Hilton Grand Vacations (HGV) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Hilton Grand Vacations Inc.
Entity Central Index Key	0001674168
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		85,911,860
Entity Emerging Growth Company	false
Entity Small Business	false
Trading Symbol	HGV
Entity Shell Company	false
Entity File Number	001-37794
Entity Tax Identification Number	812545345
Entity Address, Address Line One	6355 MetroWest Boulevard
Entity Address, Address Line Two	Suite 180
Entity Address, City or Town	Orlando
Entity Address, State or Province	Florida
Entity Address, Postal Zip Code	32835
City Area Code	407
Local Phone Number	613-3100

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 120	$ 108
Restricted cash		67	72
Accounts receivable, net of allowance for doubtful accounts of $17 and $14		156	153
Timeshare financing receivables, net		1,125	1,120
Inventory		536	527
Property and equipment, net		673	559
Operating lease right-of-use assets, net		63
Investments in unconsolidated affiliates		43	38
Intangible assets, net		84	81
Other assets		122	95
TOTAL ASSETS (variable interest entities - $571 and $647)		2,989	2,753
Liabilities:
Accounts payable, accrued expenses and other		312	324
Advanced deposits		108	101
Debt, net		937	604
Non-recourse debt, net		696	759
Operating lease liabilities	[1]	76
Deferred revenues		163	95
Deferred income tax liabilities		247	254
Total liabilities (variable interest entities - $562 and $640)		2,539	2,137
Commitments and contingencies - see Note 19
Equity:
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of June 30, 2019 and December 31, 2018
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 85,910,022 issued and outstanding as of June 30, 2019 and 94,558,086 issued and outstanding as of December 31, 2018		1	1
Additional paid-in capital		169	174
Accumulated retained earnings		280	441
Total equity		450	616
TOTAL LIABILITIES AND EQUITY		$ 2,989	$ 2,753
[1]	Operating lease payments exclude $1 million

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 17	$ 14
Assets, variable interest entity	571	647
Liabilities, variable interest entity	$ 562	$ 640
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	300,000,000	300,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common Stock, shares issued (in shares)	85,910,022	94,558,086
Common Stock, shares outstanding (in shares)	85,910,022	94,558,086

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (UNAUDITED) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues		$ 454,000,000	$ 563,000,000	$ 904,000,000	$ 930,000,000
Expenses
General and administrative		29,000,000	30,000,000	54,000,000	53,000,000
Depreciation and amortization		13,000,000	8,000,000	23,000,000	16,000,000
Total operating expenses		390,000,000	408,000,000	755,000,000	728,000,000
Interest expense		(11,000,000)	(8,000,000)	(21,000,000)	(15,000,000)
Equity in earnings (losses) from unconsolidated affiliates		2,000,000	(2,000,000)	3,000,000	(1,000,000)
Other (loss) gain, net		(1,000,000)	1,000,000	(2,000,000)
Income before income taxes		54,000,000	146,000,000	129,000,000	186,000,000
Income tax expense		(15,000,000)	(39,000,000)	(35,000,000)	(49,000,000)
Net income	[1]	$ 38,624,856	$ 106,861,230	$ 93,692,657	$ 137,031,259
Earnings per share:
Basic		$ 0.43	$ 1.10	$ 1.02	$ 1.40
Diluted		$ 0.43	$ 1.10	$ 1.01	$ 1.39
Sales of VOIs, Net
Revenues
Total revenues		$ 120,000,000	$ 250,000,000	$ 245,000,000	$ 328,000,000
Sales, Marketing, Brand and Other Fees
Revenues
Total revenues		145,000,000	146,000,000	286,000,000	271,000,000
Financing
Revenues
Total revenues		43,000,000	39,000,000	84,000,000	77,000,000
Expenses
Expenses		12,000,000	12,000,000	25,000,000	23,000,000
Resort and Club Management
Revenues
Total revenues		43,000,000	37,000,000	85,000,000	76,000,000
Expenses
Expenses		12,000,000	11,000,000	23,000,000	22,000,000
Rental and Ancillary Services
Revenues
Total revenues		60,000,000	53,000,000	119,000,000	104,000,000
Expenses
Expenses		37,000,000	30,000,000	72,000,000	58,000,000
Cost Reimbursements
Revenues
Total revenues		43,000,000	38,000,000	85,000,000	74,000,000
Expenses
Expenses		43,000,000	38,000,000	85,000,000	74,000,000
Cost of VOI Sales
Expenses
Expenses		32,000,000	61,000,000	68,000,000	80,000,000
Sales and Marketing
Expenses
Expenses		186,000,000	193,000,000	356,000,000	354,000,000
License Fee Expense
Expenses
Expenses		$ 26,000,000	$ 25,000,000	$ 49,000,000	$ 48,000,000
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (UNAUDITED)	6 Months Ended
	Jun. 30, 2019USD ($)		Jun. 30, 2018USD ($)
Operating Activities
Net income	$ 93,692,657	[1]	$ 137,031,259	[1]
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	23,000,000		16,000,000
Amortization of deferred financing costs and other	5,000,000		3,000,000
Provision for financing receivables losses	38,000,000	[2]	30,000,000	[2]
Other loss, net	2,000,000
Share-based compensation	12,000,000		8,000,000
Deferred income tax benefit	(9,000,000)		(6,000,000)
Equity in (earnings) losses from unconsolidated affiliates	(3,000,000)		1,000,000
Distributions received from unconsolidated affiliates			2,000,000
Net changes in assets and liabilities:
Accounts receivable, net	(3,000,000)		(26,000,000)
Timeshare financing receivables, net	(42,000,000)		(48,000,000)
Inventory	(11,000,000)		11,000,000
Purchases and development of real estate for future conversion to inventory	(80,000,000)		(176,000,000)
Other assets	(26,000,000)		(58,000,000)
Accounts payable, accrued expenses and other	(3,000,000)		(42,000,000)
Advanced deposits	7,000,000		8,000,000
Deferred revenues	68,000,000		4,000,000
Other			2,000,000
Net cash provided by (used in) operating activities	72,000,000		(134,000,000)
Investing Activities
Capital expenditures for property and equipment	(17,000,000)		(20,000,000)
Software capitalization costs	(11,000,000)		(9,000,000)
Return of investment from unconsolidated affiliates			11,000,000
Investments in unconsolidated affiliates	(2,000,000)		(5,000,000)
Net cash used in investing activities	(30,000,000)		(23,000,000)
Financing Activities
Issuance of debt	410,000,000		160,000,000
Issuance of non-recourse debt	15,000,000		100,000,000
Repayment of debt	(105,000,000)		(5,000,000)
Repayment of non-recourse debt	(79,000,000)		(80,000,000)
Debt issuance costs	(2,000,000)		(2,000,000)
Repurchase and retirement of common stock	(271,000,000)		(112,000,000)
Payment of withholding taxes on vesting of restricted stock units	(3,000,000)		(1,000,000)
Proceeds from employee stock plan purchases	2,000,000
Capital contribution			3,000,000
Other financing activity	(2,000,000)
Net cash (used in) provided by financing activities	(35,000,000)		63,000,000
Net increase (decrease) in cash, cash equivalents and restricted cash	7,000,000		(94,000,000)
Cash, cash equivalents and restricted cash, beginning of period	180,000,000		297,000,000
Cash, cash equivalents and restricted cash, end of period	187,000,000		203,000,000
Supplemental disclosure of non-cash operating activities:
Cumulative effect of adoption of new accounting standard			$ 38,000,000
Supplemental disclosure of non-cash financing activities:
Issuance of other debt	$ 23,000,000
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019
[2]	Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (UNAUDITED) - USD ($)		Total		Common Stock	Additional Paid-in Capital	Accumulated Retained Earnings
Beginning balance, value at Dec. 31, 2017		$ 518,000,000		$ 1,000,000	$ 162,000,000	$ 355,000,000
Beginning balance, shares at Dec. 31, 2017				99,000,000
Net income		30,000,000		$ 0	0	30,000,000
Activity related to share-based compensation		(1,000,000)		0	(1,000,000)	0
Repurchase and retirement of common stock		(112,000,000)		$ 0	(3,000,000)	(109,000,000)
Repurchase and retirement of common stock, shares				(2,000,000)
Revenue recognition cumulative-effect adjustment		(38,000,000)		$ 0	0	(38,000,000)
Capital contribution		3,000,000		0	3,000,000	0
Ending balance, value at Mar. 31, 2018		400,000,000		$ 1,000,000	161,000,000	238,000,000
Ending balance, shares at Mar. 31, 2018				97,000,000
Beginning balance, value at Dec. 31, 2017		518,000,000		$ 1,000,000	162,000,000	355,000,000
Beginning balance, shares at Dec. 31, 2017				99,000,000
Net income	[1]	137,031,259
Ending balance, value at Jun. 30, 2018		517,000,000		$ 1,000,000	170,000,000	346,000,000
Ending balance, shares at Jun. 30, 2018				97,000,000
Beginning balance, value at Mar. 31, 2018		400,000,000		$ 1,000,000	161,000,000	238,000,000
Beginning balance, shares at Mar. 31, 2018				97,000,000
Net income		106,861,230	[1]	$ 0	0	107,000,000
Activity related to share-based compensation		6,000,000		0	6,000,000	0
Other		4,000,000		0	3,000,000	1,000,000
Ending balance, value at Jun. 30, 2018		517,000,000		$ 1,000,000	170,000,000	346,000,000
Ending balance, shares at Jun. 30, 2018				97,000,000
Beginning balance, value at Dec. 31, 2018		$ 616,000,000		$ 1,000,000	174,000,000	441,000,000
Beginning balance, shares at Dec. 31, 2018		94,558,086		94,000,000
Net income		$ 55,000,000		$ 0	0	55,000,000
Activity related to share-based compensation		1,000,000		0	1,000,000	0
Repurchase and retirement of common stock		(97,000,000)		$ 0	(5,000,000)	(92,000,000)
Repurchase and retirement of common stock, shares				(3,000,000)
Ending balance, value at Mar. 31, 2019		575,000,000		$ 1,000,000	170,000,000	404,000,000
Ending balance, shares at Mar. 31, 2019				91,000,000
Beginning balance, value at Dec. 31, 2018		$ 616,000,000		$ 1,000,000	174,000,000	441,000,000
Beginning balance, shares at Dec. 31, 2018		94,558,086		94,000,000
Net income	[1]	$ 93,692,657
Ending balance, value at Jun. 30, 2019		$ 450,000,000		$ 1,000,000	169,000,000	280,000,000
Ending balance, shares at Jun. 30, 2019		85,910,022		86,000,000
Beginning balance, value at Mar. 31, 2019		$ 575,000,000		$ 1,000,000	170,000,000	404,000,000
Beginning balance, shares at Mar. 31, 2019				91,000,000
Net income		38,624,856	[1]	$ 0	0	39,000,000
Activity related to share-based compensation		10,000,000		0	10,000,000	0
Repurchase and retirement of common stock		(174,000,000)		$ 0	(11,000,000)	(163,000,000)
Repurchase and retirement of common stock, shares				(5,000,000)
Ending balance, value at Jun. 30, 2019		$ 450,000,000		$ 1,000,000	$ 169,000,000	$ 280,000,000
Ending balance, shares at Jun. 30, 2019		85,910,022		86,000,000
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Note 1: Organization Our Business Hilton Grand Vacations Inc. (“Hilton Grand Vacations,” “we,” “us,” “our,” “HGV” or the “Company”) is a global timeshare company engaged in developing, marketing, selling and managing timeshare resorts primarily under the Hilton Grand Vacations brand. Our operations primarily consist of: selling vacation ownership intervals (“VOIs”) for us and third parties; financing and servicing loans provided to consumers for their timeshare purchases; operating resorts; and managing our points-based Hilton Grand Vacations Club exchange program (the “Club”). As of June 30, 2019, we had 57 properties, comprised of 9,177 units, located in the United States (“U.S.”), Japan and Europe. In connection with the completion of the spin-off in January 2017, we entered into agreements with Hilton Worldwide (“Hilton”) (who at the time was a related party) and other third parties, including licenses to use the Hilton Grand Vacations brand. The unaudited condensed consolidated financial statements reflect the effect of these agreements. For the three months ended June 30, 2019 and 2018, we incurred $36 million and $38 million, respectively, and for each of the six months ended June 30, 2019 and 2018, we incurred $92 million and $97 million, respectively, in costs relating to the agreements entered with Hilton. See Key Agreements Related to the Spin-Off Part I - Item 1. Business

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2: Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements presented herein include 100 percent of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2018, included in our Annual Report on Form 10-K filed with the SEC on February 28, 2019. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance. Summary of Significant Accounting Policies Leases We lease sales centers, office space and equipment under operating leases. We determine if an arrangement is a lease at inception. Amounts related to operating leases are included in Operating lease right-of-use (“ROU”) assets, net Operating lease liabilities ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Because most of our leases do not provide an explicit or implicit rate of return, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar terms. We have lease agreements with lease and non-lease components. Our operating leases may require minimum rent payments, contingent rent payments based on a percentage of revenue or income or rental payments adjusted periodically for inflation, or rent payments equal to the greater of a minimum rent or contingent rent. Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 months or less are not recorded on the condensed consolidated balance sheet s and lease expense is recognized on a straight-line basis over the lease term. We monitor events or changes in circumstances that change the timing or amount of future lease payments which results in the remeasurement of a lease liability, with a corresponding adjustment to the ROU asset. ROU assets for operating and financing leases are periodically reviewed for impairment losses under ASC 360-10, Property, Plant, and Equipment Recently Issued Accounting Pronouncements Adopted Accounting Standards On January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases Targeted Improvements, . As permitted under the transition guidance in ASC 842, we have made an accounting policy election to adopt the following package of practical expedients: i. to not reassess whether expired or existing contracts are or contain leases; ii. to not reassess lease classification for expired or existing leases; iii. to not reassess any initial direct costs for any existing leases; iv. to not reassess the existence of a lease for existing or expired land easements that were not previously accounted for as leases; v. to record short-term lease payments (less than 12 months) in profit and loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred; and vi. to not prospectively, and upon adoption, separate lease and non-lease components. ROU assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ASC 842 had no impact on our condensed consolidated statements of operations or on our condensed consolidated statements of cash flows. Upon adoption, we recognized ROU assets of $68 million and operating lease liabilities of $80 million for our real estate and equipment operating leases on the condensed consolidated balance sheets. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Financial Instruments-Credit Losses Measurement of Credit Losses on Financial Instruments

