Hilton Grand Vacations (HGV) 10-K 1 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 25, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	Hilton Grand Vacations Inc.
Entity Central Index Key	0001674168
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding		85,236,567
Entity Public Float			$ 1,636
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	HGV
Security Exchange Name	NYSE
Entity File Number	001-37794
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2545345
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	FL
Entity Address, Postal Zip Code	32835
City Area Code	407
Local Phone Number	613-3100
Document Annual Report	true
Document Transition Report	false
Entity Filer Category	Large Accelerated Filer
Documents Incorporated by Reference [Text Block]	The registrant has incorporated by reference into Part III of this report certain portions of its proxy statement for its 2021 annual meeting of stockholders, which is expected to be filed pursuant to Regulation 14A within 120 days after the end of the registrant’s fiscal year ended December 31, 2020.
ICFR Auditor Attestation Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 428	$ 67
Restricted cash	98	85
Accounts receivable, net of allowance for doubtful accounts of $20 and $21	119	174
Timeshare financing receivables, net	974	1,156
Inventory	702	558
Property and equipment, net	501	778
Operating lease right-of-use assets, net	52	60
Investments in unconsolidated affiliates	51	44
Intangible assets, net	81	77
Land and infrastructure held for sale	41
Other assets	87	80
TOTAL ASSETS (variable interest entities - $800 and $748)	3,134	3,079
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other	252	298
Advanced deposits	117	115
Debt, net	1,159	828
Non-recourse debt, net	766	747
Operating lease liabilities	67	76
Deferred revenues	262	186
Deferred income tax liabilities	137	259
Total liabilities (variable interest entities - $771 and $750)	2,760	2,509
Commitments and contingencies - see Note 23
Equity:
Preferred stock, $0.01 par value; 300,000,000 authorized shares, none issued or outstanding as of December 31, 2020 and 2019
Common stock, $0.01 par value; 3,000,000,000 authorized shares, 85,205,012 and 85,535,501 issued and outstanding as of December 31, 2020 and 2019, respectively	1	1
Additional paid-in capital	192	179
Accumulated retained earnings	181	390
Total equity	374	570
TOTAL LIABILITIES AND EQUITY	$ 3,134	$ 3,079

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Allowance for doubtful accounts receivable	$ 20	$ 21
Assets, variable interest entity	3,134	3,079
Liabilities, variable interest entity	$ 2,760	$ 2,509
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)	85,205,012	85,535,501
Common Stock, shares outstanding (in shares)	85,205,012	85,535,501
Variable Interest Entities
Assets, variable interest entity	$ 800	$ 748
Liabilities, variable interest entity	$ 771	$ 750

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Revenues
Total revenues		$ 894,000,000	[1]	$ 1,838,000,000	[1]	$ 1,999,000,000
Expenses
General and administrative		92,000,000		118,000,000		120,000,000
Depreciation and amortization		45,000,000		44,000,000		33,000,000
Impairment expense		209,000,000
Total operating expenses		1,139,000,000	[1]	1,523,000,000	[1]	1,565,000,000
Interest expense		(43,000,000)		(43,000,000)		(30,000,000)
Equity in earnings from unconsolidated affiliates		5,000,000		4,000,000
Other gain (loss), net		3,000,000		(3,000,000)		(1,000,000)
(Loss) income before income taxes		(280,000,000)	[1]	273,000,000	[1]	403,000,000
Income tax benefit (expense)		79,000,000		(57,000,000)		(105,000,000)
Net (loss) income	[2]	$ (200,709,244)	[1]	$ 215,695,961	[1]	$ 298,124,983
(Loss) Earnings per share:
Basic		$ (2.36)	[1]	$ 2.43	[1]	$ 3.07
Diluted		$ (2.36)	[1]	$ 2.42	[1]	$ 3.05
Sales of VOIs, Net
Revenues
Total revenues		$ 108,000,000		$ 509,000,000		$ 734,000,000
Sales, Marketing, Brand and Other Fees
Revenues
Total revenues		221,000,000		573,000,000		570,000,000
