividends	(26)				(26)																	(26)
Ending balance (in shares) at Jun. 30, 2023									75,800,000
Ending balance at Jun. 30, 2023	2,478				2,476				$ 1			(2,213)			3,947				23			718				2
Increase (Decrease) in Stockholders' Equity
Net income	42				42																	42				0
Foreign currency translation adjustments	(2)				(2)														(2)
Derivative instrument adjustment	(3)				(3)														(3)
Share-based compensation plans	7				7							1			6
Repurchase of common stock	(86)				(86)							(86)
Dividends	$ (26)				(26)																	(26)
Ending balance (in shares) at Sep. 30, 2023	75,807,873								75,800,000
Ending balance at Sep. 30, 2023	$ 2,410				$ 2,408				$ 1			$ (2,298)			$ 3,953				$ 18			$ 734				$ 2

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 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 variable interest entities (“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 effects of the 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 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.” During the third quarter of 2023 we launched Hyatt Vacation Club across our former Hyatt Residence Club and Legacy-Welk properties, which connects these properties and associated vacation ownership programs under a single brand.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS	9 Months Ended
	Sep. 30, 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 vacation ownership notes receivable. See Footnote 6 “Vacation Ownership Notes Receivable” for the incremental disclosures required by the adoption of ASU 2022-02. 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 generally were able to 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. During the second quarter of 2023, we amended our Term Loan (as defined in Footnote 12 “Debt”) and our interest rate swaps and collar to reference SOFR (as defined in Footnote 12 “Debt”) rather than LIBOR. See Footnote 12 “Debt” for more information. Both our Term Loan and the related interest rate swaps and collar transitioned to SOFR at the same time, effective July 31, 2023. As of September 30, 2023, we have no other financial instruments to transition from LIBOR.

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	3. ACQUISITIONS AND DISPOSITIONS Acquisitions Savannah, Georgia During the third quarter of 2023, we acquired property in Savannah, Georgia for $19 million. We plan to convert the property into a 73-unit vacation ownership property. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net. 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 property 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 During the first quarter of 2022, we acquired 88 completed vacation ownership units, as well as a sales center, located in Bali, Indonesia for $36 million. The transaction was accounted for as an asset acquisition and the purchase price was allocated to Property and equipment, net. As consideration for the acquisition, we paid $12 million in cash and issued a non-interest bearing note payable for $11 million, of which $6 million was repaid in the first quarter of 2023. Further, during the first quarter of 2022, we reclassified $13 million of previous deposits associated with the project from Other assets to Property and equipment, net. Dispositions As part of the ILG Acquisition, we 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, as discussed below. During the second quarter of 2022, we disposed of VRI Americas for proceeds of $56 million, net of cash and restricted cash transferred to the buyer of $12 million, after determining that this business was not a core component of our future growth strategy and operating model. The results of VRI Americas are included in our Exchange and Third-Party Management segment through the date of the sale. The net carrying value of VRI Americas as of the date of the disposition was $51 million, including $25 million of goodwill and $20 million of intangible assets. As a result of the disposition, we recorded a gain of $1 million and $17 million in Gains (losses) and other income (expense), net on our Income Statements for the three and nine months ended September 30, 2022, respectively. Additionally, during the second quarter of 2022, we disposed of entities that owned and operated a Vacation Ownership segment hotel in Puerto Vallarta, Mexico, for proceeds of $38 million, net of cash and restricted cash transferred to the buyer of $3 million, consistent with our strategy to dispose of non-strategic assets. The net carrying value of the business disposed of as of the date of the disposition, excluding the cumulative translation adjustment, was $18 million, substantially all of which was for property and equipment. As a result of this disposition, we recorded a gain of $33 million in Gains (losses) and other income (expense), net on our Income Statement for the nine months ended September 30, 2022, which included the realization of cumulative foreign currency translation gains of $10 million associated with the disposition of these entities.

REVENUE AND RECEIVABLES

REVENUE AND RECEIVABLES	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE AND RECEIVABLES	4. REVENUE AND RECEIVABLES Sources of Revenue by Segment Three Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 319 $ — $ — $ 319 Ancillary revenues 62 1 — 63 Management fee revenues 44 5 — 49 Exchange and other services revenues 37 44 12 93 Management and exchange 143 50 12 205 Rental 128 10 — 138 Cost reimbursements 455 4 (16) 443 Revenue from contracts with customers 1,045 64 (4) 1,105 Financing 81 — — 81 Total Revenues $ 1,126 $ 64 $ (4) $ 1,186 Three Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 444 $ — $ — $ 444 Ancillary revenues 63 1 — 64 Management fee revenues 41 7 (1) 47 Exchange and other services revenues 32 47 8 87 Management and exchange 136 55 7 198 Rental 154 11 — 165 Cost reimbursements 374 5 (8) 371 Revenue from contracts with customers 1,108 71 (1) 1,178 Financing 74 — — 74 Total Revenues $ 1,182 $ 71 $ (1) $ 1,252 Nine Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,085 $ — $ — $ 1,085 Ancillary revenues 193 3 — 196 Management fee revenues 134 18 (2) 150 Exchange and other services revenues 98 136 31 265 Management and exchange 425 157 29 611 Rental 404 31 — 435 Cost reimbursements 1,182 12 (31) 1,163 Revenue from contracts with customers 3,096 200 (2) 3,294 Financing 239 — — 239 Total Revenues $ 3,335 $ 200 $ (2) $ 3,533 Nine Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,179 $ — $ — $ 1,179 Ancillary revenues 183 3 — 186 Management fee revenues 124 28 (5) 147 Exchange and other services revenues 95 146 49 290 Management and exchange 402 177 44 623 Rental 405 33 — 438 Cost reimbursements 1,026 19 (34) 1,011 Revenue from contracts with customers 3,012 229 10 3,251 Financing 217 — — 217 Total Revenues $ 3,229 $ 229 $ 10 $ 3,468 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 September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 658 $ 27 $ (4) $ 681 Goods or services transferred at a point in time 387 37 — 424 Revenue from contracts with customers $ 1,045 $ 64 $ (4) $ 1,105 Three Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 597 $ 31 $ (1) $ 627 Goods or services transferred at a point in time 511 40 — 551 Revenue from contracts with customers $ 1,108 $ 71 $ (1) $ 1,178 Nine Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,802 $ 83 $ (2) $ 1,883 Goods or services transferred at a point in time 1,294 117 — 1,411 Revenue from contracts with customers $ 3,096 $ 200 $ (2) $ 3,294 Nine Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,638 $ 103 $ 10 $ 1,751 Goods or services transferred at a point in time 1,374 126 — 1,500 Revenue from contracts with customers $ 3,012 $ 229 $ 10 $ 3,251 Sale of Vacation Ownership Products Revenues were reduced during the third quarter and first three quarters of 2023 by $47 million and $66 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either September 30, 2023 or December 31, 2022. ($ in millions) At September 30, 2023 At December 31, 2022 Receivables from Contracts with Customers Accounts and contracts receivable, net $ 176 $ 194 Vacation ownership notes receivable, net 2,291 2,198 $ 2,467 $ 2,392 Contract Liabilities Advance deposits $ 169 $ 158 Deferred revenue 371 344 $ 540 $ 502 Revenue recognized during the third quarter and first three quarters of 2023 that was included in our contract liabilities balance at December 31, 2022 was $67 million and $241 million, respectively. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At September 30, 2023, approximately 91% of this amount is expected to be recognized as revenue over the next two years. Accounts and Contracts Receivable Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances: ($ in millions) At September 30, 2023 At December 31, 2022 Receivables from contracts with customers, net $ 176 $ 194 Interest receivable 17 16 Tax receivable 42 20 Indemnification assets 38 19 Employee tax credit receivable 13 16 Other 12 27 $ 298 $ 292

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	5. INCOME TAXES Our provision for income taxes is calculated using an estimated annual effective tax rate (“AETR”), based upon expected annual income less losses in certain jurisdictions, non-deductible expenses under federal and local tax laws, statutory rates and planned tax strategies in the various jurisdictions in which we operate. Certain items that do not relate directly to ordinary income are excluded from the AETR and included in the period in which they occur. Our effective tax rate was 36.1% and 34.7% for the three months ended September 30, 2023 and September 30, 2022, respectively, and 34.3% and 30.6% for the nine months ended September 30, 2023 and September 30, 2022, respectively. The increase in the effective tax rate for the three months ended September 30, 2023 compared to the three months ended September 30, 2022 is predominately attributable to a decrease in Income before income taxes and noncontrolling interests from 2022 to 2023 without a proportional decrease to non-deductible tax expenses, in addition to a net decrease in the tax expense for foreign uncertain tax benefits in 2023. The increase in the effective tax rate for the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 is attributable to a decrease in Income before income taxes and noncontrolling interests from 2022 to 2023 without a proportional decrease to non-deductible tax expenses, partially offset by a net increase in the tax expense for foreign uncertain tax benefits in 2023. Unrecognized Tax Benefits The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the nine months ended September 30, 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 to tax positions related to a prior period 8 Decreases to tax positions related to a prior period (8) Balance at September 30, 2023 $ 25 The total amount of gross interest and penalties accrued was $46 million at September 30, 2023 and $28 million at December 31, 2022, an increase of $18 million, which is predominantly attributable to additional interest and penalties related to the pre-acquisition reserves for uncertain tax positions. We anticipate $35 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	9 Months Ended
	Sep. 30, 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. September 30, 2023 December 31, 2022 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,722 $ 163 $ 1,885 $ 1,571 $ 221 $ 1,792 Non-securitized Eligible for securitization (1) 59 1 60 63 — 63 Not eligible for securitization (1) 327 19 346 322 21 343 Subtotal 386 20 406 385 21 406 $ 2,108 $ 183 $ 2,291 $ 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 Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest income associated with vacation ownership notes receivable — securitized $ 70 $ 60 $ 205 $ 179 Interest income associated with vacation ownership notes receivable — non-securitized 9 11 26 30 Total interest income associated with vacation ownership notes receivable $ 79 $ 71 $ 231 $ 209 Credit Quality Indicators - Vacation Ownership Notes Receivable We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the vacation ownership interest (“VOI”) they have acquired. The estimates of the variable consideration included in the transaction price for the sale of the related vacation ownership product for originated vacation ownership notes receivable and the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses and estimates regarding future defaults. In the third quarter of 2023, we evaluated our vacation ownership notes receivable reserve in light of trends in delinquencies and default rates. As a result, we increased our originated vacation ownership notes receivable reserve by $59 million. We primarily used a historical period of increased defaults as a basis for estimating the increase in our reserve. This additional reserve adjusts our future default rate estimate to reflect current macroeconomic conditions, including inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity. In the third quarter of 2022, in connection with the combination of the reserves for Marriott-, Sheraton-, and Westin-brands, we recorded a reversal of credit loss expense for the acquired vacation ownership notes receivable of $19 million in Financing expense and an increase in the reserve for our originated vacation ownership notes receivable of $21 million, which was recorded as a reduction of sales of vacation ownership products revenues. We use the term “Combined Marriott” to refer to our Marriott-, Sheraton-, and Westin-brands. The weighted average FICO score of the borrowers within our consolidated vacation ownership notes receivable pool was 722 and 721, at September 30, 2023 and December 31, 2022, respectively, based on the FICO score of the borrower at the time of origination. Acquired Vacation Ownership Notes Receivable Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of reserves, and interest rates for our acquired vacation ownership notes receivable at September 30, 2023. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 2 $ 8 $ 10 2024 3 33 36 2025 3 30 33 2026 3 27 30 2027 2 22 24 Thereafter 7 43 50 Balance at September 30, 2023 $ 20 $ 163 $ 183 Weighted average stated interest rate 14.0% 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 Securitizations (2) 2 — Clean-up call 2 (2) — Write-offs (21) — (21) Recoveries 13 — 13 Defaulted vacation ownership notes receivable repurchase activity (1) 14 (14) — (Decrease) increase in vacation ownership notes receivable reserve (10) 7 (3) Balance at September 30, 2023 $ 7 $ 11 $ 18 (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 borrower FICO score. Acquired Vacation Ownership Notes Receivable as of September 30, 2023 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 51 $ 35 $ 4 $ 11 $ 101 Hyatt and Welk 59 39 1 1 100 $ 110 $ 74 $ 5 $ 12 $ 201 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 borrower FICO score as of September 30, 2023, and gross write-offs by brand for the first three quarters of 2023. Acquired Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2021 2020 2019 & Prior Total 700 + $ — $ — $ 51 $ 51 600 - 699 — — 35 35 < 600 — — 4 4 No Score — — 11 11 $ — $ — $ 101 $ 101 Gross write-offs $ — $ — $ 11 $ 11 Acquired Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2021 2020 2019 & Prior Total 700 + $ 4 $ 13 $ 42 $ 59 600 - 699 2 7 30 39 < 600 — — 1 1 No Score — — 1 1 $ 6 $ 20 $ 74 $ 100 Gross write-offs $ 1 $ 2 $ 7 $ 10 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 September 30, 2023. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 8 $ 34 $ 42 2024 47 141 188 2025 34 147 181 2026 34 155 189 2027 34 163 197 Thereafter 229 1,082 1,311 Balance at September 30, 2023 $ 386 $ 1,722 $ 2,108 Weighted average stated interest rate 12.1% 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 162 21 183 Securitizations (126) 126 — Clean-up call 43 (43) — Write-offs (88) — (88) Defaulted vacation ownership notes receivable repurchase activity (1) 76 (76) — Balance at September 30, 2023 $ 216 $ 241 $ 457 (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 borrower FICO score. Originated Vacation Ownership Notes Receivable as of September 30, 2023 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,341 $ 602 $ 57 $ 307 $ 2,307 Hyatt and Welk 180 72 2 4 258 $ 1,521 $ 674 $ 59 $ 311 $ 2,565 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 September 30, 2023, and gross write-offs by brand for the first three quarters of 2023. Originated Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 377 $ 413 $ 228 $ 78 $ 245 $ 1,341 600 - 699 145 174 114 42 127 602 < 600 13 16 11 5 12 57 No Score 117 74 29 19 68 307 $ 652 $ 677 $ 382 $ 144 $ 452 $ 2,307 Gross write-offs $ 2 $ 14 $ 22 $ 9 $ 27 $ 74 Originated Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 73 $ 71 $ 31 $ 2 $ 3 $ 180 600 - 699 26 31 12 1 2 72 < 600 — 1 1 — — 2 No Score 3 1 — — — 4 $ 102 $ 104 $ 44 $ 3 $ 5 $ 258 Gross write-offs $ — $ 6 $ 7 $ — $ 1 $ 14 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 13.35% as of September 30, 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 $13 million as of September 30, 2023 and $12 million as of December 31, 2022. The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due. Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total Investment in vacation ownership notes receivable on non-accrual status at September 30, 2023 $ 144 $ 25 $ 169 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 September 30, 2023 and December 31, 2022. As of September 30, 2023 As of December 31, 2022 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 20 $ 57 $ 77 $ 25 $ 56 $ 81 91 – 120 days past due 6 16 22 7 16 23 Greater than 120 days past due 138 9 147 119 8 127 Total past due 164 82 246 151 80 231 Current 465 2,055 2,520 415 1,943 2,358 Total vacation ownership notes receivable $ 629 $ 2,137 $ 2,766 $ 566 $ 2,023 $ 2,589

