Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Diamond Resorts International, Inc. | |
Entity Central Index Key | 1,566,897 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,719,619 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||
Cash and cash equivalents | $ 228,146 | $ 290,510 |
Cash in escrow and restricted cash | 80,591 | 98,295 |
Vacation Interests notes receivable, net of allowance of $168,998 and $165,331, respectively | 657,469 | 622,607 |
Due from related parties, net | 41,653 | 42,435 |
Other receivables, net | 37,969 | 55,786 |
Income tax receivable | 5 | 147 |
Deferred Tax Assets, Net, Noncurrent | 480 | 577 |
Prepaid expenses and other assets, net | 177,748 | 76,454 |
Unsold Vacation Interests, net | 367,681 | 358,278 |
Property and equipment, net | 102,878 | 95,361 |
Assets Held-for-sale, Not Part of Disposal Group | 1,544 | 1,672 |
Goodwill | 129,103 | 104,521 |
Intangible assets, net | 243,640 | 222,190 |
Total assets | 2,068,907 | 1,968,833 |
LIABILITIES AND STOCKHOLDER'S EQUITY | ||
Accounts payable | 20,852 | 15,144 |
Due to related parties, net | 112,497 | 54,778 |
Accrued liabilities | 220,086 | 221,662 |
Income taxes payable | 7,557 | 346 |
Deferred income taxes | 106,103 | 92,829 |
Deferred revenues | 120,035 | 119,720 |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 558,784 | 558,416 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 601,017 | 630,080 |
Derivative Liability, Fair Value, Gross Liability | 277 | 146 |
Notes payable | 11,939 | 4,750 |
Total liabilities | 1,759,147 | 1,697,871 |
Stockholders' equity: | ||
Common stock $0.01 par value per share; authorized - 250,000,000 shares, issued - 71,934,002 shares and 71,928,002 shares, respectively | 719 | 719 |
Preferred Stock $0.01 par value per share; authorized 5,000,000 shares | 0 | 0 |
Additional paid-in capital | 385,708 | 381,475 |
Accumulated deficit | 3,409 | (31,024) |
Accumulated other comprehensive loss | (20,019) | (20,151) |
Stockholders' Equity before Treasury Stock | 369,817 | 331,019 |
Treasury Stock at cost; 2,222,383 and 2,222,383 shares | (60,057) | (60,057) |
Total stockholders' equity | 309,760 | 270,962 |
Total liabilities and stockholders' equity | $ 2,068,907 | $ 1,968,833 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | $ (168,998) | $ (165,331) |
LIABILITIES AND STOCKHOLDER'S EQUITY | ||
Debt Instrument, Unamortized Discount | (4,548) | (4,735) |
Unamortized Debt Issuance Expense | $ 11,334 | $ 11,515 |
Stockholders' equity: | ||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 71,934,002 | 71,928,002 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Treasury Stock, Shares | 2,222,383 | 2,222,383 |
Securitization notes and funding facilities [Member] | ||
LIABILITIES AND STOCKHOLDER'S EQUITY | ||
Debt Instrument, Unamortized Discount | $ (92) | $ (103) |
Unamortized Debt Issuance Expense | $ 11,846 | $ 12,678 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Management and member services | $ 46,096 | $ 40,639 |
Consolidated resort operations | 4,475 | 3,209 |
Vacation Interests sales, net of provision of $21,559 and $14,096, respectively | 145,448 | 122,566 |
Interest | 22,513 | 18,802 |
Other | 15,264 | 12,304 |
Total revenues | 233,796 | 197,520 |
Costs and Expenses: | ||
Management and member services | 7,645 | 8,081 |
Consolidated resort operations | 3,782 | 3,701 |
Vacation Interest cost of sales | 9,242 | 1,138 |
Advertising, sales and marketing | 86,725 | 68,513 |
Vacation Interests carrying cost, net | 5,114 | 10,368 |
Loan portfolio | 3,881 | 2,737 |
Other operating | 5,996 | 5,011 |
General and administrative | 27,723 | 32,256 |
Depreciation and amortization | 10,560 | 8,640 |
Interest expense | 15,066 | 11,604 |
Impairments and other write-offs | 0 | 5 |
Gain on disposal of assets | (318) | (34) |
Total costs and expenses | 175,416 | 152,020 |
Income before provision for income taxes | 58,380 | 45,500 |
Provision for income taxes | 23,947 | 19,525 |
Net income (loss) | 34,433 | 25,975 |
Other comprehensive income (loss): | ||
Currency translation adjustments, net of tax of $0 | 148 | (3,162) |
Post-retirement benefit plan | 0 | 43 |
Other | (16) | (18) |
Total other comprehensive income (loss), net of tax | 132 | (3,137) |
Comprehensive income (loss) | $ 34,565 | $ 22,838 |
Net income per share: | ||
Earnings Per Share, Basic | $ 0.50 | $ 0.35 |
Earnings Per Share, Diluted | $ 0.48 | $ 0.34 |
Weighted average shares of common stock outstanding: | ||
Weighted Average Number of Shares Outstanding, Basic | 69,549 | 74,539 |
Weighted Average Number of Shares Outstanding, Diluted | 71,471 | 77,356 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent | $ 0 | $ 0 |
Provision for uncollectible Vacation Interests sales | (21,559) | (14,096) |
Vacation Interest Sales and Financing [Member] | ||
Provision for uncollectible Vacation Interests sales | $ (21,559) | $ (14,096) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Common stock par value [Member] | Additional Paid-in Capital [Member] | Permanent Capital Accumulated Deficit | Permanent Capital Accumulated Other Comprehensive Income (Loss) | Treasury Stock [Member] | Stockholders' Equity, Total [Member] |
Beginning balance, shares at Dec. 31, 2015 | 69,705,619 | |||||||
Beginning balance at Dec. 31, 2015 | $ 719 | $ 381,475 | $ (31,024) | $ (20,151) | $ (60,057) | $ 270,962 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Exercise of stock options, shares | 6,000 | |||||||
Exercise of stock options | 0 | 84 | 0 | 0 | 0 | 84 | ||
Stock-based compensation, shares | 0 | |||||||
Stock-based compensation | 0 | 0 | 0 | 0 | 4,149 | |||
Stock Granted, Value, Share-based Compensation, Net of Forfeitures | 4,149 | |||||||
Net income for the three months ended March 31, 2016 | $ 34,433 | 0 | 0 | 34,433 | 0 | 34,433 | ||
Currency translation adjustments, net of tax of $0 | $ (148) | 0 | 0 | 0 | (148) | (148) | ||
Other | 0 | 0 | 0 | 16 | (16) | |||
Ending balance at Mar. 31, 2016 | $ 719 | $ 385,708 | $ 3,409 | $ (20,019) | $ (60,057) | $ 309,760 | ||
Ending balance, shares at Mar. 31, 2016 | 69,711,619 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
AOCI Attributable to Parent [Member] | ||
Currency translation adjustment net of tax of | $ 0 | $ 0 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net income (loss) | $ 34,433 | $ 25,975 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for uncollectible Vacation Interests sales | 21,559 | 14,096 |
Amortization of capitalized financing costs and original issue discounts | 2,027 | 1,402 |
Amortization of capitalized loan origination costs and portfolio discounts | 3,943 | 3,053 |
Depreciation and amortization | 10,560 | 8,640 |
Stock-based compensation | 4,149 | 3,295 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | (375) |
Impairments and other write-offs | 0 | 5 |
Gain on disposal of assets | (318) | (34) |
Deferred income taxes | 8,940 | 10,822 |
Loss on foreign currency exchange | 349 | 98 |
Gain on mortgage repurchase | (107) | (96) |
Unrealized loss on derivative instruments | 131 | 258 |
Unrealized loss on post-retirement benefit plan | 0 | 43 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 123 | 0 |
Changes in operating assets and liabilities excluding acquisitions: | ||
Increase (Decrease) in Restricted Cash for Operating Activities | 319 | (718) |
Mortgages and contracts receivable | (38,148) | (27,418) |
Due from related parties, net | 8,296 | (4,729) |
Other receivables, net | 19,139 | 22,910 |
Prepaid expenses and other assets, net | (96,533) | (73,787) |
Unsold Vacation Interests, net | 748 | (10,915) |
Accounts payable | 5,571 | 4,397 |
Due to related parties, net | 58,646 | 74,912 |
Accrued liabilities | (7,668) | 7,247 |
Income taxes receivable/payable | 7,492 | 7 |
Deferred revenues | (1,632) | (14,028) |
Net cash provided by operating activities | 42,019 | 45,060 |
Investing activities: | ||
Property and equipment capital expenditures | (4,732) | (4,160) |
Payments to Acquire Intangible Assets | 0 | (8,993) |
Proceeds from sale of assets | 0 | 236 |
Net cash used in investing activities | (89,345) | (12,917) |
Financing activities: | ||
Changes in restricted cash | 17,383 | (5,770) |
Proceeds from issuance of securitization notes and Funding Facilities | 62,002 | 63,206 |
Payments on Senior Credit Facility | 0 | (18,109) |
Payments on Securitization Notes and Conduit Facility | (91,908) | (63,446) |
Payments on notes payable | (1,866) | (2,740) |
Payments of debt issuance costs | (573) | (2,368) |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 0 | 375 |
Payments for Repurchase of Common Stock | 0 | (61,141) |
Proceeds from exercise of stock options | 84 | 1,816 |
Net cash provided by financing activities | (14,878) | (88,177) |
Net decrease in cash and cash equivalents | (62,204) | (56,034) |
Effect of changes in exchange rates on cash and cash equivalents | (160) | (626) |
Cash and cash equivalents, beginning of period | 290,510 | 255,042 |
Cash and cash equivalents, end of period | 228,146 | 198,382 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for taxes, net of tax refunds | 437 | 11 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Insurance premiums financed through issuance of notes payable | 9,055 | 8,492 |
Unsold vacation interests reclassified to property plant and equipment | 5,702 | 0 |
Assets held for sale reclassified to unsold vacation interests | 0 | 13,159 |
Corporate Debt Securities [Member] | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash interest paid on corporate indebtedness | 8,060 | 6,094 |
Securitization notes and funding facilities [Member] | ||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash interest paid on corporate indebtedness | 4,911 | 3,897 |
Intrawest Acquisition [Member] | ||
Investing activities: | ||
Payments to Acquire Businesses, Net of Cash Acquired | (84,613) | 0 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Fair Value of Assets Acquired | 73,349 | 0 |
Goodwill, Acquired During Period | 24,086 | 0 |
Payments to Acquire Businesses, Gross | (84,613) | 0 |
Increase (Decrease) in Deferred Liabilities | (4,419) | 0 |
Liabilities Assumed | $ 8,403 | $ 0 |
Background, Business and Basis
Background, Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background, Business and Basis of Presentation | Background, Business and Basis of Presentation Business and Background Diamond Resorts International, Inc. ("DRII") is a holding company, and its principal asset is the direct and indirect ownership of equity interests in its subsidiaries, including Diamond Resorts Corporation ("DRC"), which is the wholly-owned operating subsidiary that has historically conducted the business described below. Except where the context otherwise requires or where otherwise indicated, references in the condensed consolidated financial statements to "the Company" refer to DRII and its subsidiaries, including DRC. The Company operates in the hospitality and vacation ownership industry, with a worldwide resort network of 426 vacation destinations located in 35 countries throughout the world, including the continental United States ("U.S."), Hawaii, Canada, Mexico, the Caribbean, Central America, South America, Europe, Asia, Australia, New Zealand and Africa. The Company’s resort network includes 108 resort properties with approximately 13,000 units that are managed by the Company and 298 affiliated resorts and hotels and 20 cruise itineraries, which the Company does not manage and do not carry the Company's brand, but are a part of the Company's network and, through THE Club and other Club offerings (the "Clubs"), are available for its members to use as vacation destinations. The Company’s operations consist of two interrelated businesses: (i) hospitality and management services, which includes operations related to the management of the homeowners associations (the "HOAs") for resort properties and eight multi-resort trusts and one single-resort trust (collectively, the "Diamond Collections"), operations of the Clubs, food and beverage venues owned and managed by the Company and the provision of other hospitality and management services; and (ii) vacation interests ("VOIs" or "Vacation Interests") sales and financing, which includes marketing and sales of VOIs and consumer financing for purchasers of the Company’s VOIs. The Company derives a majority of its total revenue from the Vacation Interests sales and financing segment. On October 16, 2015, the Company completed its acquisition of substantially all of the assets of Ocean Beach Club, LLC, Gold Key Resorts, LLC, Professional Hospitality Resources, Inc., Vacation Rentals, LLC and Resort Promotions, Inc. (collectively, the "Gold Key Companies") relating to their operation of their vacation ownership business in Virginia Beach, Virginia and the Outer Banks, North Carolina (the "Gold Key Acquisition"). The Company acquired management contracts, real property interests, unsold Vacation Interests and other assets of the Gold Key Companies, adding six additional managed resorts to the Company's resort network, in exchange for a cash purchase price of $167.5 million and the assumption of certain non-interest-bearing liabilities. At the closing of the Gold Key Acquisition, an additional $6.2 million was deposited into an escrow account to support the Company's obligations under a default recovery agreement, which is recorded as restricted cash in the accompanying condensed consolidated balance sheet. See " Note 23—Business Combinations " for further details on the Gold Key Acquisition. On January 29, 2016, the Company completed its acquisition of the vacation ownership business of Intrawest Resort Club Group from Intrawest Resorts Holdings, Inc., through which the Company acquired management contracts, Vacation Interests notes and other receivables, real property interests, unsold Vacation Interests and other assets in exchange for $84.6 million in cash plus the assumption of certain non-interest-bearing liabilities (the "Intrawest Acquisition"). The Intrawest Acquisition added nine managed resorts located in the U.S., Canada and Mexico to the Company's resort network. See " Note 23—Business Combinations " for further details on the Intrawest Acquisition. Basis of Presentation During the quarter ended December 31, 2015, the Company concluded that the majority of the cash collected on overnight rental operations ultimately belong to the Company and are available for general corporate use and reclassified the amount of such cash on its balance sheet from cash in escrow and restricted cash to cash and cash equivalents. Consequently, the Company revised its statement of cash flows for the three months ended March 31, 2015 to reflect this reclassification. In addition, the Company reclassified certain amounts related to changes in cash in escrow and restricted cash from cash flows from financing activities to cash flows from operating activities in its statement of cash flows for the three months ended March 31, 2015 to conform to the current period presentation. The revisions to and impact on the statement of cash flows for the three months ended March 31, 2015 as a result of both reclassifications above are not material. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 (the " 2015 Form 10-K"). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP") have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal and recurring nature. The accompanying condensed consolidated financial statements should be reviewed in conjunction with the Company's annual consolidated financial statements included in the 2015 Form 10-K. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results for the full year ending December 31, 2016 or any future period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant accounting policies Significant accounting policies are those policies that, in management's view, are most important in the portrayal of the Company's financial condition and results of operations. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that it reports in the financial statements. Some of these significant accounting policies require the Company to make subjective and complex judgments regarding matters that are inherently uncertain. See "Note 2—Summary of Significant Accounting Policies" to the audited consolidated financial statements included in the 2015 Form 10-K for a discussion of the Company's significant accounting policies that require significant judgment. Principles of Consolidation The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, often as a result of the need to make estimates regarding matters that are inherently uncertain. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that the Company reports in its financial statements. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts, Vacation Interests cost of sales, stock-based compensation expense, income taxes, unsold Vacation Interests, net, and business combinations. These estimates are based on historical experience and various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analyses form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's condensed consolidated financial statements. Recently Issued Accounting Pronouncements In January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, Income Statement-Extraordinary and Unusual Items ("ASU No. 2015-01"), which eliminates from U.S. GAAP the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. ASU No. 2015-01 simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. ASU No. 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-01 as of its quarter ended March 31, 2016. The adoption of this update did not have any impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (“ASU No. 2015-02”), which is intended to respond to stakeholders’ concerns about the current accounting guidance for certain legal entities. The amendments update the analysis of consolidation for limited partnerships, contractual fee arrangements and investment funds, as well as include additional guidance on the effect of related parties. The amendments in ASU No. 2015-02 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company has adopted ASU No. 2015-02 as of its quarter ended March 31, 2016. The adoption of this update did not have any impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest ("ASU No. 2015-03"), which is intended to simplify the presentation of debt issuance costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-03 as of its quarter ended March 31, 2016 on a retrospective basis. The impact of this adoption on the accompanying condensed consolidated balance sheet as of December 31, 2015 is: (i) a $24.2 million reduction in prepaid expenses and other assets, net; (ii) a $11.5 million reduction in the senior secured credit facility originally entered into on May 9, 2014 and subsequently amended on December 22, 2014 and December 3, 2015 (the "Senior Credit Facility"); and (iii) a $12.7 million reduction in the securitization notes and Funding Facilities. This adoption had no other impact on the Company's financial statements. The Company elected to continue to include the debt issuance costs associated with its Funding Facilities (which consist of the $200.0 million conduit facility (the "Conduit Facility"), and the $100.0 million loan sale facility with Quorum Federal Credit Union (the "Quorum Facility")) and the revolving line of credit under the Senior Credit Facility in prepaid expenses and other assets, net in the accompanying condensed consolidated balance sheets. In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software ("ASU No. 2015-05"), which provides guidance to customers about whether a cloud computing arrangement includes a software license and, if so, how the software license element of the arrangement should be accounted for by the customer. ASU No. 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-05 as of its quarter ended March 31, 2016. The adoption of this update did not have a material impact on the Company's financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments ("ASU No. 2015-16"), which requires that an acquirer in a business combination recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 also requires that the acquirer record, in the current period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in ASU No. 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company has adopted ASU No. 2015-16 as of its quarter ended March 31, 2016. The adoption of this update did not have a material impact on the Company's financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures ("ASU No. 2016-07"). The amendments in ASU No. 2016-07 eliminate the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in ASU No. 2016-07 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-based Payment Accounting ("ASU No. 2016-09"). The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to non-public entities. The amendments in ASU No. 2016-09 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("ASU No. 2016-10"). This update clarifies guidance related to identifying ASU No. 2014-09 performance obligations and licensing implementation guidance contained in ASU No. 2014-09. The amendments do not change the core principal of the guidance. The Company will adopt ASU No. 2016-10 as of its quarter ending March 31, 2018. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. See " Note 2—Summary of Significant Accounting Policies " to the audited consolidated financial statements included in the 2015 Form 10-K for additional accounting standards issued but not adopted as of the Company's quarter ended March 31, 2016. |
Concentrations of Risk
Concentrations of Risk | 3 Months Ended |
Mar. 31, 2016 | |
Concentrations of Risk [Abstract] | |