Financing
Revenues
Total revenues		165,000,000		170,000,000		158,000,000
Expenses
Expenses		53,000,000		53,000,000		49,000,000
Resort and Club Management
Revenues
Total revenues		166,000,000		191,000,000		172,000,000
Expenses
Expenses		36,000,000		46,000,000		47,000,000
Rental and Ancillary Services
Revenues
Total revenues		97,000,000		227,000,000		218,000,000
Expenses
Expenses		107,000,000		147,000,000		133,000,000
Cost Reimbursements
Revenues
Total revenues		137,000,000		168,000,000		147,000,000
Expenses
Expenses		137,000,000		168,000,000		147,000,000
Cost of VOI Sales
Expenses
Expenses		28,000,000		127,000,000		210,000,000
Sales and Marketing
Expenses
Expenses		381,000,000		719,000,000		728,000,000
License Fee Expense
Expenses
Expenses		$ 51,000,000		$ 101,000,000		$ 98,000,000
[1]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[2]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Operating Activities
Net (loss) income	[1]	$ (200,709,244)	[2]	$ 215,695,961	[2]	$ 298,124,983
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		45,000,000		44,000,000		33,000,000
Amortization of deferred financing costs, contract costs and other		18,000,000		17,000,000		10,000,000
Provision for financing receivables losses	[3]	75,000,000		74,000,000		69,000,000
Impairment expense		209,000,000
Other (gain) loss, net		(1,000,000)		3,000,000		1,000,000
Share-based compensation		15,000,000		22,000,000		16,000,000
Deferred income tax (benefit) expense		(123,000,000)		3,000,000		20,000,000
Equity in losses (earnings) from unconsolidated affiliates		(5,000,000)		(4,000,000)
Distributions received from unconsolidated affiliates						2,000,000
Net changes in assets and liabilities:
Accounts receivable, net		56,000,000		(20,000,000)		(41,000,000)
Timeshare financing receivables, net		107,000,000		(111,000,000)		(118,000,000)
Inventory		(91,000,000)		(4,000,000)		16,000,000
Purchases and development of real estate for future conversion to inventory		(36,000,000)		(168,000,000)		(299,000,000)
Other assets		(11,000,000)		(18,000,000)		(36,000,000)
Accounts payable, accrued expenses and other		(56,000,000)		(17,000,000)		(24,000,000)
Advanced deposits		2,000,000		14,000,000		14,000,000
Deferred revenues		76,000,000		91,000,000		(126,000,000)
Other				1,000,000		1,000,000
Net cash provided by (used in) operating activities		79,000,000		143,000,000		(164,000,000)
Investing Activities
Capital expenditures for property and equipment		(8,000,000)		(37,000,000)		(44,000,000)
Software capitalization costs		(23,000,000)		(24,000,000)		(14,000,000)
Return of investment from unconsolidated affiliates						11,000,000
Investments in unconsolidated affiliates		(2,000,000)		(2,000,000)		(10,000,000)
Net cash used in investing activities		(33,000,000)		(63,000,000)		(57,000,000)
Financing Activities
Issuance of debt		495,000,000		485,000,000		530,000,000
Issuance of non-recourse debt		495,000,000		365,000,000		663,000,000
Repayment of debt		(165,000,000)		(290,000,000)		(408,000,000)
Repayment of non-recourse debt		(475,000,000)		(376,000,000)		(485,000,000)
Debt issuance costs		(9,000,000)		(6,000,000)		(12,000,000)
Repurchase and retirement of common stock		(10,000,000)		(283,000,000)		(183,000,000)
Payment of withholding taxes on vesting of restricted stock units		(4,000,000)		(4,000,000)		(4,000,000)
Proceeds from employee stock plan purchases		2,000,000		3,000,000
Capital contribution						3,000,000
Proceeds from stock option exercises		1,000,000
Other financing activity		(2,000,000)		(2,000,000)
Net cash provided by (used in) financing activities		328,000,000		(108,000,000)		104,000,000
Net increase (decrease) in cash, cash equivalents and restricted cash		374,000,000		(28,000,000)		(117,000,000)
Cash, cash equivalents and restricted cash, beginning of period		152,000,000		180,000,000		297,000,000
Cash, cash equivalents and restricted cash, end of period		$ 526,000,000		$ 152,000,000		$ 180,000,000
[1]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.