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	Note 3: Revenue from Contracts with Customers Disaggregation of Revenue The following tables show our disaggregated revenues by segment from contracts with customers. We operate our business in the following two segments: (i) Real estate sales and financing Resort operations and club management Business Segments Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Real Estate and Financing Segment Sales of VOIs, net $ 120 $ 250 $ 245 $ 328 Sales, marketing, brand and other fees 145 146 286 271 Interest income 36 34 72 68 Other financing revenue 7 5 12 9 Real estate and financing segment revenues $ 308 $ 435 $ 615 $ 676 Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Resort Operations and Club Management Segment Club management $ 26 $ 23 $ 52 $ 46 Resort management 17 14 33 30 Rental (1) 53 46 105 91 Ancillary services 7 7 14 13 Resort operations and club management segment revenues $ 103 $ 90 $ 204 $ 180 (1) : Business Segments Contract Balances The following table provides information on our accounts receivable and contract asset from contracts with customers which are included in Accounts receivable, net ($ in millions) June 30, 2019 December 31, 2018 Receivables $ 128 $ 122 Contract asset 3 — The following table presents the composition of our contract liabilities for the six months ended June 30, 2019. ($ in millions) June 30, 2019 December 31, 2018 Contract liabilities: Advanced deposits $ 108 $ 101 Deferred revenues (1) 145 72 Club Bonus Point incentive liability (2) 61 56 (1) (2) Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other Revenue earned during the three and six months ended June 30, 2019 that was included in the contract liabilities balance at December 31, 2018 was approximately $39 million and $78 million, respectively. Our accounts receivables that relate to our contracts with customers includes amounts associated with our contractual right to consideration for completed performance obligations related primarily to our fee-for-service arrangements and homeowners’ associations (“HOA”) management agreements and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Refer to Note 5: Timeshare Financing Receivables Contract assets relate to incentive fees that can be earned for meeting certain target on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on prepaid vacation packages for future stays at our resorts, deferred revenues and the liability for Club Bonus Points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future. Transaction Price Allocated to Remaining Performance Obligations Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) Club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on prepaid vacation packages and (iv) Club Bonus Points that may be redeemed in the future. As of June 30, 2019, we deferred $34 million of revenue and $5 million of direct selling costs from sales of VOIs under construction that will be acquired under a just-in-time arrangement once construction is complete. We expect to recognize the revenue and direct selling costs during the second quarter of 2020. Upon acquisition, we expect to recognize $11 million in costs of VOI sales related to these sales. As of December 31, 2018, we had no remaining performance obligations on sales of VOIs under construction. The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Club Bonus Points as of June 30, 2019: ($ in millions) Remaining Transaction Price Recognition Period Recognition Method Advanced deposits $ 108 18 months Upon customer stays Club activation fees 67 7 years Straight-line basis over average inventory holding period Club Bonus Points 61 24 months Upon redemption

Restricted Cash

Restricted Cash	6 Months Ended
	Jun. 30, 2019
Cash And Cash Equivalents [Abstract]
Restricted Cash	Note 4: Restricted Cash Restricted cash was as follows: June 30, December 31, ($ in millions) 2019 2018 Escrow deposits on VOI sales $ 41 $ 45 Reserves related to non-recourse debt (1) 26 27 $ 67 $ 72 (1) See Note 11: Debt & Non-recourse Debt

Timeshare Financing Receivables

Timeshare Financing Receivables	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Timeshare Financing Receivables	Note 5: Timeshare Financing Receivables Timeshare financing receivables were as follows: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized (1) Total Timeshare financing receivables $ 579 $ 720 $ 1,299 Less: allowance for financing receivables losses (35 ) (139 ) (174 ) $ 544 $ 581 $ 1,125 December 31, 2018 ($ in millions) Securitized and Pledged Unsecuritized (1) Total Timeshare financing receivables $ 660 $ 632 $ 1,292 Less: allowance for financing receivables losses (43 ) (129 ) (172 ) $ 617 $ 503 $ 1,120 (1) Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities. As of June 30, 2019 and December 31, 2018, we had $279 million and $190 million, respectively, of gross timeshare financing receivables securing the outstanding debt balance of our Timeshare Facility. We record an estimate of variable consideration for estimated defaults as a reduction of revenue from VOI sales at the time revenue is recognized on a VOI sale. Our timeshare financing receivables as of June 30, 2019 mature as follows: ($ in millions) Securitized and Pledged Unsecuritized Total Year 2019 (remaining) $ 40 $ 39 $ 79 2020 81 58 139 2021 80 64 144 2022 77 70 147 2023 75 75 150 Thereafter 226 414 640 579 720 1,299 Less: allowance for financing receivables losses (35 ) (139 ) (174 ) $ 544 $ 581 $ 1,125 We evaluate this portfolio collectively for purposes of estimating variable consideration, since we hold a large group of homogeneous timeshare financing receivables which are individually immaterial. We monitor the credit quality of our receivables on an ongoing basis. There are no significant concentrations of credit risk with any individual counterparty or groups of counterparties. We use a technique referred to as static pool analysis as the basis for determining our allowance for financing receivables losses on our timeshare financing receivables. For static pool analysis, we use certain key dimensions to stratify our portfolio, including FICO scores, equity percentage at the time of sale and certain other factors. The adequacy of the related allowance is determined by management through analysis of several factors, such as current economic conditions and industry trends, as well as the specific risk characteristics of the portfolio including assumed default rates, aging and historical write-offs of these receivables. The allowance is maintained at a level deemed adequate by management based on a periodic analysis of the mortgage portfolio. We recognize interest income on our timeshare financing receivables as earned. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of June 30, 2019, our timeshare financing receivables had interest rates ranging from 5.25 percent to 20.50 percent, a weighted-average interest rate of 12.36 percent, a weighted-average remaining term of 7.7 years and maturities through 2031. Our gross timeshare financing receivables balances by FICO score were as follows: June 30, December 31, ($ in millions) 2019 2018 FICO score 700+ $ 853 $ 843 600-699 234 237 <600 27 27 No score (1) 185 185 $ 1,299 $ 1,292 (1) Timeshare financing receivables without a FICO score are primarily related to foreign borrowers. We apply payments we receive for timeshare financing receivables, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a receivable is 91 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for receivables for which we had previously ceased accruing interest once the receivable is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the receivable is 121 days past due and, subsequently, we write off the uncollectible balance against the reserve once the foreclosure process is complete and we receive the deed for the foreclosed unit. As of June 30, 2019 and December 31, 2018, we had ceased accruing interest on timeshare financing receivables with an aggregate principal balance of $70 million and $69 million, respectively. The following tables detail an aged analysis of our gross timeshare financing receivables balance: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized Total Current $ 566 $ 644 $ 1,210 31 - 90 days past due 8 11 19 91 - 120 days past due 2 4 6 121 days and greater past due 3 61 64 $ 579 $ 720 $ 1,299 December 31, 2018 ($ in millions) Securitized and Pledged Unsecuritized Total Current $ 648 $ 556 $ 1,204 31 - 90 days past due 8 11 19 91 - 120 days past due 3 3 6 121 days and greater past due 1 62 63 $ 660 $ 632 $ 1,292 The changes in our allowance for financing receivables losses were as follows: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized Total Balance as of December 31, 2018 $ 43 $ 129 $ 172 Write-offs — (36 ) (36 ) Provision for financing receivables losses (1) (8 ) 46 38 Balance as of June 30, 2019 $ 35 $ 139 $ 174 June 30, 2018 ($ in millions) Securitized and Pledged Unsecuritized Total Balance as of December 31, 2017 $ 27 $ 114 $ 141 Write-offs — (14 ) (14 ) Provision for financing receivables losses (1) (7 ) 37 30 Balance as of June 30, 2018 $ 20 $ 137 $ 157 (1) Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Inventory	Note 6: Inventory Inventory was as follows: June 30, December 31, ($ in millions) 2019 2018 Completed unsold VOIs $ 249 $ 243 Construction in process 11 9 Land, infrastructure and other 276 275 $ 536 $ 527 We benefited from $5 million in costs of sales true-ups relating to VOI products for the six months ended June 30, 2019, which resulted in a $5 million increase to the carrying value of inventory as of June 30, 2019. Cost of VOI sales Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Cost of VOI sales related to fee-for-service upgrades $ 7 $ 9 $ 16 $ 15

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Property and Equipment	Note 7: Property and Equipment Property and equipment was as follows: June 30, December 31, ($ in millions) 2019 2018 Land $ 335 $ 268 Building and leasehold improvements 300 295 Furniture and equipment 68 54 Construction in progress 66 25 769 642 Accumulated depreciation (96 ) (83 ) $ 673 $ 559

Consolidated Variable Interest

Consolidated Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Variable Interest Entities	Note 8: Consolidated Variable Interest Entities As of June 30, 2019 and December 31, 2018, we consolidated four variable interest entities (“VIEs”) that issued non-recourse debt backed by pledged assets consisting primarily of a pool of timeshare financing receivables which is without recourse to us. We are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. We are also the servicer of these timeshare financing receivables and we are required to replace or repurchase timeshare financing receivables that are in default at their outstanding principal amounts. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. Only the assets of our VIEs are available to settle the obligations of the respective entities. Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following: June 30, December 31, ($ in millions) 2019 2018 Restricted cash $ 20 $ 23 Timeshare financing receivables, net 544 617 Non-recourse debt (1) 561 639 (1) Net of deferred financing costs. During the six months ended June 30, 2019 and 2018, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Note As of June 30, 2019, we have 25 percent and 50 percent ownership interests in BRE Ace LLC and 1776 Holdings LLC, respectively, that are deemed as VIEs. We do not consolidate BRE Ace LLC and 1776 Holdings LLC because we are not the primary beneficiary. Our investment interests in and equity earned from both VIEs are included in the consolidated balance sheets as Investments in unconsolidated affiliates Equity in earnings (losses) from unconsolidated affiliates We held investments in our two unconsolidated affiliates with aggregated debt balances of $478 million and $490 million as of June 30, 2019 and December 31, 2018, respectively. The debt is secured by their assets and is without recourse to us. Our maximum exposure to loss as a result of our investment interests in the two unconsolidated affiliates is primarily limited to (i) the carrying amount of the investments which totals $43 million and $38 million as of June 30, 2019 and December 31, 2018, respectively and (ii) receivables for commission and other fees earned under a fee-for-service arrangement. See Note 17: Related Party Transactions for additional information.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	Note 10: Other Assets Other assets were as follows: June 30, December 31, ($ in millions) 2019 2018 Inventory deposits $ 44 $ 46 Prepaid expenses 34 18 Other 44 31 $ 122 $ 95

Debt & Non-recourse Debt

Debt & Non-recourse Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt & Non-recourse Debt	Note 11: Debt & Non-recourse Debt Debt The following table details our outstanding debt balance and its associated interest rates: June 30, December 31, ($ in millions) 2019 2018 Debt (1) Senior secured credit facilities: Term loan with an average rate of 3.898%, due 2023 $ 192 $ 197 Revolver with an average rate of 3.898%, due 2023 425 115 Senior notes with a rate of 6.125%, due 2024 300 300 Other debt 27 — 944 612 Less: unamortized deferred financing costs and discount (2)(3) (7 ) (8 ) $ 937 $ 604 (1) For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.699 percent and 5.170 percent, respectively. (2) Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million both as of June 30, 2019 and $2 million and $6 million as of December 31, 2018. (3) Amount does not include deferred financing costs of $6 million as of June 30, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets During the six months ended June 30, 2019, we borrowed $410 million and repaid $105 million (including recurring payments) under the senior secured credit facilities with an interest rate based on one month LIBOR plus 1.5 percent. As of June 30, 2019 and December 31, 2018, we had $1 million of outstanding letter of credit under the revolving credit facility. We were in compliance with all applicable financial covenants as of June 30, 2019. Non-recourse Debt The following table details our outstanding non-recourse debt balance and its associated interest rates: June 30, December 31, ($ in millions) 2019 2018 Non-recourse debt (1) Timeshare Facility with an average rate of 3.337%, due 2021 $ 135 $ 120 Securitized Debt with a rate of 2.280%, due 2026 25 33 Securitized Debt with an average rate of 1.810%, due 2026 59 74 Securitized Debt with an average rate of 2.711%, due 2028 176 206 Securitized Debt with an average rate of 3.602%, due 2032 307 333 702 766 Less: unamortized deferred financing costs (2) (6 ) (7 ) $ 696 $ 759 (1) For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.130 percent and 3.126 percent, respectively. (2) Amount relates to securitized debt only and does not include deferred financing costs of $4 million and $3 million as of June 30, 2019 and December 31, 2018, respectively, relating to our Timeshare Facility which are included in Other Assets The Timeshare Facility is a non-recourse obligation with a borrowing capacity of $ 450 million and is payable solely from the pool of timeshare financing receivables pledged as collateral and related assets. In April 2019 , we amended the Timeshare Facility, excluding the end of the commitment period , from March 2020 to April 2021 . All other terms and borrowing capacity remained the same. We are required to deposit payments received from customers on the timeshare financing receivables securing the Timeshare Facility and Securitized Debt into depository accounts maintained by third parties. On a monthly basis, the depository accounts are utilized to make required principal, interest and other payments due under the respective loan agreements. The balances in the depository accounts were $26 million and $27 million as of June 30, 2019 and December 31, 2018, respectively, and were included in Restricted cash Debt Maturities The contractual maturities of our debt and non-recourse debt as of June 30, 2019 were as follows: ($ in millions) Debt Non-recourse Debt Total Year 2019 (remaining) $ 6 $ 110 $ 116 2020 12 167 179 2021 11 88 99 2022 10 200 210 2023 582 76 658 Thereafter 323 61 384 $ 944 $ 702 $ 1,646

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 12: Fair Value Measurements The carrying amounts and estimated fair values of our financial assets and liabilities were as follows: June 30, 2019 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables, net (1) $ 1,125 $ — $ 1,387 Liabilities: Debt, net (2) 937 320 649 Non-recourse debt, net (2) 696 — 707 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount. December 31, 2018 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables, net (1) $ 1,120 $ — $ 1,339 Liabilities: Debt, net (2) 604 302 309 Non-recourse debt, net (2) 759 — 753 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount. Our estimates of the fair values were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop the estimated fair values. The table above excludes cash and cash equivalents, restricted cash, accounts receivable, accounts payable, advance deposits and accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments. The estimated fair values of our timeshare financing receivables were determined using a discounted cash flow model. Our model incorporates default rates, coupon rates, credit quality and borrowing terms respective to the portfolio based on current market assumptions for similar types of arrangements. The estimated fair values of our Level 1 debt was based on prices in active debt markets. The estimated fair value of our Level 3 debt and non-recourse debt were as follows: • Debt - based on indicative quotes obtained for similar issuances and projected future cash flows discounted at risk-adjusted rates. • Non-recourse debt - based on projected future cash flows discounted at risk-adjusted rates. We do not have any assets or liabilities measured at fair value on a recurring basis as of June 30, 2019.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Note 13: Leases We lease sales centers, office space and equipment under operating leases. Our leases expire at various dates from 2019 through 2030, with varying renewal and termination options. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Rent expense for lease payments is recognized on a straight-line basis over the lease term. Rental expense for all operating leases was $4 million and $10 million for the three and six months ended June 30, 2019 respectively. This amount includes immaterial short-term leases and variable lease costs. Rent expense for all operating leases for the year ended December 31, 2018 was as follows: ($ in millions) Minimum rentals $ 21 Contingent rentals 3 $ 24 Supplemental information related to operating leases for the six months ending June 30, 2019: ($ in millions) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 8 Right-of-use assets obtained in exchange for new operating lease liabilities 1 Weighted-average remaining lease term of operating leases 6.6 years Weighted-average discount rate of operating leases 5.33 % Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of June 30, 2019, are as follows: ($ in millions) Operating Leases (1) Year 2019 (remaining) $ 8 2020 16 2021 15 2022 10 2023 10 Thereafter 32 Total future minimum lease payments $ 91 Less: interest (15 ) Present value of lease liabilities $ 76 (1) Operating lease payments exclude $1 million Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of December 31, 2018, are as follows: ($ in millions) Operating Leases Year 2019 $ 16 2020 15 2021 14 2022 10 2023 10 Thereafter 29 Total future minimum lease payments $ 94