Concentrations of Risk | Concentrations of Risk Credit Risk The Company is exposed to on-balance sheet credit risk related to its Vacation Interests notes receivable. The Company offers financing to the buyers of VOIs and bears the risk of defaults on promissory notes delivered to it by buyers of VOIs. If a buyer of VOIs defaults, the Company generally attempts to resell such VOIs by exercise of a power of sale. The associated marketing, selling and administrative costs from the original sale are not recovered and such costs must be incurred again to resell the VOIs. Although in many cases the Company may have recourse against a buyer of VOIs for the unpaid price, certain states have laws that limit the Company’s ability to recover personal judgments against customers who have defaulted on their loans, and the Company has generally not pursued this remedy. The Company maintains cash, cash equivalents, cash in escrow and restricted cash with various financial institutions. These financial institutions are located throughout North America, Europe and the Caribbean. A significant portion of the Company's cash is maintained with a select few banks and is, accordingly, subject to credit risk. Periodic evaluations of the relative credit standing of financial institutions maintaining the deposits are performed to evaluate and mitigate, if necessary, any credit risk. Availability of Funding Sources The Company has historically funded Vacation Interests notes receivable and unsold Vacation Interests with borrowings through its financing facilities and internally generated funds. Borrowings are in turn repaid with the proceeds received by the Company from repayments of such Vacation Interests notes receivable. To the extent that the Company is not successful in maintaining or replacing existing financings, it may have to curtail its sales and marketing operations or sell assets, which could result in a material adverse effect on the Company’s results of operations, cash flows and financial condition. Geographic Concentration Portions of the Company's consumer loan portfolio are concentrated in certain geographic regions within the U.S. The deterioration of the economic condition and financial well-being of the regions in which the Company has significant loan concentrations could adversely affect the results of operations for its consumer loan portfolio business. The credit risk inherent in such concentrations is dependent upon regional and general economic stability, which affects property values and the financial well-being of the borrowers. As of March 31, 2016 , the Company's loans to California residents constituted 32.8% of the consumer loan portfolio. No other state or foreign country concentration accounted for more than 10.0% of the portfolio. Interest Rate Risk Since a significant portion of the Company's indebtedness bears interest at variable rates, any increase in interest rates beyond amounts covered under the Company’s derivative financial instruments, particularly if sustained, could have an adverse effect on the Company’s results of operations, cash flows and financial position. The Company derives net interest income from its financing activities because the interest rates it charges its customers who finance the purchase of their VOIs exceed the interest rates the Company pays to its lenders. Since the Company’s customer receivables generally bear interest at fixed rates, increases in interest rates will erode the spread in interest rates that the Company has historically obtained. On December 11, 2015, as required by the Conduit Facility, the Company entered into an interest rate swap agreement to manage its exposure to fluctuations in interest rates, effective December 15, 2015 (the "December 2015 Swap"). The December 2015 Swap has a notional amount of $20.5 million and is scheduled to mature on December 20, 2025. The Company pays interest at a fixed rate of 2.38% based on a floating notional amount in accordance with a pre-determined amortization schedule, and receives interest based on one-month floating LIBOR. The December 2015 Swap did not qualify for hedge accounting. See " Note 16 — Borrowings" to the audited consolidated financial statements included in the 2015 Form 10-K for further detail on the Conduit Facility. On March 10, 2016, as required by the Conduit Facility, the Company entered into an interest rate swap agreement to manage its exposure to fluctuations in interest rates (the "March 2016 Swap"). The March 2016 Swap has a notional amount of $45.0 million and is scheduled to mature on February 20, 2026. The Company pays interest at a fixed rate of 2.25% based on a floating notional amount in accordance with a pre-determined amortization schedule, and receives interest based on one-month floating LIBOR. The March 2016 Swap did not qualify for hedge accounting. As of March 31, 2016 , the fair value of the December 2015 Swap and the March 2016 Swap was calculated to be $0.3 million based on a valuation report provided by the counterparty. This fair value was recorded as a derivative liability with an offsetting charge to interest expense. |
Cash in Escrow and Restricted C
Cash in Escrow and Restricted Cash | 3 Months Ended |
Mar. 31, 2016 | |
Cash in Escrow and Restricted Cash [Abstract] | |
Cash in Escrow and Restricted Cash | Cash in Escrow and Restricted Cash Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Securitization notes and Funding Facilities collection and reserve cash $ 42,595 $ 50,943 Escrow 12,462 13,423 Deposits related to Vacation Interests notes receivable servicing agreements 10,866 10,680 Collected on behalf of HOAs 9,593 18,626 Bonds and deposits 870 883 Other 4,205 3,740 Total cash in escrow and restricted cash $ 80,591 $ 98,295 |
Vacation Interests Notes Receiv
Vacation Interests Notes Receivable and Allowance | 3 Months Ended |
Mar. 31, 2016 | |
Financing Receivable, Net [Abstract] | |
Mortgages and Contracts Receivable and Allowance for Loan and Contract Losses | 799 $ 76,140 $ 918 $ 879 $ 466 $ 447 $ 188 $ 79,038 700-799 409,555 8,848 6,039 6,006 4,366 2,640 437,454 600-699 222,471 8,679 5,313 4,698 3,128 2,886 247,175 <600 20,744 1,618 995 556 602 499 25,014 No FICO Credit Scores 17,062 897 360 416 263 242 19,240 $ 745,972 $ 20,960 $ 13,586 $ 12,142 $ 8,806 $ 6,455 $ 807,921 As of December 31, 2015 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700-799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600-699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Credit Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Credit Scores" category in the tables above is primarily comprised of customers who live outside of the U.S. Other Receivables, Net Other receivables, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Receivables related to sampler packages, net $ 15,050 $ 14,723 Interest receivable associated with Vacation Interests notes receivable 9,011 7,919 Club dues receivable, net 6,199 25,028 Rental receivables and other resort management-related receivables, net 3,244 2,737 Insurance claims receivable 1,432 1,262 Other receivables 3,033 4,117 Total other receivables, net of allowances of $11,600 and $12,300, respectively $ 37,969 $ 55,786 The allowance for doubtful accounts relates primarily to receivables for Club dues and sampler packages. The Company considers factors such as economic conditions, industry trends, defaults and age of the receivables to analyze the adequacy of the allowance. Any adjustments to the allowance are recorded within management and member services revenue or Vacation Interests carrying cost, net in the Company's condensed consolidated statements of income and comprehensive income. In connection with the Intrawest Acquisition, the Company acquired $0.9 million of other receivables, net based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See "Note 23—Business Combinations" for further details." id="sjs-B4" xml:space="preserve"> Vacation Interests Notes Receivable and Allowance The Company provides financing to purchasers of VOIs at North American and St. Maarten sales centers that is collateralized by their VOIs. Eligibility for this financing is principally dependent upon the customers’ Fair Isaac Corporation ("FICO") credit scores and other factors based on review of the customer’s credit history. As of March 31, 2016 , the Vacation Interests notes receivable bore interest at fixed rates between 6.0% and 18.0% . The terms of the Vacation Interests notes receivable range from two years to 15 years and may be prepaid at any time without penalty. Vacation Interests notes receivable originated by the Company within the last five years have a term of 10 years. The weighted average interest rate of outstanding Vacation Interests notes receivable was 14.5% and 14.6% as of March 31, 2016 and December 31, 2015 , respectively. The Company charges off Vacation Interests notes receivable upon the earliest of (i) the customer's account becoming over 180 days delinquent; or (ii) the completion of cancellation or foreclosure proceedings. All collection and foreclosure costs related to delinquent loans are expensed as incurred. Vacation Interests notes receivable from 91 to 180 days past due as of March 31, 2016 and December 31, 2015 were 3.4% and 2.5% , respectively, of gross Vacation Interests notes receivable. In connection with the Intrawest Acquisition, the Company acquired $22.1 million of Vacation Interests notes receivable (which is net of a $3.2 million allowance and a $1.5 million discount) based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 throughout the tables in this footnote. See " Note 23—Business Combinations " for further details. The Vacation Interests notes receivable, net balance includes deferred origination costs related to Vacation Interests notes receivable originated by the Company, net of the related allowance. Vacation Interests notes receivable origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the estimated life of the Vacation Interests notes receivable, based on historical prepayments, as a decrease to interest revenue using the effective interest method. Amortization of deferred loan and contract origination costs charged to interest revenue was $3.9 million and $3.0 million for the three months ended March 31, 2016 and 2015 , respectively. Gross Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable - collateralized against securitization notes and Funding Facilities $ 663,648 $ 688,777 Vacation Interests notes receivable - other 144,273 81,014 Total Vacation Interests notes receivable $ 807,921 $ 769,791 See "Note 16—Borrowings" for further detail on the Company's various borrowings included in "Securitization notes and Funding Facilities" in the accompanying condensed consolidated balance sheets. Vacation Interests notes receivable, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable, originated $ 762,700 $ 744,532 Vacation Interests notes receivable, purchased 45,221 25,259 Vacation Interests notes receivable, gross 807,921 769,791 Allowance for loan losses (168,998 ) (165,331 ) Deferred profit on Vacation Interests transactions (1,201 ) (1,780 ) Deferred loan and contract origination costs, net 15,462 15,546 Inventory value of defaulted Vacation Interests notes receivable that were previously purchased 5,591 4,152 Premium on Vacation Interests notes receivable, net 210 229 Discount on Vacation Interests notes receivable, net (1,516 ) — Vacation Interests notes receivable, net $ 657,469 $ 622,607 Deferred profit on Vacation Interests transactions represents revenues less direct costs (sales commissions, sales incentives, cost of sales and provision for loan losses) related to sales that do not qualify for revenue recognition under Accounting Standards Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). See " Note 2—Summary of Significant Accounting Policies " to the audited consolidated financial statements included in the 2015 Form 10-K for a description of revenue recognition criteria. Inventory value of defaulted Vacation Interests notes receivable that were previously purchased represents the inventory underlying Vacation Interests notes receivable that have defaulted. Upon recovery of the inventory, the value is transferred to unsold Vacation Interests, net. Activity in the allowance associated with Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 165,331 $ 130,639 Provision for uncollectible Vacation Interests sales (a) 21,886 13,962 Write-offs, net (18,219 ) (8,900 ) Balance, end of period $ 168,998 $ 135,701 (a) The provision for uncollectible Vacation Interests sales shows activity in the allowance for expected losses associated with Vacation Interests notes receivable and is exclusive of ASC 978 adjustments related to deferred revenue. A summary of the credit quality and aging as of the dates presented below is as follows (in thousands): As of March 31, 2016 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 76,140 $ 918 $ 879 $ 466 $ 447 $ 188 $ 79,038 700-799 409,555 8,848 6,039 6,006 4,366 2,640 437,454 600-699 222,471 8,679 5,313 4,698 3,128 2,886 247,175 <600 20,744 1,618 995 556 602 499 25,014 No FICO Credit Scores 17,062 897 360 416 263 242 19,240 $ 745,972 $ 20,960 $ 13,586 $ 12,142 $ 8,806 $ 6,455 $ 807,921 As of December 31, 2015 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700-799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600-699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Credit Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Credit Scores" category in the tables above is primarily comprised of customers who live outside of the U.S. Other Receivables, Net Other receivables, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Receivables related to sampler packages, net $ 15,050 $ 14,723 Interest receivable associated with Vacation Interests notes receivable 9,011 7,919 Club dues receivable, net 6,199 25,028 Rental receivables and other resort management-related receivables, net 3,244 2,737 Insurance claims receivable 1,432 1,262 Other receivables 3,033 4,117 Total other receivables, net of allowances of $11,600 and $12,300, respectively $ 37,969 $ 55,786 The allowance for doubtful accounts relates primarily to receivables for Club dues and sampler packages. The Company considers factors such as economic conditions, industry trends, defaults and age of the receivables to analyze the adequacy of the allowance. Any adjustments to the allowance are recorded within management and member services revenue or Vacation Interests carrying cost, net in the Company's condensed consolidated statements of income and comprehensive income. In connection with the Intrawest Acquisition, the Company acquired $0.9 million of other receivables, net based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See "Note 23—Business Combinations" for further details. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties Due from Related Parties, Net and Due to Related Parties, Net Amounts due from related parties, net and due to related parties, net consist primarily of transactions with HOAs or Diamond Collections for which the Company acts as the management company. Due from related parties, net transactions include (i) management fees for the Company’s role as the management company; (ii) certain expenses reimbursed by HOAs and Diamond Collections; and (iii) the recovery of a portion of the Company’s Vacation Interests carrying costs, management and member services, consolidated resort operations, loan portfolio and general and administrative expenses that are incurred on behalf of the HOAs and the Diamond Collections according to a pre-determined schedule approved by the board of directors of each HOA and Diamond Collection. Due to related parties, net transactions include (a) the amounts due to HOAs and Diamond Collections under inventory recovery agreements that the Company enters into regularly with certain HOAs and similar agreements with the Diamond Collections, pursuant to which the Company recaptures VOIs, either in the form of vacation intervals or vacation points, and brings them into the Company’s inventory for sale to customers; (b) the maintenance fee and assessment fee liability owed to HOAs and Diamond Collections for VOIs owned by the Company (generally this liability is recorded on January 1 of each year for the entire amount of annual maintenance and assessment fees, and is relieved throughout the year by payments remitted to the HOAs and the Diamond Collections; these maintenance and assessment fees are also recorded as prepaid expenses and other assets, net in the accompanying condensed consolidated balance sheets and amortized ratably over the year); (c) cleaning fees owed to the HOAs for room stays paid by the Company’s customers or by a Club on behalf of a member where the frequency of the cleans exceeds those covered by the respective maintenance fees; and (d) miscellaneous transactions with other non-HOA related parties. A vast majority of amounts due from related parties and due to related parties, some of which are due on demand, carry no interest. Due to the fact that the right of offset exists between the Company and the HOAs and the Diamond Collections, the Company evaluates amounts due to and from each HOA and Diamond Collection at each reporting period to reduce the receivables and the payables on each party's books of record. Any remaining balances are then reclassified as either a net due to or a net due from related parties for each HOA and Diamond Collection in accordance with the requirements of ASC 210, "Balance Sheet—Offsetting." Due from related parties, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Amounts due from HOAs and Collection Associations $ 41,563 $ 42,393 Amounts due from other 90 42 Total due from related parties, net $ 41,653 $ 42,435 Due to related parties, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Amounts due to HOAs and Collection Associations $ 112,407 $ 54,686 Amounts due to other 90 92 Total due to related parties, net $ 112,497 $ 54,778 Hospitality Management and Consulting Service, LLC ("HM&C") Management Services Agreement (the "HM&C Agreement") HM&C was beneficially owned and controlled by Stephen J. Cloobeck, the Company's Chairman of the Board, and David F. Palmer, the Company's President and Chief Executive Officer, until the consummation of the HM&C Acquisition (as defined and discussed below), effective as of January 1, 2015. Pursuant to the HM&C Agreement, HM&C has provided two categories of management services to the Company: (i) executive and strategic oversight of the services that the Company provides to HOAs and the Diamond Collections through the Company’s hospitality and management services operations, for the benefit of the Company, the HOAs and the Diamond Collections; and (ii) executive, corporate and strategic oversight of the Company’s operations and certain other administrative services. HM&C provides the Company with the services of four of the Company's executive officers and other employees, each of whom devotes his or her full business time and attention to the Company, and prior to 2015 also provided the Company with the services of Mr. Cloobeck. HM&C Acquisition On January 6, 2015, the Company entered into a Membership Interest Purchase Agreement (the "Purchase Agreement"), whereby it acquired from an entity controlled by Mr. Cloobeck and an entity controlled by Mr. Palmer (which entities owned 95% and 5% of the outstanding membership interests of HM&C, respectively) all of the outstanding membership interests in HM&C in exchange for an aggregate purchase price of $10,000 (the "HM&C Acquisition"). As a result of the HM&C Acquisition, effective January 1, 2015, transactions between the Company and HM&C were fully eliminated from the Company's consolidated balance sheet, as HM&C became a wholly-owned subsidiary of the Company. Master Agreement Concurrent with the Company's entry into the Purchase Agreement, on January 6, 2015, the Company entered into a Master Agreement (the "Master Agreement") with Mr. Cloobeck, HM&C, JHJM Nevada I, LLC ("JHJM") and other entities controlled by Mr. Cloobeck or his immediate family members. Pursuant to the Master Agreement, the parties made certain covenants to and agreements with the other parties, including: (i) the termination, effective as of January 1, 2015, of the services agreement between JHJM and HM&C (the "JHJM Agreement"); (ii) the conveyance to the Company of exclusive rights to market timeshare and vacation ownership properties from a prime location adjacent to Polo Towers on the “Las Vegas Strip,” pursuant to the terms of an Assignment and Assumption Agreement; (iii) Mr. Cloobeck’s agreement to various restrictive covenants, including non-competition, non-solicitation and non-interference covenants; and (iv) Mr. Cloobeck’s grant to the Company of a license to use Mr. Cloobeck’s persona, including his name, likeness and voice. In connection with the transactions contemplated by the Master Agreement, the Company paid Mr. Cloobeck or his designees $16.5 million and incurred $0.3 million in expenses related to this transaction. Of these amounts, $7.8 million was recorded as general and administrative expense in connection with the JHJM Agreement and $9.0 million was capitalized as marketing easement rights and other intangible assets. See "Note 12 — Other Intangible Assets, Net " to our audited consolidated financial statements included in the 2015 Form 10-K for further detail on the intangible assets acquired. In addition, in light of the termination of the services agreement between JHJM and HM&C and the existence of a director designation agreement dated July 17, 2013, the Company agreed in the Master Agreement that, at least through December 31, 2017, so long as Mr. Cloobeck is serving as a member of the board of directors of the Company, he will continue to be the Chairman of the Board and, in such capacity, will receive annual compensation equal to two times the compensation generally paid to other non-employee directors, and he, his spouse and children will receive medical insurance coverage. Aircraft Leases In January 2012, the Company entered into an aircraft lease agreement with N702DR, LLC, a limited liability company of which Mr. Cloobeck is a beneficial owner and a controlling party. Pursuant to this lease agreement, the Company leases an aircraft from N702DR, LLC and paid N702DR, LLC $0.6 million for each of the three months ended March 31, 2016 and 2015 , respectively. The Company has agreed not to terminate this aircraft lease agreement until at least December 31, 2017, subject to certain termination provisions in the aircraft lease agreement. In December 2007, in connection with the Company's lease of another aircraft from Banc of America Leasing & Capital, LLC, Mr. Cloobeck entered into a guaranty in favor of Banc of America Leasing & Capital, LLC. Pursuant to this guaranty, Mr. Cloobeck guarantees the Company's lease payments and any related indebtedness to Banc of America Leasing & Capital, LLC in connection with this aircraft lease. For each of the three months