[2]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[3]	Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Total		Common Stock	Additional Paid-in Capital	Accumulated Retained Earnings
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			94,000,000
Net (loss) income	215,695,961	[1],[2]			216,000,000
Activity related to share-based compensation	22,000,000			22,000,000
Repurchase and retirement of common stock	(283,000,000)			(17,000,000)	(266,000,000)
Repurchase and retirement of common stock, shares			(9,000,000)
Other	(1,000,000)				(1,000,000)
Ending balance, value at Dec. 31, 2019	$ 570,000,000		$ 1,000,000	179,000,000	390,000,000
Ending balance, shares at Dec. 31, 2019	85,535,501		85,000,000
Net (loss) income	$ (200,709,244)	[1],[2]			(201,000,000)
Activity related to share-based compensation	15,000,000			15,000,000
Repurchase and retirement of common stock	(10,000,000)			(2,000,000)	(8,000,000)
Repurchase and retirement of common stock, shares			(1,000,000)
Ending balance, value at Dec. 31, 2020	$ 374,000,000		$ 1,000,000	$ 192,000,000	$ 181,000,000
Ending balance, shares at Dec. 31, 2020	85,205,012		84,000,000
[1]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.
[2]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Organization

Organization	12 Months Ended
	Dec. 31, 2020
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 and Hilton Club exchange program (collectively the “Club”). As of December 31, 2020, we had 62 properties, comprised of 498,524 VOIs, located in the United States (“U.S.”), Japan, the United Kingdom, Italy, Barbados and Mexico.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 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. Our accompanying 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 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”). 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. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. The consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Use of Estimates 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. Impact of the COVID-19 Pandemic The novel coronavirus (“COVID-19”) pandemic continues to significantly negatively impact the hospitality, travel and leisure industries due to various mandates and orders to close non-essential businesses, impose travel restrictions, require “stay-at-home” and/or self-quarantine, and require similar actions. Such restrictions and directives have resulted in cancellations and significant reductions in travel around the world, as well as the negative global economic conditions . As a result of the reduction in travel, during the first quarter of 2020 we closed substantially all of our resorts and sales centers resulting in a significant reduction to revenue . In response to the impact of COVID-19, we have taken a variety of actions to ensure the continuity of our business and operations, including workforce furlough, implementing temporary salary reductions for the remaining active employees primarily during the second quarter of 2020, eliminating all discretionary spending, and reducing our planned investment in new inventory by approximately $200 million. Further, during the first quarter of 2020, we drew down on the availability under our credit facility as a precautionary measure to ensure liquidity for a sustained period and on May 8, 2020, we amended our Credit Agreement which amended certain terms of the credit facilities (“Senior Secured Credit Facilities”) to provide us with both near-term and long-term flexibility with respect to satisfying certain negative and financial covenant ratios as may be needed due to the ongoing and uncertain future impact of the COVID-19 pandemic on our business and operations. In October 2020, we completed a workforce reduction plan that impacted approximately 1,500 team members in order to better align our workforce with the Company’s needs in light of the environment, and approximately 1,800 of our team members remain furloughed as of December 31, 2020. For the year ended December 31, 2020, the Company incurred $7 million of expenses in restructuring and related expenses and charges. The majority of these expenses are included within Sales and marketing in our consolidated statements of operations. As of December 31, 2020, $1 million of such restructuring costs were included in Accounts payable, accrued expenses and other in our consolidated balance sheet. In December 2020, we amended our Credit Agreement to provide a waiver period for certain financial covenants, while at the same time imposing certain temporary restrictions during the waiver period. In December 2020, we amended the Timeshare Facility to update the definition of seller financial covenants to be consistent with the amended Credit Agreement. See Note 15: Debt and Non-recourse debt Prior to re-opening our resorts and sales centers, we introduced the HGV Enhanced Care Guidelines, designed to provide owners, guests and team members with the highest level of cleaning protocols and safety standards recommended by the Center for Disease Control and Prevention and cleaning solutions approved by the Environmental Protection Agency in response to the COVID-19 pandemic. Along with providing personal protective equipment to team members, these Enhanced Care Guidelines include low-touch arrivals and departures, frequent and thorough cleaning, reduction of paper items, reduced capacity