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 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 (excluding contracts receivable for financed VOI sales, net), 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 September 30, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net $ 2,291 $ 2,355 $ 2,198 $ 2,245 Contracts receivable for financed VOI sales, net 35 35 22 22 Other assets 88 88 76 76 Total financial assets $ 2,414 $ 2,478 $ 2,296 $ 2,343 Securitized debt, net $ (2,026) $ (1,937) $ (1,938) $ (1,828) Term Loan, net (780) (782) (778) (775) Revolving Corporate Credit Facility, net (86) (90) — — 2025 Notes, net — — (248) (258) 2028 Notes, net (348) (306) (347) (307) 2029 Notes, net (495) (419) (494) (417) 2026 Convertible Notes, net (568) (508) (565) (560) 2027 Convertible Notes, net (562) (496) (560) (568) Non-interest bearing note payable, net (4) (4) (10) (10) Total financial liabilities $ (4,869) $ (4,542) $ (4,940) $ (4,723) Vacation Ownership Notes Receivable At September 30, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net Securitized $ 1,885 $ 1,947 $ 1,792 $ 1,837 Eligible for securitization 60 62 63 65 Not eligible for securitization 346 346 343 343 Non-securitized 406 408 406 408 $ 2,291 $ 2,355 $ 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. Contracts Receivable for Financed VOI Sales At the time at which we recognize revenue for Marriott-branded VOI sales, we temporarily record a contract receivable for financed VOI sales, until the time at which we originate a vacation ownership note receivable, which occurs at closing. We believe that the carrying value of the contracts receivable for financed VOI sales approximates fair value because the stated, or otherwise imputed, interest rates of these receivables are generally consistent with current market rates and the reserve for these contracts receivable for financed VOI sales appropriately accounts for risks in default rates, prepayment rates, and discount rates. We concluded that this fair value measurement should be categorized within Level 3. Other Assets Other assets include $88 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. 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. 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. 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	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
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 upon 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 Nine Months Ended (in millions, except per share amounts) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303 Shares for basic earnings per share 36.4 39.5 36.9 41.1 Basic earnings per share $ 1.16 $ 2.76 $ 5.96 $ 7.39 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 Nine Months Ended (in millions, except per share amounts) September 30, 2023 (1) September 30, 2022 (1) September 30, 2023 (1) September 30, 2022 (1) Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303 Add back of interest expense related to convertible notes, net of tax 5 1 14 4 Numerator used to calculate diluted earnings per share $ 47 $ 110 $ 233 $ 307 Shares for basic earnings per share 36.4 39.5 36.9 41.1 Effect of dilutive shares outstanding Employee SARs 0.1 0.2 0.1 0.2 Restricted stock units 0.3 0.3 0.3 0.3 2022 Convertible Notes ($230 million of principal) — — — 0.9 2026 Convertible Notes ($575 million of principal) 3.5 3.4 3.5 3.4 2027 Convertible Notes ($575 million of principal) 3.0 — 3.0 — Shares for diluted earnings per share 43.3 43.4 43.8 45.9 Diluted earnings per share $ 1.09 $ 2.53 $ 5.33 $ 6.68 (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 200,000 and 293,000 shares of common stock, the maximum number of shares issuable as of September 30, 2023 and September 30, 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 third quarter and first three quarters of 2023, we excluded from our calculation of diluted earnings per share 287,125 shares underlying stock appreciation rights (“SARs”) that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $143.38 to $173.88, were greater than the average market price of our common stock for the applicable period. For the third quarter of 2022, we excluded from our calculation of diluted earnings per share 252,314 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $143.38 to $173.88, were greater than the average market price of our common stock for the applicable period. For the first three quarters of 2022, we excluded from our calculation of diluted earnings per share 199,813 shares underlying SARs that may settle in shares of common stock because the exercise prices of such SARs, which ranged from $159.27 to $173.88, were greater than the average market price of our common stock for the applicable period.

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	9. INVENTORY The following table shows the composition of our inventory balances: ($ in millions) At September 30, 2023 At December 31, 2022 Real estate inventory (1) $ 632 $ 651 Other 10 9 $ 642 $ 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 $24 million during the first three quarters of 2023 and $15 million during the first three quarters of 2022. In addition to the above, at September 30, 2023 and December 31, 2022, we had $369 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	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES AND COMMITMENTS	10. CONTINGENCIES AND COMMITMENTS Commitments and Letters of Credit As of September 30, 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 $107 million, of which we expect $17 million, $42 million, $24 million, $14 million, $6 million and $4 million will be paid in the remainder of 2023, 2024, 2025, 2026, 2027, and thereafter, respectively. • We have a commitment to acquire real estate for use in our Vacation Ownership segment via our involvement with a VIE. Refer to Footnote 15 “Variable Interest Entities” for additional information and our activities relating to the VIE involved in this transaction. Surety bonds issued as of September 30, 2023 totaled $121 million, the majority of which were requested by federal, state, or local governments in connection with our operations. As of September 30, 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 September 30, 2023, we had $1 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 of the rental revenue (if any) as our fee or we make up the deficit if the owners have not received their guaranteed amounts. At September 30, 2023, our maximum exposure under fixed dollar guarantees was $5 million, of which $2 million, $1 million, $1 million, and $1 million relate to 2024, 2025, 2026, and 2027 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 September 30, 2023, our expected commitment for the remainder of 2023 is $3 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 (such claim, the “Remaining Claim”), with respect to which the plaintiff was granted leave to amend its complaint. The plaintiff filed an amended complaint with respect to the Remaining Claim and appealed the dismissal of the other claims. In June 2023, the appellate court upheld the dismissal of those claims. Plaintiff filed a motion for reconsideration of that appellate ruling, and in October 2023, the appellate court denied that motion. In November 2022, the Court granted our motion to dismiss the amended complaint with respect to the Remaining Claim and again granted plaintiff leave to amend its complaint. The plaintiff filed an amended complaint with respect to the Remaining Claim and again appealed the dismissal of the other claims. That appeal remains pending. In September 2023, the Court granted our motion to dismiss the amended complaint with respect to the Remaining Claim and denied plaintiff permission to file any additional amended complaints. 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, where required, 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	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
SECURITIZED DEBT	The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs. ($ in millions) At September 30, 2023 At December 31, 2022 Vacation ownership notes receivable securitizations, gross (1) $ 1,703 $ 1,799 Unamortized debt discount and issuance costs (20) (21) 1,683 1,778 Warehouse Credit Facility, gross (2) 345 162 Unamortized debt issuance costs (2) (2) 343 160 $ 2,026 $ 1,938 (1) Interest rates as of September 30, 2023 range from 1.5% to 6.6%, with a weighted average interest rate of 3.8%. (2) Effective interest rate as of September 30, 2023 was 6.8%. All of our securitized debt is non-recourse. 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 September 30, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 42 $ 4 $ 46 2024 171 17 188 2025 173 18 191 2026 176 306 482 2027 176 — 176 Thereafter 965 — 965 $ 1,703 $ 345 $ 2,048 (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 third quarter of 2023, and as of September 30, 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. During the second 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, composed 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. The Class D notes that we retained were subsequently sold at par during the second quarter of 2023. Warehouse Credit Facility During the second quarter of 2023, we amended certain agreements associated with our Warehouse Credit Facility (the “Warehouse Amendment”). The Warehouse Amendment increased the borrowing capacity of the existing facility from $425 million to $500 million and extended the revolving period from July 28, 2024 to May 31, 2025. The Warehouse Amendment made no other material changes to the Warehouse Credit Facility.