ended March 31, 2016 and 2015 , the Company paid Banc of America Leasing & Capital, LLC $0.3 million pursuant to this lease agreement. The Company did not compensate Mr. Cloobeck for providing these guaranties; however, the Company has agreed to indemnify and hold harmless Mr. Cloobeck and each of his affiliates from any and all amounts that Mr. Cloobeck is required to pay under the guaranty in favor of Banc of America Leasing & Capital, LLC. In exchange, Mr. Cloobeck has agreed to comply with all the covenants and agreements set forth in the guaranty for so long as Mr. Cloobeck or any of his affiliates is subject to the guaranty. Guggenheim Relationship Pursuant to an agreement with the Company, DRP Holdco, LLC (the "Guggenheim Investor"), a significant investor in the Company, has the right to nominate two members to the Company's board of directors, subject to certain security ownership thresholds. Zachary Warren, a principal of Guggenheim Partners, LLC ("Guggenheim"), an affiliate of the Guggenheim Investor, serves as a member of the Company's board of directors as a nominee of the Guggenheim Investor. Previously, B. Scott Minerd served as a member of the Board, as the second designee of the Guggenheim Investor, until his resignation effective July 28, 2015. The Guggenheim Investor has not appointed a second designee to replace Mr. Minerd and presently does not intend to designate a second nominee pursuant to the Director Designation Agreement. Affiliates of Guggenheim are currently lenders under the Conduit Facility, the Senior Credit Facility and the $64.5 million securitization transaction completed on April 27, 2011. See " Note 16 — Borrowings" to the audited consolidated financial statements included in the 2015 Form 10-K for further detail on these borrowings. March 2015 Secondary Offering On March 10, 2015, Cloobeck Diamond Parent, LLC (an entity beneficially owned and controlled by Mr. Cloobeck), the Guggenheim Investor and Best Amigos Partners, LLC (an entity beneficially owned and controlled by Lowell D. Kraff, the Vice Chairman of the Board of Directors of the Company) (collectively, the "Selling Stockholders") consummated the sale of an aggregate of 6,700,000 shares of common stock of the Company in an underwritten public offering. On March 20, 2015, the Selling Stockholders sold an additional aggregate of 802,316 shares of the Company's common stock to the underwriter pursuant to the underwriting agreement in connection with the underwriter's exercise of its over-allotment option. These transactions are collectively referred to as the "March 2015 Secondary Offering." The Company did not sell any stock in the March 2015 Secondary Offering and did not receive any proceeds from the offering. The Company purchased from the underwriter 1,515,582 shares sold by the Selling Stockholders in the March 2015 Secondary Offering at $32.99 per share (the same price per share at which the underwriter purchased shares from the Selling Stockholders) for a total purchase price of $50.0 million . The Company incurred $0.8 million in expenses related to the March 2015 Secondary Offering, including registration, filing and listing fees, printing fees and legal and accounting expenses, which are included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. Praesumo Agreement In June 2009, the Company entered into an engagement agreement for individual independent contractor services with Praesumo Partners, LLC, a limited liability company of which Mr. Lowell Kraff, the Vice Chairman of the Board, is a beneficial owner and a controlling party. Pursuant to this engagement agreement, Praesumo provides Mr. Kraff as an independent contractor to the Company to provide, among other things, acquisition, development and finance consulting services. In August 2015, the Company entered into a fourth extension agreement that extends the agreement through August 31, 2016. In consideration of these services provided pursuant to this agreement, the Company paid to Praesumo Partners, LLC, in fees and expense reimbursements, $0.4 million and $0.5 million for the three months ended March 31, 2016 and 2015 , respectively. These amounts do not include certain travel-related costs paid directly by the Company. |
Other Receivables, Net
Other Receivables, Net | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Other Receivables, Net | 799 $ 76,140 $ 918 $ 879 $ 466 $ 447 $ 188 $ 79,038 700-799 409,555 8,848 6,039 6,006 4,366 2,640 437,454 600-699 222,471 8,679 5,313 4,698 3,128 2,886 247,175 <600 20,744 1,618 995 556 602 499 25,014 No FICO Credit Scores 17,062 897 360 416 263 242 19,240 $ 745,972 $ 20,960 $ 13,586 $ 12,142 $ 8,806 $ 6,455 $ 807,921 As of December 31, 2015 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700-799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600-699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Credit Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Credit Scores" category in the tables above is primarily comprised of customers who live outside of the U.S. Other Receivables, Net Other receivables, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Receivables related to sampler packages, net $ 15,050 $ 14,723 Interest receivable associated with Vacation Interests notes receivable 9,011 7,919 Club dues receivable, net 6,199 25,028 Rental receivables and other resort management-related receivables, net 3,244 2,737 Insurance claims receivable 1,432 1,262 Other receivables 3,033 4,117 Total other receivables, net of allowances of $11,600 and $12,300, respectively $ 37,969 $ 55,786 The allowance for doubtful accounts relates primarily to receivables for Club dues and sampler packages. The Company considers factors such as economic conditions, industry trends, defaults and age of the receivables to analyze the adequacy of the allowance. Any adjustments to the allowance are recorded within management and member services revenue or Vacation Interests carrying cost, net in the Company's condensed consolidated statements of income and comprehensive income. In connection with the Intrawest Acquisition, the Company acquired $0.9 million of other receivables, net based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See "Note 23—Business Combinations" for further details." id="sjs-B4" xml:space="preserve"> Vacation Interests Notes Receivable and Allowance The Company provides financing to purchasers of VOIs at North American and St. Maarten sales centers that is collateralized by their VOIs. Eligibility for this financing is principally dependent upon the customers’ Fair Isaac Corporation ("FICO") credit scores and other factors based on review of the customer’s credit history. As of March 31, 2016 , the Vacation Interests notes receivable bore interest at fixed rates between 6.0% and 18.0% . The terms of the Vacation Interests notes receivable range from two years to 15 years and may be prepaid at any time without penalty. Vacation Interests notes receivable originated by the Company within the last five years have a term of 10 years. The weighted average interest rate of outstanding Vacation Interests notes receivable was 14.5% and 14.6% as of March 31, 2016 and December 31, 2015 , respectively. The Company charges off Vacation Interests notes receivable upon the earliest of (i) the customer's account becoming over 180 days delinquent; or (ii) the completion of cancellation or foreclosure proceedings. All collection and foreclosure costs related to delinquent loans are expensed as incurred. Vacation Interests notes receivable from 91 to 180 days past due as of March 31, 2016 and December 31, 2015 were 3.4% and 2.5% , respectively, of gross Vacation Interests notes receivable. In connection with the Intrawest Acquisition, the Company acquired $22.1 million of Vacation Interests notes receivable (which is net of a $3.2 million allowance and a $1.5 million discount) based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 throughout the tables in this footnote. See " Note 23—Business Combinations " for further details. The Vacation Interests notes receivable, net balance includes deferred origination costs related to Vacation Interests notes receivable originated by the Company, net of the related allowance. Vacation Interests notes receivable origination costs incurred in connection with providing financing for VOIs are capitalized and amortized over the estimated life of the Vacation Interests notes receivable, based on historical prepayments, as a decrease to interest revenue using the effective interest method. Amortization of deferred loan and contract origination costs charged to interest revenue was $3.9 million and $3.0 million for the three months ended March 31, 2016 and 2015 , respectively. Gross Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable - collateralized against securitization notes and Funding Facilities $ 663,648 $ 688,777 Vacation Interests notes receivable - other 144,273 81,014 Total Vacation Interests notes receivable $ 807,921 $ 769,791 See "Note 16—Borrowings" for further detail on the Company's various borrowings included in "Securitization notes and Funding Facilities" in the accompanying condensed consolidated balance sheets. Vacation Interests notes receivable, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable, originated $ 762,700 $ 744,532 Vacation Interests notes receivable, purchased 45,221 25,259 Vacation Interests notes receivable, gross 807,921 769,791 Allowance for loan losses (168,998 ) (165,331 ) Deferred profit on Vacation Interests transactions (1,201 ) (1,780 ) Deferred loan and contract origination costs, net 15,462 15,546 Inventory value of defaulted Vacation Interests notes receivable that were previously purchased 5,591 4,152 Premium on Vacation Interests notes receivable, net 210 229 Discount on Vacation Interests notes receivable, net (1,516 ) — Vacation Interests notes receivable, net $ 657,469 $ 622,607 Deferred profit on Vacation Interests transactions represents revenues less direct costs (sales commissions, sales incentives, cost of sales and provision for loan losses) related to sales that do not qualify for revenue recognition under Accounting Standards Codification ("ASC") 978, “Real Estate-Time-Sharing Activities” ("ASC 978"). See " Note 2—Summary of Significant Accounting Policies " to the audited consolidated financial statements included in the 2015 Form 10-K for a description of revenue recognition criteria. Inventory value of defaulted Vacation Interests notes receivable that were previously purchased represents the inventory underlying Vacation Interests notes receivable that have defaulted. Upon recovery of the inventory, the value is transferred to unsold Vacation Interests, net. Activity in the allowance associated with Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 165,331 $ 130,639 Provision for uncollectible Vacation Interests sales (a) 21,886 13,962 Write-offs, net (18,219 ) (8,900 ) Balance, end of period $ 168,998 $ 135,701 (a) The provision for uncollectible Vacation Interests sales shows activity in the allowance for expected losses associated with Vacation Interests notes receivable and is exclusive of ASC 978 adjustments related to deferred revenue. A summary of the credit quality and aging as of the dates presented below is as follows (in thousands): As of March 31, 2016 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 76,140 $ 918 $ 879 $ 466 $ 447 $ 188 $ 79,038 700-799 409,555 8,848 6,039 6,006 4,366 2,640 437,454 600-699 222,471 8,679 5,313 4,698 3,128 2,886 247,175 <600 20,744 1,618 995 556 602 499 25,014 No FICO Credit Scores 17,062 897 360 416 263 242 19,240 $ 745,972 $ 20,960 $ 13,586 $ 12,142 $ 8,806 $ 6,455 $ 807,921 As of December 31, 2015 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700-799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600-699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Credit Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 The Company captures FICO credit scores when each loan is underwritten. The "No FICO Credit Scores" category in the tables above is primarily comprised of customers who live outside of the U.S. Other Receivables, Net Other receivables, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Receivables related to sampler packages, net $ 15,050 $ 14,723 Interest receivable associated with Vacation Interests notes receivable 9,011 7,919 Club dues receivable, net 6,199 25,028 Rental receivables and other resort management-related receivables, net 3,244 2,737 Insurance claims receivable 1,432 1,262 Other receivables 3,033 4,117 Total other receivables, net of allowances of $11,600 and $12,300, respectively $ 37,969 $ 55,786 The allowance for doubtful accounts relates primarily to receivables for Club dues and sampler packages. The Company considers factors such as economic conditions, industry trends, defaults and age of the receivables to analyze the adequacy of the allowance. Any adjustments to the allowance are recorded within management and member services revenue or Vacation Interests carrying cost, net in the Company's condensed consolidated statements of income and comprehensive income. In connection with the Intrawest Acquisition, the Company acquired $0.9 million of other receivables, net based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See "Note 23—Business Combinations" for further details. |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets, Net | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets Disclosure | Prepaid Expenses and Other Assets, Net Prepaid expenses and other assets, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unamortized maintenance fees $ 93,284 $ — Vacation Interests purchases in transit 33,554 29,323 Deferred commissions 16,789 17,109 Prepaid member benefits and affinity programs 6,053 2,689 Other inventory or consumables 4,722 4,767 Prepaid insurance 3,307 2,670 Deposits and advances 2,872 2,635 Prepaid maintenance fees 2,707 3,843 Prepaid sales and marketing costs 2,498 2,601 Debt issuance costs, net 2,302 2,545 Other 9,660 8,272 Total prepaid expenses and other assets, net $ 177,748 $ 76,454 In connection with the Intrawest Acquisition, the Company acquired $4.3 million of prepaid expenses and other assets, net based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See " Note 23—Business Combinations " for further details. The nature of selected balances included in prepaid expenses and other assets, net includes: Unamortized maintenance fees — prepaid annual maintenance fees on unsold Vacation Interests owned by the Company billed by the HOAs and the Diamond Collections for resorts included in the Company's resort network that are managed by the Company, which are charged to expense ratably over the year. Debt issuance costs, net — The Company adopted ASU No. 2015-03 as of its quarter ended March 31, 2016 and reclassified debt issuance costs related to its non-revolving borrowings from prepaid expenses and other assets, net to Senior Credit Facilities and securitization notes and Funding Facilities in the accompanying condensed consolidated balance sheets. See "Note 2 — Summary of Significant Accounting Policies" for further detail. The Company elected to continue to include the debt issuance costs associated with its Funding Facilities and the revolving line of credit under the Senior Credit Facility as prepaid expenses and other assets, net. Amortization of capitalized debt issuance costs that are classified as prepaid expenses and other assets, net in the table above was $0.5 million and $0.3 million for the three months ended March 31, 2016 and 2015 , respectively, and is included in interest expense. |
Unsold Vacation Interests, Net
Unsold Vacation Interests, Net | 3 Months Ended |
Mar. 31, 2016 | |
Unsold Vacation Interests, Net [Abstract] | |
Unsold Vacation Interests, Net | Unsold Vacation Interests, Net Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Completed unsold Vacation Interests, net $ 328,279 $ 298,782 Undeveloped land 38,319 35,974 Vacation Interests construction in progress 1,083 23,522 Unsold Vacation Interests, net $ 367,681 $ 358,278 Activity related to unsold Vacation Interests, net for the periods presented below consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 358,278 $ 262,172 Vacation Interests cost of sales (9,242 ) (1,138 ) Inventory recovery 336 (136 ) Purchases in connection with business combinations 16,692 — Open market and bulk purchases 3,314 5,762 Capitalized legal, title and trust fees 2,562 3,258 Construction in progress 1,069 1,908 Transfer of construction in progress to property and equipment, net (5,702 ) — Loan default recoveries, net 673 1,613 Transfers from assets held for sale — 13,159 Effect of foreign currency translation (235 ) (2,936 ) Other (64 ) 264 Balance, end of period $ 367,681 $ 283,926 In connection with the Intrawest Acquisition, the Company acquired $16.7 million of unsold Vacation Interests based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See " Note 23—Business Combinations " for further details. Vacation Interests construction in progress includes costs related to the construction of new units at the Beachwoods Resort in Outer Banks, North Carolina (the management contract with respect to such resort was acquired in connection with the Gold Key Acquisition) and the development of a new resort in Kona, Hawaii. See " Note 18—Commitments and Contingencies" for additional information regarding the development of this new resort in Kona, Hawaii. Loan default recoveries related to business combinations represent the recovered inventory underlying defaulted Vacation Interests notes receivable that were acquired in connection with the Company's business combinations. See "Note 2—Summary of Significant Accounting Policies" to the audited consolidated financial statements included in the 2015 Form 10-K for further discussion of unsold Vacation Interests, net. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Land and improvements $ 21,064 $ 20,219 Buildings and leasehold improvements 68,927 60,281 Furniture and office equipment 22,935 21,845 Computer software 48,416 46,231 Computer equipment 19,927 19,146 Construction in progress 1,326 2,522 Property and equipment, gross 182,595 170,244 Less: Accumulated depreciation (79,717 ) (74,883 ) Property and equipment, net $ 102,878 $ 95,361 In connection with the Intrawest Acquisition, the Company acquired $1.9 million of property and equipment based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See " Note 23—Business Combinations " for further details. Depreciation expense related to property and equipment was $5.0 million and $3.9 million for the three months ended March 31, 2016 and 2015 , respectively. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Goodwill Disclosure | Goodwill Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. As required by ASC 350, "Intangibles — Goodwill and Other," the Company does not amortize goodwill, but rather evaluates goodwill by reporting unit for potential impairment on an annual basis during the fourth quarter of each year or at other times during the year if events or circumstances indicate that it is more likely than not that the fair value of a reporting unit is below the carrying amount. The changes in the carrying amount of goodwill are as follows (in thousands): Hospitality and Management Services Vacation Interests Sales and Financing Total Company Balance as of December 31, 2015: Island One Acquisition - July 2013 $ 30,165 $ 467 $ 30,632 HM&C Acquisition - January 2015 10 — 10 Gold Key Acquisition - October 2015 13,777 60,102 73,879 Balance as of December 31, 2015 43,952 60,569 104,521 Changes to goodwill during the three months ended March 31, 2016: Adjustment to Gold Key Acquisition based on appraisal 1,480 (984 ) 496 Intrawest Acquisition - January 2016 4,871 19,215 24,086 Total changes to goodwill during the three months ended March 31, 2016 6,351 18,231 24,582 Balance as of March 31, 2016: Island One Acquisition - July 2013 30,165 467 30,632 HM&C Acquisition - January 2015 10 — 10 Gold Key Acquisition - October 2015 15,257 59,118 74,375 Intrawest Acquisition - January 2016 4,871 19,215 24,086 Balance as of March 31, 2016 $ 50,303 $ 78,800 $ 129,103 See "Note 23—Business Combinations" for further detail on the Gold Key Acquisition and the Intrawest Acquisition and "Note 6—Transactions with Related Parties" for further detail on the HM&C Acquisition. |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | Jan. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Goodwill [Line Items] | ||||
Goodwill | $ 129,103 | $ 104,521 | ||
Goodwill, Purchase Accounting Adjustments | 24,582 | |||
Hospitality and Management Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 50,303 | 43,952 | ||
Goodwill, Purchase Accounting Adjustments | 6,351 | |||
Vacation Interest Sales and Financing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 78,800 | 60,569 | ||
Goodwill, Purchase Accounting Adjustments | 18,231 | |||
island One Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 30,632 | 30,632 | ||
island One Acquisition [Member] | Hospitality and Management Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 30,165 | 30,165 | ||
island One Acquisition [Member] | Vacation Interest Sales and Financing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 467 | 467 | ||
HM&C Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 10 | 10 | ||
HM&C Acquisition [Member] | Hospitality and Management Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 10 | 10 | ||
HM&C Acquisition [Member] | Vacation Interest Sales and Financing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 0 | 0 | ||
Gold Key Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 74,375 | 73,879 | ||
Goodwill, Purchase Accounting Adjustments | 496 | |||
Gold Key Acquisition [Member] | Hospitality and Management Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 15,257 | 13,777 | ||
Goodwill, Purchase Accounting Adjustments | 1,480 | |||
Gold Key Acquisition [Member] | Vacation Interest Sales and Financing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 59,118 | $ 60,102 | ||
Goodwill, Purchase Accounting Adjustments | (984) | |||
Intrawest Acquisition [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 24,086 | |||
Goodwill, Acquired During Period | $ 24,086 | 24,086 | $ 0 | |
Intrawest Acquisition [Member] | Hospitality and Management Services [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 4,871 | |||