for our pool decks and fitness centers, and new technologies. While operations were suspended, essential resort personnel worked diligently maintaining the resorts for a safe reopening. Annual deep cleanings, typically scheduled during slower seasons, were moved up and completed, allowing the resorts to be in top shape when owners and guests arrive. Beginning in May 2020, various states and counties started to allow gradual relaxation of restrictions on activities and a resumption of businesses. In response, we began a phased reopening of resorts and resumption of our business activities during the second quarter of 2020, but under new operating guidelines and with safety measures. As of December 31, 2020, we have approximately 85 percent of our resorts and sales centers open and currently operating however, many of our resorts and sales centers are operating in markets with significant capacity constraints and various safety measures. In addition, ongoing strict travel and other restrictions in regions and locations where we have a significant number of resorts and concentration of units, particularly, Hawaii and New York, are significantly impacting consumer demand for our resorts in those areas. While we plan to continue to reopen our resorts and resume our business as conditions permit, the pandemic continues to be unprecedented and rapidly changing, and has unknown duration and severity. Further, various state and local government officials may issue new or revised orders that are different than current ones under which we are operating. Accordingly, there remains significant uncertainty as to the degree of impact and duration of the conditions stemming from the ongoing pandemic on our revenues, net income and other operating results, as well as our business and operations generally. Any significantly extended duration or worsening of the conditions associated with the pandemic may adversely impact our liquidity in the longer term, including our ability to finance our day-to-day business and operations, and may adversely affect our ability to comply with our financial covenants under our debt obligations notwithstanding the recent amendments discussed above. Summary of Significant Accounting Policies Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In accordance with ASC 606, revenue is recognized upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. To achieve the core principle of the new guidance, we take the following steps: (i) identify the contract with the customer; (ii) determine whether the promised goods or services are separate performance obligations in the contract; (iii) determine the transaction price, including considering the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract based on the standalone selling price or estimated standalone selling price of the good or service; and (v) recognize revenue when (or as) we satisfy each performance obligation. Contracts with Multiple Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. For arrangements that contain multiple goods or services, we determine whether such goods or services are distinct performance obligations that should be accounted for separately in the arrangement. When allocating the transaction price in the arrangement, we may not have observable standalone sales for all of the performance obligations in these contracts; therefore, we exercise significant judgement when determining the standalone selling price of certain performance obligations. In order to estimate the standalone selling prices, we primarily rely on the expected cost plus margin and adjusted market assessment approaches. We then recognize the revenue allocated to each performance obligation as the related performance obligation is satisfied as discussed below. • Sales of VOIs, net — Customers who purchase vacation ownership products, whether paid in cash or financed, enter into multiple contracts, which we combine and account for as a single contract. Revenue from VOI sales is recognized at the point in time when control of the VOI is transferred to the customer which is when the customer has executed a binding sales contract, collectability is reasonably assured, the purchaser’s period to cancel for a refund has expired and the customer has the right to use the VOI. Revenue from sales of VOIs under construction is deferred until the point in time when construction activities are deemed to be completed, occupancy of the development is permissible, and the above criteria has been met. For financed sales, we estimate the variable consideration to be received under such contracts and recognize revenue net of amounts deemed uncollectible as the VOI is returned to inventory upon customer default. Variable consideration which has not been included within the transaction price is presented as a reserve on the financing receivable. See Note 6: Timeshare Financing Receivables for more information regarding our estimate of variable consideration. We award Club Bonus Points (“Bonus Points”) to our customers. These points are valid for a maximum of two years and may be used toward reservations at Club resorts, hotel reservations within Hilton’s system and VOI interval exchanges with other third-party vacation ownership exchanges. At the time of the VOI sale, we estimate the fair value of the incentives to be redeemed, including an adjustment for estimated breakage, to determine the standalone