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 14: Income Taxes At the end of each quarter, we estimate the effective tax rate expected to be applied for the full year. The effective tax rate is determined by the level and composition of pre-tax income or loss, which is subject to federal, foreign and state and local income taxes. The effective tax rate for the six months ended June 30, 2019 and 2018 was approximately 27 percent and 26 percent, respectively, which increased primarily due to a reduction in the tax benefit related to share-based compensation awards exercised or vested during the six months ended June 30, 2019.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 15: Share-Based Compensation Stock Plan We issue service-based restricted stock units (“Service RSUs”), service and performance-based restricted stock units (“Performance RSUs”) and nonqualified stock options (“Options”) to certain employees and directors. We recognized share-based compensation expense of $7 million and $5 million during the three months ended June 30, 2019 and 2018, respectively, and $12 million and $8 million for the six months ended June 30, 2019 and 2018, respectively. As of June 30, 2019, unrecognized compensation costs for unvested awards were approximately $34 million, which is expected to be recognized over a weighted average period of 1.9 years. As of June 30, 2019, there were 6,386,657 shares of common stock available for future issuance. Service RSUs During the six months ended June 30, 2019, we issued 500,925 Service RSUs with a weighted-average grant date fair value of $33.07, which generally vest in equal annual installments over three years from the date of grant. Options During the six months ended June 30, 2019 , The weighted-average grant date fair value of these options was $12.29, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility 33.1 % Dividend yield — % Risk-free rate 2.6 % Expected term (in years) 6.0 As of June 30, 2019, we had 648,617 Options outstanding that were exercisable. Performance Shares During the six months ended June 30, 2019, we issued 133,660 Performance RSUs with a weighted-average grant date fair value of $33.32. The Performance RSUs are settled at the end of a three-year performance period, with 70 percent of the Performance RSUs subject to achievement based on the Company’s adjusted earnings before interest expense, taxes and depreciation and amortization further adjusted for net impacts and recognitions of revenues and expenses related to sales of VOIs of projects under construction. The remaining 30 percent of the Performance RSUs are subject to the achievement of certain contract sales targets. We determined that the performance conditions for these awards are probable of achievement and, as of June 30, 2019, we recognized compensation expense based on the number of Performance RSUs we expect to vest.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 16: Earnings Per Share The following table presents the calculation of our basic and diluted earnings per share (“EPS”). The weighted- average shares outstanding used to compute basic EPS and diluted EPS for the three months ended June 30, 2019 is 89,849,803 and 90,271,976, respectively, and for the six months ended June 30, 2019 is 91,959,041 and 92,421,752, respectively. The weighted-average shares outstanding used to compute basic EPS and diluted EPS for the three months ended June 30, 2018 was 96,774,130 and 97,463,820, respectively, and six months ended June 30, 2018 was 97,692,558 and 98,474,971, respectively. Three Months Ended June 30, Six Months Ended June 30, ($ and shares outstanding in millions, except per share amounts) 2019 2018 2019 2018 Basic EPS: Numerator: Net Income (1) $ 39 $ 107 $ 94 $ 137 Denominator: Weighted average shares outstanding 90 97 92 98 Basic EPS $ 0.43 $ 1.10 $ 1.02 $ 1.40 Diluted EPS: Numerator: Net Income (1) $ 39 $ 107 $ 94 $ 137 Denominator: Weighted average shares outstanding 90 97 92 98 Diluted EPS $ 0.43 $ 1.10 $ 1.01 $ 1.39 (1) Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019 and 2018 was $93,692,657 and $137,031,259, respectively. The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period. For the three and six months ended June 30, 2019, we excluded

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Note 17: Related Party Transactions BRE Ace LLC In July 2017, we acquired a 25 percent ownership interest in BRE Ace LLC, a VIE, which owns a timeshare resort property and related operations, commonly known as “Elara, by Hilton Grand Vacations.” During the three and six months ended June 30, 2019, we recorded $2 million and $3 million, respectively, of Equity in earnings from unconsolidated affiliates Equity in losses from unconsolidated affiliates Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Commission and other fees $ 32 $ 32 $ 68 $ 64 We also have $27 million of outstanding receivables related to the fee-for-service agreement as of June 30, 2019. 1776 Holding, LLC In March 2018, we entered into an agreement with SCG 1776, LLC to form 1776 Holding, LLC. In conjunction with this agreement, we contributed $5 million in cash for a 50 percent ownership interest in 1776 Holding, LLC. In May 2019, the agreement was amended to assign the interest of SCG 1776, LLC in 1776 Holding, LLC to 1776 Investment Group, LLC. In May 2019, we also contributed an additional $2 million in cash to 1776 Holding, LLC. During each of the three and six months ended June 30, 2019 and 2018, we recorded less than $1 Equity in earnings (losses) from unconsolidated affiliates Investments in Unconsolidated Affiliates HNA Tourism Group Co., Ltd (“HNA”) On March 13, 2018, HNA entered into an underwriting agreement with several underwriters to sell 22,250,000 shares of our common stock. In connection with the underwriting offer, we elected to purchase 2,500,000 shares at a price of approximately $44.75 per share. The transactions were completed on March 19, 2018 and HNA ceased to be a related party.

Business Segments

Business Segments	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Business Segments	Note 18: Business Segments We operate our business through the following two segments: • Real estate sales and financing – • Resort operations and club management – The performance of our operating segments is evaluated primarily based on adjusted earnings before interest expense (excluding non-recourse debt), taxes, depreciation and amortization (“EBITDA”). We define Adjusted EBITDA as EBITDA which has been further adjusted to exclude certain items, including, but not limited to, gains, losses and expenses in connection with: (i) asset dispositions; (ii) foreign currency transactions; (iii) debt restructurings/retirements; (iv) non-cash impairment losses; (v) reorganization costs, including severance and relocation costs; (vi) share-based and other compensation expenses; (vii) costs related to the spin-off; and (viii) other items. We do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment revenues. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Revenues: Real estate sales and financing $ 308 $ 435 $ 615 $ 676 Resort operations and club management (1)(2) 114 98 224 196 Total segment revenues 422 533 839 872 Cost reimbursements 43 38 85 74 Intersegment eliminations (1)(2) (11 ) (8 ) (20 ) (16 ) Total revenues $ 454 $ 563 $ 904 $ 930 (1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for discounted stays at properties resulting from marketing packages. These charges totaled $11 million and $8 million for the three months ended June 30, 2019 and 2018, respectively, and $20 million and $16 million for the six months ended June 30, 2019 and 2018, respectively (2) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for each of the three and six months ended June 30, 2019 and 2018. The following table presents Adjusted EBITDA for our reportable segments reconciled to net income: Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Adjusted EBITDA: Real estate sales and financing (1) $ 69 $ 163 $ 149 $ 207 Resort operations and club management (1) 66 58 131 117 Segment Adjusted EBITDA 135 221 280 324 General and administrative (29 ) (30 ) (54 ) (53 ) Depreciation and amortization (13 ) (8 ) (23 ) (16 ) License fee expense (26 ) (25 ) (49 ) (48 ) Other (loss) gain, net (1 ) 1 (2 ) — Interest expense (11 ) (8 ) (21 ) (15 ) Income tax expense (15 ) (39 ) (35 ) (49 ) Equity in earnings (losses) from unconsolidated affiliates 2 (2 ) 3 (1 ) Other adjustment items (3 ) (3 ) (5 ) (5 ) Net income $ 39 $ 107 $ 94 $ 137 (1) Includes intersegment eliminations. Refer to our table presenting revenues by reportable segment above for additional discussion.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 19: Commitments and Contingencies We have entered into certain arrangements with developers to commit to purchase vacation ownership units at a future date to be marketed and sold under our Hilton Grand Vacations brand. As of June 30, 2019, we were committed to purchase approximately $511 million of inventory and land over a period of 12 years. The actual amount and timing of the acquisitions is subject to change pursuant to the terms of the respective arrangements, which could also allow for cancellation in certain circumstances. During the six months ended June 30, 2019 and 2018, we purchased $28 million and $4 million, respectively, of VOI inventory as required under our commitments. As of June 30, 2019, our remaining obligation pursuant to these arrangements were expected to be incurred as follows: ($ in millions) Purchase Obligations Year 2019 (remaining) $ 38 2020 220 2021 87 2022 57 2023 54 Thereafter 55 Total $ 511 We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums. Management has evaluated these legal matters and we believe that possible losses derived from an unfavorable outcome that is reasonably possible or remote is not reasonably estimable. While the actual results of claims and litigation cannot be predicted with certainty, we expect that the resolution of all pending or threatened claims and litigation as of June 30, 2019, will not materially affect our unaudited condensed consolidated financial statements.

Condensed Consolidating Guarant

Condensed Consolidating Guarantor Financial Information	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Condensed Consolidating Guarantor Financial Information	Note 20: Condensed Consolidating Guarantor Financial Information The following schedules present the unaudited condensed consolidating financial information as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors. June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total ASSETS Cash and cash equivalents $ 7 $ — $ 93 $ 20 $ — $ 120 Restricted cash — — 41 26 — 67 Accounts receivable, net — — 156 20 (20 ) 156 Timeshare financing receivables, net — — 332 793 — 1,125 Inventory — — 496 40 — 536 Property and equipment, net — — 666 7 — 673 Operating lease right-of-use assets, net 63 — — 63 Investments in unconsolidated affiliates — — 43 — — 43 Intangible assets, net — — 84 — — 84 Other assets — 6 67 49 — 122 Investments in subsidiaries 443 1,347 243 — (2,033 ) — TOTAL ASSETS $ 450 $ 1,353 $ 2,284 $ 955 $ (2,053 ) $ 2,989 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other $ — $ — $ 317 $ 15 $ (20 ) $ 312 Advanced deposits — — 108 — — 108 Debt, net — 910 27 — — 937 Non-recourse debt, net — — — 696 — 696 Operating lease liabilities — — 76 — — 76 Deferred revenues — — 163 — — 163 Deferred income tax liabilities — — 246 1 — 247 Total equity 450 443 1,347 243 (2,033 ) 450 TOTAL LIABILITIES AND EQUITY $ 450 $ 1,353 $ 2,284 $ 955 $ (2,053 ) $ 2,989 December 31, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total ASSETS Cash and cash equivalents $ 4 $ — $ 89 $ 15 $ — $ 108 Restricted cash — — 45 27 — 72 Accounts receivable, net — — 157 17 (21 ) 153 Timeshare financing receivables, net — — 209 911 — 1,120 Inventory — — 502 25 — 527 Property and equipment, net — — 553 6 — 559 Investments in unconsolidated affiliate — — 38 — — 38 Intangible assets, net — — 81 — — 81 Other assets — 6 41 48 — 95 Investments in subsidiaries 612 1,210 277 — (2,099 ) — TOTAL ASSETS $ 616 $ 1,216 $ 1,992 $ 1,049 $ (2,120 ) $ 2,753 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other $ — $ — $ 332 $ 13 $ (21 ) $ 324 Advanced deposits — — 101 — — 101 Debt, net — 604 — — — 604 Non-recourse debt, net — — — 759 — 759 Deferred revenues — — 95 — — 95 Deferred income tax liabilities — — 254 — — 254 Total equity 616 612 1,210 277 (2,099 ) 616 TOTAL LIABILITIES AND EQUITY $ 616 $ 1,216 $ 1,992 $ 1,049 $ (2,120 ) $ 2,753 For the Three Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 103 $ 17 $ — $ 120 Sales, marketing, license and other fees — — 154 3 (12 ) 145 Financing — — 20 25 (2 ) 43 Resort and club management — — 43 — — 43 Rental and ancillary services — — 60 — — 60 Cost reimbursements — — 42 1 — 43 Total revenues — — 422 46 (14 ) 454 Expenses Cost of VOI sales — — 28 4 — 32 Sales and marketing — — 187 11 (12 ) 186 Financing — — 4 10 (2 ) 12 Resort and club management — — 12 — — 12 Rental and ancillary services — — 36 1 — 37 General and administrative — — 29 — — 29 Depreciation and amortization — — 13 — — 13 License fee expense — — 25 1 — 26 Cost reimbursements — — 42 1 — 43 Total operating expenses — — 376 28 (14 ) 390 Interest expense — (11 ) — — — (11 ) Dividends from subsidiary 150 150 — — (300 ) — Equity in earnings from unconsolidated affiliates — — 2 — — 2 Other loss, net — — (1 ) — — (1 ) Income before income taxes 150 139 47 18 (300 ) 54 Income tax expense — — (14 ) (1 ) — (15 ) Income before equity in earnings from subsidiaries 150 139 33 17 (300 ) 39 Equity in (losses) earnings from subsidiaries (111 ) 50 17 — 44 — Net income $ 39 $ 189 $ 50 $ 17 $ (256 ) $ 39 For the Three Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 248 $ 2 $ — $ 250 Sales, marketing, license and other fees — — 147 1 (2 ) 146 Financing — — 17 23 (1 ) 39 Resort and club management — — 37 — — 37 Rental and ancillary services — — 53 — — 53 Cost reimbursements — — 37 1 — 38 Total revenues — — 539 27 (3 ) 563 Expenses Cost of VOI sales — — 61 — — 61 Sales and marketing — — 193 2 (2 ) 193 Financing — — 5 8 (1 ) 12 Resort and club management — — 11 — — 11 Rental and ancillary services — — 30 — — 30 General and administrative — — 30 — — 30 Depreciation and amortization — — 8 — — 8 License fee expense — — 25 — — 25 Cost reimbursements — — 37 1 — 38 Total operating expenses — — 400 11 (3 ) 408 Interest expense — (8 ) — — — (8 ) Equity in losses from unconsolidated affiliates — — (2 ) — — (2 ) Other gain, net — — 1 — — 1 Income (loss) before income taxes — (8 ) 138 16 — 146 Income tax expense — — (39 ) — — (39 ) Income (loss) before equity in earnings (loss) from subsidiaries — (8 ) 99 16 — 107 Equity in earnings from subsidiaries 107 115 16 — (238 ) — Net income $ 107 $ 107 $ 115 $ 16 $ (238 ) $ 107 For the Six Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 210 $ 35 $ — $ 245 Sales, marketing, license and other fees — — 305 4 (23 ) 286 Financing — — 38 50 (4 ) 84 Resort and club management — — 85 — — 85 Rental and ancillary services — — 118 1 — 119 Cost reimbursements — — 83 2 — 85 Total revenues — — 839 92 (27 ) 904 Expenses Cost of VOI sales — — 61 7 — 68 Sales and marketing — — 357 22 (23 ) 356 Financing — — 8 21 (4 ) 25 Resort and club management — — 23 — — 23 Rental and ancillary services — — 70 2 — 72 General and administrative — — 54 — — 54 Depreciation and amortization — — 23 — — 23 License fee expense — — 47 2 — 49 Cost reimbursements — — 83 2 — 85 Total operating expenses — — 726 56 (27 ) 755 Interest expense — (21 ) — — — (21 ) Dividends from subsidiary 275 275 — — (550 ) — Equity in earnings from unconsolidated affiliates — — 3 — — 3 Other loss, net — — (2 ) — — (2 ) Income before income taxes 275 254 114 36 (550 ) 129 Income tax expense — — (34 ) (1 ) — (35 ) Income before equity in earnings from subsidiaries 275 254 80 35 (550 ) 94 Equity in (losses) earnings from subsidiaries (181 ) 115 35 — 31 — Net income $ 94 $ 369 $ 115 $ 35 $ (519 ) $ 94 For the Six Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 325 $ 3 $ — $ 328 Sales, marketing, license and other fees — — 273 2 (4 ) 271 Financing — — 37 42 (2 ) 77 Resort and club management — — 76 — — 76 Rental and ancillary services — — 103 1 — 104 Cost reimbursements — — 72 2 — 74 Total revenues — — 886 50 (6 ) 930 Expenses Cost of VOI sales — — 80 — — 80 Sales and marketing — — 354 4 (4 ) 354 Financing — — 10 15 (2 ) 23 Resort and club management — — 22 — — 22 Rental and ancillary services — — 57 1 — 58 General and administrative — — 53 — — 53 Depreciation and amortization — — 16 — — 16 License fee expense — — 48 — — 48 Cost reimbursements — — 72 2 — 74 Total operating expenses — — 712 22 (6 ) 728 Interest expense — (15 ) — — — (15 ) Equity in losses from unconsolidated affiliates — — (1 ) — — (1 ) Income (loss) before income taxes — (15 ) 173 28 — 186 Income tax expense — — (49 ) — — (49 ) Income (loss) before equity in earnings (loss) from subsidiaries — (15 ) 124 28 — 137 Equity in earnings from subsidiaries 137 152 28 — (317 ) — Net income $ 137 $ 137 $ 152 $ 28 $ (317 ) $ 137 For the Six Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Operating Activities Net cash provided by (used in) operating activities $ — $ 254 $ (43 ) $ 136 $ (275 ) $ 72 Investing Activities Capital expenditures for property and equipment — — (17 ) — — (17 ) Software capitalization costs — — (11 ) — — (11 ) Investments in unconsolidated affiliates — — (2 ) — — (2 ) Dividends from subsidiary 275 275 — — (550 ) — Net cash used in (provided by) investing activities 275 275 (30 ) — (550 ) (30 ) Financing Activities Issuance of debt — 410 — — — 410 Issuance of non-recourse debt — — — 15 — 15 Repayment of debt — (100 ) (5 ) — — (105 ) Repayment of non-recourse debt — — — (79 ) — (79 ) Debt issuance costs — — — (2 ) — (2 ) Repurchase and retirement of common stock (271 ) — — — — (271 ) Payment of withholding taxes on vesting of restricted stock units — (3 ) — — (3 ) Proceeds from employee stock plan purchases — — 2 — — 2 Other financing activity — — (2 ) — — (2 ) Intercompany transfers (1 ) (839 ) 81 (66 ) 825 — Net cash used in (provided by) financing activities (272 ) (529 ) 73 (132 ) 825 (35 ) Net increase in cash, cash equivalents and restricted cash 3 — — 4 — 7 Cash, cash equivalents and restricted cash, beginning of period 4 — 134 42 — 180 Cash, cash equivalents and restricted cash, end of period $ 7 $ — $ 134 $ 46 $ — $ 187 For the Six Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Operating Activities Net cash (used in) provided by operating activities $ — $ (14 ) $ 42 $ (205 ) $ 43 $ (134 ) Investing Activities Capital expenditures for property and equipment — — (18 ) (2 ) — (20 ) Software capitalization costs — — (9 ) — — (9 ) Return of investment from unconsolidated affiliates — — 11 — — 11 Investment in unconsolidated affiliates — — (5 ) — — (5 ) Net cash used in investing activities — — (21 ) (2 ) — (23 ) Financing Activities Issuance of debt — 160 — — — 160 Issuance of non-recourse debt — — — 100 — 100 Repurchase and retirement of common stock — (112 ) — — — (112 ) Repayment of non-recourse debt — — — (80 ) — (80 ) Repayment of debt — (5 ) — — — (5 ) Debt issuance costs — — — (2 ) — (2 ) Payment of withholding taxes on vesting of restricted stock units — (1 ) — — — (1 ) Capital contribution — 3 — — — 3 Intercompany transfers — (31 ) (111 ) 185 (43 ) — Net cash provided by (used in) financing activities — 14 (111 ) 203 (43 ) 63 Net decrease in cash, cash equivalents and restricted cash — — (90 ) (4 ) — (94 ) Cash, cash equivalents and restricted cash, beginning of period — — 259 38 — 297 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 169 $ 34 $ — $ 203