Goodwill, Acquired During Period | 4,871 | |||
Intrawest Acquisition [Member] | Vacation Interest Sales and Financing [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 19,215 | |||
Goodwill, Acquired During Period | $ 19,215 |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets, Net | Other Intangible Assets, Net Other intangible assets, net consisted of the following as of March 31, 2016 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 242,802 $ (61,696 ) $ 181,106 Member relationships and the Clubs 56,887 (39,782 ) 17,105 Rights to develop inventory 21,000 (486 ) 20,514 Rental agreements 16,000 (1,833 ) 14,167 Marketing easement rights 8,717 (545 ) 8,172 Distributor relationships and other 5,087 (2,511 ) 2,576 Total other intangible assets $ 350,493 $ (106,853 ) $ 243,640 Other intangible assets, net consisted of the following as of December 31, 2015 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 226,515 $ (58,278 ) $ 168,237 Member relationships and the Clubs 55,866 (39,298 ) 16,568 Rights to develop inventory 11,600 (173 ) 11,427 Rental agreements 15,800 (823 ) 14,977 Marketing easement rights 8,717 (436 ) 8,281 Distributor relationships and other 5,096 (2,396 ) 2,700 Total other intangible assets $ 323,594 $ (101,404 ) $ 222,190 In connection with the Intrawest Acquisition, the Company recorded the following intangible assets (dollars in thousands): Weighted Average Useful Life in Years Based on Appraisal Management contracts 20 $ 16,700 Rights to develop inventory 14 9,600 Member relationships 6 1,000 $ 27,300 Amortization expense for other intangible assets was $5.5 million and $4.7 million for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , the estimated aggregate amortization expense for intangible assets was expected to be $22.3 million , $21.3 million , $21.1 million , $19.3 million and $17.0 million for the successive 12 month periods ending March 31, 2017 through 2021, respectively, and $142.7 million for the remaining lives of these intangible assets. |
Assets Held for sale
Assets Held for sale | 3 Months Ended |
Mar. 31, 2016 | |
Assets Held for Sale [Abstract] | |
Assets Held for Sale | Assets Held for Sale Assets held for sale are recorded at the lower of cost or their estimated fair value less cost to sell and are not subject to depreciation. Sale of the assets classified as such is probable, and transfer of the assets is expected to qualify for recognition as a completed sale, generally within one year of the applicable balance sheet date. Assets held for sale as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unsold units and a resort in Europe $ 1,390 $ 1,518 A unit at Cabo Azul Resort in Mexico 154 154 Total assets held for sale $ 1,544 $ 1,672 The unsold units and resorts in the Company's European operations as of March 31, 2016 and December 31, 2015 were either held for sale or pending the consummation of sale. According to guidance included in ASC 360, "Property, Plant and Equipment", the sales will not be considered consummated until all consideration has been exchanged. Consequently, the unsold units and resort pending consummation of sale will continue to be included in assets held for sale until all proceeds are received. The proceeds related to the resort pending consummation of sale were paid in full by April 2016 and the Company will transfer title to the resort by May 2017. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities Disclosure [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Liability for unrecognized tax benefit $ 82,519 $ 75,706 Accrued payroll and related 26,441 37,154 Accrued marketing expenses 23,541 24,885 Accrued other taxes 17,179 15,525 Accrued commissions 16,928 22,774 Gold Key inventory recovery agreement 11,114 12,371 Accrued insurance 8,914 7,795 Accrued professional fees 7,950 4,336 Accrued escrow liability 3,845 3,784 Accrued operating lease liabilities 3,140 3,309 Accrued exchange company fees 1,708 2,131 Other 16,807 11,892 Total accrued liabilities $ 220,086 $ 221,662 Liability for unrecognized tax benefit — represents amounts recorded related to uncertainty in income taxes, including potential interest charges, recognized in the Company's financial statements in accordance with ASC 740, “Income Taxes.” See "Note 17 — Income Taxes" to the audited consolidated financial statements included in the 2015 Form 10-K for further detail. In connection with the Intrawest Acquisition, the Company recorded $5.7 million of accrued liabilities based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See " Note 23—Business Combinations " for further details. |
Deferred Revenues
Deferred Revenues | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenues | Deferred Revenues Deferred revenues as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Deferred sampler package revenue $ 66,325 $ 66,285 Club deferred revenue 36,391 43,890 Guest deposits 8,954 6,631 Other 8,365 2,914 Total deferred revenues $ 120,035 $ 119,720 In connection with the Intrawest Acquisition, the Company recorded $2.5 million of deferred revenues based on a preliminary appraisal. This amount is included within the balances as of March 31, 2016 in the table above. See " Note 23—Business Combinations " for further details. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings During the three months ended March 31, 2016, the Company issued one unsecured note to finance premiums on certain insurance policies, which carries an interest rate of 2.5% per annum. See " Note 16 — Borrowings" to the audited consolidated financial statements included in the 2015 Form 10-K for further detail on the Company's borrowings. The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): March 31, 2016 December 31, 2015 Principal Weighted Maturity Gross Amount of Vacation Interests notes receivable as Collateral Borrowing / Funding Availability Principal Senior Credit Facility $ 574,666 5.5% 5/9/2021 $ — $ 25,000 $ 574,666 Original issue discount and debt issuance costs related to Senior Credit Facility (except the revolving line of credit) (15,882 ) — — (16,250 ) Notes payable-insurance policies 11,775 2.4% Various — — 4,586 Notes payable-other 164 5.0% Various — — 164 Total Corporate Indebtedness 570,723 — 25,000 563,166 Diamond Resorts Owner Trust 2015-2 (1) 144,328 3.1% 5/22/2028 151,835 — 172,583 Diamond Resorts Owner Trust 2014-1 (1) 123,715 2.6% 5/20/2027 134,472 — 140,256 Diamond Resorts Owner Trust 2015-1 (1) 105,187 2.8% 7/20/2027 112,270 — 126,776 Diamond Resorts Owner Trust 2013-2 (1) 76,623 2.3% 5/20/2026 85,137 — 84,659 Conduit Facility (1) 70,676 2.3% 4/10/2017 77,302 129,324 (2) 22,538 DRI Quorum Facility and Island One Quorum Funding Facility (1) 46,824 4.4% Various 47,717 53,176 (2) 45,411 Diamond Resorts Owner Trust 2013-1 (1) 28,476 2.0% 1/20/2025 31,641 — 30,681 Diamond Resorts Owner Trust 2011-1 (1) 11,035 4.0% 3/20/2023 11,714 — 12,073 Diamond Resorts Tempus Owner Trust 2013 (1) 6,091 6.0% 12/20/2023 11,560 — 7,884 Original issue discount and debt issuance costs related to securitization notes and Funding Facilities (11,938 ) — — (12,781 ) Total Securitization Notes and Funding Facilities 601,017 663,648 182,500 630,080 Total $ 1,171,740 $ 663,648 $ 207,500 $ 1,193,246 (1) Non-recourse indebtedness (2) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. Amortization of original issue discount and capitalized debt issuance costs that are classified as contra-borrowings in the table above was $1.5 million and $1.1 million for the three months ended March 31, 2016 and 2015 , respectively, and is included in interest expense in the accompanying condensed consolidated statements of income and comprehensive income. The Company adopted ASU No. 2015-03 as of its quarter ended March 31, 2016 and reclassified debt issuance costs related to its non-revolving borrowings from prepaid expenses and other assets, net to Senior Credit Facilities and securitization notes and Funding Facilities in the accompanying condensed consolidated balance sheets. See "Note 2 — Summary of Significant Accounting Policies" for further detail. The Company elected to continue to include the debt issuance costs associated with its Funding Facilities and the revolving line of credit under the Senior Credit Facility in prepaid expenses and other assets, net. Borrowing Restrictions and Limitations All of the Company’s borrowings under the Senior Credit Facility, securitization notes and the Conduit Facility contain various restrictions and limitations that may affect the Company's business and affairs. These include, but are not limited to, restrictions and limitations relating to its ability to incur indebtedness and other obligations, to make investments and acquisitions, to pay dividends and to repurchase shares of the Company's common stock. The Company is also required to maintain certain ratios and comply with other financial and performance covenants. The failure of the Company to comply with any of these provisions, or to pay its obligations, could result in foreclosure by the lenders of their security interests in the Company’s assets, and could otherwise have a material adverse effect on the Company. The Company was in compliance with all of the financial covenants as of March 31, 2016 . Liquidity Historically, the Company has depended on the availability of credit to finance the consumer loans that it provides to its customers for the purchase of their VOIs. Typically, these loans require a minimum cash down payment of 10.0% of the purchase price at the time of sale. However, selling, marketing and administrative expenses attributable to VOI sales are primarily cash expenses and often exceed the buyer's minimum down payment requirement. Accordingly, the availability of financing facilities for the sale or pledge of these receivables to generate liquidity is a critical factor in the Company's ability to meet its short-term and long-term cash needs. The Company has historically relied upon its ability to sell receivables in the securitization market in order to generate liquidity and create capacity on its Funding Facilities. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In accordance with ASC 740-270, "Accounting for Income Taxes in Interim Periods," the income tax provisions for the three months ended March 31, 2016 and 2015 were determined primarily using estimated annual effective tax rates based on estimated income before provision for income taxes for the full years ending December 31, 2016 and 2015 , respectively. For certain foreign jurisdictions, the tax provisions for the three months ended March 31, 2016 and 2015 were determined using year-to-date income before provision for income taxes. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Contractual Obligations The Company has entered into various contractual obligations primarily related to construction of new units at the Cabo Azul Resort in Mexico, as well as relating to sales center remodeling, property amenity improvement and corporate office expansion projects. The total remaining commitment was $2.9 million as of March 31, 2016 . Hurricane Odile In September 2014, Hurricane Odile, a Category 4 hurricane, inflicted widespread damage on the Baja California peninsula, particularly in San Jose Del Cabo, where the Cabo Azul Resort, one of the Company's managed resorts, is located. Hurricane Odile caused significant damage to the buildings as well as the facilities and amenities at the Cabo Azul Resort, including unsold Vacation Interests and property and equipment owned by the Company. During the three months ended March 31, 2015, the Company received $5.0 million in proceeds from its insurance carrier for property damage resulting from Hurricane Odile. The Company did not receive any proceeds related to such claim during the three months ended March 31, 2016; however, management believes that it will receive additional amounts under the Company's insurance policies to cover the balance of costs incurred by the Company in excess of the $5.0 million already received when the insurance claim is ultimately settled. In addition, the Company has filed a claim under its business interruption insurance policy for business profits lost during the period that the Cabo Azul Resort remained closed as a result of the damage suffered in Hurricane Odile. During the year ended December 31, 2015, the Company received an aggregate of $6.0 million in installments from its insurance carrier related to such claim, which was recognized as other revenue in the condensed consolidated statements of income and comprehensive income. The Company did not receive any proceeds related to such claim during the three months ended March 31, 2016 or March 31, 2015. The total claim remains under negotiation with the insurance carrier and any further payments will be recorded in the periods in which they are received. The Cabo Azul Resort and the on-site sales center reopened on September 1, 2015. Kona Agreement On July 28, 2015, the Company entered into an agreement for the purchase and sale of property, which was amended on February 25, 2016 (as amended, the "Kona Agreement"), with Hawaii Funding LLC (the "Kona Seller"), an affiliate of Och-Ziff Real Estate. The Kona Agreement relates to the development by the Kona Seller of a new resort, which is expected to consist of 144 units, on property located in Kona, Hawaii to be acquired by the Kona Seller. Pursuant to the Kona Agreement, the Company has agreed to purchase all of the units, subject to the satisfaction of specified conditions, including a period of assessment by both parties of the suitability and feasibility of the property for its intended use. The Company's total financial commitment under the Kona Agreement is expected to be finalized in the second quarter of 2016, with the first delivery of units expected in mid-2017 and continuing through mid-2018. The delivery of units is subject to various conditions precedent and rights of the parties. Litigation Contingencies From time to time, the Company or its subsidiaries are subject to certain legal proceedings and claims in the ordinary course of business. The Company evaluates these legal proceedings and claims at each balance sheet date to determine the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company’s ability to make a reasonable estimate of loss. The Company records a contingent litigation liability when it determines that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC 820, "Fair Value Measurements" ("ASC 820"), defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs or significant value drivers are observable. • Level 3: Unobservable inputs used when little or no market data is available. As of March 31, 2016 , the only assets and liabilities of the Company measured at fair value on a recurring basis were those related to the March 2016 Swap and the December 2015 Swap. As of December 31, 2015 , the only assets and liabilities of the Company measured at fair value on a recurring basis were those related to the December 2015 Swap. The fair values of both the March 2016 Swap and the December 2015 Swap were based on valuation reports provided by the counterparty and were classified as Level 3, based on the fact that the credit risk data used for the valuations were not directly observable and could not be corroborated by observable market data. The Company’s assessment of the significant inputs to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. See " Note 3—Concentrations of Risk " for further detail on the derivative instruments. The following table summarizes the information regarding the Company's derivative instruments as of the dates presented below (in thousands): As of March 31, 2016 As of December 31, 2015 Carrying Value Total Estimated Fair Value Carrying Value Total Estimated Fair Value Liabilities: Interest rate swap agreements (a) $ 277 $ 277 $ 146 $ 146 Total Liabilities $ 277 $ 277 $ 146 $ 146 (a) The balance at March 31, 2016 includes values associated with the December 2015 Swap and the March 2016 Swap, which are included in the derivative liabilities category in the accompanying condensed consolidated balance sheets. The balance at December 31, 2015 includes values associated with the December 2015 Swap. As of March 31, 2016 and December 31, 2015 , Vacation Interests notes receivable had a balance of $657.5 million and $622.6 million , net of allowance, respectively. The allowance for losses against the Vacation Interests notes receivable is derived using a static pool analysis to develop historical default percentages based on FICO credit scores to apply to the Vacation Interests notes receivable population. The Company evaluates other factors such as economic conditions, industry trends and past due aging reports in order to determine the adjustments needed to true up the allowance, which adjusts the carrying value of Vacation Interests notes receivable to management's best estimate of collectability. As a result of such evaluation, the Company believes that the carrying value of the Vacation Interests notes receivable approximated its fair value at March 31, 2016 and December 31, 2015 . These financial assets were classified as Level 3, as there is little market data available. As of March 31, 2016 and December 31, 2015 , the borrowings under the Senior Credit Facility were classified as Level 2 and the Company believes the fair value of the Senior Credit Facility approximated its carrying value at such dates due to the fact that the market for similar instruments remained stable since May 2014, when the Company entered into the Senior Credit Facility. As of March 31, 2016 and December 31, 2015 , all of the Company’s notes issued in its securitization transactions were classified as Level 2. The Company believes the fair value of these borrowings, all of which except the Diamond Resorts Tempus Owner Trust 2013 Notes with a face value of $31.0 million (the "Tempus 2013 Notes") were determined with the assistance of an investment banking firm, approximated similar instruments in active markets. The Tempus 2013 Notes were classified as Level 2 as the Company believes the fair value of the Tempus 2013 Notes approximated their carrying value due to the fact that the market for similar instruments remained stable since September 2013, the issuance date of the Tempus 2013 Notes. See "Note 16—Borrowings" to the audited consolidated financial statements included in the 2015 Form 10-K for further detail on these borrowings. As of March 31, 2016 and December 31, 2015 , the Quorum Facility and a loan sale agreement that the Company assumed in connection with a previous business combination were classified as Level 2 based on an internal analysis performed by the Company utilizing the discounted cash flow model and the quoted prices for identical or similar instruments in markets that are not active. As of March 31, 2016 and December 31, 2015 , the fair values of all other debt instruments were not calculated, based on the fact that they were either due within one year or were immaterial. In accordance with ASC 820, the Company also applied the provisions of fair value measurement to various non-recurring measurements for the Company’s financial and non-financial assets and liabilities and recorded the impairment charges. The Company’s non-financial assets consist of property and equipment, which are recorded at cost, net of depreciation, unless impaired, and assets held for sale, which are recorded at the lower of cost or their estimated fair value less costs to sell. The carrying values and estimated fair values of the Company's financial instruments as of March 31, 2016 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 657,469 $ 657,469 $ — $ 657,469 Total assets $ 657,469 $ 657,469 $ — $ 657,469 Liabilities: Senior Credit Facility, net $ 558,784 $ 570,119 $ 570,119 $ — Securitization notes and Funding Facilities, net 601,017 610,883 610,883 — Notes payable 11,939 11,939 11,939 — Total liabilities $ 1,171,740 $ 1,192,941 $ 1,192,941 $ — The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2015 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 622,607 $ 622,607 $ — $ 622,607 Total assets $ 622,607 $ 622,607 $ — $ 622,607 Liabilities: Senior Credit Facility, net $ 558,416 $ 569,931 $ 569,931 $ — Securitization notes and Funding Facilities, net 630,080 638,420 638,420 — Notes payable 4,750 4,750 4,750 — Total liabilities $ 1,193,246 $ 1,213,101 $ 1,213,101 $ — |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation On May 19, 2015, the Company held its 2015 annual meeting of stockholders, at which the Company's stockholders approved the Company’s 2015 Equity Incentive Compensation Plan (the “Equity Incentive Plan”). The Equity Incentive Plan is a broad-based plan under which 8,500,000 shares of the Company’s common stock are authorized for issuance for awards, including pursuant to awards of restricted stock, restricted stock units ("RSUs"), stock options, deferred stock or stock appreciation rights, to the officers, employees, consultants, advisors and directors of the Company. As of March 31, 2016 , 7,174,940 shares remained available for issuance as new awards under the Equity Incentive Plan. Stock Options The Company accounts for its stock options issued to its employees and non-employee directors in accordance with ASC 718, "Compensation—Stock Compensation." All such stock options contain service-only vesting conditions and the associated compensation expense is measured at fair value on the grant date and recognized in the statements of income and comprehensive income over the expected term during which the employees (including, from an accounting perspective, non-employee directors in their capacity as such) of the Company provide service in exchange for the award. The Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the stock options granted to its employees and non-employee directors. The expected volatility was calculated based on the historical volatility of the stock prices for a group of identified peer companies for the expected term of the stock options on the grant date (which is significantly greater than the volatility of the S&P 500® index as a whole during the same period) due to the lack of historical stock trading prices of the Company. The average expected option life represented the period of time the stock options were