DEBT

DEBT	9 Months Ended
	Sep. 30, 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 September 30, 2023 At December 31, 2022 Corporate Credit Facility Term Loan $ 784 $ 784 Unamortized debt discount and issuance costs (4) (6) 780 778 Revolving Corporate Credit Facility (1) 90 — Unamortized debt issuance costs (2) (4) — 86 — 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 (2) (3) 348 347 2029 Notes 500 500 Unamortized debt discount and issuance costs (5) (6) 495 494 Convertible Notes 2026 Convertible Notes 575 575 Unamortized debt issuance costs (7) (10) 568 565 2027 Convertible Notes 575 575 Unamortized debt issuance costs (13) (15) 562 560 Finance Leases 188 86 Non-interest bearing note payable 4 10 $ 3,031 $ 3,088 (1) Effective interest rate as of September 30, 2023 was 7.2%. (2) Excludes $5 million of unamortized debt issuance costs as of December 31, 2022. As no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time, the unamortized debt issuance costs were included in Other assets. The following table shows scheduled principal payments for our debt, based on contractual terms and maturity dates, excluding finance leases, as of September 30, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total Term Loan $ — $ — $ 784 $ — $ — $ — $ 784 Revolving Corporate Credit Facility — — — — 90 — 90 2028 Notes — — — — — 350 350 2029 Notes — — — — — 500 500 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 665 $ 850 $ 2,878 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. During the second 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 31, 2023, the Term Loan references the Secured Overnight Financing Rate (“SOFR”) and is 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 2022, we entered into interest rate swaps and an interest rate collar under which we may pay a fixed rate and receive a floating interest rate to hedge a portion of our interest rate risk on the Term Loan. During the second quarter of 2023, we amended these interest rate swaps and the collar to reference SOFR rather than LIBOR, effective July 31, 2023. As a result of this transition, the fixed rate on the $250 million of interest rate swaps that matured in September 2023 was amended to 2.88%, the fixed rate on the $200 million of interest rate swaps maturing in April 2024 was amended to 2.17%, and the cap strike price on the $100 million interest rate collar was amended to 2.43%. Both the interest rate swaps and the interest rate collar have been designated and qualify as cash flow hedges of interest rate risk and are recorded in Other assets on our Balance Sheets as of September 30, 2023 and December 31, 2022. We characterize payments we make or receive in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive income or loss for presentation purposes. The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first three quarters of 2023 and 2022. There were no reclassifications to the Income Statement for any of the periods presented below. ($ 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) Other comprehensive (loss) gain before reclassifications (1) 7 Derivative instrument adjustment balance, June 30 9 5 Other comprehensive (loss) gain before reclassifications (3) 8 Derivative instrument adjustment balance, September 30 $ 6 $ 13 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 (losses) and other income (expense), net on our Income Statement for the nine months ended September 30, 2023. 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 September 30, 2023 to 6.1044 shares of common stock per $1,000 principal amount of 2026 Convertible Notes (equivalent to a conversion price of $163.82 per share of our common stock), as a result of the dividends we declared since issuance of the 2026 Convertible Notes that were greater than the quarterly dividend we paid when the 2026 Convertible Notes were issued. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of September 30, 2023, the effective interest rate was 0.55%. The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Amortization of debt issuance costs $ — $ 1 $ 2 $ 2 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 September 30, 2023, the strike prices of the 2026 Convertible Note Hedges and the 2026 Warrants were subject to adjustment to approximately $163.82 and $204.77, 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 $189.65 per share of our common stock) as of September 30, 2023. The conversion rate is subject to adjustment for certain events as described in the indenture governing the notes. Upon conversion, we will pay or deliver, as the case may be, cash, shares of our common stock, or a combination of cash and shares of our common stock, at our election. As of September 30, 2023, the effective interest rate was 3.88%. The following table shows interest expense information related to the 2027 Convertible Notes. Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Contractual interest expense $ 5 $ — $ 14 $ — Amortization of debt issuance costs — — 2 — $ 5 $ — $ 16 $ — 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 September 30, 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 September 30, 2023, the present value of the future lease payments, net of lease incentives, was $78 million, with a corresponding lease liability of $99 million. We record right-of-use assets for our finance leases in Property and equipment, net. Our total payments under this lease are $245 million, of which we expect $1 million, $7 million, $8 million, $8 million, $9 million, and $212 million will be paid in 2023, 2024, 2025, 2026, 2027, and thereafter, respectively.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 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 September 30, 2023, there were 75,807,873 shares of Marriott Vacations Worldwide common stock issued, of which 35,685,051 shares were outstanding and 40,122,822 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 September 30, 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. During the second quarter of 2023, our Board of Directors increased the remaining authorization to authorize purchases of up to $600 million and extended the term of this program to December 31, 2024. As of September 30, 2023, approximately $476 million remained available for share repurchases under the Share Repurchase Program. Share repurchases may be made through open market purchases, privately negotiated transactions, block transactions, tender offers, or otherwise. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements, contractual restrictions, and other factors. In connection with the current Share Repurchase Program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The authorization for the current Share Repurchase Program may be suspended, terminated, increased or decreased by our Board of Directors at any time without prior notice. Acquired shares of our common stock are currently held as treasury shares and carried at cost in our Financial Statements. The Inflation Reduction Act of 2022, which was enacted in August 2022, imposes a 1% excise tax on the net value of certain stock repurchases made after December 31, 2022. For purposes of calculating the excise tax, the fair value of certain share issuances may be netted against the fair market value of stock repurchases during the same taxable year. In the first three quarters of 2023, we reflected the applicable excise tax in treasury stock as part of the cost basis of the stock repurchased and recorded a corresponding liability for the excise taxes payable in Accrued liabilities on our Balance Sheet. The following table summarizes share repurchase activity under our Share Repurchase Programs: ($ 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 three quarters of 2023 1,936,855 248 $ 128.03 As of September 30, 2023 24,710,073 $ 2,367 $ 95.80 Dividends We declared cash dividends to holders of common stock during the first three quarters 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 May 11, 2023 May 25, 2023 June 8, 2023 $0.72 September 7, 2023 September 21, 2023 October 5, 2023 $0.72

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 September 30, 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 Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Service-based RSUs $ 7 $ 7 $ 22 $ 24 Performance-based RSUs (2) 1 1 2 5 8 23 26 SARs 1 2 2 4 $ 6 $ 10 $ 25 $ 30 The following table details our deferred compensation costs related to unvested awards: ($ in millions) At September 30, 2023 At December 31, 2022 Service-based RSUs $ 30 $ 26 Performance-based RSUs 4 7 34 33 SARs 1 1 $ 35 $ 34 Restricted Stock Units We granted 199,468 service-based RSUs, which are subject to time-based vesting conditions, with a weighted average grant-date fair value of $143.54, to our employees and non-employee directors during the first three quarters of 2023. During the first three quarters 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 three quarters 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 three quarters 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 three quarters 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	9 Months Ended
	Sep. 30, 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 September 30, 2023: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,526 $ 359 $ 1,885 Interest receivable 11 3 14 Restricted cash 61 23 84 Total $ 1,598 $ 385 $ 1,983 Consolidated Liabilities Interest payable $ 2 $ 1 $ 3 Securitized debt 1,703 345 2,048 Total $ 1,705 $ 346 $ 2,051 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the third quarter of 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 59 $ 11 $ 70 Interest expense $ 17 $ 4 $ 21 Debt issuance cost amortization $ 2 $ — $ 2 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first three quarters of 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 180 $ 25 $ 205 Interest expense $ 48 $ 11 $ 59 Debt issuance cost amortization $ 7 $ 1 $ 8 Administrative expenses $ 1 $ — $ 1 The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 396 $ 371 Principal receipts 375 413 Interest receipts 178 174 Reserve release 16 153 Total 965 1,111 Cash Outflows Principal payments (389) (446) Voluntary repurchases of defaulted vacation ownership notes receivable (88) (69) Voluntary clean-up call (19) (39) Interest payments (51) (34) Funding of restricted cash (17) (95) Total (564) (683) Net Cash Flows $ 401 $ 428 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: Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 515 $ 234 Principal receipts 43 12 Interest receipts 24 5 Reserve release 9 1 Total 591 252 Cash Outflows Principal payments (34) (3) Voluntary repurchases of defaulted vacation ownership notes receivable (2) — Repayment of Warehouse Credit Facility (296) (98) Interest payments (9) (2) Funding of restricted cash (18) (2) Total (359) (105) Net Cash Flows $ 232 $ 147 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 September 30, 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 September 30, 2023, our Balance Sheet reflected $1 million in Accounts Receivable, including a note receivable of approximately $1 million, $3 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 $3 million as of September 30, 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 September 30, 2023, the value of the assets held in the rabbi trust was $88 million, which is included in the Other line within assets on our Balance Sheets.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	9 Months Ended
	Sep. 30, 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 Vacation 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 Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Vacation Ownership $ 1,126 $ 1,182 $ 3,335 $ 3,229 Exchange & Third-Party Management 64 71 200 229 Total segment revenues 1,190 1,253 3,535 3,458 Corporate and other (4) (1) (2) 10 $ 1,186 $ 1,252 $ 3,533 $ 3,468 Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Adjusted EBITDA Vacation Ownership $ 173 $ 299 $ 647 $ 772 Adjusted EBITDA Exchange & Third-Party Management 30 39 99 117 Reconciling items: Corporate and other (53) (54) (171) (162) Interest expense, net (36) (34) (106) (91) Tax provision (24) (59) (115) (134) Depreciation and amortization (33) (33) (99) (98) Share-based compensation expense (6) (10) (25) (30) Certain items (9) (39) (11) (71) Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303 Assets ($ in millions) At September 30, 2023 At December 31, 2022 Vacation Ownership $ 8,057 $ 8,037 Exchange & Third-Party Management 830 865 Total segment assets 8,887 8,902 Corporate and other 566 737 $ 9,453 $ 9,639 Revenues Excluding Cost Reimbursements Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 United States $ 622 $ 771 $ 2,038 $ 2,173 All other countries 121 110 332 284 $ 743 $ 881 $ 2,370 $ 2,457

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 42	$ 109	$ 219	$ 303

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS (Policies)	9 Months Ended
	Sep. 30, 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 variable interest entities (“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 effects of the 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 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.” During the third quarter of 2023 we launched Hyatt Vacation Club across our former Hyatt Residence Club and Legacy-Welk properties, which connects these properties and associated vacation ownership programs under a single brand.
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 variable interest entities (“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 effects of the 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 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.” During the third quarter of 2023 we launched Hyatt Vacation Club across our former Hyatt Residence Club and Legacy-Welk properties, which connects these properties and associated vacation ownership programs under a single brand.
New 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 vacation ownership notes receivable. See Footnote 6 “Vacation Ownership Notes Receivable” for the incremental disclosures required by the adoption of ASU 2022-02. 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 generally were able to 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. During the second quarter of 2023, we amended our Term Loan (as defined in Footnote 12 “Debt”) and our interest rate swaps and collar to reference SOFR (as defined in Footnote 12 “Debt”) rather than LIBOR. See Footnote 12 “Debt” for more information. Both our Term Loan and the related interest rate swaps and collar transitioned to SOFR at the same time, effective July 31, 2023. As of September 30, 2023, we have no other financial instruments to transition from LIBOR.