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 21: Subsequent Events In July 2019, we executed the following transactions: • we completed the purchase of 87 hotel units for future conversion to 74 timeshare units located in Los Cabos, Mexico for $37 million; • we borrowed $20 million and repaid $5 million, respectively, under our revolving credit facility; and • we repaid $15 million under our Timeshare Facility.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements presented herein include 100 percent of our assets, liabilities, revenues, expenses and cash flows as well as all entities in which we have a controlling financial interest. In our opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of the interim periods. All material intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements presented in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Although we believe the disclosures made are adequate to prevent information presented from being misleading, these financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2018, included in our Annual Report on Form 10-K filed with the SEC on February 28, 2019. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported and, accordingly, ultimate results could differ from those estimates. Interim results are not necessarily indicative of full year performance.
Leases	Leases We lease sales centers, office space and equipment under operating leases. We determine if an arrangement is a lease at inception. Amounts related to operating leases are included in Operating lease right-of-use (“ROU”) assets, net Operating lease liabilities ROU assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term as of the commencement date. Because most of our leases do not provide an explicit or implicit rate of return, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on an individual lease basis. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments for the asset under similar terms. We have lease agreements with lease and non-lease components. Our operating leases may require minimum rent payments, contingent rent payments based on a percentage of revenue or income or rental payments adjusted periodically for inflation, or rent payments equal to the greater of a minimum rent or contingent rent. Our leases do not contain any residual value guarantees or material restrictive covenants. Leases with a lease term of 12 months or less are not recorded on the condensed consolidated balance sheet s and lease expense is recognized on a straight-line basis over the lease term. We monitor events or changes in circumstances that change the timing or amount of future lease payments which results in the remeasurement of a lease liability, with a corresponding adjustment to the ROU asset. ROU assets for operating and financing leases are periodically reviewed for impairment losses under ASC 360-10, Property, Plant, and Equipment
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Accounting Standards On January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases Targeted Improvements, . As permitted under the transition guidance in ASC 842, we have made an accounting policy election to adopt the following package of practical expedients: i. to not reassess whether expired or existing contracts are or contain leases; ii. to not reassess lease classification for expired or existing leases; iii. to not reassess any initial direct costs for any existing leases; iv. to not reassess the existence of a lease for existing or expired land easements that were not previously accounted for as leases; v. to record short-term lease payments (less than 12 months) in profit and loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred; and vi. to not prospectively, and upon adoption, separate lease and non-lease components. ROU assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ASC 842 had no impact on our condensed consolidated statements of operations or on our condensed consolidated statements of cash flows. Upon adoption, we recognized ROU assets of $68 million and operating lease liabilities of $80 million for our real estate and equipment operating leases on the condensed consolidated balance sheets. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, (“ASU 2016-13”), Financial Instruments-Credit Losses Measurement of Credit Losses on Financial Instruments

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Disaggregated Revenues by Segment from Contracts with Customers	The following tables show our disaggregated revenues by segment from contracts with customers. We operate our business in the following two segments: (i) Real estate sales and financing Resort operations and club management Business Segments Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Real Estate and Financing Segment Sales of VOIs, net $ 120 $ 250 $ 245 $ 328 Sales, marketing, brand and other fees 145 146 286 271 Interest income 36 34 72 68 Other financing revenue 7 5 12 9 Real estate and financing segment revenues $ 308 $ 435 $ 615 $ 676 Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Resort Operations and Club Management Segment Club management $ 26 $ 23 $ 52 $ 46 Resort management 17 14 33 30 Rental (1) 53 46 105 91 Ancillary services 7 7 14 13 Resort operations and club management segment revenues $ 103 $ 90 $ 204 $ 180 (1) : Business Segments
Schedule of Accounts Receivable and Contract Asset from Contracts with Customers and Composition of Contract Liabilities	The following table provides information on our accounts receivable and contract asset from contracts with customers which are included in Accounts receivable, net ($ in millions) June 30, 2019 December 31, 2018 Receivables $ 128 $ 122 Contract asset 3 — The following table presents the composition of our contract liabilities for the six months ended June 30, 2019. ($ in millions) June 30, 2019 December 31, 2018 Contract liabilities: Advanced deposits $ 108 $ 101 Deferred revenues (1) 145 72 Club Bonus Point incentive liability (2) 61 56 (1) (2) Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other
Schedule of Remaining Transaction Price Related to Advanced Deposits Club Activation Fees and Club Bonus Points	The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Club Bonus Points as of June 30, 2019: ($ in millions) Remaining Transaction Price Recognition Period Recognition Method Advanced deposits $ 108 18 months Upon customer stays Club activation fees 67 7 years Straight-line basis over average inventory holding period Club Bonus Points 61 24 months Upon redemption

Restricted Cash (Tables)

Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2019
Cash And Cash Equivalents [Abstract]
Schedule of Restricted Cash	Restricted cash was as follows: June 30, December 31, ($ in millions) 2019 2018 Escrow deposits on VOI sales $ 41 $ 45 Reserves related to non-recourse debt (1) 26 27 $ 67 $ 72 (1) See Note 11: Debt & Non-recourse Debt

Timeshare Financing Receivabl_2

Timeshare Financing Receivables (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of financing receivables	Timeshare financing receivables were as follows: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized (1) Total Timeshare financing receivables $ 579 $ 720 $ 1,299 Less: allowance for financing receivables losses (35 ) (139 ) (174 ) $ 544 $ 581 $ 1,125 December 31, 2018 ($ in millions) Securitized and Pledged Unsecuritized (1) Total Timeshare financing receivables $ 660 $ 632 $ 1,292 Less: allowance for financing receivables losses (43 ) (129 ) (172 ) $ 617 $ 503 $ 1,120 (1) Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities.
Schedule of future payments due from financing receivables	Our timeshare financing receivables as of June 30, 2019 mature as follows: ($ in millions) Securitized and Pledged Unsecuritized Total Year 2019 (remaining) $ 40 $ 39 $ 79 2020 81 58 139 2021 80 64 144 2022 77 70 147 2023 75 75 150 Thereafter 226 414 640 579 720 1,299 Less: allowance for financing receivables losses (35 ) (139 ) (174 ) $ 544 $ 581 $ 1,125
Schedule of financing receivables by FICO score	Our gross timeshare financing receivables balances by FICO score were as follows: June 30, December 31, ($ in millions) 2019 2018 FICO score 700+ $ 853 $ 843 600-699 234 237 <600 27 27 No score (1) 185 185 $ 1,299 $ 1,292 (1) Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Schedule of past due financing receivables	The following tables detail an aged analysis of our gross timeshare financing receivables balance: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized Total Current $ 566 $ 644 $ 1,210 31 - 90 days past due 8 11 19 91 - 120 days past due 2 4 6 121 days and greater past due 3 61 64 $ 579 $ 720 $ 1,299 December 31, 2018 ($ in millions) Securitized and Pledged Unsecuritized Total Current $ 648 $ 556 $ 1,204 31 - 90 days past due 8 11 19 91 - 120 days past due 3 3 6 121 days and greater past due 1 62 63 $ 660 $ 632 $ 1,292
Schedule of Change in Allowance For Financing Receivables Losses	The changes in our allowance for financing receivables losses were as follows: June 30, 2019 ($ in millions) Securitized and Pledged Unsecuritized Total Balance as of December 31, 2018 $ 43 $ 129 $ 172 Write-offs — (36 ) (36 ) Provision for financing receivables losses (1) (8 ) 46 38 Balance as of June 30, 2019 $ 35 $ 139 $ 174 June 30, 2018 ($ in millions) Securitized and Pledged Unsecuritized Total Balance as of December 31, 2017 $ 27 $ 114 $ 141 Write-offs — (14 ) (14 ) Provision for financing receivables losses (1) (7 ) 37 30 Balance as of June 30, 2018 $ 20 $ 137 $ 157 (1) Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2019
Inventory Disclosure [Abstract]
Schedule of inventory, current	Inventory was as follows: June 30, December 31, ($ in millions) 2019 2018 Completed unsold VOIs $ 249 $ 243 Construction in process 11 9 Land, infrastructure and other 276 275 $ 536 $ 527
Schedule of inventory, noncurrent	Inventory was as follows: June 30, December 31, ($ in millions) 2019 2018 Completed unsold VOIs $ 249 $ 243 Construction in process 11 9 Land, infrastructure and other 276 275 $ 536 $ 527
Schedule of expense incurred when customers upgrade existing ownership to fee-for-service project	Cost of VOI sales Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Cost of VOI sales related to fee-for-service upgrades $ 7 $ 9 $ 16 $ 15

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment was as follows: June 30, December 31, ($ in millions) 2019 2018 Land $ 335 $ 268 Building and leasehold improvements 300 295 Furniture and equipment 68 54 Construction in progress 66 25 769 642 Accumulated depreciation (96 ) (83 ) $ 673 $ 559

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Consolidated Variable Interest Entities	Our condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following: June 30, December 31, ($ in millions) 2019 2018 Restricted cash $ 20 $ 23 Timeshare financing receivables, net 544 617 Non-recourse debt (1) 561 639 (1) Net of deferred financing costs.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets were as follows: June 30, December 31, ($ in millions) 2019 2018 Inventory deposits $ 44 $ 46 Prepaid expenses 34 18 Other 44 31 $ 122 $ 95

Debt & Non-recourse Debt (Table

Debt & Non-recourse Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Outstanding Borrowings	The following table details our outstanding debt balance and its associated interest rates: June 30, December 31, ($ in millions) 2019 2018 Debt (1) Senior secured credit facilities: Term loan with an average rate of 3.898%, due 2023 $ 192 $ 197 Revolver with an average rate of 3.898%, due 2023 425 115 Senior notes with a rate of 6.125%, due 2024 300 300 Other debt 27 — 944 612 Less: unamortized deferred financing costs and discount (2)(3) (7 ) (8 ) $ 937 $ 604 (1) For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.699 percent and 5.170 percent, respectively. (2) Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million both as of June 30, 2019 and $2 million and $6 million as of December 31, 2018. (3) Amount does not include deferred financing costs of $6 million as of June 30, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets The following table details our outstanding non-recourse debt balance and its associated interest rates: June 30, December 31, ($ in millions) 2019 2018 Non-recourse debt (1) Timeshare Facility with an average rate of 3.337%, due 2021 $ 135 $ 120 Securitized Debt with a rate of 2.280%, due 2026 25 33 Securitized Debt with an average rate of 1.810%, due 2026 59 74 Securitized Debt with an average rate of 2.711%, due 2028 176 206 Securitized Debt with an average rate of 3.602%, due 2032 307 333 702 766 Less: unamortized deferred financing costs (2) (6 ) (7 ) $ 696 $ 759 (1) For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.130 percent and 3.126 percent, respectively. (2) Amount relates to securitized debt only and does not include deferred financing costs of $4 million and $3 million as of June 30, 2019 and December 31, 2018, respectively, relating to our Timeshare Facility which are included in Other Assets
Schedule of Contractual Maturities of Debt	The contractual maturities of our debt and non-recourse debt as of June 30, 2019 were as follows: ($ in millions) Debt Non-recourse Debt Total Year 2019 (remaining) $ 6 $ 110 $ 116 2020 12 167 179 2021 11 88 99 2022 10 200 210 2023 582 76 658 Thereafter 323 61 384 $ 944 $ 702 $ 1,646