expected to be outstanding at the issuance date based on management’s estimate using the simplified method prescribed under the Securities and Exchange Commission (the "SEC") Staff Accounting Bulletin Topic 14: Share-Based Payment ("SAB 14") for employee grants. The risk-free interest rate was calculated based on U.S. Treasury zero-coupon yield with a remaining term that approximated the expected option life assumed at the date of issuance. The expected annual dividend per share was 0% based on the Company’s expected dividend rate. The Company did not issue any stock options during the three months ended March 31, 2016 or 2015. Stock option activity during the three months ended March 31, 2016 related to stock option grants issued to the employees of the Company was as follows: Options (In thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2016 8,766 $ 17.20 7.9 $ 72,840 Granted — — Exercised (6 ) 14.00 Forfeited — — Outstanding at March 31, 2016 8,760 $ 17.20 7.6 $ 62,172 Exercisable at March 31, 2016 6,582 $ 14.85 7.4 $ 62,207 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value that would have been realized by the option holders had all option holders exercised their options on March 31, 2016 . The intrinsic value of a stock option is the excess of the Company’s closing stock price on that date over the exercise price, multiplied by the number of shares subject to the option. The following table summarizes the Company’s unvested stock option activity for the three months ended March 31, 2016 : Options (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2016 2,547 $ 23.51 Granted — — Vested (369 ) 18.60 Forfeited or expired — — Unvested at March 31, 2016 2,178 $ 24.34 Restricted Stock, RSUs and Deferred Stock Between July 18, 2013 and December 31, 2015, the Company issued restricted stock, RSUs and deferred stock to certain employees and non-employee members of the board of directors of the Company, all of which contain service vesting conditions and some of which contain additional performance-related vesting conditions. All such issuances were valued at the closing stock price of the Company's common stock on the grant date of such stock-based compensation. The following table summarizes the activity related to restricted stock, RSUs and deferred stock during the three months ended March 31, 2016 : Restricted Stock Restricted Stock Units Deferred Stock Shares (In thousands) Weighted Average Grant Price (Per share) Units (In thousands) Weighted Average Grant Price (Per share) Units (In thousands) Weighted Average Grant Price (Per share) Unvested at January 1, 2016 160 $ 30.58 78 $ 32.69 — $ 32.72 Granted — $ — — $ — — $ — Vested/Converted to common stock (4 ) $ 32.69 (4 ) $ — — $ — Forfeited or expired — $ — — $ — — $ — Unvested at March 31, 2016 156 $ 30.53 74 $ 32.69 — $ 32.72 Stock-based Compensation Expense The following table summarizes the Company’s stock-based compensation expense for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Company employee grants $ 3,807 $ 3,220 Non-employee director grants 342 75 Total $ 4,149 $ 3,295 In accordance with SAB 14, the Company records stock-based compensation to the same line item on the statements of income and comprehensive income as the grantees' cash compensation. In addition, the Company records stock-based compensation expense to the same business segment as the grantees' cash compensation for segment reporting purposes in accordance with ASC 280, "Segment Reporting." The following table summarizes the effect of the stock-based compensation for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Hospitality and Management Services Vacation Interests Sales and Financing Corporate and Other Total Hospitality and Management Services Vacation Interests Sales and Financing Corporate and Other Total Management and member services $ 393 $ — $ — $ 393 $ 280 $ — $ — $ 280 Advertising, sales and marketing — 750 — 750 — 369 — 369 Vacation Interests carrying cost, net — 72 — 72 — 51 — 51 Loan portfolio — 113 — 113 — 81 — 81 General and administrative — — 2,821 2,821 — — 2,514 2,514 Total $ 393 $ 935 $ 2,821 $ 4,149 $ 280 $ 501 $ 2,514 $ 3,295 The following table summarizes the Company’s unrecognized stock-based compensation expense as of March 31, 2016 (dollars in thousands): Options Restricted Stock Restricted Stock Units Deferred Stock Total Unrecognized stock-based compensation expense $ 16,563 $ 3,622 $ 1,969 $ 52 $ 22,206 Weighted-average remaining amortization period (in years) 1.2 2.0 2.1 0.1 1.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (loss) [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive income (loss) are as follows (in thousands): Cumulative Translation Adjustment Other Total Balance, December 31, 2015 $ (20,182 ) $ 31 $ (20,151 ) Period change 148 (16 ) 132 Balance, March 31, 2016 $ (20,034 ) $ 15 $ (20,019 ) |
Net income per share
Net income per share | 3 Months Ended |
Mar. 31, 2016 | |
Net income (loss) per share [Abstract] | |
Net Income (Loss) per Share | Net Income Per Share The Company calculates net income per share in accordance with ASC 260, "Earnings Per Share." Basic net income per share is calculated by dividing net income for common stockholders by the weighted-average number of common stock outstanding during the period. Diluted net income per share of common stock is calculated by dividing net income by weighted-average shares of common stock outstanding during the period plus potentially dilutive shares of common stock, such as shares of common stock underlying stock options and shares of restricted common stock. Potentially dilutive shares of common stock are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all options are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. Approximately 1.2 million shares underlying stock options for the three months ended March 31, 2016 were excluded from the net income per share computation, as their effect would be antidilutive under the treasury stock method. There were no antidilutive securities for the three months ended March 31, 2015. The table below sets forth the computation of basic and diluted net income per share for the periods presented below (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Computation of Basic Net Income Per Share: Net income $ 34,433 $ 25,975 Weighted average shares outstanding 69,549 74,539 Basic net income per share $ 0.50 $ 0.35 Computation of Diluted Net Income Per Share: Net income $ 34,433 $ 25,975 Weighted average shares outstanding 69,549 74,539 Effect of dilutive securities: Restricted stock, RSUs and deferred stock (a) — 29 Options to purchase common stock 1,922 2,788 Shares for diluted net income per share 71,471 77,356 Diluted net income per share $ 0.48 $ 0.34 (a) Includes unvested dilutive restricted stock and RSUs that are subject to future forfeitures. |
Business Combinations Business
Business Combinations Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations Gold Key Acquisition On October 16, 2015, the Company completed the Gold Key Acquisition and acquired five management contracts, real property interests, unsold Vacation Interests to sell to existing members and potential customers and other assets, adding six additional managed resorts to the Company’s resort network and new owner-families to the Company’s owner base, in exchange for a cash purchase price of $167.5 million and the assumption of certain non-interest-bearing liabilities. At the closing of the Gold Key Acquisition, $6.2 million was deposited into an escrow account to support the Company’s obligations under the Default Recovery Agreement, and is classified as restricted cash on the Company’s balance sheet. The Company assumed $15.5 million of contingent consideration in connection with a default recovery agreement, which was recorded as accrued liabilities, with an offsetting amount in prepaid expenses and other assets, net. The Company accounted for the Gold Key Acquisition as a business combination in accordance with ASC 805, "Business Combinations" ("ASC 805"). As of October 16, 2015, the acquisition was recorded based on the original preliminary appraisal; accordingly, provisional amounts were assigned to the assets acquired and liabilities assumed. The preliminary appraisal was developed in accordance with the Company's policies, which were also the basis for the valuation of previous business combinations. Since the purchase price exceeded the fair value of identifiable assets, in accordance with ASC 805, the Company initially recorded $73.9 million in goodwill, which was primarily attributable to expected synergies from the operations acquired in connection with the Gold Key Acquisition and the Company's existing operations. During the period between December 31, 2015 and March 31, 2016, adjustments were recorded to the respective accounts to reflect the values in the updated preliminary appraisal as of March 31, 2016. The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from the Gold Key Companies at the acquisition date (in thousands): Based on Preliminary Appraisal as of October 16, 2015 Adjustments recorded Through March 31, 2016 Based on Updated Appraisal as of March 31, 2016 Consideration: Cash $ 167,500 $ — $ 167,500 Fair value of total consideration transferred $ 167,500 $ — $ 167,500 Recognized amounts of identifiable assets and liabilities assumed as of October 16, 2015: Cash and cash equivalents $ 66 $ — $ 66 Restricted cash 47 — 47 Due from related parties, net 766 — 766 Other receivables, net 69 — 69 Prepaid expenses and other assets, net 15,904 — 15,904 Unsold Vacation Interests 26,481 (11 ) 26,470 Property and equipment 15,329 (11 ) 15,318 Other intangible assets 53,060 (400 ) 52,660 Total assets 111,722 (422 ) 111,300 Liabilities assumed 18,101 74 18,175 Total identifiable net assets $ 93,621 $ (496 ) $ 93,125 Goodwill $ 73,879 $ 496 $ 74,375 Acquired intangible assets consisted of the following as of the dates below (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal as of October 16, 2015 Adjustments recorded Through March 31, 2016 Based on Updated Appraisal as of March 31, 2016 Management Contracts 20 $ 25,300 $ (400 ) $ 24,900 Rental Agreements 4 15,800 200 16,000 Rights to develop inventory 14 11,600 (200 ) 11,400 Member relationships 6 360 — 360 $ 53,060 $ (400 ) $ 52,660 Intrawest Acquisition On January 29, 2016, the Company completed the Intrawest Acquisition and acquired management contracts, Vacation Interests notes and other receivables, real property interests, unsold Vacation Interests and other assets, adding nine managed resorts located in the U.S., Canada and Mexico to the Company's resort network and new owner-families to the Company’s owner base, in exchange for $84.6 million in cash plus the assumption of certain non-interest-bearing liabilities. The Company accounted for the Intrawest Acquisition as a business combination in accordance with ASC 805. As of January 29, 2016, the acquisition was recorded based on a preliminary appraisal; accordingly, provisional amounts were assigned to the assets acquired and liabilities assumed. The preliminary appraisal was developed in accordance with the Company's policies, which were also the basis for the valuation of previous business combinations. Since the purchase price exceeded the fair value of identifiable assets, in accordance with ASC 805, the Company recorded $24.1 million in goodwill, which was primarily attributable to expected synergies from the operations acquired in connection with the Intrawest Acquisition and the Company's existing operations. The total amount of goodwill expected to be deductible for income tax purposes is $18.1 million . The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed in connection with the Intrawest Acquisition at the acquisition date (in thousands): Based on Preliminary Appraisal as of January 29, 2016 Consideration: Cash $ 84,613 Fair value of total consideration transferred $ 84,613 Recognized amounts of identifiable assets and liabilities assumed as of January 29, 2016: Vacation Interests notes receivable, net $ 22,114 Income tax receivable 138 Other receivables, net 873 Prepaid expenses and other assets, net 4,291 Unsold Vacation Interests 16,703 Property and equipment 1,930 Other intangible assets 27,300 Total assets 73,349 Deferred tax liability 4,419 Liabilities assumed 8,403 Total identifiable net assets $ 60,527 Goodwill $ 24,086 Acquired intangible assets consisted of the following as of January 29, 2016 (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal Management Contracts 20 $ 16,700 Rights to develop inventory 14 9,600 Member relationships 6 1,000 $ 27,300 These notes to the condensed consolidated financial statements do not present supplemental pro forma information to include revenue and earnings of the Gold Key Companies or the Intrawest Resort Club Group for any of the periods presented, as the assets acquired and additional earnings generated in connection with the Gold Key Acquisition and the Intrawest Acquisition are not deemed significant to the Company's condensed consolidated financial statements. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company presents its results of operations in two segments: (i) hospitality and management services, which includes operations related to the management of resort properties and the Diamond Collections, operation of the Clubs, food and beverage venues owned and managed by the Company and the provision of other services; and (ii) Vacation Interests sales and financing, which includes operations relating to the marketing and sales of Vacation Interests, as well as the consumer financing activities related to such sales. While certain line items reflected on the statements of income and comprehensive income fall completely into one of these business segments, other line items relate to revenues or expenses that are applicable to more than one segment. For line items that are applicable to more than one segment, revenues or expenses are allocated by management, which involves significant estimates. Certain expense items (principally corporate interest expense, depreciation and amortization and provision for income taxes) are not, in management’s view, allocable to either of these business segments, as they apply to the entire Company. In addition, general and administrative expenses (which exclude hospitality and management services related overhead that is recovered from the HOAs and the Diamond Collections) are not allocated to either of these business segments because, historically, management has not allocated these expenses for purposes of evaluating the Company’s different operational divisions. Accordingly, these expenses are presented under corporate and other. Management believes that it is impracticable to allocate specific assets and liabilities related to each business segment. In addition, management does not review balance sheets by business segment as part of their evaluation of operating segment performances. Consequently, no balance sheet segment reports have been presented. The following table presents revenues and income before provision for income taxes for the Company's reportable segments (in thousands): Three Months Ended March 31, 2016 2015 Revenues: Hospitality and management services $ 52,410 $ 45,741 Vacation Interests sales and financing 181,060 151,393 Corporate and other 326 386 Total revenues $ 233,796 $ 197,520 Income before provision for income taxes: Hospitality and management services $ 40,537 $ 33,625 Vacation Interests sales and financing 65,700 60,042 Corporate and other (47,857 ) (48,167 ) Income before provision for income taxes $ 58,380 $ 45,500 Interest Revenue: Hospitality and management services $ — $ — Vacation Interests sales and financing 22,187 18,416 Corporate and other 326 386 Total interest revenue $ 22,513 $ 18,802 Interest Expense: Hospitality and management services $ — $ — Vacation Interests sales and financing 4,848 3,918 Corporate and other 10,218 7,686 Total interest expense $ 15,066 $ 11,604 |
Subsequent events
Subsequent events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 9, 2016, the Company entered into an Omnibus Amendment (the “Amendment”) to its $200 million Conduit Facility to: (i) decrease the percentage included in the calculation of the Borrowing Base (as defined in the Conduit Facility) from 88% to 85% ; (ii) increase the reserve account requirement from 0.25% of the Aggregate Loan Balance of the Borrowing Base Loans minus the Excluded Loan Balance (each as defined in the Conduit Facility) to the greater of $3.5 million and 5.0% of such items; (iii) increase from greater than 6.50% to greater than 8.25% the average Delinquency Level with respect to the Securitized Portfolio that constitutes a Securitized Portfolio Performance Event, for the Payment Dates (each as defined in the Conduit Facility) commencing May 20, 2016 through October 20, 2016; and (iv) increase from greater than 0.90% to greater than 2.25% the average Default Level (as defined in the Conduit Facility) with respect to the Securitized Portfolio that constitutes a Securitized Portfolio Performance Event, for the Payment Dates commencing May 20, 2016 through October 20, 2016. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying condensed consolidated financial statements include all subsidiaries of the Company. All significant intercompany transactions and balances have been eliminated from the accompanying condensed consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, often as a result of the need to make estimates regarding matters that are inherently uncertain. The methods, estimates and judgments that the Company uses in applying its accounting policies have a significant impact on the results that the Company reports in its financial statements. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to revenue, bad debts, Vacation Interests cost of sales, stock-based compensation expense, income taxes, unsold Vacation Interests, net, and business combinations. These estimates are based on historical experience and various other assumptions that management believes are reasonable under the circumstances. The results of the Company's analyses form the basis for making assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions, and the impact of such differences may be material to the Company's condensed consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, Income Statement-Extraordinary and Unusual Items ("ASU No. 2015-01"), which eliminates from U.S. GAAP the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. ASU No. 2015-01 simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. ASU No. 2015-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-01 as of its quarter ended March 31, 2016. The adoption of this update did not have any impact on the Company's financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (“ASU No. 2015-02”), which is intended to respond to stakeholders’ concerns about the current accounting guidance for certain legal entities. The amendments update the analysis of consolidation for limited partnerships, contractual fee arrangements and investment funds, as well as include additional guidance on the effect of related parties. The amendments in ASU No. 2015-02 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company has adopted ASU No. 2015-02 as of its quarter ended March 31, 2016. The adoption of this update did not have any impact on the Company's financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest ("ASU No. 2015-03"), which is intended to simplify the presentation of debt issuance costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU No. 2015-03. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-03 as of its quarter ended March 31, 2016 on a retrospective basis. The impact of this adoption on the accompanying condensed consolidated balance sheet as of December 31, 2015 is: (i) a $24.2 million reduction in prepaid expenses and other assets, net; (ii) a $11.5 million reduction in the senior secured credit facility originally entered into on May 9, 2014 and subsequently amended on December 22, 2014 and December 3, 2015 (the "Senior Credit Facility"); and (iii) a $12.7 million reduction in the securitization notes and Funding Facilities. This adoption had no other impact on the Company's financial statements. The Company elected to continue to include the debt issuance costs associated with its Funding Facilities (which consist of the $200.0 million conduit facility (the "Conduit Facility"), and the $100.0 million loan sale facility with Quorum Federal Credit Union (the "Quorum Facility")) and the revolving line of credit under the Senior Credit Facility in prepaid expenses and other assets, net in the accompanying condensed consolidated balance sheets. In April 2015, the FASB issued ASU No. 2015-05, Intangibles - Goodwill and Other - Internal-Use Software ("ASU No. 2015-05"), which provides guidance to customers about whether a cloud computing arrangement includes a software license and, if so, how the software license element of the arrangement should be accounted for by the customer. ASU No. 2015-05 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Company has adopted ASU No. 2015-05 as of its quarter ended March 31, 2016. The adoption of this update did not have a material impact on the Company's financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments ("ASU No. 2015-16"), which requires that an acquirer in a business combination recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU No. 2015-16 also requires that the acquirer record, in the current period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. ASU No. 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in ASU No. 2015-16 should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company has adopted ASU No. 2015-16 as of its quarter ended March 31, 2016. The adoption of this update did not have a material impact on the Company's financial statements. In March 2016, the FASB issued ASU No. 2016-07, Investments - Equity Method and Joint Ventures ("ASU No. 2016-07"). The amendments in ASU No. 2016-07 eliminate the requirement that an entity retroactively adopt the equity method of accounting if an investment qualifies for use of the equity method as a result of an increase in the level of ownership or degree of influence. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in ASU No. 2016-07 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation - Improvements to Employee Share-based Payment Accounting ("ASU No. 2016-09"). The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas for simplification apply only to non-public entities. The amendments in ASU No. 2016-09 are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing ("ASU No. 2016-10"). This update clarifies guidance related to identifying ASU No. 2014-09 performance obligations and licensing implementation guidance contained in ASU No. 2014-09. The amendments do not change the core principal of the guidance. The Company will adopt ASU No. 2016-10 as of its quarter ending March 31, 2018. The Company is currently evaluating the standard to determine the impact of the adoption of this guidance on its financial statements. See " Note 2—Summary of Significant Accounting Policies " to the audited consolidated financial statements included in the 2015 Form 10-K for additional accounting standards issued but not adopted as of the Company's quarter ended March 31, 2016. |