REVENUE AND RECEIVABLES (Tables

REVENUE AND RECEIVABLES (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	Three Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 319 $ — $ — $ 319 Ancillary revenues 62 1 — 63 Management fee revenues 44 5 — 49 Exchange and other services revenues 37 44 12 93 Management and exchange 143 50 12 205 Rental 128 10 — 138 Cost reimbursements 455 4 (16) 443 Revenue from contracts with customers 1,045 64 (4) 1,105 Financing 81 — — 81 Total Revenues $ 1,126 $ 64 $ (4) $ 1,186 Three Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 444 $ — $ — $ 444 Ancillary revenues 63 1 — 64 Management fee revenues 41 7 (1) 47 Exchange and other services revenues 32 47 8 87 Management and exchange 136 55 7 198 Rental 154 11 — 165 Cost reimbursements 374 5 (8) 371 Revenue from contracts with customers 1,108 71 (1) 1,178 Financing 74 — — 74 Total Revenues $ 1,182 $ 71 $ (1) $ 1,252 Nine Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,085 $ — $ — $ 1,085 Ancillary revenues 193 3 — 196 Management fee revenues 134 18 (2) 150 Exchange and other services revenues 98 136 31 265 Management and exchange 425 157 29 611 Rental 404 31 — 435 Cost reimbursements 1,182 12 (31) 1,163 Revenue from contracts with customers 3,096 200 (2) 3,294 Financing 239 — — 239 Total Revenues $ 3,335 $ 200 $ (2) $ 3,533 Nine Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Sale of vacation ownership products $ 1,179 $ — $ — $ 1,179 Ancillary revenues 183 3 — 186 Management fee revenues 124 28 (5) 147 Exchange and other services revenues 95 146 49 290 Management and exchange 402 177 44 623 Rental 405 33 — 438 Cost reimbursements 1,026 19 (34) 1,011 Revenue from contracts with customers 3,012 229 10 3,251 Financing 217 — — 217 Total Revenues $ 3,229 $ 229 $ 10 $ 3,468
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 September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 658 $ 27 $ (4) $ 681 Goods or services transferred at a point in time 387 37 — 424 Revenue from contracts with customers $ 1,045 $ 64 $ (4) $ 1,105 Three Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 597 $ 31 $ (1) $ 627 Goods or services transferred at a point in time 511 40 — 551 Revenue from contracts with customers $ 1,108 $ 71 $ (1) $ 1,178 Nine Months Ended September 30, 2023 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,802 $ 83 $ (2) $ 1,883 Goods or services transferred at a point in time 1,294 117 — 1,411 Revenue from contracts with customers $ 3,096 $ 200 $ (2) $ 3,294 Nine Months Ended September 30, 2022 ($ in millions) Vacation Ownership Exchange & Third-Party Management Corporate and Other Total Services transferred over time $ 1,638 $ 103 $ 10 $ 1,751 Goods or services transferred at a point in time 1,374 126 — 1,500 Revenue from contracts with customers $ 3,012 $ 229 $ 10 $ 3,251
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 September 30, 2023 or December 31, 2022. ($ in millions) At September 30, 2023 At December 31, 2022 Receivables from Contracts with Customers Accounts and contracts receivable, net $ 176 $ 194 Vacation ownership notes receivable, net 2,291 2,198 $ 2,467 $ 2,392 Contract Liabilities Advance deposits $ 169 $ 158 Deferred revenue 371 344 $ 540 $ 502
Accounts and nontrade receivable	The following table shows the composition of our accounts and contracts receivable balances: ($ in millions) At September 30, 2023 At December 31, 2022 Receivables from contracts with customers, net $ 176 $ 194 Interest receivable 17 16 Tax receivable 42 20 Indemnification assets 38 19 Employee tax credit receivable 13 16 Other 12 27 $ 298 $ 292

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 to tax positions related to a prior period 8 Decreases to tax positions related to a prior period (8) Balance at September 30, 2023 $ 25

VACATION OWNERSHIP NOTES RECE_2

VACATION OWNERSHIP NOTES RECEIVABLE (Tables)	9 Months Ended
	Sep. 30, 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. September 30, 2023 December 31, 2022 ($ in millions) Originated Acquired Total Originated Acquired Total Securitized $ 1,722 $ 163 $ 1,885 $ 1,571 $ 221 $ 1,792 Non-securitized Eligible for securitization (1) 59 1 60 63 — 63 Not eligible for securitization (1) 327 19 346 322 21 343 Subtotal 386 20 406 385 21 406 $ 2,108 $ 183 $ 2,291 $ 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 Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest income associated with vacation ownership notes receivable — securitized $ 70 $ 60 $ 205 $ 179 Interest income associated with vacation ownership notes receivable — non-securitized 9 11 26 30 Total interest income associated with vacation ownership notes receivable $ 79 $ 71 $ 231 $ 209
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 September 30, 2023 $ 144 $ 25 $ 169 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 September 30, 2023 and December 31, 2022. As of September 30, 2023 As of December 31, 2022 ($ in millions) Non-Securitized Securitized Total Non-Securitized Securitized Total 31 – 90 days past due $ 20 $ 57 $ 77 $ 25 $ 56 $ 81 91 – 120 days past due 6 16 22 7 16 23 Greater than 120 days past due 138 9 147 119 8 127 Total past due 164 82 246 151 80 231 Current 465 2,055 2,520 415 1,943 2,358 Total vacation ownership notes receivable $ 629 $ 2,137 $ 2,766 $ 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 September 30, 2023. Acquired Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 2 $ 8 $ 10 2024 3 33 36 2025 3 30 33 2026 3 27 30 2027 2 22 24 Thereafter 7 43 50 Balance at September 30, 2023 $ 20 $ 163 $ 183 Weighted average stated interest rate 14.0% 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 Securitizations (2) 2 — Clean-up call 2 (2) — Write-offs (21) — (21) Recoveries 13 — 13 Defaulted vacation ownership notes receivable repurchase activity (1) 14 (14) — (Decrease) increase in vacation ownership notes receivable reserve (10) 7 (3) Balance at September 30, 2023 $ 7 $ 11 $ 18 (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 borrower FICO score. Acquired Vacation Ownership Notes Receivable as of September 30, 2023 ($ in millions) 700+ 600 - 699 < 600 No Score Total Combined Marriott $ 51 $ 35 $ 4 $ 11 $ 101 Hyatt and Welk 59 39 1 1 100 $ 110 $ 74 $ 5 $ 12 $ 201 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 borrower FICO score as of September 30, 2023, and gross write-offs by brand for the first three quarters of 2023. Acquired Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2021 2020 2019 & Prior Total 700 + $ — $ — $ 51 $ 51 600 - 699 — — 35 35 < 600 — — 4 4 No Score — — 11 11 $ — $ — $ 101 $ 101 Gross write-offs $ — $ — $ 11 $ 11 Acquired Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2021 2020 2019 & Prior Total 700 + $ 4 $ 13 $ 42 $ 59 600 - 699 2 7 30 39 < 600 — — 1 1 No Score — — 1 1 $ 6 $ 20 $ 74 $ 100 Gross write-offs $ 1 $ 2 $ 7 $ 10
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 September 30, 2023. Originated Vacation Ownership Notes Receivable ($ in millions) Non-Securitized Securitized Total 2023, remaining $ 8 $ 34 $ 42 2024 47 141 188 2025 34 147 181 2026 34 155 189 2027 34 163 197 Thereafter 229 1,082 1,311 Balance at September 30, 2023 $ 386 $ 1,722 $ 2,108 Weighted average stated interest rate 12.1% 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 162 21 183 Securitizations (126) 126 — Clean-up call 43 (43) — Write-offs (88) — (88) Defaulted vacation ownership notes receivable repurchase activity (1) 76 (76) — Balance at September 30, 2023 $ 216 $ 241 $ 457 (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 borrower FICO score. Originated Vacation Ownership Notes Receivable as of September 30, 2023 ($ in millions) 700 + 600 - 699 < 600 No Score Total Combined Marriott $ 1,341 $ 602 $ 57 $ 307 $ 2,307 Hyatt and Welk 180 72 2 4 258 $ 1,521 $ 674 $ 59 $ 311 $ 2,565 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 September 30, 2023, and gross write-offs by brand for the first three quarters of 2023. Originated Vacation Ownership Notes Receivable - Combined Marriott ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 377 $ 413 $ 228 $ 78 $ 245 $ 1,341 600 - 699 145 174 114 42 127 602 < 600 13 16 11 5 12 57 No Score 117 74 29 19 68 307 $ 652 $ 677 $ 382 $ 144 $ 452 $ 2,307 Gross write-offs $ 2 $ 14 $ 22 $ 9 $ 27 $ 74 Originated Vacation Ownership Notes Receivable - Hyatt and Welk ($ in millions) 2023 2022 2021 2020 2019 & Prior Total 700 + $ 73 $ 71 $ 31 $ 2 $ 3 $ 180 600 - 699 26 31 12 1 2 72 < 600 — 1 1 — — 2 No Score 3 1 — — — 4 $ 102 $ 104 $ 44 $ 3 $ 5 $ 258 Gross write-offs $ — $ 6 $ 7 $ — $ 1 $ 14

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 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 (excluding contracts receivable for financed VOI sales, net), 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 September 30, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net $ 2,291 $ 2,355 $ 2,198 $ 2,245 Contracts receivable for financed VOI sales, net 35 35 22 22 Other assets 88 88 76 76 Total financial assets $ 2,414 $ 2,478 $ 2,296 $ 2,343 Securitized debt, net $ (2,026) $ (1,937) $ (1,938) $ (1,828) Term Loan, net (780) (782) (778) (775) Revolving Corporate Credit Facility, net (86) (90) — — 2025 Notes, net — — (248) (258) 2028 Notes, net (348) (306) (347) (307) 2029 Notes, net (495) (419) (494) (417) 2026 Convertible Notes, net (568) (508) (565) (560) 2027 Convertible Notes, net (562) (496) (560) (568) Non-interest bearing note payable, net (4) (4) (10) (10) Total financial liabilities $ (4,869) $ (4,542) $ (4,940) $ (4,723) Vacation Ownership Notes Receivable At September 30, 2023 At December 31, 2022 ($ in millions) Carrying Fair Carrying Fair Vacation ownership notes receivable, net Securitized $ 1,885 $ 1,947 $ 1,792 $ 1,837 Eligible for securitization 60 62 63 65 Not eligible for securitization 346 346 343 343 Non-securitized 406 408 406 408 $ 2,291 $ 2,355 $ 2,198 $ 2,245

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended (in millions, except per share amounts) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303 Shares for basic earnings per share 36.4 39.5 36.9 41.1 Basic earnings per share $ 1.16 $ 2.76 $ 5.96 $ 7.39 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 Nine Months Ended (in millions, except per share amounts) September 30, 2023 (1) September 30, 2022 (1) September 30, 2023 (1) September 30, 2022 (1) Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303 Add back of interest expense related to convertible notes, net of tax 5 1 14 4 Numerator used to calculate diluted earnings per share $ 47 $ 110 $ 233 $ 307 Shares for basic earnings per share 36.4 39.5 36.9 41.1 Effect of dilutive shares outstanding Employee SARs 0.1 0.2 0.1 0.2 Restricted stock units 0.3 0.3 0.3 0.3 2022 Convertible Notes ($230 million of principal) — — — 0.9 2026 Convertible Notes ($575 million of principal) 3.5 3.4 3.5 3.4 2027 Convertible Notes ($575 million of principal) 3.0 — 3.0 — Shares for diluted earnings per share 43.3 43.4 43.8 45.9 Diluted earnings per share $ 1.09 $ 2.53 $ 5.33 $ 6.68 (1) The computations of diluted earnings per share attributable to common shareholders exclude approximately 200,000 and 293,000 shares of common stock, the maximum number of shares issuable as of September 30, 2023 and September 30, 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)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Composition of inventory	The following table shows the composition of our inventory balances: ($ in millions) At September 30, 2023 At December 31, 2022 Real estate inventory (1) $ 632 $ 651 Other 10 9 $ 642 $ 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)	9 Months Ended
	Sep. 30, 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 September 30, 2023 At December 31, 2022 Vacation ownership notes receivable securitizations, gross (1) $ 1,703 $ 1,799 Unamortized debt discount and issuance costs (20) (21) 1,683 1,778 Warehouse Credit Facility, gross (2) 345 162 Unamortized debt issuance costs (2) (2) 343 160 $ 2,026 $ 1,938 (1) Interest rates as of September 30, 2023 range from 1.5% to 6.6%, with a weighted average interest rate of 3.8%. (2) Effective interest rate as of September 30, 2023 was 6.8%.
Scheduled future principal payments for debt	The following table shows anticipated future principal payments for our securitized debt as of September 30, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 42 $ 4 $ 46 2024 171 17 188 2025 173 18 191 2026 176 306 482 2027 176 — 176 Thereafter 965 — 965 $ 1,703 $ 345 $ 2,048 (1) Excludes future Warehouse Credit Facility renewals. The following table shows scheduled principal payments for our debt, based on contractual terms and maturity dates, excluding finance leases, as of September 30, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total Term Loan $ — $ — $ 784 $ — $ — $ — $ 784 Revolving Corporate Credit Facility — — — — 90 — 90 2028 Notes — — — — — 350 350 2029 Notes — — — — — 500 500 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 665 $ 850 $ 2,878