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Carrying and Estimated Fair Value Amounts	The carrying amounts and estimated fair values of our financial assets and liabilities were as follows: June 30, 2019 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables, net (1) $ 1,125 $ — $ 1,387 Liabilities: Debt, net (2) 937 320 649 Non-recourse debt, net (2) 696 — 707 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount. December 31, 2018 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables, net (1) $ 1,120 $ — $ 1,339 Liabilities: Debt, net (2) 604 302 309 Non-recourse debt, net (2) 759 — 753 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Rent Expense	Rent expense for all operating leases for the year ended December 31, 2018 was as follows: ($ in millions) Minimum rentals $ 21 Contingent rentals 3 $ 24
Schedule of Supplemental Information Related to Operating Leases	Supplemental information related to operating leases for the six months ending June 30, 2019: ($ in millions) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 8 Right-of-use assets obtained in exchange for new operating lease liabilities 1 Weighted-average remaining lease term of operating leases 6.6 years Weighted-average discount rate of operating leases 5.33 %
Future Minimum Lease Payments Under Non-Cancelable Operating Leases	Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of June 30, 2019, are as follows: ($ in millions) Operating Leases (1) Year 2019 (remaining) $ 8 2020 16 2021 15 2022 10 2023 10 Thereafter 32 Total future minimum lease payments $ 91 Less: interest (15 ) Present value of lease liabilities $ 76 (1) Operating lease payments exclude $1 million
Future Minimum Lease Payments Under Non-Cancelable Operating Leases for Prior Period	Future minimum lease payments under noncancelable operating leases, due in each of the next five years and thereafter as of December 31, 2018, are as follows: ($ in millions) Operating Leases Year 2019 $ 16 2020 15 2021 14 2022 10 2023 10 Thereafter 29 Total future minimum lease payments $ 94

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Valuation Assumptions	The weighted-average grant date fair value of these options was $12.29, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Expected volatility 33.1 % Dividend yield — % Risk-free rate 2.6 % Expected term (in years) 6.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of our basic and diluted earnings per share (“EPS”). The weighted- average shares outstanding used to compute basic EPS and diluted EPS for the three months ended June 30, 2019 is 89,849,803 and 90,271,976, respectively, and for the six months ended June 30, 2019 is 91,959,041 and 92,421,752, respectively. The weighted-average shares outstanding used to compute basic EPS and diluted EPS for the three months ended June 30, 2018 was 96,774,130 and 97,463,820, respectively, and six months ended June 30, 2018 was 97,692,558 and 98,474,971, respectively. Three Months Ended June 30, Six Months Ended June 30, ($ and shares outstanding in millions, except per share amounts) 2019 2018 2019 2018 Basic EPS: Numerator: Net Income (1) $ 39 $ 107 $ 94 $ 137 Denominator: Weighted average shares outstanding 90 97 92 98 Basic EPS $ 0.43 $ 1.10 $ 1.02 $ 1.40 Diluted EPS: Numerator: Net Income (1) $ 39 $ 107 $ 94 $ 137 Denominator: Weighted average shares outstanding 90 97 92 98 Diluted EPS $ 0.43 $ 1.10 $ 1.01 $ 1.39 (1) Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019 and 2018 was $93,692,657 and $137,031,259, respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
BRE Ace LLC
Related Party Transaction [Line Items]
Summary of Amounts Included in Condensed Consolidated Statements of Operations Related to Fee for Service Arrangement	These amounts are summarized in the following table and are included in our condensed consolidated statements of operations as of the date they became a related party. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Commission and other fees $ 32 $ 32 $ 68 $ 64

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Revenues Reconciled to Consolidated Amounts	We do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment revenues. Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Revenues: Real estate sales and financing $ 308 $ 435 $ 615 $ 676 Resort operations and club management (1)(2) 114 98 224 196 Total segment revenues 422 533 839 872 Cost reimbursements 43 38 85 74 Intersegment eliminations (1)(2) (11 ) (8 ) (20 ) (16 ) Total revenues $ 454 $ 563 $ 904 $ 930 (1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for discounted stays at properties resulting from marketing packages. These charges totaled $11 million and $8 million for the three months ended June 30, 2019 and 2018, respectively, and $20 million and $16 million for the six months ended June 30, 2019 and 2018, respectively (2) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for each of the three and six months ended June 30, 2019 and 2018.
Schedule of Adjusted EBITDA Reconciled to Net Income	The following table presents Adjusted EBITDA for our reportable segments reconciled to net income: Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2019 2018 2019 2018 Adjusted EBITDA: Real estate sales and financing (1) $ 69 $ 163 $ 149 $ 207 Resort operations and club management (1) 66 58 131 117 Segment Adjusted EBITDA 135 221 280 324 General and administrative (29 ) (30 ) (54 ) (53 ) Depreciation and amortization (13 ) (8 ) (23 ) (16 ) License fee expense (26 ) (25 ) (49 ) (48 ) Other (loss) gain, net (1 ) 1 (2 ) — Interest expense (11 ) (8 ) (21 ) (15 ) Income tax expense (15 ) (39 ) (35 ) (49 ) Equity in earnings (losses) from unconsolidated affiliates 2 (2 ) 3 (1 ) Other adjustment items (3 ) (3 ) (5 ) (5 ) Net income $ 39 $ 107 $ 94 $ 137 (1) Includes intersegment eliminations. Refer to our table presenting revenues by reportable segment above for additional discussion.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Schedule of Remaining Purchase Obligations	As of June 30, 2019, our remaining obligation pursuant to these arrangements were expected to be incurred as follows: ($ in millions) Purchase Obligations Year 2019 (remaining) $ 38 2020 220 2021 87 2022 57 2023 54 Thereafter 55 Total $ 511

Condensed Consolidating Guara_2

Condensed Consolidating Guarantor Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Consolidating Guarantor Financial Information [Abstract]
Schedule of Unaudited Condensed Consolidating Guarantor Balance Sheets	The following schedules present the unaudited condensed consolidating financial information as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 for the Parent, Subsidiary Issuers, Guarantors and Non-Guarantors. June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total ASSETS Cash and cash equivalents $ 7 $ — $ 93 $ 20 $ — $ 120 Restricted cash — — 41 26 — 67 Accounts receivable, net — — 156 20 (20 ) 156 Timeshare financing receivables, net — — 332 793 — 1,125 Inventory — — 496 40 — 536 Property and equipment, net — — 666 7 — 673 Operating lease right-of-use assets, net 63 — — 63 Investments in unconsolidated affiliates — — 43 — — 43 Intangible assets, net — — 84 — — 84 Other assets — 6 67 49 — 122 Investments in subsidiaries 443 1,347 243 — (2,033 ) — TOTAL ASSETS $ 450 $ 1,353 $ 2,284 $ 955 $ (2,053 ) $ 2,989 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other $ — $ — $ 317 $ 15 $ (20 ) $ 312 Advanced deposits — — 108 — — 108 Debt, net — 910 27 — — 937 Non-recourse debt, net — — — 696 — 696 Operating lease liabilities — — 76 — — 76 Deferred revenues — — 163 — — 163 Deferred income tax liabilities — — 246 1 — 247 Total equity 450 443 1,347 243 (2,033 ) 450 TOTAL LIABILITIES AND EQUITY $ 450 $ 1,353 $ 2,284 $ 955 $ (2,053 ) $ 2,989 December 31, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total ASSETS Cash and cash equivalents $ 4 $ — $ 89 $ 15 $ — $ 108 Restricted cash — — 45 27 — 72 Accounts receivable, net — — 157 17 (21 ) 153 Timeshare financing receivables, net — — 209 911 — 1,120 Inventory — — 502 25 — 527 Property and equipment, net — — 553 6 — 559 Investments in unconsolidated affiliate — — 38 — — 38 Intangible assets, net — — 81 — — 81 Other assets — 6 41 48 — 95 Investments in subsidiaries 612 1,210 277 — (2,099 ) — TOTAL ASSETS $ 616 $ 1,216 $ 1,992 $ 1,049 $ (2,120 ) $ 2,753 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other $ — $ — $ 332 $ 13 $ (21 ) $ 324 Advanced deposits — — 101 — — 101 Debt, net — 604 — — — 604 Non-recourse debt, net — — — 759 — 759 Deferred revenues — — 95 — — 95 Deferred income tax liabilities — — 254 — — 254 Total equity 616 612 1,210 277 (2,099 ) 616 TOTAL LIABILITIES AND EQUITY $ 616 $ 1,216 $ 1,992 $ 1,049 $ (2,120 ) $ 2,753
Schedule of Unaudited Condensed Consolidating Guarantor Statements of Operations	For the Three Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 103 $ 17 $ — $ 120 Sales, marketing, license and other fees — — 154 3 (12 ) 145 Financing — — 20 25 (2 ) 43 Resort and club management — — 43 — — 43 Rental and ancillary services — — 60 — — 60 Cost reimbursements — — 42 1 — 43 Total revenues — — 422 46 (14 ) 454 Expenses Cost of VOI sales — — 28 4 — 32 Sales and marketing — — 187 11 (12 ) 186 Financing — — 4 10 (2 ) 12 Resort and club management — — 12 — — 12 Rental and ancillary services — — 36 1 — 37 General and administrative — — 29 — — 29 Depreciation and amortization — — 13 — — 13 License fee expense — — 25 1 — 26 Cost reimbursements — — 42 1 — 43 Total operating expenses — — 376 28 (14 ) 390 Interest expense — (11 ) — — — (11 ) Dividends from subsidiary 150 150 — — (300 ) — Equity in earnings from unconsolidated affiliates — — 2 — — 2 Other loss, net — — (1 ) — — (1 ) Income before income taxes 150 139 47 18 (300 ) 54 Income tax expense — — (14 ) (1 ) — (15 ) Income before equity in earnings from subsidiaries 150 139 33 17 (300 ) 39 Equity in (losses) earnings from subsidiaries (111 ) 50 17 — 44 — Net income $ 39 $ 189 $ 50 $ 17 $ (256 ) $ 39 For the Three Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 248 $ 2 $ — $ 250 Sales, marketing, license and other fees — — 147 1 (2 ) 146 Financing — — 17 23 (1 ) 39 Resort and club management — — 37 — — 37 Rental and ancillary services — — 53 — — 53 Cost reimbursements — — 37 1 — 38 Total revenues — — 539 27 (3 ) 563 Expenses Cost of VOI sales — — 61 — — 61 Sales and marketing — — 193 2 (2 ) 193 Financing — — 5 8 (1 ) 12 Resort and club management — — 11 — — 11 Rental and ancillary services — — 30 — — 30 General and administrative — — 30 — — 30 Depreciation and amortization — — 8 — — 8 License fee expense — — 25 — — 25 Cost reimbursements — — 37 1 — 38 Total operating expenses — — 400 11 (3 ) 408 Interest expense — (8 ) — — — (8 ) Equity in losses from unconsolidated affiliates — — (2 ) — — (2 ) Other gain, net — — 1 — — 1 Income (loss) before income taxes — (8 ) 138 16 — 146 Income tax expense — — (39 ) — — (39 ) Income (loss) before equity in earnings (loss) from subsidiaries — (8 ) 99 16 — 107 Equity in earnings from subsidiaries 107 115 16 — (238 ) — Net income $ 107 $ 107 $ 115 $ 16 $ (238 ) $ 107 For the Six Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 210 $ 35 $ — $ 245 Sales, marketing, license and other fees — — 305 4 (23 ) 286 Financing — — 38 50 (4 ) 84 Resort and club management — — 85 — — 85 Rental and ancillary services — — 118 1 — 119 Cost reimbursements — — 83 2 — 85 Total revenues — — 839 92 (27 ) 904 Expenses Cost of VOI sales — — 61 7 — 68 Sales and marketing — — 357 22 (23 ) 356 Financing — — 8 21 (4 ) 25 Resort and club management — — 23 — — 23 Rental and ancillary services — — 70 2 — 72 General and administrative — — 54 — — 54 Depreciation and amortization — — 23 — — 23 License fee expense — — 47 2 — 49 Cost reimbursements — — 83 2 — 85 Total operating expenses — — 726 56 (27 ) 755 Interest expense — (21 ) — — — (21 ) Dividends from subsidiary 275 275 — — (550 ) — Equity in earnings from unconsolidated affiliates — — 3 — — 3 Other loss, net — — (2 ) — — (2 ) Income before income taxes 275 254 114 36 (550 ) 129 Income tax expense — — (34 ) (1 ) — (35 ) Income before equity in earnings from subsidiaries 275 254 80 35 (550 ) 94 Equity in (losses) earnings from subsidiaries (181 ) 115 35 — 31 — Net income $ 94 $ 369 $ 115 $ 35 $ (519 ) $ 94 For the Six Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Revenues Sales of VOIs, net $ — $ — $ 325 $ 3 $ — $ 328 Sales, marketing, license and other fees — — 273 2 (4 ) 271 Financing — — 37 42 (2 ) 77 Resort and club management — — 76 — — 76 Rental and ancillary services — — 103 1 — 104 Cost reimbursements — — 72 2 — 74 Total revenues — — 886 50 (6 ) 930 Expenses Cost of VOI sales — — 80 — — 80 Sales and marketing — — 354 4 (4 ) 354 Financing — — 10 15 (2 ) 23 Resort and club management — — 22 — — 22 Rental and ancillary services — — 57 1 — 58 General and administrative — — 53 — — 53 Depreciation and amortization — — 16 — — 16 License fee expense — — 48 — — 48 Cost reimbursements — — 72 2 — 74 Total operating expenses — — 712 22 (6 ) 728 Interest expense — (15 ) — — — (15 ) Equity in losses from unconsolidated affiliates — — (1 ) — — (1 ) Income (loss) before income taxes — (15 ) 173 28 — 186 Income tax expense — — (49 ) — — (49 ) Income (loss) before equity in earnings (loss) from subsidiaries — (15 ) 124 28 — 137 Equity in earnings from subsidiaries 137 152 28 — (317 ) — Net income $ 137 $ 137 $ 152 $ 28 $ (317 ) $ 137
Schedule of Unaudited Condensed Consolidating Guarantor Statements of Cash Flows	For the Six Months Ended June 30, 2019 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Operating Activities Net cash provided by (used in) operating activities $ — $ 254 $ (43 ) $ 136 $ (275 ) $ 72 Investing Activities Capital expenditures for property and equipment — — (17 ) — — (17 ) Software capitalization costs — — (11 ) — — (11 ) Investments in unconsolidated affiliates — — (2 ) — — (2 ) Dividends from subsidiary 275 275 — — (550 ) — Net cash used in (provided by) investing activities 275 275 (30 ) — (550 ) (30 ) Financing Activities Issuance of debt — 410 — — — 410 Issuance of non-recourse debt — — — 15 — 15 Repayment of debt — (100 ) (5 ) — — (105 ) Repayment of non-recourse debt — — — (79 ) — (79 ) Debt issuance costs — — — (2 ) — (2 ) Repurchase and retirement of common stock (271 ) — — — — (271 ) Payment of withholding taxes on vesting of restricted stock units — (3 ) — — (3 ) Proceeds from employee stock plan purchases — — 2 — — 2 Other financing activity — — (2 ) — — (2 ) Intercompany transfers (1 ) (839 ) 81 (66 ) 825 — Net cash used in (provided by) financing activities (272 ) (529 ) 73 (132 ) 825 (35 ) Net increase in cash, cash equivalents and restricted cash 3 — — 4 — 7 Cash, cash equivalents and restricted cash, beginning of period 4 — 134 42 — 180 Cash, cash equivalents and restricted cash, end of period $ 7 $ — $ 134 $ 46 $ — $ 187 For the Six Months Ended June 30, 2018 ($ in millions) Parent Issuers Guarantors Non- Guarantors Eliminations Total Operating Activities Net cash (used in) provided by operating activities $ — $ (14 ) $ 42 $ (205 ) $ 43 $ (134 ) Investing Activities Capital expenditures for property and equipment — — (18 ) (2 ) — (20 ) Software capitalization costs — — (9 ) — — (9 ) Return of investment from unconsolidated affiliates — — 11 — — 11 Investment in unconsolidated affiliates — — (5 ) — — (5 ) Net cash used in investing activities — — (21 ) (2 ) — (23 ) Financing Activities Issuance of debt — 160 — — — 160 Issuance of non-recourse debt — — — 100 — 100 Repurchase and retirement of common stock — (112 ) — — — (112 ) Repayment of non-recourse debt — — — (80 ) — (80 ) Repayment of debt — (5 ) — — — (5 ) Debt issuance costs — — — (2 ) — (2 ) Payment of withholding taxes on vesting of restricted stock units — (1 ) — — — (1 ) Capital contribution — 3 — — — 3 Intercompany transfers — (31 ) (111 ) 185 (43 ) — Net cash provided by (used in) financing activities — 14 (111 ) 203 (43 ) 63 Net decrease in cash, cash equivalents and restricted cash — — (90 ) (4 ) — (94 ) Cash, cash equivalents and restricted cash, beginning of period — — 259 38 — 297 Cash, cash equivalents and restricted cash, end of period $ — $ — $ 169 $ 34 $ — $ 203