Cash in Escrow and Restricted36
Cash in Escrow and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash in Escrow and Restricted Cash [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | Cash in escrow and restricted cash as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Securitization notes and Funding Facilities collection and reserve cash $ 42,595 $ 50,943 Escrow 12,462 13,423 Deposits related to Vacation Interests notes receivable servicing agreements 10,866 10,680 Collected on behalf of HOAs 9,593 18,626 Bonds and deposits 870 883 Other 4,205 3,740 Total cash in escrow and restricted cash $ 80,591 $ 98,295 |
Vacation Interests Notes Rece37
Vacation Interests Notes Receivable and Allowance (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financing Receivable, Net [Abstract] | |
Eligible for securitization [Text Block] | Gross Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable - collateralized against securitization notes and Funding Facilities $ 663,648 $ 688,777 Vacation Interests notes receivable - other 144,273 81,014 Total Vacation Interests notes receivable $ 807,921 $ 769,791 |
Schedule of Accounts, Notes, Loans and Financing Receivable | Vacation Interests notes receivable, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Vacation Interests notes receivable, originated $ 762,700 $ 744,532 Vacation Interests notes receivable, purchased 45,221 25,259 Vacation Interests notes receivable, gross 807,921 769,791 Allowance for loan losses (168,998 ) (165,331 ) Deferred profit on Vacation Interests transactions (1,201 ) (1,780 ) Deferred loan and contract origination costs, net 15,462 15,546 Inventory value of defaulted Vacation Interests notes receivable that were previously purchased 5,591 4,152 Premium on Vacation Interests notes receivable, net 210 229 Discount on Vacation Interests notes receivable, net (1,516 ) — Vacation Interests notes receivable, net $ 657,469 $ 622,607 Other receivables, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Receivables related to sampler packages, net $ 15,050 $ 14,723 Interest receivable associated with Vacation Interests notes receivable 9,011 7,919 Club dues receivable, net 6,199 25,028 Rental receivables and other resort management-related receivables, net 3,244 2,737 Insurance claims receivable 1,432 1,262 Other receivables 3,033 4,117 Total other receivables, net of allowances of $11,600 and $12,300, respectively $ 37,969 $ 55,786 |
Allowance for Credit Losses on Financing Receivables | Activity in the allowance associated with Vacation Interests notes receivable as of the dates presented below consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 165,331 $ 130,639 Provision for uncollectible Vacation Interests sales (a) 21,886 13,962 Write-offs, net (18,219 ) (8,900 ) Balance, end of period $ 168,998 $ 135,701 (a) The provision for uncollectible Vacation Interests sales shows activity in the allowance for expected losses associated with Vacation Interests notes receivable and is exclusive of ASC 978 adjustments related to deferred revenue. |
Financing Receivable Credit Quality Indicators | A summary of the credit quality and aging as of the dates presented below is as follows (in thousands): As of March 31, 2016 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 76,140 $ 918 $ 879 $ 466 $ 447 $ 188 $ 79,038 700-799 409,555 8,848 6,039 6,006 4,366 2,640 437,454 600-699 222,471 8,679 5,313 4,698 3,128 2,886 247,175 <600 20,744 1,618 995 556 602 499 25,014 No FICO Credit Scores 17,062 897 360 416 263 242 19,240 $ 745,972 $ 20,960 $ 13,586 $ 12,142 $ 8,806 $ 6,455 $ 807,921 As of December 31, 2015 FICO Credit Scores Current 31-60 61-90 91-120 121-150 151-180 Total >799 $ 75,647 $ 751 $ 193 $ 338 $ 204 $ 287 $ 77,420 700-799 397,264 7,589 3,497 2,938 1,879 2,533 415,700 600-699 213,818 8,444 3,653 3,893 2,841 2,100 234,749 <600 19,393 1,700 881 333 533 465 23,305 No FICO Credit Scores 16,677 674 490 320 286 170 18,617 $ 722,799 $ 19,158 $ 8,714 $ 7,822 $ 5,743 $ 5,555 $ 769,791 |
Transactions with Related Par38
Transactions with Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Due from related parties, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Amounts due from HOAs and Collection Associations $ 41,563 $ 42,393 Amounts due from other 90 42 Total due from related parties, net $ 41,653 $ 42,435 Due to related parties, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Amounts due to HOAs and Collection Associations $ 112,407 $ 54,686 Amounts due to other 90 92 Total due to related parties, net $ 112,497 $ 54,778 |
Prepaid Expenses and Other As39
Prepaid Expenses and Other Assets, Net Prepaid Expenses and Other Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Assets, Net | Prepaid expenses and other assets, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unamortized maintenance fees $ 93,284 $ — Vacation Interests purchases in transit 33,554 29,323 Deferred commissions 16,789 17,109 Prepaid member benefits and affinity programs 6,053 2,689 Other inventory or consumables 4,722 4,767 Prepaid insurance 3,307 2,670 Deposits and advances 2,872 2,635 Prepaid maintenance fees 2,707 3,843 Prepaid sales and marketing costs 2,498 2,601 Debt issuance costs, net 2,302 2,545 Other 9,660 8,272 Total prepaid expenses and other assets, net $ 177,748 $ 76,454 |
Unsold Vacation Interests, Net
Unsold Vacation Interests, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Unsold Vacation Interests, Net [Abstract] | |
Schedule of Inventory, Current | Unsold Vacation Interests, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Completed unsold Vacation Interests, net $ 328,279 $ 298,782 Undeveloped land 38,319 35,974 Vacation Interests construction in progress 1,083 23,522 Unsold Vacation Interests, net $ 367,681 $ 358,278 |
Activity Related to unsold Vacation Interests | Activity related to unsold Vacation Interests, net for the periods presented below consisted of the following (in thousands): Three Months Ended March 31, 2016 2015 Balance, beginning of period $ 358,278 $ 262,172 Vacation Interests cost of sales (9,242 ) (1,138 ) Inventory recovery 336 (136 ) Purchases in connection with business combinations 16,692 — Open market and bulk purchases 3,314 5,762 Capitalized legal, title and trust fees 2,562 3,258 Construction in progress 1,069 1,908 Transfer of construction in progress to property and equipment, net (5,702 ) — Loan default recoveries, net 673 1,613 Transfers from assets held for sale — 13,159 Effect of foreign currency translation (235 ) (2,936 ) Other (64 ) 264 Balance, end of period $ 367,681 $ 283,926 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment, net as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Land and improvements $ 21,064 $ 20,219 Buildings and leasehold improvements 68,927 60,281 Furniture and office equipment 22,935 21,845 Computer software 48,416 46,231 Computer equipment 19,927 19,146 Construction in progress 1,326 2,522 Property and equipment, gross 182,595 170,244 Less: Accumulated depreciation (79,717 ) (74,883 ) Property and equipment, net $ 102,878 $ 95,361 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill are as follows (in thousands): Hospitality and Management Services Vacation Interests Sales and Financing Total Company Balance as of December 31, 2015: Island One Acquisition - July 2013 $ 30,165 $ 467 $ 30,632 HM&C Acquisition - January 2015 10 — 10 Gold Key Acquisition - October 2015 13,777 60,102 73,879 Balance as of December 31, 2015 43,952 60,569 104,521 Changes to goodwill during the three months ended March 31, 2016: Adjustment to Gold Key Acquisition based on appraisal 1,480 (984 ) 496 Intrawest Acquisition - January 2016 4,871 19,215 24,086 Total changes to goodwill during the three months ended March 31, 2016 6,351 18,231 24,582 Balance as of March 31, 2016: Island One Acquisition - July 2013 30,165 467 30,632 HM&C Acquisition - January 2015 10 — 10 Gold Key Acquisition - October 2015 15,257 59,118 74,375 Intrawest Acquisition - January 2016 4,871 19,215 24,086 Balance as of March 31, 2016 $ 50,303 $ 78,800 $ 129,103 |
Other Intangible Assets, Net (T
Other Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, net consisted of the following as of March 31, 2016 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 242,802 $ (61,696 ) $ 181,106 Member relationships and the Clubs 56,887 (39,782 ) 17,105 Rights to develop inventory 21,000 (486 ) 20,514 Rental agreements 16,000 (1,833 ) 14,167 Marketing easement rights 8,717 (545 ) 8,172 Distributor relationships and other 5,087 (2,511 ) 2,576 Total other intangible assets $ 350,493 $ (106,853 ) $ 243,640 Other intangible assets, net consisted of the following as of December 31, 2015 (in thousands): Gross Carrying Cost Accumulated Amortization Net Book Value Management contracts $ 226,515 $ (58,278 ) $ 168,237 Member relationships and the Clubs 55,866 (39,298 ) 16,568 Rights to develop inventory 11,600 (173 ) 11,427 Rental agreements 15,800 (823 ) 14,977 Marketing easement rights 8,717 (436 ) 8,281 Distributor relationships and other 5,096 (2,396 ) 2,700 Total other intangible assets $ 323,594 $ (101,404 ) $ 222,190 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | In connection with the Intrawest Acquisition, the Company recorded the following intangible assets (dollars in thousands): Weighted Average Useful Life in Years Based on Appraisal Management contracts 20 $ 16,700 Rights to develop inventory 14 9,600 Member relationships 6 1,000 $ 27,300 |
Assets Held for sale (Tables)
Assets Held for sale (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Assets Held for Sale [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale | Assets held for sale as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Unsold units and a resort in Europe $ 1,390 $ 1,518 A unit at Cabo Azul Resort in Mexico 154 154 Total assets held for sale $ 1,544 $ 1,672 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Liability for unrecognized tax benefit $ 82,519 $ 75,706 Accrued payroll and related 26,441 37,154 Accrued marketing expenses 23,541 24,885 Accrued other taxes 17,179 15,525 Accrued commissions 16,928 22,774 Gold Key inventory recovery agreement 11,114 12,371 Accrued insurance 8,914 7,795 Accrued professional fees 7,950 4,336 Accrued escrow liability 3,845 3,784 Accrued operating lease liabilities 3,140 3,309 Accrued exchange company fees 1,708 2,131 Other 16,807 11,892 Total accrued liabilities $ 220,086 $ 221,662 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure | Deferred revenues as of the dates presented below consisted of the following (in thousands): March 31, 2016 December 31, 2015 Deferred sampler package revenue $ 66,325 $ 66,285 Club deferred revenue 36,391 43,890 Guest deposits 8,954 6,631 Other 8,365 2,914 Total deferred revenues $ 120,035 $ 119,720 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents selected information on the Company’s borrowings as of the dates presented below (dollars in thousands): March 31, 2016 December 31, 2015 Principal Weighted Maturity Gross Amount of Vacation Interests notes receivable as Collateral Borrowing / Funding Availability Principal Senior Credit Facility $ 574,666 5.5% 5/9/2021 $ — $ 25,000 $ 574,666 Original issue discount and debt issuance costs related to Senior Credit Facility (except the revolving line of credit) (15,882 ) — — (16,250 ) Notes payable-insurance policies 11,775 2.4% Various — — 4,586 Notes payable-other 164 5.0% Various — — 164 Total Corporate Indebtedness 570,723 — 25,000 563,166 Diamond Resorts Owner Trust 2015-2 (1) 144,328 3.1% 5/22/2028 151,835 — 172,583 Diamond Resorts Owner Trust 2014-1 (1) 123,715 2.6% 5/20/2027 134,472 — 140,256 Diamond Resorts Owner Trust 2015-1 (1) 105,187 2.8% 7/20/2027 112,270 — 126,776 Diamond Resorts Owner Trust 2013-2 (1) 76,623 2.3% 5/20/2026 85,137 — 84,659 Conduit Facility (1) 70,676 2.3% 4/10/2017 77,302 129,324 (2) 22,538 DRI Quorum Facility and Island One Quorum Funding Facility (1) 46,824 4.4% Various 47,717 53,176 (2) 45,411 Diamond Resorts Owner Trust 2013-1 (1) 28,476 2.0% 1/20/2025 31,641 — 30,681 Diamond Resorts Owner Trust 2011-1 (1) 11,035 4.0% 3/20/2023 11,714 — 12,073 Diamond Resorts Tempus Owner Trust 2013 (1) 6,091 6.0% 12/20/2023 11,560 — 7,884 Original issue discount and debt issuance costs related to securitization notes and Funding Facilities (11,938 ) — — (12,781 ) Total Securitization Notes and Funding Facilities 601,017 663,648 182,500 630,080 Total $ 1,171,740 $ 663,648 $ 207,500 $ 1,193,246 (1) Non-recourse indebtedness (2) Borrowing / funding availability is calculated as the difference between the maximum commitment amount and the outstanding principal balance; however, the actual availability is dependent on the amount of eligible loans that serve as the collateral for such borrowings. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | The following table summarizes the information regarding the Company's derivative instruments as of the dates presented below (in thousands): As of March 31, 2016 As of December 31, 2015 Carrying Value Total Estimated Fair Value Carrying Value Total Estimated Fair Value Liabilities: Interest rate swap agreements (a) $ 277 $ 277 $ 146 $ 146 Total Liabilities $ 277 $ 277 $ 146 $ 146 (a) The balance at March 31, 2016 includes values associated with the December 2015 Swap and the March 2016 Swap, which are included in the derivative liabilities category in the accompanying condensed consolidated balance sheets. The balance at December 31, 2015 includes values associated with the December 2015 Swap. The carrying values and estimated fair values of the Company's financial instruments as of March 31, 2016 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 657,469 $ 657,469 $ — $ 657,469 Total assets $ 657,469 $ 657,469 $ — $ 657,469 Liabilities: Senior Credit Facility, net $ 558,784 $ 570,119 $ 570,119 $ — Securitization notes and Funding Facilities, net 601,017 610,883 610,883 — Notes payable 11,939 11,939 11,939 — Total liabilities $ 1,171,740 $ 1,192,941 $ 1,192,941 $ — The carrying values and estimated fair values of the Company's financial instruments as of December 31, 2015 were as follows (in thousands): Carrying Value Total Estimated Fair Value Estimated Fair Value (Level 2) Estimated Fair Value (Level 3) Assets: Vacation Interests notes receivable, net $ 622,607 $ 622,607 $ — $ 622,607 Total assets $ 622,607 $ 622,607 $ — $ 622,607 Liabilities: Senior Credit Facility, net $ 558,416 $ 569,931 $ 569,931 $ — Securitization notes and Funding Facilities, net 630,080 638,420 638,420 — Notes payable 4,750 4,750 4,750 — Total liabilities $ 1,193,246 $ 1,213,101 $ 1,213,101 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation [Abstract] | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | Stock option activity during the three months ended March 31, 2016 related to stock option grants issued to the employees of the Company was as follows: Options (In thousands) Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (In thousands) Outstanding at January 1, 2016 8,766 $ 17.20 7.9 $ 72,840 Granted — — Exercised (6 ) 14.00 Forfeited — — Outstanding at March 31, 2016 8,760 $ 17.20 7.6 $ 62,172 Exercisable at March 31, 2016 6,582 $ 14.85 7.4 $ 62,207 |
Schedule of Nonvested Share Activity | The following table summarizes the Company’s unvested stock option activity for the three months ended March 31, 2016 : Options (In thousands) Weighted-Average Exercise Price (Per Share) Unvested at January 1, 2016 2,547 $ 23.51 Granted — — Vested (369 ) 18.60 Forfeited or expired — — Unvested at March 31, 2016 2,178 $ 24.34 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes the activity related to restricted stock, RSUs and deferred stock during the three months ended March 31, 2016 : Restricted Stock Restricted Stock Units Deferred Stock Shares (In thousands) Weighted Average Grant Price (Per share) Units (In thousands) Weighted Average Grant Price (Per share) Units (In thousands) Weighted Average Grant Price (Per share) Unvested at January 1, 2016 160 $ 30.58 78 $ 32.69 — $ 32.72 Granted — $ — — $ — — $ — Vested/Converted to common stock (4 ) $ 32.69 (4 ) $ — — $ — Forfeited or expired — $ — — $ — — $ — Unvested at March 31, 2016 156 $ 30.53 74 $ 32.69 — $ 32.72 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes the Company’s stock-based compensation expense for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Company employee grants $ 3,807 $ 3,220 Non-employee director grants 342 75 Total $ 4,149 $ 3,295 The following table summarizes the effect of the stock-based compensation for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Hospitality and Management Services Vacation Interests Sales and Financing Corporate and Other Total Hospitality and Management Services Vacation Interests Sales and Financing Corporate and Other Total Management and member services $ 393 $ — $ — $ 393 $ 280 $ — $ — $ 280 Advertising, sales and marketing — 750 — 750 — 369 — 369 Vacation Interests carrying cost, net — 72 — 72 — 51 — 51 Loan portfolio — 113 — 113 — 81 — 81 General and administrative — — 2,821 2,821 — — 2,514 2,514 Total $ 393 $ 935 $ 2,821 $ 4,149 $ 280 $ 501 $ 2,514 $ 3,295 |
Deferred Charges, Policy | The following table summarizes the Company’s unrecognized stock-based compensation expense as of March 31, 2016 (dollars in thousands): Options Restricted Stock Restricted Stock Units Deferred Stock Total Unrecognized stock-based compensation expense $ 16,563 $ 3,622 $ 1,969 $ 52 $ 22,206 Weighted-average remaining amortization period (in years) 1.2 2.0 2.1 0.1 1.4 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows (in thousands): Cumulative Translation Adjustment Other Total Balance, December 31, 2015 $ (20,182 ) $ 31 $ (20,151 ) Period change 148 (16 ) 132 Balance, March 31, 2016 $ (20,034 ) $ 15 $ (20,019 ) |
Net Income per share (Tables)
Net Income per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Net income (loss) per share [Abstract] | |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method | The table below sets forth the computation of basic and diluted net income per share for the periods presented below (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Computation of Basic Net Income Per Share: Net income $ 34,433 $ 25,975 Weighted average shares outstanding 69,549 74,539 Basic net income per share $ 0.50 $ 0.35 Computation of Diluted Net Income Per Share: Net income $ 34,433 $ 25,975 Weighted average shares outstanding 69,549 74,539 Effect of dilutive securities: Restricted stock, RSUs and deferred stock (a) — 29 Options to purchase common stock 1,922 2,788 Shares for diluted net income per share 71,471 77,356 Diluted net income per share $ 0.48 $ 0.34 (a) Includes unvested dilutive restricted stock and RSUs that are subject to future forfeitures. |
Business Combinations Busines52
Business Combinations Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed in connection with the Intrawest Acquisition at the acquisition date (in thousands): Based on Preliminary Appraisal as of January 29, 2016 Consideration: Cash $ 84,613 Fair value of total consideration transferred $ 84,613 Recognized amounts of identifiable assets and liabilities assumed as of January 29, 2016: Vacation Interests notes receivable, net $ 22,114 Income tax receivable 138 Other receivables, net 873 Prepaid expenses and other assets, net 4,291 Unsold Vacation Interests 16,703 Property and equipment 1,930 Other intangible assets 27,300 Total assets 73,349 Deferred tax liability 4,419 Liabilities assumed 8,403 Total identifiable net assets $ 60,527 Goodwill $ 24,086 Acquired intangible assets consisted of the following as The following table summarizes the consideration paid and the amounts of the assets acquired and liabilities assumed from the Gold Key Companies at the acquisition date (in thousands): Based on Preliminary Appraisal as of October 16, 2015 Adjustments recorded Through March 31, 2016 Based on Updated Appraisal as of March 31, 2016 Consideration: Cash $ 167,500 $ — $ 167,500 Fair value of total consideration transferred $ 167,500 $ — $ 167,500 Recognized amounts of identifiable assets and liabilities assumed as of October 16, 2015: Cash and cash equivalents $ 66 $ — $ 66 Restricted cash 47 — 47 Due from related parties, net 766 — 766 Other receivables, net 69 — 69 Prepaid expenses and other assets, net 15,904 — 15,904 Unsold Vacation Interests 26,481 (11 ) 26,470 Property and equipment 15,329 (11 ) 15,318 Other intangible assets 53,060 (400 ) 52,660 Total assets 111,722 (422 ) 111,300 Liabilities assumed 18,101 74 18,175 Total identifiable net assets $ 93,621 $ (496 ) $ 93,125 Goodwill $ 73,879 $ 496 $ 74,375 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | Acquired intangible assets consisted of the following as of January 29, 2016 (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal Management Contracts 20 $ 16,700 Rights to develop inventory 14 9,600 Member relationships 6 1,000 $ 27,300 Acquired intangible assets consisted of the following as of the dates below (dollar amounts in thousands): Weighted Average Useful Life in Years Based on Preliminary Appraisal as of October 16, 2015 Adjustments recorded Through March 31, 2016 Based on Updated Appraisal as of March 31, 2016 Management Contracts 20 $ 25,300 $ (400 ) $ 24,900 Rental Agreements 4 15,800 200 16,000 Rights to develop inventory 14 11,600 (200 ) 11,400 Member relationships 6 360 — 360 $ 53,060 $ (400 ) $ 52,660 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents revenues and income before provision for income taxes for the Company's reportable segments (in thousands): Three Months Ended March 31, 2016 2015 Revenues: Hospitality and management services $ 52,410 $ 45,741 Vacation Interests sales and financing 181,060 151,393 Corporate and other 326 386 Total revenues $ 233,796 $ 197,520 Income before provision for income taxes: Hospitality and management services $ 40,537 $ 33,625 Vacation Interests sales and financing 65,700 60,042 Corporate and other (47,857 ) (48,167 ) Income before provision for income taxes $ 58,380 $ 45,500 Interest Revenue: Hospitality and management services $ — $ — Vacation Interests sales and financing 22,187 18,416 Corporate and other 326 386 Total interest revenue $ 22,513 $ 18,802 Interest Expense: Hospitality and management services $ — $ — Vacation Interests sales and financing 4,848 3,918 Corporate and other 10,218 7,686 Total interest expense $ 15,066 $ 11,604 |