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 At December 31, 2022 Corporate Credit Facility Term Loan $ 784 $ 784 Unamortized debt discount and issuance costs (4) (6) 780 778 Revolving Corporate Credit Facility (1) 90 — Unamortized debt issuance costs (2) (4) — 86 — 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 (2) (3) 348 347 2029 Notes 500 500 Unamortized debt discount and issuance costs (5) (6) 495 494 Convertible Notes 2026 Convertible Notes 575 575 Unamortized debt issuance costs (7) (10) 568 565 2027 Convertible Notes 575 575 Unamortized debt issuance costs (13) (15) 562 560 Finance Leases 188 86 Non-interest bearing note payable 4 10 $ 3,031 $ 3,088 (1) Effective interest rate as of September 30, 2023 was 7.2%. (2) Excludes $5 million of unamortized debt issuance costs as of December 31, 2022. As no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time, the unamortized debt issuance costs were included in Other assets.
Scheduled future principal payments for debt	The following table shows anticipated future principal payments for our securitized debt as of September 30, 2023. Vacation Ownership Warehouse Credit Facility (1) Total ($ in millions) Payments Year 2023, remaining $ 42 $ 4 $ 46 2024 171 17 188 2025 173 18 191 2026 176 306 482 2027 176 — 176 Thereafter 965 — 965 $ 1,703 $ 345 $ 2,048 (1) Excludes future Warehouse Credit Facility renewals. The following table shows scheduled principal payments for our debt, based on contractual terms and maturity dates, excluding finance leases, as of September 30, 2023. Payments Year ($ in millions) Remaining 2023 2024 2025 2026 2027 Thereafter Total Term Loan $ — $ — $ 784 $ — $ — $ — $ 784 Revolving Corporate Credit Facility — — — — 90 — 90 2028 Notes — — — — — 350 350 2029 Notes — — — — — 500 500 2026 Convertible Notes — — — 575 — — 575 2027 Convertible Notes — — — — 575 — 575 Non-Interest Bearing Note Payable — 4 — — — — 4 $ — $ 4 $ 784 $ 575 $ 665 $ 850 $ 2,878
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 three quarters of 2023 and 2022. There were no reclassifications to the Income Statement for any 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) Other comprehensive (loss) gain before reclassifications (1) 7 Derivative instrument adjustment balance, June 30 9 5 Other comprehensive (loss) gain before reclassifications (3) 8 Derivative instrument adjustment balance, September 30 $ 6 $ 13
Convertible debt	The following table shows interest expense information related to the 2026 Convertible Notes. Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Amortization of debt issuance costs $ — $ 1 $ 2 $ 2 The following table shows interest expense information related to the 2027 Convertible Notes. Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Contractual interest expense $ 5 $ — $ 14 $ — Amortization of debt issuance costs — — 2 — $ 5 $ — $ 16 $ —

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 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 three quarters of 2023 1,936,855 248 $ 128.03 As of September 30, 2023 24,710,073 $ 2,367 $ 95.80
Cash dividend declared	We declared cash dividends to holders of common stock during the first three quarters 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 May 11, 2023 May 25, 2023 June 8, 2023 $0.72 September 7, 2023 September 21, 2023 October 5, 2023 $0.72

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Service-based RSUs $ 7 $ 7 $ 22 $ 24 Performance-based RSUs (2) 1 1 2 5 8 23 26 SARs 1 2 2 4 $ 6 $ 10 $ 25 $ 30
Schedule of unrecognized compensation cost, unvested awards	The following table details our deferred compensation costs related to unvested awards: ($ in millions) At September 30, 2023 At December 31, 2022 Service-based RSUs $ 30 $ 26 Performance-based RSUs 4 7 34 33 SARs 1 1 $ 35 $ 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 three quarters 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)	9 Months Ended
	Sep. 30, 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 September 30, 2023: ($ in millions) Vacation Ownership Warehouse Total Consolidated Assets Vacation ownership notes receivable, net of reserves $ 1,526 $ 359 $ 1,885 Interest receivable 11 3 14 Restricted cash 61 23 84 Total $ 1,598 $ 385 $ 1,983 Consolidated Liabilities Interest payable $ 2 $ 1 $ 3 Securitized debt 1,703 345 2,048 Total $ 1,705 $ 346 $ 2,051
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 third quarter of 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 59 $ 11 $ 70 Interest expense $ 17 $ 4 $ 21 Debt issuance cost amortization $ 2 $ — $ 2 The following table shows the interest income and expense recognized as a result of our involvement with these VIEs during the first three quarters of 2023: ($ in millions) Vacation Ownership Warehouse Total Interest income $ 180 $ 25 $ 205 Interest expense $ 48 $ 11 $ 59 Debt issuance cost amortization $ 7 $ 1 $ 8 Administrative expenses $ 1 $ — $ 1
Cash flows between company and variable interest entities	The following table shows cash flows between us and the vacation ownership notes receivable securitization VIEs: Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 Cash Inflows Net proceeds from vacation ownership notes receivable securitizations $ 396 $ 371 Principal receipts 375 413 Interest receipts 178 174 Reserve release 16 153 Total 965 1,111 Cash Outflows Principal payments (389) (446) Voluntary repurchases of defaulted vacation ownership notes receivable (88) (69) Voluntary clean-up call (19) (39) Interest payments (51) (34) Funding of restricted cash (17) (95) Total (564) (683) Net Cash Flows $ 401 $ 428 The following table shows cash flows between us and the Warehouse Credit Facility VIE: Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 Cash Inflows Proceeds from vacation ownership notes receivable securitizations $ 515 $ 234 Principal receipts 43 12 Interest receipts 24 5 Reserve release 9 1 Total 591 252 Cash Outflows Principal payments (34) (3) Voluntary repurchases of defaulted vacation ownership notes receivable (2) — Repayment of Warehouse Credit Facility (296) (98) Interest payments (9) (2) Funding of restricted cash (18) (2) Total (359) (105) Net Cash Flows $ 232 $ 147

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Revenues	Revenues Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Vacation Ownership $ 1,126 $ 1,182 $ 3,335 $ 3,229 Exchange & Third-Party Management 64 71 200 229 Total segment revenues 1,190 1,253 3,535 3,458 Corporate and other (4) (1) (2) 10 $ 1,186 $ 1,252 $ 3,533 $ 3,468
Adjusted EBITDA, net (loss) income, depreciation and amortization	Adjusted EBITDA and Reconciliation to Net Income Attributable to Common Shareholders Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Adjusted EBITDA Vacation Ownership $ 173 $ 299 $ 647 $ 772 Adjusted EBITDA Exchange & Third-Party Management 30 39 99 117 Reconciling items: Corporate and other (53) (54) (171) (162) Interest expense, net (36) (34) (106) (91) Tax provision (24) (59) (115) (134) Depreciation and amortization (33) (33) (99) (98) Share-based compensation expense (6) (10) (25) (30) Certain items (9) (39) (11) (71) Net income attributable to common shareholders $ 42 $ 109 $ 219 $ 303
Assets	Assets ($ in millions) At September 30, 2023 At December 31, 2022 Vacation Ownership $ 8,057 $ 8,037 Exchange & Third-Party Management 830 865 Total segment assets 8,887 8,902 Corporate and other 566 737 $ 9,453 $ 9,639
Revenue from external customers by geographic areas	Revenues Excluding Cost Reimbursements Three Months Ended Nine Months Ended ($ in millions) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 United States $ 622 $ 771 $ 2,038 $ 2,173 All other countries 121 110 332 284 $ 743 $ 881 $ 2,370 $ 2,457

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percent of the assets, liabilities, revenues, expenses and cash flows discussed	100%

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($) vacation_ownership_unit	Mar. 31, 2023 USD ($) vacation_ownership_unit	Mar. 31, 2022 USD ($) vacation_ownership_unit
Savannah, Georgia
Asset Acquisition [Line Items]
Asset acquisition, consideration transferred	$ 19
Number of vacation units to be developed | vacation_ownership_unit	73
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

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Dispositions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of foreign currency translation adjustments realized upon disposition of entities	$ 0	$ 0		$ 0	$ 10
VRI Americas | Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposals			$ 56
Restricted cash			12
Assets			51
Goodwill from sale			25
Intangible assets			20
Gain on disposal		$ 1			17
Vacation Ownership | Discontinued Operations, Disposed of by Sale | Puerto Vallarta, Mexico
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposals			38
Restricted cash			3
Gain on disposal			33
Cumulative translation adjustment			$ 18
Reclassification of foreign currency translation adjustments realized upon disposition of entities					$ 10

REVENUE AND RECEIVABLES - Sourc

REVENUE AND RECEIVABLES - Sources of Revenue by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,105	$ 1,178	$ 3,294	$ 3,251
Financing	81	74	239	217
Total Revenues	1,186	1,252	3,533	3,468
Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	319	444	1,085	1,179
Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63	64	196	186
Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	49	47	150	147
Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	93	87	265	290
Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	205	198	611	623
Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	138	165	435	438
Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	443	371	1,163	1,011
Operating segments
Disaggregation of Revenue [Line Items]
Total Revenues	1,190	1,253	3,535	3,458
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(4)	(1)	(2)	10
Financing	0	0	0	0
Total Revenues	(4)	(1)	(2)	10
Corporate and Other | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	(1)	(2)	(5)
Corporate and Other | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12	8	31	49
Corporate and Other | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	12	7	29	44
Corporate and Other | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Corporate and Other | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(16)	(8)	(31)	(34)
Vacation Ownership | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,045	1,108	3,096	3,012
Financing	81	74	239	217
Total Revenues	1,126	1,182	3,335	3,229
Vacation Ownership | Operating segments | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	319	444	1,085	1,179
Vacation Ownership | Operating segments | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	62	63	193	183
Vacation Ownership | Operating segments | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	44	41	134	124
Vacation Ownership | Operating segments | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	37	32	98	95
Vacation Ownership | Operating segments | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	143	136	425	402
Vacation Ownership | Operating segments | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	128	154	404	405
Vacation Ownership | Operating segments | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	455	374	1,182	1,026
Exchange & Third-Party Management | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64	71	200	229
Financing	0	0	0	0
Total Revenues	64	71	200	229
Exchange & Third-Party Management | Operating segments | Sale of vacation ownership products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Exchange & Third-Party Management | Operating segments | Ancillary revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1	1	3	3
Exchange & Third-Party Management | Operating segments | Management fee revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	5	7	18	28
Exchange & Third-Party Management | Operating segments | Exchange and other services revenues
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	44	47	136	146
Exchange & Third-Party Management | Operating segments | Management and exchange
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	50	55	157	177
Exchange & Third-Party Management | Operating segments | Rental
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	10	11	31	33
Exchange & Third-Party Management | Operating segments | Cost Reimbursement
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 4	$ 5	$ 12	$ 19