Organization - Additional Infor

Organization - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)propertyunit	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)propertyunit	Jun. 30, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of timeshare properties | property	57		57
Number of units in timeshare properties | unit	9,177		9,177
Costs related to agreements with related parties | $	$ 36	$ 38	$ 92	$ 97

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions		Jun. 30, 2019	Jan. 01, 2019
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Operating lease right of use assets		$ 63
Operating lease liabilities	[1]	$ 76
ASU 2016-02
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Operating lease right of use assets			$ 68
Operating lease liabilities			$ 80
[1]	Operating lease payments exclude $1 million

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)segment	Dec. 31, 2018USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of operating segments | segment		2
Deferred revenues	$ 163,000,000	$ 163,000,000	$ 95,000,000
Sales of VOIs
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Deferred revenues	34,000,000	34,000,000
Direct selling cost		5,000,000
Direct selling cost to be recognized upon acquisition	11,000,000	11,000,000
Remaining performance obligations			$ 0
Topic 606
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue earned that was included in the contract liabilities balance	$ 39,000,000	$ 78,000,000

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of Disaggregated Revenues by Segment from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Total revenues		$ 454	$ 563	$ 904	$ 930
Sales of VOIs, Net
Disaggregation Of Revenue [Line Items]
Total revenues		120	250	245	328
Sales, Marketing, Brand and Other Fees
Disaggregation Of Revenue [Line Items]
Total revenues		145	146	286	271
Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues		308	435	615	676
Real Estate and Financing Segment | Sales of VOIs, Net
Disaggregation Of Revenue [Line Items]
Total revenues		120	250	245	328
Real Estate and Financing Segment | Sales, Marketing, Brand and Other Fees
Disaggregation Of Revenue [Line Items]
Total revenues		145	146	286	271
Real Estate and Financing Segment | Interest Income
Disaggregation Of Revenue [Line Items]
Total revenues		36	34	72	68
Real Estate and Financing Segment | Other Financing Revenue
Disaggregation Of Revenue [Line Items]
Total revenues		7	5	12	9
Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues		103	90	204	180
Resort Operations and Club Management Segment | Club Management
Disaggregation Of Revenue [Line Items]
Total revenues		26	23	52	46
Resort Operations and Club Management Segment | Resort Management
Disaggregation Of Revenue [Line Items]
Total revenues		17	14	33	30
Resort Operations and Club Management Segment | Rental
Disaggregation Of Revenue [Line Items]
Total revenues	[1]	53	46	105	91
Resort Operations and Club Management Segment | Ancillary Services
Disaggregation Of Revenue [Line Items]
Total revenues		$ 7	$ 7	$ 14	$ 13
[1]	: Business Segments

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Accounts Receivable and Contract Asset from Contracts with Customers (Details) - Accounts Receivable - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Receivables	$ 128	$ 122
Contract asset	$ 3

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Composition of Contract Liabilities (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		$ 163	$ 95
Topic 606 | Advanced deposits
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		108	101
Topic 606 | Deferred revenues
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	[1]	145	72
Topic 606 | Club Bonus Point incentive liability
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	[2]	$ 61	$ 56
[1]	The deferred revenues balance is primarily comprised of (i) sales of VOIs under construction and not yet acquired under a just-in-time arrangement, (ii) club activation fees that are paid at the closing of a VOI purchase, which grants access to our points-based Club and (iii) annual dues for Club membership renewals.
[2]	Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Remaining Transaction Price (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Advanced deposits
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Remaining Transaction Price	$ 108
Recognition Period	18 months
Recognition Method	Upon customer stays
Club Activation Fees
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Remaining Transaction Price	$ 67
Recognition Period	7 years
Recognition Method	Straight-line basis over average inventory holding    period
Club Bonus Points
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Remaining Transaction Price	$ 61
Recognition Period	24 months
Recognition Method	Upon redemption

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 67	$ 72
Escrow deposits on VOI sales
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		41	45
Reserves related to non-recourse debt
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	[1]	$ 26	$ 27
[1]	See Note 11: Debt & Non-recourse Debt

Timeshare Financing Receivabl_3

Timeshare Financing Receivables - Schedule of Timeshare Financing Receivables (Details) - USD ($) $ in Millions		Jun. 30, 2019		Dec. 31, 2018		Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Timeshare financing receivables		$ 1,299		$ 1,292
Less: allowance for financing receivables losses		(174)		(172)		$ (157)	$ (141)
Timeshare financing receivables, net		1,125		1,120
Securitized and Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Timeshare financing receivables		579		660
Less: allowance for financing receivables losses		(35)		(43)		(20)	(27)
Timeshare financing receivables, net		544		617
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Timeshare financing receivables	[1]	720		632
Less: allowance for financing receivables losses		(139)	[1]	(129)	[1]	$ (137)	$ (114)
Timeshare financing receivables, net	[1]	$ 581		$ 503
[1]	Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities.

Timeshare Financing Receivabl_4

Timeshare Financing Receivables - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, weighted average interest rate (as a percent)	12.36%
Financing receivable, weighted average remaining term (in years)	7 years 8 months 12 days
Financing receivable weighted average maturities year	2031
Timeshare financing receivable not accruing interest	$ 70	$ 69
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, stated interest rate (as a percent)	5.25%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, stated interest rate (as a percent)	20.50%
Non-recourse Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross timeshare receivables securing the Timeshare Facility	$ 279	$ 190

Timeshare Financing Receivabl_5

Timeshare Financing Receivables - Maturities of Financing Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2019		Dec. 31, 2018		Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
2019 (remaining)	$ 79
2020	139
2021	144
2022	147
2023	150
Thereafter	640
Timeshare financing receivable maturities, gross	1,299
Less: allowance for financing receivables losses	(174)		$ (172)		$ (157)	$ (141)
Timeshare financing receivable maturities, net	1,125
Securitized and Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
2019 (remaining)	40
2020	81
2021	80
2022	77
2023	75
Thereafter	226
Timeshare financing receivable maturities, gross	579
Less: allowance for financing receivables losses	(35)		(43)		(20)	(27)
Timeshare financing receivable maturities, net	544
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
2019 (remaining)	39
2020	58
2021	64
2022	70
2023	75
Thereafter	414
Timeshare financing receivable maturities, gross	720
Less: allowance for financing receivables losses	(139)	[1]	$ (129)	[1]	$ (137)	$ (114)
Timeshare financing receivable maturities, net	$ 581
[1]	Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities.

Timeshare Financing Receivabl_6

Timeshare Financing Receivables - Financing Receivable by FICO Score (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		$ 1,299	$ 1,292
More than 700
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		853	843
600-699
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		234	237
Less than 600
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		27	27
No score
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables	[1]	$ 185	$ 185
[1]	Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Timeshare Financing Receivabl_7

Timeshare Financing Receivables - Past Due Financing Receivables (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	$ 1,210	$ 1,204
Financing receivable, past due	1,299	1,292
Securitized and Pledged
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	566	648
Financing receivable, past due	579	660
Unsecuritized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	644	556
Financing receivable, past due	720	632
31 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	19	19
31 - 90 days past due | Securitized and Pledged
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	8	8
31 - 90 days past due | Unsecuritized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	11	11
91 - 120 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	6	6
91 - 120 days past due | Securitized and Pledged
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	2	3
91 - 120 days past due | Unsecuritized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	4	3
121 days and greater past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	64	63
121 days and greater past due | Securitized and Pledged
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	3	1
121 days and greater past due | Unsecuritized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	$ 61	$ 62

Timeshare Financing Receivabl_8

Timeshare Financing Receivables - Schedule of Change in Allowance For Financing Receivables Losses (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019		Jun. 30, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		$ 172		$ 141
Write-offs		(36)		(14)
Provision for financing receivables losses	[1]	38		30
Allowance for loan loss, ending balance		174		157
Securitized and Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		43		27
Write-offs		0		0
Provision for financing receivables losses	[1]	(8)		(7)
Allowance for loan loss, ending balance		35		20
Unsecuritized
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		129	[2]	114
Write-offs		(36)		(14)
Provision for financing receivables losses	[1]	46		37
Allowance for loan loss, ending balance		$ 139	[2]	$ 137
[1]	Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.
[2]	Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities.

Inventory - Schedule of Invento

Inventory - Schedule of Inventory, Noncurrent (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Completed unsold VOIs	$ 249	$ 243
Construction in process	11	9
Land, infrastructure and other	276	275
Inventory	$ 536	$ 527

Inventory - Additional informat

Inventory - Additional information (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Inventory [Line Items]
Increase (decrease) in inventories due to the true up of cost of sale (less than for the $1 million)	$ 11	$ (11)
Time Share
Inventory [Line Items]
Cost of VOI sales (less than for the $1 million)	5		$ 10
Increase (decrease) in inventories due to the true up of cost of sale (less than for the $1 million)	$ 5		$ 10

Inventory - Schedule of Expense

Inventory - Schedule of Expenses Incurred, Recorded in Cost of VOI Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Inventory Disclosure [Abstract]
Cost of VOI sales related to fee-for-service upgrades	$ 7	$ 9	$ 16	$ 15

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 769	$ 642
Accumulated depreciation	(96)	(83)
Property and equipment, net	673	559
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	335	268
Building and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	300	295
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	68	54
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 66	$ 25

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)entity	Jun. 30, 2018USD ($)	Dec. 31, 2018entity
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of VIEs consolidated | entity	4		4
Financial or other support to any VIEs | $	$ 0	$ 0

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets, variable interest entity		$ 571	$ 647
Liabilities, variable interest entity		562	640
Variable Interest Entity, Primary Beneficiary | Restricted cash
Variable Interest Entity [Line Items]
Assets, variable interest entity		20	23
Variable Interest Entity, Primary Beneficiary | Timeshare financing receivables, net
Variable Interest Entity [Line Items]
Assets, variable interest entity		544	617
Variable Interest Entity, Primary Beneficiary | Non-recourse debt
Variable Interest Entity [Line Items]
Liabilities, variable interest entity	[1]	$ 561	$ 639
[1]	Net of deferred financing costs

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)Affiliate	Dec. 31, 2018USD ($)
Schedule Of Investments [Line Items]
Number of unconsolidated affiliates | Affiliate	2
Debt	$ 937	$ 604
Investments in unconsolidated affiliates	$ 43	38
BRE Ace LLC
Schedule Of Investments [Line Items]
Equity method investment, ownership percentage	25.00%
1776 Holding, LLC
Schedule Of Investments [Line Items]
Equity method investment, ownership percentage	50.00%
BRE Ace LLC and 1776 Holding, LLC
Schedule Of Investments [Line Items]
Debt	$ 478	$ 490

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Inventory deposits	$ 44	$ 46
Prepaid expenses	34	18
Other	44	31
Other Assets	$ 122	$ 95

Debt & Non-recourse Debt - Sche

Debt & Non-recourse Debt - Schedule of Outstanding Borrowings (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	[1]	$ 944	$ 612
Less: unamortized deferred financing costs and discount	[2],[3]	(7)	(8)
Long-term debt		937	604
Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs and discount		(6)	(6)
Revolver with an average rate of 3.898%, due 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	[1]	425	115
Line of Credit | Term loans with an average rate of 3.898%, due 2023
Debt Instrument [Line Items]
Long-term debt, gross	[1]	192	197
Less: unamortized deferred financing costs and discount		(2)	(2)
Senior Notes | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Long-term debt, gross	[1]	300	300
Less: unamortized deferred financing costs and discount		(5)	(6)
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	[1]	27	0
Non-recourse Debt
Debt Instrument [Line Items]
Long-term debt, gross	[4]	702	766
Less: unamortized deferred financing costs and discount	[5]	(6)	(7)
Long-term debt		696	759
Non-recourse Debt | Timeshare Facility with an average rate of 3.337%, due 2021
Debt Instrument [Line Items]
Long-term debt, gross	[4]	135	120
Less: unamortized deferred financing costs and discount		(4)	(3)
Non-recourse Debt | Securitized Debt with a rate of 2.280%, due 2026
Debt Instrument [Line Items]
Long-term debt, gross	[4]	25	33
Non-recourse Debt | Securitized Debt with an average rate of 3.602%, due 2032
Debt Instrument [Line Items]
Long-term debt, gross	[4]	307	333
Non-recourse Debt | Securitized Debt with an average rate of 1.810%, due 2026
Debt Instrument [Line Items]
Long-term debt, gross	[4]	59	74
Non-recourse Debt | Securitized Debt with an average rate of 2.711%, due 2028
Debt Instrument [Line Items]
Long-term debt, gross	[4]	$ 176	$ 206
[1]	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.699 percent and 5.170 percent, respectively.
[2]	Amount does not include deferred financing costs of $6 million as of June 30, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets
[3]	Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million both as of June 30, 2019 and $2 million and $6 million as of December 31, 2018.
[4]	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.130 percent and 3.126 percent, respectively.
[5]	Amount relates to securitized debt only and does not include deferred financing costs of $4 million and $3 million as of June 30, 2019 and December 31, 2018, respectively, relating to our Timeshare Facility which are included in Other Assets