Background, Business and Basi54
Background, Business and Basis of Presentation (Details) resort_unit in Thousands, $ in Thousands | Jan. 29, 2016USD ($) | Oct. 16, 2015USD ($) | Mar. 31, 2016USD ($)resort_unitresort_propertyresort_trustcountryvacation_destination | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Number Of Vacation Destinations | vacation_destination | 426 | ||||
Number Of Countries With Vacation Destinations | country | 35 | ||||
Number Of Resort Properties In Resort Network | resort_property | 108 | ||||
Number Of Resort Units | resort_unit | 13 | ||||
Number Of Affiliated Resorts | resort_property | 298 | ||||
Number Of Cruise Itineraries | country | 20 | ||||
Number Of Multi-Resort Trusts | resort_trust | 8 | ||||
Number Of Single-Resort Trusts | resort_trust | 1 | ||||
Escrow Deposit | $ 12,462 | $ 13,423 | |||
Gold Key Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ 167,500 | 167,500 | |||
Escrow Deposit | $ 6,200 | ||||
Intrawest Acquisition [Member] | |||||
Payments to Acquire Businesses, Gross | $ 84,613 | $ 84,613 | $ 0 | ||
Number of resorts acquired [Domain] | Gold Key Acquisition [Member] | |||||
Other Parent Company Disclosures | six | ||||
Number of resorts acquired [Domain] | Intrawest Acquisition [Member] | |||||
Other Parent Company Disclosures | nine |
Summary of Significant Accoun55
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 11, 2015 | Feb. 05, 2015 | Apr. 30, 2010 |
Long-term Debt | $ 1,171,740 | $ 1,193,246 | |||
Adjustments for New Accounting Pronouncement [Member] | |||||
Prepaid Expense | 24,200 | ||||
Line of Credit Facility, Increase (Decrease), Net | 11,500 | ||||
Notes Reduction | $ 12,700 | ||||
Quorum Facility [Member] | |||||
Long-term Debt | $ 100,000 | ||||
Conduit 2008 [Member] | |||||
Debt Instrument, Face Amount | $ 200,000 | $ 200,000 |
Concentrations of Risk (Details
Concentrations of Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 10, 2016 | Dec. 31, 2015 | Dec. 15, 2015 | |
Derivative Liability, Fair Value, Gross Liability | $ 277 | $ 146 | ||
December 2015 swap [Member] | ||||
Derivative, Notional Amount | $ 20,500 | |||
Derivative, Fixed Interest Rate | 2.38% | |||
March 2016 swap [Member] | ||||
Derivative, Notional Amount | $ 45,000 | |||
Derivative, Fixed Interest Rate | 2.25% | |||
December 2015 and March 2016 swap [Member] | ||||
Derivative Liability, Fair Value, Gross Liability | $ 300 | |||
Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 10.00% | |||
Geographic Concentration Risk [Member] | CALIFORNIA | ||||
Concentration Risk, Percentage | 32.80% |
Cash in Escrow and Restricted57
Cash in Escrow and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Securities Reserve Deposit Required and Made | $ 42,595 | $ 50,943 |
Escrow Deposit | 12,462 | 13,423 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 10,866 | 10,680 |
Funds Held for Clients | 9,593 | 18,626 |
Security Deposit | 870 | 883 |
Restricted Cash and Investments | 4,205 | 3,740 |
Restricted Cash and Cash Equivalents | $ 80,591 | $ 98,295 |
Vacation Interests Notes Rece58
Vacation Interests Notes Receivable and Allowance -Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 63 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Jan. 29, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Contract Receivable, Due after One Year, Lowest Interest Rate | 6.00% | 6.00% | |||
Contract Receivable, Due after One Year, Highest Interest Rate | 18.00% | 18.00% | |||
Contract Receivable, Due after One Year, Weighted Average Interest Rate | 14.50% | 14.50% | 14.60% | ||
Receivables Greater Than 90 Days | 3.40% | 3.40% | 2.50% | ||
Amortization of Financing Costs and Discounts | $ 1,516 | $ 1,516 | $ 0 | ||
Amortization of Deferred Loan Origination Fees, Net | $ 1,500 | $ 1,100 | |||
Minimum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage Loans On Real Estate, Payment Period | 2 years | ||||
Initiation of cancellation or foreclosure proceedings | 91 days | ||||
Maximum [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Mortgage Loans On Real Estate, Payment Period | 15 years | ||||
Mortgage Loans on Real Estate, Periodic Payment Terms | 10 | ||||
Initiation of cancellation or foreclosure proceedings | 180 days | ||||
Intrawest Acquisition [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | $ 22,114 | ||||
Time Sharing Transactions, Allowance for Uncollectible Accounts | $ 3,200 | ||||
Amortization of Financing Costs and Discounts | $ 1,500 | $ 1,500 | |||
Originated Mortgages [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Amortization of Deferred Loan Origination Fees, Net | $ 3,900 | $ 3,000 |
Vacation Interests Notes Rece59
Vacation Interests Notes Receivable and Allowance (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | $ 807,921 | $ 769,791 |
Time Sharing Transactions, Allowance for Uncollectible Accounts on Receivables Sold with Recourse | (168,998) | (165,331) |
Time Sharing Transactions, Deferred Profit | (1,201) | (1,780) |
Deferred Finance Costs, Net | 15,462 | 15,546 |
Defaulted Mortgage inventory Value | 5,591 | 4,152 |
Receivable with Imputed Interest, Premium | 210 | 229 |
Receivable with Imputed Interest, Discount | 1,516 | 0 |
Mortgages and contracts receivable, net | 657,469 | 622,607 |
Originated Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 762,700 | 744,532 |
Purchased Mortgages [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 45,221 | 25,259 |
Securitized interest notes receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 663,648 | 688,777 |
Vacation Interest Notes Receivable - Non Securitized [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Gross | 144,273 | $ 81,014 |
Intrawest Acquisition [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivable with Imputed Interest, Discount | $ 1,500 |
Vacation Interests Notes Rece60
Vacation Interests Notes Receivable and Allowance Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Allowances for Mortgage and Contract Receivables, Beginning Balance | $ 165,331 | $ 130,639 |
Provision for uncollectible Vacation Interests sales | 21,559 | 14,096 |
Allowance for Doubtful Accounts Receivable, Charge-offs | (18,219) | (8,900) |
Allowances for Mortgage and Contract Receivables, Ending Balance | 168,998 | 135,701 |
Sales [Member] | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Provision for uncollectible Vacation Interests sales | $ 21,886 | $ 13,962 |
Vacation Interests Notes Rece61
Vacation Interests Notes Receivable and Allowance Schedule of Credit Quality and Aging (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | $ 745,972 | $ 722,799 |
Financing Receivable, Gross | 807,921 | 769,791 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 20,960 | 19,158 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 13,586 | 8,714 |
Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12,142 | 7,822 |
Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 8,806 | 5,743 |
Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,455 | 5,555 |
FICO Score, Greater Than 799 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 76,140 | 75,647 |
Financing Receivable, Gross | 79,038 | 77,420 |
FICO Score, Greater Than 799 [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 918 | 751 |
FICO Score, Greater Than 799 [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 879 | 193 |
FICO Score, Greater Than 799 [Member] | Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 466 | 338 |
FICO Score, Greater Than 799 [Member] | Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 447 | 204 |
FICO Score, Greater Than 799 [Member] | Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 188 | 287 |
FICO Score, 700 to 799 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 409,555 | 397,264 |
Financing Receivable, Gross | 437,454 | 415,700 |
FICO Score, 700 to 799 [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 8,848 | 7,589 |
FICO Score, 700 to 799 [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,039 | 3,497 |
FICO Score, 700 to 799 [Member] | Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 6,006 | 2,938 |
FICO Score, 700 to 799 [Member] | Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,366 | 1,879 |
FICO Score, 700 to 799 [Member] | Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,640 | 2,533 |
FICO Score, 600 to 699 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 222,471 | 213,818 |
Financing Receivable, Gross | 247,175 | 234,749 |
FICO Score, 600 to 699 [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 8,679 | 8,444 |
FICO Score, 600 to 699 [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,313 | 3,653 |
FICO Score, 600 to 699 [Member] | Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,698 | 3,893 |
FICO Score, 600 to 699 [Member] | Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,128 | 2,841 |
FICO Score, 600 to 699 [Member] | Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,886 | 2,100 |
FICO Score, Less Than 600 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 20,744 | 19,393 |
Financing Receivable, Gross | 25,014 | 23,305 |
FICO Score, Less Than 600 [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,618 | 1,700 |
FICO Score, Less Than 600 [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 995 | 881 |
FICO Score, Less Than 600 [Member] | Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 556 | 333 |
FICO Score, Less Than 600 [Member] | Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 602 | 533 |
FICO Score, Less Than 600 [Member] | Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 499 | 465 |
No FICO Score [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Current | 17,062 | 16,677 |
Financing Receivable, Gross | 19,240 | 18,617 |
No FICO Score [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 897 | 674 |
No FICO Score [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 360 | 490 |
No FICO Score [Member] | Financing Receivables, 90 To 119 Days Past Due Member [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 416 | 320 |
No FICO Score [Member] | Financing Receivables, 120 To 149 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 263 | 286 |
No FICO Score [Member] | Financing Receivables, 150 To 179 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 242 | $ 170 |
Transactions with Related Par62
Transactions with Related Parties (Details) - USD ($) | Mar. 10, 2015 | Jan. 06, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 | Dec. 31, 2015 | Mar. 21, 2015 | Apr. 27, 2011 |
Related Party Transaction [Line Items] | ||||||||
Due from Related Parties | $ 41,653,000 | $ 42,435,000 | ||||||
Due to Related Parties | 112,497,000 | 54,778,000 | ||||||
Goodwill | 129,103,000 | 104,521,000 | ||||||
Finite-Lived Intangible Assets, Gross | 350,493,000 | $ 27,300,000 | $ 323,594,000 | |||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 600,000 | $ 600,000 | ||||||
Aircraft Rental | $ 300,000 | 294,000 | ||||||
Common Stock, Shares, Issued | 71,934,002 | 71,928,002 | ||||||
Payments for Repurchase of Common Stock | $ 0 | 61,141,000 | ||||||
Homeowners' Association [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from Related Parties | 41,563,000 | $ 42,393,000 | ||||||
Due to Related Parties | 112,407,000 | 54,686,000 | ||||||
Other Related Parties [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Due from Related Parties | 90,000 | 42,000 | ||||||
Due to Related Parties | 90,000 | $ 92,000 | ||||||
HM&C [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 5.00% | |||||||
HM&C Acquisition [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Goodwill | $ 10,000 | |||||||
Praesumo Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 400,000 | $ 500,000 | ||||||
DROT 2011 Notes [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 64,500,000 | |||||||
Master Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | 300,000 | |||||||
Master Agreement [Member] | General and Administrative Expense [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Business Combination, Acquisition Related Costs | 7,800,000 | |||||||
Master Agreement [Member] | Board of Directors Chairman [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Purchases from Related Party | 16,500,000 | |||||||
Finite-Lived Intangible Assets, Gross | $ 9,000,000 | |||||||
March 2015 offering [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 800,000 | |||||||
Common Stock, Shares, Issued | 6,700,000 | 802,316 | ||||||
Treasury Stock, Shares, Acquired | 1,515,582 | |||||||
Share Price | $ 32.99 | |||||||
Payments for Repurchase of Common Stock | $ 50,000,000 | |||||||
Board of Directors Chairman [Member] | HM&C [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 95.00% |
Other receivables (Details)
Other receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jan. 29, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | $ 37,969 | $ 55,786 | |
Allowance for Doubtful Accounts Receivable | 11,600 | 12,300 | |
Mini-Vacations and Sampler Programs revenue [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | 15,050 | 14,723 | |
Vacation Interest Notes Receivable - Non Securitized [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | 9,011 | 7,919 | |
THE Club dues receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | 6,199 | 25,028 | |
Rental receivables [Domain] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | 3,244 | 2,737 | |
Insurance Claims [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | 1,432 | 1,262 | |
Other Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Other receivables, net | $ 3,033 | $ 4,117 | |
Intrawest Acquisition [Member] | Other Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 873 |
Prepaid Expenses and Other As64
Prepaid Expenses and Other Assets, Net Prepaid Expenses and Other Assets, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 | Dec. 31, 2015 | |
Unamortized maintenance fees | $ 93,284 | $ 0 | ||
Other Inventory, in Transit, Gross | 33,554 | 29,323 | ||
Deferred Sales Commission | 16,789 | 17,109 | ||
Prepaid Expense, Current | 6,053 | 2,689 | ||
Advances on Inventory Purchases | 4,722 | 4,767 | ||
Prepaid Insurance | 3,307 | 2,670 | ||
Deposits Assets | 2,872 | 2,635 | ||
Prepaid maintenance fees | 2,707 | 3,843 | ||
Prepaid Advertising | 2,498 | 2,601 | ||
Deferred Finance Costs, Current, Net | 2,302 | 2,545 | ||
Other Prepaid Expense, Current | 9,660 | 8,272 | ||
Prepaid Expense and Other Assets | 177,748 | $ 76,454 | ||
Amortization of Financing Costs | $ (500) | $ (300) | ||
Intrawest Acquisition [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $ 4,291 |
Unsold Vacation Interests, Ne65
Unsold Vacation Interests, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Unsold Vacation Interests, Net [Abstract] | ||||
Completed unsold Vacation Interests, net | $ 328,279 | $ 298,782 | ||
Undeveloped Land | 38,319 | 35,974 | ||
Vacation Interest Construction in Progress | 1,083 | 23,522 | ||
Inventory, Net | $ 367,681 | $ 358,278 | $ 283,926 | $ 262,172 |
Unsold Vacation Interests, Ne66
Unsold Vacation Interests, Net - Activity Related to Unsold Vacation Interests (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Unsold Vacation Interests, Net [Roll Forward] | ||
Inventory, Net (period start) | $ 358,278 | $ 262,172 |
Vacation interest cost of sales | 9,242 | 1,138 |
Deferred Inventory Recovery | 336 | (136) |
Purchases in connection with Business combinations | 16,692 | 0 |
Open market and bulk purchases | 3,314 | 5,762 |
Real Estate Inventory, Capitalized Interest Costs Incurred | 2,562 | 3,258 |
Construction in progress | 1,069 | 1,908 |
Transfer of construction-in-progress to property, plant and equipment | (5,702) | 0 |
Allowance for Doubtful Accounts Receivable, Recoveries | 673 | 1,613 |
Transfers from assets held for sale | 0 | 13,159 |
effect on foreign currency translation | (235) | (2,936) |
other | (64) | 264 |
Inventory, Net (period end) | $ 367,681 | $ 283,926 |
Unsold Vacation Interests, Ne67
Unsold Vacation Interests, Net (Narrative) (Details) $ in Millions | Jan. 29, 2016USD ($) |
Intrawest Acquisition [Member] | |
Activity related to unsold Vacation Interest [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 16.7 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Jan. 29, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 182,595 | $ 170,244 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (79,717) | (74,883) | ||
Property, Plant and Equipment, Net | 102,878 | 95,361 | ||
Depreciation | 5,000 | $ 3,900 | ||
Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 21,064 | 20,219 | ||
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 68,927 | 60,281 | ||
Furniture and office equipment [Domain] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 22,935 | 21,845 | ||
Software [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 48,416 | 46,231 | ||
Computer Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 19,927 | 19,146 | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 1,326 | $ 2,522 | ||
Intrawest Acquisition [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | $ 1,900 |
Other Intangible Assets, Net (D
Other Intangible Assets, Net (Details) - USD ($) $ in Thousands | Jan. 29, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 27,300 | $ 350,493 | $ 323,594 |
Finite-Lived Intangible Assets, Accumulated Amortization | (106,853) | (101,404) | |
Finite-Lived Intangible Assets, Net | 243,640 | 222,190 | |
management contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 242,802 | 226,515 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (61,696) | (58,278) | |
Finite-Lived Intangible Assets, Net | 181,106 | 168,237 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 56,887 | 55,866 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (39,782) | (39,298) | |
Finite-Lived Intangible Assets, Net | 17,105 | 16,568 | |
Rights to Develop Inventory [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 21,000 | 11,600 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (486) | (173) | |
Finite-Lived Intangible Assets, Net | 20,514 | 11,427 | |
Rental Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 16,000 | 15,800 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,833) | (823) | |
Finite-Lived Intangible Assets, Net | 14,167 | 14,977 | |
Contractual Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 8,717 | 8,717 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (545) | (436) | |
Finite-Lived Intangible Assets, Net | 8,172 | 8,281 | |
Distribution Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 5,087 | 5,096 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (2,511) | (2,396) | |
Finite-Lived Intangible Assets, Net | $ 2,576 | $ 2,700 | |
Intrawest Acquisition [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 27,300 | ||
Intrawest Acquisition [Member] | management contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,700 | ||
Intrawest Acquisition [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,000 | ||
Intrawest Acquisition [Member] | Rights to Develop Inventory [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 9,600 | ||
Intrawest Acquisition [Member] | Weighted Average [Member] | management contracts [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Intrawest Acquisition [Member] | Weighted Average [Member] | Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Intrawest Acquisition [Member] | Weighted Average [Member] | Rights to Develop Inventory [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 14 years |
Other Intangible Assets, Net (N
Other Intangible Assets, Net (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill [Line Items] | ||
Amortization of Intangible Assets | $ 5.5 | $ 4.7 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 22.3 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 21.3 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 21.1 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 19.3 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 17 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 142.7 |
Assets Held for sale (Details)
Assets Held for sale (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 1,544 | $ 1,672 |
Europe [Member] | Points equivalent to unsold units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | 1,390 | 1,518 |
Cabo, Mexico [Member] | Completed units [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Assets Held-for-sale, Not Part of Disposal Group | $ 154 | $ 154 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jan. 29, 2016 | Dec. 31, 2015 |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Unrecognized Tax Benefits | $ 82,519 | $ 75,706 | |
Accrued payroll and related | 26,441 | 37,154 | |
Accrued marketing expenses | 23,541 | 24,885 | |
Accrued other taxes | 17,179 | 15,525 | |
Accrued commissions | 16,928 | 22,774 | |
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 11,114 | 12,371 | |
Accrued insurance | 8,914 | 7,795 | |
Accrued professional fees | 7,950 | 4,336 | |
Escrow Liability | 3,845 | 3,784 | |
Accrued operating lease liabilities | 3,140 | 3,309 | |
Accrued exchange company fees | 1,708 | 2,131 | |
Other | $ 16,807 | $ 11,892 | |
Intrawest Acquisition [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Total accrued liabilities | $ 8,403 | ||
Other Liabilities [Member] | Intrawest Acquisition [Member] | |||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||
Total accrued liabilities | $ 5,700 |