REVENUE AND RECEIVABLES - Timin

REVENUE AND RECEIVABLES - Timing of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,105	$ 1,178	$ 3,294	$ 3,251
Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	681	627	1,883	1,751
Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	424	551	1,411	1,500
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(4)	(1)	(2)	10
Corporate and Other | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	(4)	(1)	(2)	10
Corporate and Other | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	0	0	0	0
Vacation Ownership | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,045	1,108	3,096	3,012
Vacation Ownership | Operating segments | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	658	597	1,802	1,638
Vacation Ownership | Operating segments | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	387	511	1,294	1,374
Exchange & Third-Party Management | Operating segments
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64	71	200	229
Exchange & Third-Party Management | Operating segments | Services transferred over time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	27	31	83	103
Exchange & Third-Party Management | Operating segments | Goods or services transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 37	$ 40	$ 117	$ 126

REVENUE AND RECEIVABLES - Addit

REVENUE AND RECEIVABLES - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Performance obligation satisfied in previous period	$ 47,000,000	$ 66,000,000
Contract with customer, contract assets	0	0	$ 0
Contract with customer, liability, revenue recognized	$ 67,000,000	$ 241,000,000

REVENUE AND RECEIVABLES - Contr

REVENUE AND RECEIVABLES - Contracts with Customers, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$ 176	$ 194
Vacation ownership notes receivable, net	2,291	2,198
Receivables from Contracts with Customers	2,467	2,392
Contract Liabilities
Advance deposits	169	158
Deferred revenue	371	344
Contract Liabilities	$ 540	$ 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]: 2023-10-01	Sep. 30, 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	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Receivables from contracts with customers, net	$ 176	$ 194
Interest receivable	17	16
Tax receivable	42	20
Indemnification assets	38	19
Employee tax credit receivable	13	16
Other	12	27
Accounts receivable, including VIE, after allowance for credit loss	$ 298	$ 292

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Contingency [Line Items]
Effective income tax rate, percent	36.10%	34.70%	34.30%	30.60%
Unrecognized tax benefits, income tax penalties and interest accrued	$ 46		$ 46		$ 28
Increase in acquisition reserves for uncertain tax positions			18
Indemnified tax liability
Income Tax Contingency [Line Items]
Unrecognized tax benefits, income tax penalties and interest accrued	$ 35		$ 35

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Unrecognized Tax Benefits
Unrecognized tax benefit at beginning of balance	$ 25
Increases to tax positions related to a prior period	8
Decreases to tax positions related to a prior period	(8)
Unrecognized tax benefit at end of balance	$ 25

VACATION OWNERSHIP NOTES RECE_3

VACATION OWNERSHIP NOTES RECEIVABLE - Composition of Vacation Ownership Notes Receivable Balances, Net of Reserves (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	$ 2,291	$ 2,198
Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,885	1,792
Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	406	406
Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	60	63
Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	346	343
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	2,108	1,956
Originated | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	1,722	1,571
Originated | Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	386	385
Originated | Eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	59	63
Originated | Not eligible for securitization
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	327	322
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	183	242
Acquired | Securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	163	221
Acquired | Non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable, net	20	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	$ 19	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 79	$ 71	$ 231	$ 209
Interest income associated with vacation ownership notes receivable — securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	70	60	205	179
Interest income associated with vacation ownership notes receivable — non-securitized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 9	$ 11	$ 26	$ 30

VACATION OWNERSHIP NOTES RECE_5

VACATION OWNERSHIP NOTES RECEIVABLE - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted average FICO score within originated loan pool	722		722		721
Average estimated rate of default for all outstanding loans	13.35%		13.35%		11.62%
Estimated default rate increases that would have resulted an increase in allowance for credit losses	0.50%		0.50%
Financing receivable, allowance for credit losses, that would have been increased	$ 13		$ 13		$ 12
Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expenses	50	$ 76	174	$ 216
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Decrease) increase in vacation ownership notes receivable reserve			(3)
Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Decrease) increase in vacation ownership notes receivable reserve			$ 183
Stabilization of Defaults and the Alignment and Combination of the Reserves | Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Decrease) increase in vacation ownership notes receivable reserve		(19)
Stabilization of Defaults and the Alignment and Combination of the Reserves | Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Decrease) increase in vacation ownership notes receivable reserve		21
Stabilization of Defaults and the Alignment and Combination of the Reserves | Originated | Sale of vacation ownership products
Accounts, Notes, Loans and Financing Receivable [Line Items]
Expenses		$ 21
Reserve Review | Originated
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Decrease) increase in vacation ownership notes receivable reserve	$ (59)

VACATION OWNERSHIP NOTES RECE_6

VACATION OWNERSHIP NOTES RECEIVABLE - Notes Receivable Reserves (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	$ 29
Securitizations	0
Clean-up call	0
Write-offs	(21)
Recoveries	13
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	(3)
Ending balance	18
Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	362
Securitizations	0
Clean-up call	0
Write-offs	(88)
Defaulted vacation ownership notes receivable repurchase activity	0
(Decrease) increase in vacation ownership notes receivable reserve	183
Ending balance	457
Non-securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	11
Securitizations	(2)
Clean-up call	2
Write-offs	(21)
Recoveries	13
Defaulted vacation ownership notes receivable repurchase activity	14
(Decrease) increase in vacation ownership notes receivable reserve	(10)
Ending balance	7
Non-securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	149
Securitizations	(126)
Clean-up call	43
Write-offs	(88)
Defaulted vacation ownership notes receivable repurchase activity	76
(Decrease) increase in vacation ownership notes receivable reserve	162
Ending balance	216
Securitized | Acquired
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	18
Securitizations	2
Clean-up call	(2)
Write-offs	0
Recoveries	0
Defaulted vacation ownership notes receivable repurchase activity	(14)
(Decrease) increase in vacation ownership notes receivable reserve	7
Ending balance	11
Securitized | Originated
Time Sharing Transactions, Allowance for Uncollectible Accounts [Roll Forward]
Beginning balance	213
Securitizations	126
Clean-up call	(43)
Write-offs	0
Defaulted vacation ownership notes receivable repurchase activity	(76)
(Decrease) increase in vacation ownership notes receivable reserve	21
Ending balance	$ 241

VACATION OWNERSHIP NOTES RECE_7

VACATION OWNERSHIP NOTES RECEIVABLE - Vacation Ownership Notes Receivable, Brand and FICO score (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 2,766	$ 2,589
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	201	271
Acquired | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	101	136
Acquired | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	100	135
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	110	147
Acquired | 700 + | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	51	67
Acquired | 700 + | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	59	80
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	74	100
Acquired | 600 - 699 | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	35	47
Acquired | 600 - 699 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	39	53
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	5	7
Acquired | Less Than 600 | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	4	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	12	17
Acquired | No Score | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	11	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	2,565	2,318
Originated | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	2,307	2,092
Originated | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	258	226
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,521	1,367
Originated | 700 + | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	1,341	1,210
Originated | 700 + | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	180	157
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	674	613
Originated | 600 - 699 | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	602	549
Originated | 600 - 699 | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	72	64
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	59	58
Originated | Less Than 600 | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	57	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	311	280
Originated | No Score | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	307	278
Originated | No Score | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Vacation ownership notes receivable	$ 4	$ 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	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	$ 2,766	$ 2,589
Acquired
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	201	271
Acquired | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	110	147
Acquired | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	74	100
Acquired | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	5	7
Acquired | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	12	17
Acquired | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	101
Total vacation ownership notes receivable	101	136
Gross write-offs 2021	0
Gross write-offs 2020	0
Gross write-offs 2019 and Prior	11
Gross write-offs	11
Acquired | Combined Marriott | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	51
Total vacation ownership notes receivable	51	67
Acquired | Combined Marriott | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	35
Total vacation ownership notes receivable	35	47
Acquired | Combined Marriott | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	4
Total vacation ownership notes receivable	4	6
Acquired | Combined Marriott | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	11
Total vacation ownership notes receivable	11	16
Acquired | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	6
2020	20
2019 & Prior	74
Total vacation ownership notes receivable	100	135
Gross write-offs 2021	1
Gross write-offs 2020	2
Gross write-offs 2019 and Prior	7
Gross write-offs	10
Acquired | Hyatt And Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	4
2020	13
2019 & Prior	42
Total vacation ownership notes receivable	59	80
Acquired | Hyatt And Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	2
2020	7
2019 & Prior	30
Total vacation ownership notes receivable	39	53
Acquired | Hyatt And Welk | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2021	0
2020	0
2019 & Prior	1
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	2,565	2,318
Originated | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	1,521	1,367
Originated | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	674	613
Originated | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	59	58
Originated | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total vacation ownership notes receivable	311	280
Originated | Combined Marriott
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	652
2022	677
2021	382
2020	144
2019 & Prior	452
Total vacation ownership notes receivable	2,307	2,092
Gross write-offs 2023	2
Gross write-offs 2022	14
Gross write-offs 2021	22
Gross write-offs 2020	9
Gross write-offs 2019 and Prior	27
Gross write-offs	74
Originated | Combined Marriott | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	377
2022	413
2021	228
2020	78
2019 & Prior	245
Total vacation ownership notes receivable	1,341	1,210
Originated | Combined Marriott | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	145
2022	174
2021	114
2020	42
2019 & Prior	127
Total vacation ownership notes receivable	602	549
Originated | Combined Marriott | Less Than 600
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	13
2022	16
2021	11
2020	5
2019 & Prior	12
Total vacation ownership notes receivable	57	55
Originated | Combined Marriott | No Score
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	117
2022	74
2021	29
2020	19
2019 & Prior	68
Total vacation ownership notes receivable	307	278
Originated | Hyatt And Welk
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	102
2022	104
2021	44
2020	3
2019 & Prior	5
Total vacation ownership notes receivable	258	226
Gross write-offs 2023	0
Gross write-offs 2022	6
Gross write-offs 2021	7
Gross write-offs 2020	0
Gross write-offs 2019 and Prior	1
Gross write-offs	14
Originated | Hyatt And Welk | 700 +
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	73
2022	71
2021	31
2020	2
2019 & Prior	3
Total vacation ownership notes receivable	180	157
Originated | Hyatt And Welk | 600 - 699
Accounts, Notes, Loans and Financing Receivable [Line Items]
2023	26
2022	31
2021	12
2020	1
2019 & Prior	2
Total vacation ownership notes receivable	72	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	3
2022	1
2021	0
2020	0
2019 & Prior	0
Total vacation ownership notes receivable	$ 4	$ 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	Sep. 30, 2023 USD ($)
Acquired
Future Minimum Payments Receivable [Line Items]
2023, remaining	$ 10
2024	36
2025	33
2026	30
2027	24
Thereafter	50
Balance at Mar 31, 2022	$ 183
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	$ 2
2024	3
2025	3
2026	3
2027	2
Thereafter	7
Balance at Mar 31, 2022	$ 20
Acquired | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	14%
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	$ 8
2024	33
2025	30
2026	27
2027	22
Thereafter	43
Balance at Mar 31, 2022	$ 163
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	$ 42
2024	188
2025	181
2026	189
2027	197
Thereafter	1,311
Balance at Mar 31, 2022	$ 2,108
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	$ 8
2024	47
2025	34
2026	34
2027	34
Thereafter	229
Balance at Mar 31, 2022	$ 386
Originated | Non-securitized | Weighted Average
Future Minimum Payments Receivable [Line Items]
Time-sharing transactions, stated interest rate for notes receivable	12.10%
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	$ 34
2024	141
2025	147
2026	155
2027	163
Thereafter	1,082
Balance at Mar 31, 2022	$ 1,722
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	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 169	$ 150
Non-securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	144	126
Securitized
Financing Receivable, Past Due [Line Items]
Investment in notes receivable on non-accrual status	$ 25	$ 24