Debt & Non-recourse Debt - Sc_2

Debt & Non-recourse Debt - Schedule of Outstanding Borrowings (Parenthetical) (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, average interest rate		4.699%	5.17%
Less: unamortized deferred financing costs and discount	[1],[2]	$ (7)	$ (8)
Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs and discount		$ (6)	$ (6)
Revolving Credit Facility | Revolver with an average rate of 3.898%, due 2023
Debt Instrument [Line Items]
Debt instrument, average interest rate		3.898%	3.898%
Debt instrument, maturity year		2023	2023
Line of Credit | Term loans with an average rate of 3.898%, due 2023
Debt Instrument [Line Items]
Debt instrument, average interest rate		3.898%	3.898%
Debt instrument, maturity year		2023	2023
Less: unamortized deferred financing costs and discount		$ (2)	$ (2)
Senior Notes | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Debt instrument, maturity year		2024	2024
Debt instrument, stated interest rate		6.125%	6.125%
Less: unamortized deferred financing costs and discount		$ (5)	$ (6)
Non-recourse Debt
Debt Instrument [Line Items]
Debt instrument, average interest rate		3.13%	3.126%
Less: unamortized deferred financing costs and discount	[3]	$ (6)	$ (7)
Non-recourse Debt | Timeshare Facility with an average rate of 3.337%, due 2021
Debt Instrument [Line Items]
Debt instrument, maturity year		2021	2021
Debt instrument, stated interest rate		3.337%	3.337%
Less: unamortized deferred financing costs and discount		$ (4)	$ (3)
Non-recourse Debt | Securitized Debt with a rate of 2.280%, due 2026
Debt Instrument [Line Items]
Debt instrument, average interest rate		2.28%	2.28%
Debt instrument, maturity year		2026	2026
Non-recourse Debt | Securitized Debt with an average rate of 1.810%, due 2026
Debt Instrument [Line Items]
Debt instrument, average interest rate		1.81%	1.81%
Debt instrument, maturity year		2026	2026
Non-recourse Debt | Securitized Debt with an average rate of 2.711%, due 2028
Debt Instrument [Line Items]
Debt instrument, average interest rate		2.711%	2.711%
Debt instrument, maturity year		2028	2028
Non-recourse Debt | Securitized Debt with an average rate of 3.602%, due 2032
Debt Instrument [Line Items]
Debt instrument, average interest rate		3.602%	3.602%
Debt instrument, maturity year		2032	2032
[1]	Amount does not include deferred financing costs of $6 million as of June 30, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets
[2]	Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million both as of June 30, 2019 and $2 million and $6 million as of December 31, 2018.
[3]	Amount relates to securitized debt only and does not include deferred financing costs of $4 million and $3 million as of June 30, 2019 and December 31, 2018, respectively, relating to our Timeshare Facility which are included in Other Assets

Debt & Non-recourse Debt - Addi

Debt & Non-recourse Debt - Additional Information (Details) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Restricted cash		$ 67	$ 72
Reserves related to non-recourse debt
Debt Instrument [Line Items]
Restricted cash	[1]	26	27
Timeshare Facility
Debt Instrument [Line Items]
Term loan outstanding		$ 450
Debt instrument commitment termination date		2021-04
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument borrowed amount		$ 410
Debt instrument repaid amount		$ 105
Interest rate on revolving credit facility description		one month LIBOR
Letters of credit outstanding, amount		$ 1	$ 1
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate on revolving credit facility		1.50%
[1]	See Note 11: Debt & Non-recourse Debt

Debt & Non-recourse Debt - Sc_3

Debt & Non-recourse Debt - Schedule of Contractual Maturities of Debt (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
2019 (remaining)		$ 6
2020		12
2021		11
2022		10
2023		582
Thereafter		323
Long-term debt	[1]	944	$ 612
Non-recourse Debt
Debt Instrument [Line Items]
2019 (remaining)		110
2020		167
2021		88
2022		200
2023		76
Thereafter		61
Long-term debt	[2]	702	$ 766
Debt and Non-recourse Debt
Debt Instrument [Line Items]
2019 (remaining)		116
2020		179
2021		99
2022		210
2023		658
Thereafter		384
Long-term debt		$ 1,646
[1]	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.699 percent and 5.170 percent, respectively.
[2]	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.130 percent and 3.126 percent, respectively.

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying and Estimated Fair Value Amounts (Details) - USD ($) $ in Millions		Jun. 30, 2019	Dec. 31, 2018
Carrying Amount
Assets:
Timeshare financing receivables, net	[1]	$ 1,125	$ 1,120
Liabilities:
Debt, net	[2]	937	604
Non-recourse debt, net	[2]	696	759
Level 1
Assets:
Timeshare financing receivables, net	[1]	0	0
Liabilities:
Debt, net	[2]	320	302
Non-recourse debt, net	[2]	0	0
Level 3
Assets:
Timeshare financing receivables, net	[1]	1,387	1,339
Liabilities:
Debt, net	[2]	649	309
Non-recourse debt, net	[2]	$ 707	$ 753
[1]	Carrying amount net of allowance for financing receivables losses.
[2]	Carrying amount net of unamortized deferred financing costs and discount.

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Fair Value, Measurements, Recurring	Jun. 30, 2019USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets measured at fair value on recurring basis	$ 0
Liabilities measured at fair value on recurring basis	$ 0

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Leases starting expiration date		2019
Leases ending expiration date		2030
Operating leases, rent expense	$ 4	$ 10	$ 24

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Schedule Of Rent Expense [Abstract]
Minimum rentals			$ 21
Contingent rentals			3
Rent expense	$ 4	$ 10	$ 24

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Operating Leases (Details) $ in Millions	3 Months Ended
	Jun. 30, 2019USD ($)
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$ 8
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1
Weighted-average remaining lease term of operating leases	6 years 7 months 6 days
Weighted-average discount rate of operating leases	5.33%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Millions	Jun. 30, 2019USD ($)	[1]
Leases [Abstract]
2019 (remaining)	$ 8
2020	16
2021	15
2022	10
2023	10
Thereafter	32
Total future minimum lease payments	91
Less: interest	(15)
Present value of lease liabilities	$ 76
[1]	Operating lease payments exclude $1 million

Leases - Future Minimum Lease_2

Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Parenthetical) (Details) $ in Millions	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating leases legally binding minimum lease payments, signed but not yet commenced	$ 1

Leases - Future Minimum Lease_3

Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases for Prior Period (Details) $ in Millions	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 16
2020	15
2021	14
2022	10
2023	10
Thereafter	29
Total future minimum lease payments	$ 94

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	27.00%	26.00%

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share-based compensation expense	$ 7	$ 5	$ 12	$ 8
Unrecognized compensation costs for unvested awards	$ 34		$ 34
Unrecognized compensation costs, weighted average period for recognition			1 year 10 months 24 days
Shares of common stock available for future issuance	6,386,657		6,386,657
Service Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares)			500,925
Grant date fair value (in dollars per share)			$ 33.07
Service Restricted Stock Units (RSUs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares)			544,209
Exercise price (in dollars per share)			$ 33.32
Grant date fair value (in dollars per share)			$ 12.29
Stock options exercisable (in shares)	648,617		648,617
Stock Options | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Performance RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued (in shares)			133,660
Grant date fair value (in dollars per share)			$ 33.32
Award vesting period			3 years
Performance RSUs | Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage			70.00%
Performance RSUs | VOI sale | Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage			30.00%

Share-Based Compensation - Opti

Share-Based Compensation - Options Assumptions (Details) - Stock Options	6 Months Ended
	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	33.10%
Dividend yield	0.00%
Risk-free rate	2.60%
Expected term (in years)	6 years

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding, Basic	89,849,803	96,774,130	91,959,041	97,692,558
Weighted average shares outstanding, diluted	90,271,976	97,463,820	92,421,752	98,474,971
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	1,433,833	533,609	1,168,159	341,246

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2019		Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019		Jun. 30, 2018
Numerator:
Net income	$ 38,624,856	[1]	$ 55,000,000	$ 106,861,230	[1]	$ 30,000,000	$ 93,692,657	[1]	$ 137,031,259	[1]
Denominator:
Weighted average shares outstanding, Basic	89,849,803			96,774,130			91,959,041		97,692,558
Basic EPS	$ 0.43			$ 1.10			$ 1.02		$ 1.40
Denominator:
Weighted average shares outstanding, diluted	90,271,976			97,463,820			92,421,752		98,474,971
Diluted EPS	$ 0.43			$ 1.10			$ 1.01		$ 1.39
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Parenthetical) (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2019		Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019		Jun. 30, 2018
Earnings Per Share [Abstract]
Net income	$ 38,624,856	[1]	$ 55,000,000	$ 106,861,230	[1]	$ 30,000,000	$ 93,692,657	[1]	$ 137,031,259	[1]
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 23, 2018	Mar. 13, 2018	May 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 31, 2017
Related Party Transaction [Line Items]
Equity in earnings (loss) from unconsolidated affiliates				$ 2	$ (2)	$ 3	$ (1)
Due from related parties				27		27
Underwriting Agreement
Related Party Transaction [Line Items]
Stock purchased, shares		2,500,000
Sale of stock completion date		Mar. 19, 2018
Underwriting Agreement | Common Stock
Related Party Transaction [Line Items]
Sale of stock (in shares)		22,250,000
Stock price per share		$ 44.75
BRE Ace LLC
Related Party Transaction [Line Items]
Equity in earnings (loss) from unconsolidated affiliates				2	(2)	3	(1)
Equity method investment, ownership percentage								25.00%
1776 Holding, LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%
Cash contributed to an equity method investment	$ 5		$ 2
1776 Holding, LLC | Maximum
Related Party Transaction [Line Items]
Equity in earnings (loss) from unconsolidated affiliates				$ 1	$ 1	$ 1	$ 1

Related Party Transactions - Su

Related Party Transactions - Summary of Amounts Included in Condensed Consolidated Statements of Operations Related to Fee for Service Arrangement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
BRE Ace LLC
Related Party Transaction [Line Items]
Commission and other fees	$ 32	$ 32	$ 68	$ 64

Business Segments - Additional

Business Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Revenues Reconciled to Consolidated Amounts (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		$ 454	$ 563	$ 904	$ 930
Real Estate and Financing Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		308	435	615	676
Resort Operations and Club Management Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		103	90	204	180
Operating segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		422	533	839	872
Operating segments | Real Estate and Financing Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		308	435	615	676
Operating segments | Resort Operations and Club Management Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	[1],[2]	114	98	224	196
Segment Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		43	38	85	74
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	[1],[2]	$ (11)	$ (8)	$ (20)	$ (16)
[1]	Includes charges to the real estate sales and financing segment from the resort operations and club management segment for discounted stays at properties resulting from marketing packages. These charges totaled $11 million and $8 million for the three months ended June 30, 2019 and 2018, respectively, and $20 million and $16 million for the six months ended June 30, 2019 and 2018, respectively
[2]	Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for each of the three and six months ended June 30, 2019 and 2018.

Business Segments - Schedule _2

Business Segments - Schedule of Segment Revenues Reconciled to Consolidated Amounts (Parenthetical) (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		$ 454	$ 563	$ 904	$ 930
Intersegment eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	[1],[2]	(11)	(8)	(20)	(16)
Intersegment eliminations | Maximum
Segment Reporting, Revenue Reconciling Item [Line Items]
Rental expense for model units		1	1	1	1
Intersegment eliminations | Promotional Allowances
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		$ (11)	$ (8)	$ (20)	$ (16)
[1]	Includes charges to the real estate sales and financing segment from the resort operations and club management segment for discounted stays at properties resulting from marketing packages. These charges totaled $11 million and $8 million for the three months ended June 30, 2019 and 2018, respectively, and $20 million and $16 million for the six months ended June 30, 2019 and 2018, respectively
[2]	Includes charges to the real estate sales and financing segment from the resort operations and club management segment for the rental of model units to show prospective buyers. These charges totaled less than $1 million for each of the three and six months ended June 30, 2019 and 2018.

Business Segments - Schedule _3

Business Segments - Schedule of Adjusted EBITDA Reconciled to Net Income (Details) - USD ($)		3 Months Ended						6 Months Ended
		Jun. 30, 2019		Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019		Jun. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative		$ (29,000,000)			$ (30,000,000)			$ (54,000,000)		$ (53,000,000)
Depreciation and amortization		(13,000,000)			(8,000,000)			(23,000,000)		(16,000,000)
Other (loss) gain, net		(1,000,000)			1,000,000			(2,000,000)
Interest expense		(11,000,000)			(8,000,000)			(21,000,000)		(15,000,000)
Income tax expense		(15,000,000)			(39,000,000)			(35,000,000)		(49,000,000)
Equity in earnings (losses) from unconsolidated affiliates		2,000,000			(2,000,000)			3,000,000		(1,000,000)
Net income		38,624,856	[1]	$ 55,000,000	106,861,230	[1]	$ 30,000,000	93,692,657	[1]	137,031,259	[1]
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA		135,000,000			221,000,000			280,000,000		324,000,000
Operating segments | Real Estate and Financing Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	[2]	69,000,000			163,000,000			149,000,000		207,000,000
Operating segments | Resort Operations and Club Management Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	[2]	66,000,000			58,000,000			131,000,000		117,000,000
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative		(29,000,000)			(30,000,000)			(54,000,000)		(53,000,000)
Depreciation and amortization		(13,000,000)			(8,000,000)			(23,000,000)		(16,000,000)
License fee expense		(26,000,000)			(25,000,000)			(49,000,000)		(48,000,000)
Other (loss) gain, net		(1,000,000)			1,000,000			(2,000,000)
Interest expense		(11,000,000)			(8,000,000)			(21,000,000)		(15,000,000)
Income tax expense		(15,000,000)			(39,000,000)			(35,000,000)		(49,000,000)
Equity in earnings (losses) from unconsolidated affiliates		2,000,000			(2,000,000)			3,000,000		(1,000,000)
Other adjustment items		$ (3,000,000)			$ (3,000,000)			$ (5,000,000)		$ (5,000,000)
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019
[2]	Includes intersegment eliminations. Refer to our table presenting revenues by reportable segment above for additional discussion.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Long-term Purchase Commitment [Line Items]
Reasonably estimable of possible losses	$ 0
Inventories
Long-term Purchase Commitment [Line Items]
Purchase commitment	$ 511,000,000
Purchase commitment, period (in years)	12 years
Purchase commitment, purchases made	$ 28,000,000	$ 4,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Remaining Purchase Obligations (Details) - Inventories $ in Millions	Jun. 30, 2019USD ($)
Long-term Purchase Commitment [Line Items]
2019 (remaining)	$ 38
2020	220
2021	87
2022	57
2023	54
Thereafter	55
Total	$ 511