Deferred Revenues (Details)
Deferred Revenues (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Jan. 29, 2016 | Dec. 31, 2015 |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenues | $ 120,035 | $ 119,720 | |
Mini-Vacations and Sampler Programs revenue [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenues | 66,325 | 66,285 | |
Annual Membership Fees [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenues | 36,391 | 43,890 | |
Accrued Guest Deposits [Domain] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenues | 8,954 | 6,631 | |
Other Deferred Revenue [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenues | $ 8,365 | $ 2,914 | |
Intrawest Acquisition [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 8,403 | ||
Intrawest Acquisition [Member] | Other Deferred Revenue [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 2,500 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | Mar. 31, 2016 |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 5.50% |
Notes Payable Insurance Policies [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 2.49% |
Debt, Weighted Average Interest Rate | 2.40% |
Notes Payable, Other Payables [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 5.00% |
Conduit 2008 [Member] | |
Debt Instrument [Line Items] | |
Debt, Weighted Average Interest Rate | 2.30% |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Line of credit facility amount outstanding, gross | $ 574,666 | $ 574,666 |
Original Debt Discount | (15,882) | (16,250) |
Notes Payable | 11,939 | 4,750 |
Long-term Debt, Gross | 563,166 | |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | $ 601,017 | 630,080 |
Debt, Weighted Average Interest Rate | 5.50% | |
Loans Pledged as Collateral | $ 0 | |
Debt Instrument, Unused Borrowing Capacity, Amount | 207,500 | |
Long-term Debt | $ 1,171,740 | 1,193,246 |
Financing Receivable, Credit Quality, Additional Information | .10 | |
Corporate Debt Securities [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 570,723 | |
Loans Pledged as Collateral | 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 25,000 | |
Securitization notes and funding facilities [Member] | ||
Debt Instrument [Line Items] | ||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 601,017 | |
Loans Pledged as Collateral | (663,648) | |
Line of Credit Facility, Remaining Borrowing Capacity | 182,500 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 25,000 | |
Notes Payable Insurance Policies [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 11,775 | 4,586 |
Debt, Weighted Average Interest Rate | 2.40% | |
Loans Pledged as Collateral | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Notes Payable | $ 164 | 164 |
Debt, Weighted Average Interest Rate | 5.00% | |
Loans Pledged as Collateral | $ 0 | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DROT 2015-2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 144,328 | 172,583 |
Debt, Weighted Average Interest Rate | 3.10% | |
Loans Pledged as Collateral | $ (151,835) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DROT 2014-1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 123,715 | 140,256 |
Debt, Weighted Average Interest Rate | 2.60% | |
Loans Pledged as Collateral | $ (134,472) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DROT 2015-1 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 105,187 | 126,776 |
Debt, Weighted Average Interest Rate | 2.80% | |
Loans Pledged as Collateral | $ (112,270) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DROT 2013-2 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 76,623 | 84,659 |
Debt, Weighted Average Interest Rate | 2.30% | |
Loans Pledged as Collateral | $ (85,137) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
Conduit 2008 [Member] | ||
Debt Instrument [Line Items] | ||
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | $ 70,676 | 22,538 |
Debt, Weighted Average Interest Rate | 2.30% | |
Loans Pledged as Collateral | $ (77,302) | |
Line of Credit Facility, Remaining Borrowing Capacity | 129,324 | |
DRI Quorum Facility and Island One Quorum Funding Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 46,824 | 45,411 |
Debt, Weighted Average Interest Rate | 4.40% | |
Loans Pledged as Collateral | $ (47,717) | |
Line of Credit Facility, Remaining Borrowing Capacity | 53,176 | |
DROT 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 28,476 | 30,681 |
Debt, Weighted Average Interest Rate | 2.00% | |
Loans Pledged as Collateral | $ (31,641) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DROT 2011 Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 11,035 | 12,073 |
Debt, Weighted Average Interest Rate | 4.00% | |
Loans Pledged as Collateral | $ (11,714) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
DRTOT 2013 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 6,091 | 7,884 |
Debt, Weighted Average Interest Rate | 6.00% | |
Loans Pledged as Collateral | $ (11,560) | |
Line of Credit Facility, Remaining Borrowing Capacity | 0 | |
Securitization notes and funding facilities [Member] | ||
Debt Instrument [Line Items] | ||
Original Debt Discount | $ 11,938 | $ 12,781 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jul. 29, 2015resort_unit | Mar. 31, 2016USD ($)resort_unit | Dec. 31, 2015USD ($) |
Loss Contingencies [Line Items] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.9 | ||
Number Of Resort Units | resort_unit | 13,000 | ||
Kona, Hawaii Property [Member] | |||
Loss Contingencies [Line Items] | |||
Number Of Resort Units | resort_unit | 144 | ||
Hurricane [Member] | |||
Loss Contingencies [Line Items] | |||
Insurance Recoveries | $ 5 | ||
Installments [Member] | Hurricane [Member] | |||
Loss Contingencies [Line Items] | |||
Insurance Recoveries | $ 6 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 277 | $ 146 |
Vacation Interests notes receivable, net | (657,469) | (622,607) |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 558,784 | 558,416 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 601,017 | 630,080 |
Notes Payable | 11,939 | 4,750 |
Total liabilities | 1,759,147 | 1,697,871 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vacation Interests notes receivable, net | 0 | 0 |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 570,119 | 569,931 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 610,883 | 638,420 |
Notes Payable | 11,939 | 4,750 |
Total liabilities | 1,192,941 | 1,213,101 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Vacation Interests notes receivable, net | (657,469) | (622,607) |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 0 | 0 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 0 | 0 |
Notes Payable | 0 | 0 |
Total liabilities | 0 | 0 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 277 | 146 |
Vacation Interests notes receivable, net | (657,469) | (622,607) |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 558,784 | 558,416 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 601,017 | 630,080 |
Notes Payable | 11,939 | 4,750 |
Total liabilities | 1,171,740 | 1,193,246 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 277 | 146 |
Vacation Interests notes receivable, net | (657,469) | (622,607) |
Senior Credit Facility, net of unamortized original issue discount of $4,548 and $4,735, respectively, and debt issuance cost of $11,334 and $11,515, respectively | 570,119 | 569,931 |
Securitization notes and Funding Facilities, net of unamortized original issue discount of $92 and $103, respectively, and debt issuance costs of $11,846 and $12,678, respectively | 610,883 | 638,420 |
Notes Payable | 11,939 | 4,750 |
Total liabilities | 1,192,941 | $ 1,213,101 |
DRTOT 2013 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt Instrument, Face Amount | $ 31,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 02, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | May. 19, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,969 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 52 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 22,206 | ||||
Allocated Share-based Compensation Expense | $ 4,149 | $ 3,295 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (369,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 18.60 | ||||
Shares, Outstanding | 2,547,000 | 2,178,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 23.51 | $ 24.34 | |||
Parent Company [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 3,807 | 3,220 | |||
Company employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 62,207 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 72,840 | $ 62,172 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 6,582,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (6,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 8,766,000 | 8,760,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 14.85 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 4 months 24 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 24 days | 7 years 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 17.20 | $ 17.20 | |||
Hospitality and Management Services [Member] | Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 393 | 280 | |||
Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 935 | 501 | |||
Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 2,821 | 2,514 | |||
granted [Member] | Company employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
exercised [Member] | Company employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 14 | ||||
forfeited [Member] | Company employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | ||||
Management and member services [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 393 | 280 | |||
Management and member services [Member] | Hospitality and Management Services [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 393 | 280 | |||
Management and member services [Member] | Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
Management and member services [Member] | Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
advertising sales and marketing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 750 | 369 | |||
advertising sales and marketing [Member] | Hospitality and Management Services [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
advertising sales and marketing [Member] | Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 750 | 369 | |||
advertising sales and marketing [Member] | Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
Vacation interest carrying costs, net [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 72 | 51 | |||
Vacation interest carrying costs, net [Member] | Hospitality and Management Services [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
Vacation interest carrying costs, net [Member] | Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 72 | 51 | |||
Vacation interest carrying costs, net [Member] | Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
loan portfolio [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 113 | 81 | |||
loan portfolio [Member] | Hospitality and Management Services [Member] | Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
loan portfolio [Member] | Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 113 | 81 | |||
loan portfolio [Member] | Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 2,821 | 2,514 | |||
General and Administrative Expense [Member] | Hospitality and Management Services [Member] | Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
General and Administrative Expense [Member] | Vacation Interest Sales and Financing [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 0 | 0 | |||
General and Administrative Expense [Member] | Corporate and Other [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 2,821 | 2,514 | |||
Director [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | 342 | $ 75 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 16,563 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 2 months 12 days | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 156,000 | 160,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (4,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 32.69 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 30.53 | $ 30.58 | |||
Restricted Stock [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 3,622 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 74,000 | 78,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (4,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 32.69 | $ 32.69 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | ||||
Deferred Compensation, Share-based Payments [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 32.72 | $ 32.72 | |||
Deferred Compensation, Share-based Payments [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 month 6 days | ||||
2015 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Shares Authorized | 8,500,000 | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 7,174,940 |
Accumulated Other Comprehensi79
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (20,034) | $ (20,182) | |
Other Comprehensive Income (Loss), Net of Tax | (16) | $ (18) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 132 | $ (3,137) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (20,019) | (20,151) | |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Net of Tax | (16) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 15 | $ 31 |
Net income per share (Details)
Net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,200 | |
Net income (loss) | $ 34,433 | $ 25,975 |
Weighted Average Number of Shares Outstanding, Basic | 69,549 | 74,539 |
Earnings Per Share, Basic | $ 0.50 | $ 0.35 |
Weighted Average Number of Shares Outstanding, Diluted | 71,471 | 77,356 |
Earnings Per Share, Diluted | $ 0.48 | $ 0.34 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 29 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted Average Number Diluted Limited Partnership Units Outstanding Adjustment | 1,922 | 2,788 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Jan. 29, 2016 | Oct. 16, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Due from Related Parties | $ 41,653 | $ 41,653 | $ 42,435 | |||
Finite-Lived Intangible Assets, Gross | $ 27,300 | 350,493 | 350,493 | 323,594 | ||
Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Contingent Consideration, Liability | $ 15,500 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 73,879 | 74,375 | 74,375 | |||
Payments to Acquire Businesses, Gross | 167,500 | 167,500 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 66 | 66 | 66 | |||
Restricted Cash and Investments, Current | 47 | 47 | 47 | |||
Due from Related Parties | 766 | 766 | 766 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | 69 | 69 | 69 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 15,904 | 15,904 | 15,904 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 26,481 | 26,470 | 26,470 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,329 | 15,318 | 15,318 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,060 | 52,660 | 52,660 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 111,722 | 111,300 | 111,300 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (400) | |||||
Finite-Lived Intangible Assets, Gross | 53,060 | 52,660 | 52,660 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 18,101 | 18,175 | 18,175 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 93,621 | 93,125 | 93,125 | |||
Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 24,086 | |||||
Payments to Acquire Businesses, Gross | 84,613 | 84,613 | $ 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 4,291 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 16,700 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,900 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 27,300 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 73,349 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 8,403 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 60,527 | |||||
management contracts [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 242,802 | 242,802 | 226,515 | |||
management contracts [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Other Parent Company Disclosures | five | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 25,300 | 24,900 | 24,900 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (400) | |||||
management contracts [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 16,700 | |||||
Rental Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 16,000 | 16,000 | 15,800 | |||
Rental Agreements [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,800 | 16,000 | 16,000 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 200 | |||||
Rights to Develop Inventory [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 21,000 | 21,000 | 11,600 | |||
Rights to Develop Inventory [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 11,600 | 11,400 | 11,400 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (200) | |||||
Rights to Develop Inventory [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,600 | |||||
Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Assets, Gross | 56,887 | 56,887 | $ 55,866 | |||
Customer Relationships [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 360 | $ 360 | 360 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |||||
Customer Relationships [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 1,000 | |||||
Liability [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 74 | |||||
Weighted Average [Member] | management contracts [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
Weighted Average [Member] | management contracts [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||||
Weighted Average [Member] | Rental Agreements [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||
Weighted Average [Member] | Rights to Develop Inventory [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||||
Weighted Average [Member] | Rights to Develop Inventory [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 14 years | |||||
Weighted Average [Member] | Customer Relationships [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||
Weighted Average [Member] | Customer Relationships [Member] | Intrawest Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||
Cash and Cash Equivalents [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |||||
Inventories [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | (11) | |||||
Property, Plant and Equipment [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | (11) | |||||
Other Intangible Assets [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (400) | |||||
Assets, Total [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | (422) | |||||
Net Assets [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | (496) | |||||
Goodwill [Member] | Gold Key Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | $ 496 |
Business Combinations Intrawest
Business Combinations Intrawest Acquisition (Details) - USD ($) $ in Thousands | Jan. 29, 2016 | Oct. 16, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Intrawest Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 84,613 | $ 84,613 | $ 0 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 18,100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Assets | 22,114 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 4,291 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 16,700 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 27,300 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 73,349 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 4,419 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 8,403 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 60,527 | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 24,086 | |||
Gold Key Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to Acquire Businesses, Gross | $ 167,500 | 167,500 | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | 69 | 69 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 15,904 | 15,904 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 26,481 | 26,470 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 15,329 | 15,318 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,060 | 52,660 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 111,722 | 111,300 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 18,101 | 18,175 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 93,621 | 93,125 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 73,879 | $ 74,375 | ||
Accrued Income Receivable [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 138 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 233,796 | $ 197,520 |
Income (loss) before provision for income taxes | 58,380 | 45,500 |
Interest Income, Operating | 22,513 | 18,802 |
Interest Expense | 15,066 | 11,604 |
Hospitality and Management Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 52,410 | 45,741 |
Income (loss) before provision for income taxes | 40,537 | 33,625 |
Interest Income, Operating | 0 | 0 |
Interest Expense | 0 | 0 |
Vacation Interest Sales and Financing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 181,060 | 151,393 |
Income (loss) before provision for income taxes | 65,700 | 60,042 |
Interest Income, Operating | 22,187 | 18,416 |
Interest Expense | 4,848 | 3,918 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 326 | 386 |
Income (loss) before provision for income taxes | (47,857) | (48,167) |
Interest Income, Operating | 326 | 386 |
Interest Expense | $ 10,218 | $ 7,686 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | May. 09, 2016 | Feb. 05, 2015 | May. 10, 2016 | Mar. 31, 2016 | Dec. 11, 2015 |
Subsequent Event [Line Items] | |||||
Loans Pledged as Collateral | $ 0 | ||||
Conduit 2008 [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Face Amount | $ 200,000 | $ 200,000 | |||
Advance Rate for Securitization | 88.00% | ||||
Conduit 2008 [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Advance Rate for Securitization | 85.00% | ||||
Accounts Payable, Interest-bearing, Interest Rate | 0.25% | ||||
Loans Pledged as Collateral | $ 3,500 | ||||
Loan collateral percentage | 5.00% | ||||
Maximum [Member] | Conduit 2008 [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Delinquency rate | 8.25% | ||||
Default Rate | 2.25% | ||||
Minimum [Member] | Conduit 2008 [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Delinquency rate | 6.50% | ||||
Default Rate | 0.90% |