VACATION OWNERSHIP NOTES REC_11

VACATION OWNERSHIP NOTES RECEIVABLE - Aging of Recorded Investment in Principal, Vacation Ownership Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,766	$ 2,589
Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	629	566
Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,137	2,023
Total past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	246	231
Total past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	164	151
Total past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	82	80
31 – 90 days past due
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	77	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	57	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	147	127
Greater than 120 days past due | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	138	119
Greater than 120 days past due | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	9	8
Current
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	2,520	2,358
Current | Non-securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	465	415
Current | Securitized
Financing Receivable, Past Due [Line Items]
Vacation ownership notes receivable	$ 2,055	$ 1,943

FINANCIAL INSTRUMENTS - Carryin

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,291	$ 2,198
Contracts receivable for financed VOI sales, net	35	22
Other assets	88	76
Total financial assets	2,414	2,296
Total financial liabilities	(4,869)	(4,940)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,355	2,245
Contracts receivable for financed VOI sales, net	35	22
Other assets	88	76
Total financial assets	2,478	2,343
Total financial liabilities	(4,542)	(4,723)
Securitized debt, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(2,026)	(1,938)
Securitized debt, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(1,937)	(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	(348)	(347)
2028 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(306)	(307)
2029 Notes, net | Senior notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(495)	(494)
2029 Notes, net | Senior notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(419)	(417)
2026 Convertible Notes | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(568)	(565)
2026 Convertible Notes | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(508)	(560)
2027 Convertible Notes, net | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(562)	(560)
2027 Convertible Notes, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes, net	(496)	(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	(780)	(778)
Line of Credit | Term Loan, net | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	(782)	(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	(86)	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	$ (90)	$ 0

FINANCIAL INSTRUMENTS - Carry_2

FINANCIAL INSTRUMENTS - Carrying Values and Estimated Fair Values - Non-securitized Notes Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 2,291	$ 2,198
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	2,355	2,245
Securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,885	1,792
Securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	1,947	1,837
Non-securitized | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	406	406
Non-securitized | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	408	408
Non-securitized | Eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	60	63
Non-securitized | Eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	62	65
Non-securitized | Not eligible for securitization | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	346	343
Non-securitized | Not eligible for securitization | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership notes receivable, net	$ 346	$ 343

FINANCIAL INSTRUMENTS - Additio

FINANCIAL INSTRUMENTS - Additional Information (Details) $ in Millions	Sep. 30, 2023 USD ($)
Variable interest entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash surrender value of life insurance	$ 88

EARNINGS PER SHARE - Reconcilia

EARNINGS PER SHARE - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 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	$ 42,000,000	$ 109,000,000	$ 219,000,000	$ 303,000,000
Numerator used to calculate diluted earnings (loss) per share	$ 47,000,000	$ 110,000,000	$ 233,000,000	$ 307,000,000
Shares for basic earnings (loss) per share (in shares)	36,400	39,500	36,900	41,100
Effect of dilutive shares outstanding
Employee SARs (in shares)	100	200	100	200
Restricted stock units (in shares)	300	300	300	300
Shares for diluted earnings (loss) per share (in shares)	43,300	43,400	43,800	45,900
Diluted (in usd per share)	$ 1.09	$ 2.53	$ 5.33	$ 6.68
Convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Add back of interest expense related to convertible notes, net of tax	$ 5,000,000	$ 1,000,000	$ 14,000,000	$ 4,000,000
2022 Convertible Notes
Effect of dilutive shares outstanding
Convertible Notes (in shares)	0	0	0	900
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	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	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	$ 16,000,000	$ 0
Performance Shares
Effect of dilutive shares outstanding
Shares excluded from the calculation of diluted earnings per share (in shares)	200	293	200	293

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - SARs - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from the calculation of diluted earnings per share (in shares)	287,125	252,314	287,125	199,813
Minimum
Antidilutive Securities Excluded from Computation of Earnings Per Share
Exercise price securities, excluded from computation of earnings per share (in usd per share)	$ 143.38	$ 143.38	$ 143.38	$ 159.27
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	$ 173.88	$ 173.88	$ 173.88

INVENTORY - Composition of Inve

INVENTORY - Composition of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Real estate inventory	$ 632	$ 651
Other	10	9
Inventory	$ 642	$ 660

INVENTORY - Additional Informat

INVENTORY - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Real estate inventory, increase true up	$ 24	$ 15
Amount of completed vacation ownership units classified as property and equipment	$ 369		$ 428

CONTINGENCIES AND COMMITMENTS (

CONTINGENCIES AND COMMITMENTS (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Surety bonds issued	$ 121
Guarantor obligations, maximum exposure, remainder of year	3
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	1
Exchange & Third-Party Management
Commitments and Contingencies Disclosure [Line Items]
Guarantor obligations, maximum exposure	5
Guarantor obligations, maximum exposure, due in first year	2
Guarantor obligations, maximum exposure, due in second year	1
Guarantor obligations, maximum exposure, due in third year	1
Guarantor obligations, maximum exposure, due in fourth year and thereafter	$ 1
Guarantor obligations, ownership percentage	95%
Information technology hardware and software
Commitments and Contingencies Disclosure [Line Items]
Purchase commitment	$ 107
Purchase commitment obligation due, remainder of 2023	17
Purchase commitment obligation due, 2024	42
Purchase commitment obligation due, 2025	24
Purchase commitment obligation due, 2026	14
Purchase commitment obligation due, 2027	6
Purchase commitment obligation due, after 2027	$ 4

SECURITIZED DEBT - Vacation Own

SECURITIZED DEBT - Vacation Ownership Notes Receivable Securitizations (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Securitized debt, gross	$ 2,026	$ 1,938
Securitized debt
Debt Instrument [Line Items]
Secured debt, net	2,026	1,938
Variable interest entity
Debt Instrument [Line Items]
Securitized debt, gross	$ 2,048	1,982
Variable interest entity | Securitized debt
Debt Instrument [Line Items]
Debt, weighted average interest rate	3.80%
Variable interest entity | Securitized debt | Warehouse Credit Facility
Debt Instrument [Line Items]
Securitized debt, gross	$ 345	162
Unamortized debt discount and issuance costs	(2)	(2)
Secured debt, net	$ 343	160
Interest rate, effective percentage	6.80%
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	$ 1,703	1,799
Unamortized debt discount and issuance costs	(20)	(21)
Secured debt, net	$ 1,683	$ 1,778

SECURITIZED DEBT - Future Payme

SECURITIZED DEBT - Future Payments Vacation Ownership Notes Receivable Securitizations (Details) $ in Millions	Sep. 30, 2023 USD ($)
Debt Instrument [Line Items]
2023, remaining	$ 0
2024	4
2025	784
2026	575
2027	665
Thereafter	850
Long-term debt	2,878
Secured Debt | Vacation Ownership Receivables and Warehouse Credit Facility
Debt Instrument [Line Items]
2023, remaining	46
2024	188
2025	191
2026	482
2027	176
Thereafter	965
Long-term debt	2,048
Variable interest entity | Secured Debt | Warehouse Credit Facility
Debt Instrument [Line Items]
2023, remaining	4
2024	17
2025	18
2026	306
2027	0
Thereafter	0
Long-term debt	345
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Secured Debt
Debt Instrument [Line Items]
2023, remaining	42
2024	171
2025	173
2026	176
2027	176
Thereafter	965
Long-term debt	$ 1,703

SECURITIZED DEBT - Additional I

SECURITIZED DEBT - Additional Information (Details)	3 Months Ended
	Sep. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($) class	Mar. 31, 2023 USD ($)
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
Values of vacation ownership notes receivable that were securitized during the period		$ 388,000,000
Vacation ownership notes, number of classes | class		4
Warehouse Credit Facility | Line of Credit
Debt Instrument [Line Items]
Credit facility	$ 500,000,000		$ 425,000,000
MVW 2023-1 LLC | Secured Debt
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period		$ 380,000,000
MVW 2023-1 LLC | Class A Notes | Secured Debt
Debt Instrument [Line Items]
Principal amount		$ 237,000,000
Debt, stated interest rate		4.93%
MVW 2023-1 LLC | Class B Notes | Secured Debt
Debt Instrument [Line Items]
Principal amount		$ 65,000,000
Debt, stated interest rate		5.42%
MVW 2023-1 LLC | Class C Notes | Secured Debt
Debt Instrument [Line Items]
Principal amount		$ 48,000,000
Debt, stated interest rate		6.54%
MVW 2023-1 LLC | Class D Notes | Secured Debt
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period		$ 11,000,000
Principal amount		$ 30,000,000
Debt, stated interest rate		8.83%
MVW 2023-1 LLC | Class A, B, C, Portion Of D | Secured Debt
Debt Instrument [Line Items]
Values of vacation ownership notes receivable that were purchased by trust during the period		$ 369,000,000

DEBT - Debt Balances, Net of Un

DEBT - Debt Balances, Net of Unamortized Debt Issuance Costs (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,878,000,000
Finance Leases	188,000,000	$ 86,000,000
Debt and lease obligation	3,031,000,000	3,088,000,000
Term Loan | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	784,000,000	784,000,000
Unamortized debt discount and issuance costs	(4,000,000)	(6,000,000)
Long-term debt	780,000,000	778,000,000
Revolving Corporate Credit Facility, net | Corporate Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	90,000,000	0
Unamortized debt discount and issuance costs	(4,000,000)	0
Long-term debt	$ 86,000,000	0
Interest rate, effective percentage	7.20%
Unamortized debt issuance costs		5,000,000
2025 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	250,000,000
Unamortized debt discount and issuance costs	0	(2,000,000)
Long-term debt	0	248,000,000
2028 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	350,000,000	350,000,000
Unamortized debt discount and issuance costs	(2,000,000)	(3,000,000)
Long-term debt	348,000,000	347,000,000
2029 Notes | Senior notes
Debt Instrument [Line Items]
Long-term debt, gross	500,000,000	500,000,000
Unamortized debt discount and issuance costs	(5,000,000)	(6,000,000)
Long-term debt	$ 495,000,000	494,000,000
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	$ 575,000,000	575,000,000
Unamortized debt discount and issuance costs	(7,000,000)	(10,000,000)
Long-term debt	$ 568,000,000	565,000,000
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	$ 575,000,000	575,000,000
Unamortized debt discount and issuance costs	(13,000,000)	(15,000,000)
Long-term debt	562,000,000	560,000,000
Non-interest bearing note payable, net
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,000,000	$ 10,000,000

DEBT - Scheduled Future Princip

DEBT - Scheduled Future Principal Payments for Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Long Term Debt Maturities Repayments Of Principal [Line Items]
2023, remaining	$ 0
2024	4
2025	784
2026	575
2027	665
Thereafter	850
Long-term debt	2,878
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	90
Thereafter	0
Long-term debt	90
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 - Corporate Credit Facilit