Condensed Consolidating Guara_3

Condensed Consolidating Guarantor Financial Information - Balance Sheet (Details) - USD ($) $ in Millions		Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 120		$ 108
Restricted cash		67		72
Accounts receivable, net		156		153
Timeshare financing receivables, net		1,125		1,120
Inventory		536		527
Property and equipment, net		673		559
Operating lease right-of-use assets, net		63
Investments in unconsolidated affiliates		43		38
Intangible assets, net		84		81
Other assets		122		95
TOTAL ASSETS (variable interest entities - $571 and $647)		2,989		2,753
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other		312		324
Advanced deposits		108		101
Debt, net		937		604
Non-recourse debt, net		696		759
Operating lease liabilities	[1]	76
Deferred revenues		163		95
Deferred income tax liabilities		247		254
Total equity		450	$ 575	616	$ 517	$ 400	$ 518
TOTAL LIABILITIES AND EQUITY		2,989		2,753
Parent
ASSETS
Cash and cash equivalents		7		4
Investments in subsidiaries		443		612
TOTAL ASSETS (variable interest entities - $571 and $647)		450		616
LIABILITIES AND EQUITY
Total equity		450		616
TOTAL LIABILITIES AND EQUITY		450		616
Issuers
ASSETS
Other assets		6		6
Investments in subsidiaries		1,347		1,210
TOTAL ASSETS (variable interest entities - $571 and $647)		1,353		1,216
LIABILITIES AND EQUITY
Debt, net		910		604
Total equity		443		612
TOTAL LIABILITIES AND EQUITY		1,353		1,216
Guarantors
ASSETS
Cash and cash equivalents		93		89
Restricted cash		41		45
Accounts receivable, net		156		157
Timeshare financing receivables, net		332		209
Inventory		496		502
Property and equipment, net		666		553
Operating lease right-of-use assets, net		63
Investments in unconsolidated affiliates		43		38
Intangible assets, net		84		81
Other assets		67		41
Investments in subsidiaries		243		277
TOTAL ASSETS (variable interest entities - $571 and $647)		2,284		1,992
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other		317		332
Advanced deposits		108		101
Debt, net		27
Operating lease liabilities		76
Deferred revenues		163		95
Deferred income tax liabilities		246		254
Total equity		1,347		1,210
TOTAL LIABILITIES AND EQUITY		2,284		1,992
Non-Guarantors
ASSETS
Cash and cash equivalents		20		15
Restricted cash		26		27
Accounts receivable, net		20		17
Timeshare financing receivables, net		793		911
Inventory		40		25
Property and equipment, net		7		6
Other assets		49		48
TOTAL ASSETS (variable interest entities - $571 and $647)		955		1,049
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other		15		13
Non-recourse debt, net		696		759
Deferred income tax liabilities		1
Total equity		243		277
TOTAL LIABILITIES AND EQUITY		955		1,049
Eliminations
ASSETS
Accounts receivable, net		(20)		(21)
Investments in subsidiaries		(2,033)		(2,099)
TOTAL ASSETS (variable interest entities - $571 and $647)		(2,053)		(2,120)
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other		(20)		(21)
Total equity		(2,033)		(2,099)
TOTAL LIABILITIES AND EQUITY		$ (2,053)		$ (2,120)
[1]	Operating lease payments exclude $1 million

Condensed Consolidating Guara_4

Condensed Consolidating Guarantor Financial Information - Statements of Operations (Details) - USD ($)	3 Months Ended						6 Months Ended
	Jun. 30, 2019		Mar. 31, 2019	Jun. 30, 2018		Mar. 31, 2018	Jun. 30, 2019		Jun. 30, 2018
Revenues
Total revenues	$ 454,000,000			$ 563,000,000			$ 904,000,000		$ 930,000,000
Expenses
General and administrative	29,000,000			30,000,000			54,000,000		53,000,000
Depreciation and amortization	13,000,000			8,000,000			23,000,000		16,000,000
Total operating expenses	390,000,000			408,000,000			755,000,000		728,000,000
Interest expense	(11,000,000)			(8,000,000)			(21,000,000)		(15,000,000)
Equity in earnings (losses) from unconsolidated affiliates	2,000,000			(2,000,000)			3,000,000		(1,000,000)
Other (loss) gain, net	(1,000,000)			1,000,000			(2,000,000)
Income before income taxes	54,000,000			146,000,000			129,000,000		186,000,000
Income tax expense	(15,000,000)			(39,000,000)			(35,000,000)		(49,000,000)
Income before equity in earnings from subsidiaries	39,000,000			107,000,000			94,000,000		137,000,000
Net income	38,624,856	[1]	$ 55,000,000	106,861,230	[1]	$ 30,000,000	93,692,657	[1]	137,031,259	[1]
Eliminations
Revenues
Total revenues	(14,000,000)			(3,000,000)			(27,000,000)		(6,000,000)
Expenses
Total operating expenses	(14,000,000)			(3,000,000)			(27,000,000)		(6,000,000)
Dividends from subsidiary	(300,000,000)						(550,000,000)
Income before income taxes	(300,000,000)						(550,000,000)
Income before equity in earnings from subsidiaries	(300,000,000)						(550,000,000)
Equity in (losses) earnings from subsidiaries	44,000,000			(238,000,000)			31,000,000		(317,000,000)
Net income	(256,000,000)			(238,000,000)			(519,000,000)		(317,000,000)
Sales of VOIs, Net
Revenues
Total revenues	120,000,000			250,000,000			245,000,000		328,000,000
Sales, marketing, license and other fees
Revenues
Total revenues	145,000,000			146,000,000			286,000,000		271,000,000
Sales, marketing, license and other fees | Eliminations
Revenues
Total revenues	(12,000,000)			(2,000,000)			(23,000,000)		(4,000,000)
Financing
Revenues
Total revenues	43,000,000			39,000,000			84,000,000		77,000,000
Expenses
Expenses	12,000,000			12,000,000			25,000,000		23,000,000
Financing | Eliminations
Revenues
Total revenues	(2,000,000)			(1,000,000)			(4,000,000)		(2,000,000)
Expenses
Expenses	(2,000,000)			(1,000,000)			(4,000,000)		(2,000,000)
Resort and Club Management
Revenues
Total revenues	43,000,000			37,000,000			85,000,000		76,000,000
Expenses
Expenses	12,000,000			11,000,000			23,000,000		22,000,000
Rental and Ancillary Services
Revenues
Total revenues	60,000,000			53,000,000			119,000,000		104,000,000
Expenses
Expenses	37,000,000			30,000,000			72,000,000		58,000,000
Cost Reimbursements
Revenues
Total revenues	43,000,000			38,000,000			85,000,000		74,000,000
Expenses
Expenses	43,000,000			38,000,000			85,000,000		74,000,000
Cost of VOI Sales
Expenses
Expenses	32,000,000			61,000,000			68,000,000		80,000,000
Sales and Marketing
Expenses
Expenses	186,000,000			193,000,000			356,000,000		354,000,000
Sales and Marketing | Eliminations
Expenses
Expenses	(12,000,000)			(2,000,000)			(23,000,000)		(4,000,000)
License Fee Expense
Expenses
Expenses	26,000,000			25,000,000			49,000,000		48,000,000
Parent
Expenses
Dividends from subsidiary	150,000,000						275,000,000
Income before income taxes	150,000,000						275,000,000
Income before equity in earnings from subsidiaries	150,000,000						275,000,000
Equity in (losses) earnings from subsidiaries	(111,000,000)			107,000,000			(181,000,000)		137,000,000
Net income	39,000,000			107,000,000			94,000,000		137,000,000
Issuers
Expenses
Interest expense	(11,000,000)			(8,000,000)			(21,000,000)		(15,000,000)
Dividends from subsidiary	150,000,000						275,000,000
Income before income taxes	139,000,000			(8,000,000)			254,000,000		(15,000,000)
Income before equity in earnings from subsidiaries	139,000,000			(8,000,000)			254,000,000		(15,000,000)
Equity in (losses) earnings from subsidiaries	50,000,000			115,000,000			115,000,000		152,000,000
Net income	189,000,000			107,000,000			369,000,000		137,000,000
Guarantors
Revenues
Total revenues	422,000,000			539,000,000			839,000,000		886,000,000
Expenses
General and administrative	29,000,000			30,000,000			54,000,000		53,000,000
Depreciation and amortization	13,000,000			8,000,000			23,000,000		16,000,000
Total operating expenses	376,000,000			400,000,000			726,000,000		712,000,000
Equity in earnings (losses) from unconsolidated affiliates	2,000,000			(2,000,000)			3,000,000		(1,000,000)
Other (loss) gain, net	(1,000,000)			1,000,000			(2,000,000)
Income before income taxes	47,000,000			138,000,000			114,000,000		173,000,000
Income tax expense	(14,000,000)			(39,000,000)			(34,000,000)		(49,000,000)
Income before equity in earnings from subsidiaries	33,000,000			99,000,000			80,000,000		124,000,000
Equity in (losses) earnings from subsidiaries	17,000,000			16,000,000			35,000,000		28,000,000
Net income	50,000,000			115,000,000			115,000,000		152,000,000
Guarantors | Sales of VOIs, Net
Revenues
Total revenues	103,000,000			248,000,000			210,000,000		325,000,000
Guarantors | Sales, marketing, license and other fees
Revenues
Total revenues	154,000,000			147,000,000			305,000,000		273,000,000
Guarantors | Financing
Revenues
Total revenues	20,000,000			17,000,000			38,000,000		37,000,000
Expenses
Expenses	4,000,000			5,000,000			8,000,000		10,000,000
Guarantors | Resort and Club Management
Revenues
Total revenues	43,000,000			37,000,000			85,000,000		76,000,000
Expenses
Expenses	12,000,000			11,000,000			23,000,000		22,000,000
Guarantors | Rental and Ancillary Services
Revenues
Total revenues	60,000,000			53,000,000			118,000,000		103,000,000
Expenses
Expenses	36,000,000			30,000,000			70,000,000		57,000,000
Guarantors | Cost Reimbursements
Revenues
Total revenues	42,000,000			37,000,000			83,000,000		72,000,000
Expenses
Expenses	42,000,000			37,000,000			83,000,000		72,000,000
Guarantors | Cost of VOI Sales
Expenses
Expenses	28,000,000			61,000,000			61,000,000		80,000,000
Guarantors | Sales and Marketing
Expenses
Expenses	187,000,000			193,000,000			357,000,000		354,000,000
Guarantors | License Fee Expense
Expenses
Expenses	25,000,000			25,000,000			47,000,000		48,000,000
Non-Guarantors
Revenues
Total revenues	46,000,000			27,000,000			92,000,000		50,000,000
Expenses
Total operating expenses	28,000,000			11,000,000			56,000,000		22,000,000
Income before income taxes	18,000,000			16,000,000			36,000,000		28,000,000
Income tax expense	(1,000,000)						(1,000,000)
Income before equity in earnings from subsidiaries	17,000,000			16,000,000			35,000,000		28,000,000
Net income	17,000,000			16,000,000			35,000,000		28,000,000
Non-Guarantors | Sales of VOIs, Net
Revenues
Total revenues	17,000,000			2,000,000			35,000,000		3,000,000
Non-Guarantors | Sales, marketing, license and other fees
Revenues
Total revenues	3,000,000			1,000,000			4,000,000		2,000,000
Non-Guarantors | Financing
Revenues
Total revenues	25,000,000			23,000,000			50,000,000		42,000,000
Expenses
Expenses	10,000,000			8,000,000			21,000,000		15,000,000
Non-Guarantors | Rental and Ancillary Services
Revenues
Total revenues							1,000,000		1,000,000
Expenses
Expenses	1,000,000						2,000,000		1,000,000
Non-Guarantors | Cost Reimbursements
Revenues
Total revenues	1,000,000			1,000,000			2,000,000		2,000,000
Expenses
Expenses	1,000,000			1,000,000			2,000,000		2,000,000
Non-Guarantors | Cost of VOI Sales
Expenses
Expenses	4,000,000						7,000,000
Non-Guarantors | Sales and Marketing
Expenses
Expenses	11,000,000			$ 2,000,000			22,000,000		$ 4,000,000
Non-Guarantors | License Fee Expense
Expenses
Expenses	$ 1,000,000						$ 2,000,000
[1]	Net income for the three months ended June 30, 2019 and 2018 was $38,624,856 and $106,861,230, respectively, and for the six months ended June 30, 2019

Condensed Consolidating Guara_5

Condensed Consolidating Guarantor Financial Information - Statements of Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net cash provided by (used in) operating activities	$ 72	$ (134)
Investing Activities
Capital expenditures for property and equipment	(17)	(20)
Software capitalization costs	(11)	(9)
Return of investment from unconsolidated affiliates		11
Investments in unconsolidated affiliates	(2)	(5)
Net cash used in investing activities	(30)	(23)
Financing Activities
Issuance of debt	410	160
Issuance of non-recourse debt	15	100
Repayment of debt	(105)	(5)
Repayment of non-recourse debt	(79)	(80)
Debt issuance costs	(2)	(2)
Repurchase and retirement of common stock	(271)	(112)
Payment of withholding taxes on vesting of restricted stock units	(3)	(1)
Capital contribution		3
Proceeds from employee stock plan purchases	2
Other financing activity	(2)
Net cash (used in) provided by financing activities	(35)	63
Net increase (decrease) in cash, cash equivalents and restricted cash	7	(94)
Cash, cash equivalents and restricted cash, beginning of period	180	297
Cash, cash equivalents and restricted cash, end of period	187	203
Eliminations
Operating Activities
Net cash provided by (used in) operating activities	(275)	43
Investing Activities
Dividends from subsidiary	(550)
Net cash used in investing activities	(550)
Financing Activities
Intercompany transfers	825	(43)
Net cash (used in) provided by financing activities	825	(43)
Parent
Investing Activities
Dividends from subsidiary	275
Net cash used in investing activities	275
Financing Activities
Repurchase and retirement of common stock	(271)
Intercompany transfers	(1)
Net cash (used in) provided by financing activities	(272)
Net increase (decrease) in cash, cash equivalents and restricted cash	3
Cash, cash equivalents and restricted cash, beginning of period	4
Cash, cash equivalents and restricted cash, end of period	7
Issuers
Operating Activities
Net cash provided by (used in) operating activities	254	(14)
Investing Activities
Dividends from subsidiary	275
Net cash used in investing activities	275
Financing Activities
Issuance of debt	410	160
Repayment of debt	(100)	(5)
Repurchase and retirement of common stock		(112)
Payment of withholding taxes on vesting of restricted stock units		(1)
Capital contribution		3
Intercompany transfers	(839)	(31)
Net cash (used in) provided by financing activities	(529)	14
Guarantors
Operating Activities
Net cash provided by (used in) operating activities	(43)	42
Investing Activities
Capital expenditures for property and equipment	(17)	(18)
Software capitalization costs	(11)	(9)
Return of investment from unconsolidated affiliates		11
Investments in unconsolidated affiliates	(2)	(5)
Net cash used in investing activities	(30)	(21)
Financing Activities
Repayment of debt	(5)
Payment of withholding taxes on vesting of restricted stock units	(3)
Proceeds from employee stock plan purchases	2
Other financing activity	(2)
Intercompany transfers	81	(111)
Net cash (used in) provided by financing activities	73	(111)
Net increase (decrease) in cash, cash equivalents and restricted cash		(90)
Cash, cash equivalents and restricted cash, beginning of period	134	259
Cash, cash equivalents and restricted cash, end of period	134	169
Non-Guarantors
Operating Activities
Net cash provided by (used in) operating activities	136	(205)
Investing Activities
Capital expenditures for property and equipment		(2)
Net cash used in investing activities		(2)
Financing Activities
Issuance of non-recourse debt	15	100
Repayment of non-recourse debt	(79)	(80)
Debt issuance costs	(2)	(2)
Intercompany transfers	(66)	185
Net cash (used in) provided by financing activities	(132)	203
Net increase (decrease) in cash, cash equivalents and restricted cash	4	(4)
Cash, cash equivalents and restricted cash, beginning of period	42	38
Cash, cash equivalents and restricted cash, end of period	$ 46	$ 34

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2019USD ($)propertyshares	Jun. 30, 2019USD ($)property
Subsequent Event [Line Items]
Number of timeshare properties | property		57
Revolving Credit Facility
Subsequent Event [Line Items]
Debt instrument borrowed amount		$ 410
Debt instrument repaid amount		$ 105
Subsequent Event
Subsequent Event [Line Items]
Number of shares repurchased | shares	74
Average price per share	$ 37
Number of timeshare properties | property	87
Subsequent Event | Timeshare Facility
Subsequent Event [Line Items]
Debt instrument repaid amount	$ 15
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Debt instrument borrowed amount	20
Debt instrument repaid amount	$ 5