selling price of the first day incentive (“FDI”). We defer a portion of the total transaction price for the combined VOI contract as a liability for the FDI and recognize the corresponding revenue at the point in time when the customer receives the benefits of the FDI, which is upon the customer’s redemption of the Bonus Points. At that time, we also determine whether we are principal or agent for the redeemed good or service and recognize revenue on a gross or net basis accordingly. • Sales, marketing, brand and other fees — We enter into contracts with third-party developers to sell VOIs on their behalf through fee-for-service agreements for which we earn sales commissions and other fees. These commissions are variable as they are based on the sales and marketing results, which are subject to the constraint on variable consideration and resolved on a monthly basis over the contract term. We estimate such commissions to the extent that it is probable that a significant reversal of such revenue will not occur and recognize the commissions as the developer receives and consumes the benefits of the services. Any changes in these estimates would affect revenue and earnings in the period such variances are realized. Additionally, we enter into contracts to sell prepaid vacation packages. Our obligation in such contracts is satisfied when customers stay at our property; therefore, we recognize revenue for these packages when they are redeemed. On a portfolio basis, we exercise judgement to estimate the amount of expected breakage related to unused prepaid vacation packages and recognize such breakage in proportion to the pattern of packages utilized by our portfolio of customers. • Financing — We offer financing to qualifying customers purchasing our VOI. Revenue from the financing of timeshare sales is recognized on the accrual method as earned based on the outstanding principal, interest rate and terms stated in each individual financing agreement. We also recognize revenue from servicing the loans provided by third-party developers to purchasers of their VOIs over the period services are rendered. • Resort and club management — As part of our VOI sales, our customers enter into a Club arrangement which gives the customer an annual allotment of Club points that allow the customer to exchange the Club points for a number of vacation options. We manage the Club, receiving Club activation fees, annual dues and transaction fees from member exchanges. Club activation fees and the member's first year of annual dues are payable at the time of the VOI sale. The Club activation fee relates to activities we are required to undertake at or near contract inception to fulfill the contract, and does not result in the transfer of a promised good or service. Since our customers are granted the opportunity to renew their membership on an annual basis for no additional activation fee, we defer and amortize the activation fee on a straight-line basis over the seven year average inventory holding period. Annual dues for membership renewals are billed each year, and we recognize revenue from these annual dues over the period services are rendered. A member may elect to enter into an optional exchange transaction with their allotted Club points at which point the member pays their required transaction fee. This option does not represent a material right as the transactions are priced at their standalone selling price. Revenue related to the transaction is recognized when the services are rendered. As part of our resort operations, we contract with homeowner’s associations (“HOAs”) to provide day-to-day-management services, including housekeeping services, operation of a reservation system, maintenance, and certain accounting and administrative services. We receive compensation for such management services, which is generally based on a percentage of costs to operate the resorts, on a monthly basis. These fees represent a form of variable consideration and are estimated and recognized over time as the HOAs receive and consume the benefits of the management services. Management fees received related to the portion of unsold VOIs at each resort which we own are recognized on a net basis given we retain these VOIs in our inventory. • Rental and ancillary services — Our rental and ancillary services consist primarily of rental revenues on unoccupied vacation ownership units, inventory made available due to ownership exchanges through our club program and ancillary revenues. Rental revenue is recognized when occupancy has occurred. Advance deposits on the rental unit and the corresponding revenue is deferred and recognized upon the customer’s vacation stay. Ancillary revenues consist of food and beverage, retail, spa offerings and other guest services. We recognize ancillary revenue when goods have been provided and/or services have been rendered. We account for rental operations of unsold VOIs, including accommodations provided through the use of our vacation sampler programs, as incidental operations. Incremental carrying costs in excess of incremental revenues are recognized in the period incurred. In all periods presented, incremental carrying costs exceeded incremental revenues and all revenues and expenses are recognized in the period earned or incurred. • Cost reimbursements — As part of our management agreements with HOAs and fee-for-service developers, we receive cost