DEBT - Corporate Credit Facility (Details)	2 Months Ended
	Sep. 30, 2023 USD ($)
Floating interest rate through September 2023 | Interest Rate Contract
Debt Instrument [Line Items]
Notional amount	$ 250,000,000
Derivative, fixed interest rate	2.88%
Floating interest rate through April 2024 | Interest Rate Contract
Debt Instrument [Line Items]
Notional amount	$ 200,000,000
Derivative, fixed interest rate	2.17%
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	2.43%
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
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Line of Credit | Corporate Credit Facility | SOFR Three Month Period
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Line of Credit | Corporate Credit Facility | SOFR Six Month Period
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Line of Credit | Corporate Credit Facility | SOFR Floor
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						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 2,496,000,000				$ 2,496,000,000
Ending balance	$ 2,408,000,000						2,408,000,000
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	9,000,000	$ 10,000,000	13,000,000	$ 5,000,000	$ (2,000,000)	$ (18,000,000)	13,000,000	(18,000,000)
Other comprehensive (loss) gain before reclassifications	(3,000,000)	(1,000,000)	(3,000,000)	8,000,000	7,000,000	16,000,000
Ending balance	$ 6,000,000	$ 9,000,000	$ 10,000,000	$ 13,000,000	$ 5,000,000	$ (2,000,000)	$ 6,000,000	$ 13,000,000

DEBT - Senior Notes (Details)

DEBT - Senior Notes (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross		$ 2,878,000,000
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 - 2026 Convertible Notes (

DEBT - 2026 Convertible Notes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
2026 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	0.55%		0.55%
2026 Convertible Notes | Convertible notes
Debt Instrument [Line Items]
Principal amount						$ 575,000,000
Debt, stated interest rate						0%
Conversion ratio			0.0061044
Debt instrument, convertible, conversion price (in usd per share) | $ / shares	$ 163.82		$ 163.82
Amortization of debt issuance costs	$ 0	$ 1,000,000	$ 2,000,000	$ 2,000,000
2027 Convertible Notes
Debt Instrument [Line Items]
Interest rate, effective percentage	3.88%		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		$ 189.65
Amortization of debt issuance costs	$ 0	$ 0	$ 2,000,000	$ 0

DEBT - 2026 Convertible Note He

DEBT - 2026 Convertible Note Hedges and Warrants (Details) - 2026 Convertible Notes	9 Months Ended
	Sep. 30, 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	$ 163.82
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	$ 204.77
Number of warrants exercised (in shares)	0

DEBT - 2027 Convertible Notes (

DEBT - 2027 Convertible Notes (Details) - 2027 Convertible Notes	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Interest expense	$ 5	$ 1	$ 14	$ 4
2027 Convertible Notes
Debt Instrument [Line Items]
Contractual interest expense	5	0	14	0
Amortization of debt issuance costs	0	0	2	0
Interest expense	$ 5	$ 0	$ 16	$ 0

DEBT - 2027 Convertible Note He

DEBT - 2027 Convertible Note Hedges and Warrants (Details) - 2027 Convertible Notes	9 Months Ended
	Sep. 30, 2023 $ / shares shares
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) | $ / shares	$ 286.26
Number of warrants exercised (in shares)	0
2027 Convertible Note Hedges
Debt Instrument [Line Items]
Strike price (in usd per share) | $ / shares	$ 189.65
Convertible note hedges exercised (in shares)	0

DEBT - Finance Lease (Details)

DEBT - Finance Lease (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) renewal_options	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Finance lease liabilities	$ 188	$ 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	$ 78
Finance lease liabilities	99
Total lease payments	245
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	$ 212

SHAREHOLDERS' EQUITY - Addition

SHAREHOLDERS' EQUITY - Additional Information (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 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)	75,807,873		75,744,524
Common stock, shares outstanding (in shares)	35,685,051		37,481,082
Treasury stock, shares (in shares)	40,122,822		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		$ 600,000,000				$ 250,000,000
Stock repurchase program, additional authorized amount				$ 500,000,000	$ 300,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 476,000,000

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)			38,263,442				38,263,442
Ending of period, number of shares repurchased (in shares)	40,122,822						40,122,822
Cost Basis of Shares Repurchased
Cost of shares repurchased	$ 86	$ 82	$ 80	$ 216	$ 193	$ 119
Treasury Stock
Number of Shares Repurchased
Beginning of period, number of shares repurchased (in shares)			22,773,218				22,773,218
Repurchase of common stock (in shares)							1,936,855
Ending of period, number of shares repurchased (in shares)	24,710,073						24,710,073
Cost Basis of Shares Repurchased
Beginning of period, cost of shares repurchased			$ 2,119				$ 2,119
Cost of shares repurchased	$ 86	$ 82	$ 80	$ 216	$ 193	$ 119	248
Ending of period, cost of shares repurchased	$ 2,367						$ 2,367
Average Price Paid per Share
Beginning of period, average price paid per share (in usd per share)			$ 93.06				$ 93.06
Average price paid per share (in usd per share)							128.03
Ending of period, average price paid per share (in usd per share)	$ 95.80						$ 95.80

SHAREHOLDERS' EQUITY - Cash Div

SHAREHOLDERS' EQUITY - Cash Dividend Declared (Details) - $ / shares				3 Months Ended		9 Months Ended
	Sep. 07, 2023	May 11, 2023	Feb. 16, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Dividend per share (in usd per share)	$ 0.72	$ 0.72	$ 0.72	$ 0.72	$ 0.62	$ 2.16	$ 1.86

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional Information (Details)	9 Months Ended
	Sep. 30, 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)	199,468
Stock awards granted, weighted average (in usd per share) grant date fair value | $ / shares	$ 143.54
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6	$ 10	$ 25	$ 30
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5	8	23	26
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7	7	22	24
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	(2)	1	1	2
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1	$ 2	$ 2	$ 4

SHARE-BASED COMPENSATION - Defe

SHARE-BASED COMPENSATION - Deferred Compensation Costs (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 35	$ 34
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	34	33
Service-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	30	26
Performance-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	4	7
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested awards	$ 1	$ 1

SHARE-BASED COMPENSATION - Assu

SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value of Grants (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Consolidated Assets	$ 9,453	$ 9,639
Consolidated Liabilities	7,043	$ 7,141
Variable interest entity
Variable Interest Entity [Line Items]
Consolidated Assets	1,983
Consolidated Liabilities	2,051
Variable interest entity | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	2,048
Variable interest entity | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,885
Variable interest entity | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	14
Variable interest entity | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	84
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	1,598
Consolidated Liabilities	1,705
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	1,703
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	1,526
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	61
Variable interest entity | Vacation Ownership Notes Receivable Securitizations | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	2
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Consolidated Assets	385
Consolidated Liabilities	346
Variable interest entity | Warehouse Credit Facility | Securitized debt
Variable Interest Entity [Line Items]
Consolidated Liabilities	345
Variable interest entity | Warehouse Credit Facility | Vacation ownership notes receivable, net of reserves
Variable Interest Entity [Line Items]
Consolidated Assets	359
Variable interest entity | Warehouse Credit Facility | Interest receivable
Variable Interest Entity [Line Items]
Consolidated Assets	3
Variable interest entity | Warehouse Credit Facility | Restricted cash
Variable Interest Entity [Line Items]
Consolidated Assets	23
Variable interest entity | Warehouse Credit Facility | Interest payable
Variable Interest Entity [Line Items]
Consolidated Liabilities	$ 1

VARIABLE INTEREST ENTITIES - In

VARIABLE INTEREST ENTITIES - Interest Income and Expense Recognized as a Result of Our Involvement with Variable Interest Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Variable Interest Entity [Line Items]
Interest income	$ 79	$ 71	$ 231	$ 209
Administrative expenses	57	$ 62	189	$ 187
Variable interest entity
Variable Interest Entity [Line Items]
Interest income	70		205
Interest expense	21		59
Debt issuance cost amortization	2		8
Administrative expenses			1
Variable interest entity | Vacation Ownership Notes Receivable Securitizations
Variable Interest Entity [Line Items]
Interest income	59		180
Interest expense	17		48
Debt issuance cost amortization	2		7
Administrative expenses			1
Variable interest entity | Warehouse Credit Facility
Variable Interest Entity [Line Items]
Interest income	11		25
Interest expense	4		11
Debt issuance cost amortization	$ 0		1
Administrative expenses			$ 0

VARIABLE INTEREST ENTITIES - Ca

VARIABLE INTEREST ENTITIES - Cash Flows Between Company and Variable Interest Entities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Vacation Ownership Notes Receivable Securitizations
Cash Inflows [Abstract]
Proceeds from vacation ownership notes receivable securitizations	$ 396	$ 371
Principal receipts	375	413
Interest receipts	178	174
Reserve release	16	153
Total	965	1,111
Cash Outflows [Abstract]
Principal payments	(389)	(446)
Voluntary repurchases of defaulted vacation ownership notes receivable	(88)	(69)
Voluntary clean-up call	(19)	(39)
Interest payments	(51)	(34)
Funding of restricted cash	(17)	(95)
Total	(564)	(683)
Cash Flows Between Transferee and Transferor Net	401	428
Warehouse Credit Facility
Cash Inflows [Abstract]
Proceeds from vacation ownership notes receivable securitizations	515	234
Principal receipts	43	12
Interest receipts	24	5
Reserve release	9	1
Total	591	252
Cash Outflows [Abstract]
Principal payments	(34)	(3)
Voluntary repurchases of defaulted vacation ownership notes receivable	(2)	0
Repayment of Warehouse Credit Facility	(296)	(98)
Interest payments	(9)	(2)
Funding of restricted cash	(18)	(2)
Total	(359)	(105)
Cash Flows Between Transferee and Transferor Net	$ 232	$ 147

VARIABLE INTEREST ENTITIES - Ad

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	$ 298	$ 292
Accrued liabilities	359	369
Variable interest entity
Variable Interest Entity [Line Items]
Accounts receivable, including VIE, after allowance for credit loss	14	13
Accrued liabilities	3	$ 5
Cash surrender value of life insurance	88
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	3
Accrued liabilities	1
Maximum loss	$ 3

BUSINESS SEGMENTS - Additional

BUSINESS SEGMENTS - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023 segment source
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ 1,186	$ 1,252	$ 3,533	$ 3,468
Revenues excluding reimbursed costs	743	881	2,370	2,457
United States
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	622	771	2,038	2,173
All other countries
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues excluding reimbursed costs	121	110	332	284
Operating segments
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,190	1,253	3,535	3,458
Operating segments | Vacation Ownership
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	1,126	1,182	3,335	3,229
Operating segments | Exchange & Third-Party Management
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	64	71	200	229
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Revenues	$ (4)	$ (1)	$ (2)	$ 10

BUSINESS SEGMENTS - Reconciliat

BUSINESS SEGMENTS - Reconciliation of Adjusted EBITDA to Net Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Corporate and other	$ (53)	$ (54)	$ (171)	$ (162)
Interest expense, net	(36)	(34)	(106)	(91)
Tax provision	(24)	(59)	(115)	(134)
Depreciation and amortization	(33)	(33)	(99)	(98)
Share-based compensation expense	(6)	(10)	(25)	(30)
Certain items	(9)	(39)	(11)	(71)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	42	109	219	303
Vacation Ownership
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	173	299	647	772
Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Adjusted earnings before income taxes depreciation and amortization	$ 30	$ 39	$ 99	$ 117

BUSINESS SEGMENTS - Assets (Det

BUSINESS SEGMENTS - Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Consolidated Assets	$ 9,453	$ 9,639
Operating segments
Segment Reporting Information [Line Items]
Consolidated Assets	8,887	8,902
Operating segments | Vacation Ownership
Segment Reporting Information [Line Items]
Consolidated Assets	8,057	8,037
Operating segments | Exchange & Third-Party Management
Segment Reporting Information [Line Items]
Consolidated Assets	830	865
Corporate and Other
Segment Reporting Information [Line Items]
Consolidated Assets	$ 566	$ 737

Uncategorized Items - vac-20230

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