reimbursements for performing the day to day management services, including direct and indirect costs that HOAs and developers reimburse to us. These costs primarily consist of insurance, payroll and payroll related costs for management of the HOAs and other services we provide where we are the employer and insurance . Cost reimbursements are based upon actual expenses with no added margin, and are billed to the HOA on a monthly basis. We recognize cost reimbursements when we incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. We capitalize all incremental costs incurred to obtain a contract when such costs would not have been incurred if the contract had not been obtained. We elect to expense costs incurred to obtain a contract when the deferral period would be one year or less. Commissions for VOI sales for resorts under construction are expensed when the associated VOI revenue is recognized which is upon completion of the resort. These commissions are classified as Sales and marketing expense As of December 31, 2020, the ending asset balance for costs to obtain a contract was $26 Other than the United States, there were no countries that individually represented more than 10 percent of total revenues for the years ended December 31, 2020, 2019 and 2018. We earn commission and other fees related to fee-for-service agreements to sell VOIs. For the years ended December 31, 2020, 2019 and 2018, we did not earn more than 10 percent of our total revenue from one customer. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent with respect to these taxes and fees. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency. Investments in Unconsolidated Affiliates We account for investments in unconsolidated affiliates under the equity method of accounting when we exercise significant influence, but do not maintain a controlling financial interest over the affiliates. We evaluate our investments in affiliates for impairment when there are indicators that the fair value of our investment may be less than our carrying value. Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of three months or less. Restricted Cash Restricted cash includes deposits received on VOI sales that are held in escrow until legal requirements of the local jurisdictions are met with regards to project construction or contract status and cash reserves required by our non-recourse debt agreements. Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily consists of trade receivables and is reported as the customers’ outstanding balances, less any allowance for credit losses. The expected credit losses are measured using an expected-loss model that reflects the risk of loss and considers the losses expected over the outstanding period of the receivable. Cloud Computing Arrangements We capitalize certain costs associated with cloud computing arrangements (“CCAs”). These costs are included in Other assets Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks primarily associated with fluctuations in interest rates and do not use derivatives for trading or speculative purposes. We record the derivative instrument at fair value either as an asset or liability. We assess the effectiveness of our hedging instruments quarterly and record changes in fair value in accumulated other comprehensive income (“AOCI”) for the effective portion of the hedge and record the ineffectiveness of a hedge immediately in earnings in our consolidated statement of operations. We release the derivative’s gain or loss from AOCI to match the timing of the underlying hedged items’ effect on earnings. Timeshare Financing Receivables and Allowance for Financing Receivables Losses Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. We determine our timeshare financing receivables to be past due based on the contractual terms of the individual mortgage loans. 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 borrower at the time of purchase and the percentage of the purchase that is financed, among other factors. We record an estimate of variable consideration as a reduction of revenue from VOI sales at the time revenue is recognized on a VOI sale. We evaluate this portfolio collectively, 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 collection 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 financing receivables losses reserve requirements on our timeshare financing receivables. The static pool analysis includes several years of default data through which we stratify our portfolio using certain key dimensions including: FICO scores and equity percentage at the time of sale. 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 apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a note is 91 days past due we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process is complete and we receive the deed for the foreclosed unit. Inventory and Cost of Sales Inventory includes unsold, completed VOIs; VOIs under construction; and land and infrastructure held for future VOI product development at our current resorts. We carry our completed VOI inventory at the lower of cost or estimated fair value, less costs to sell, which can result in impairment losses and/or recoveries of previous impairments. Projects under development, along with land and infrastructure for future development are under a held and use impairment model and are reviewed for indicators of impairment quarterly. We capitalize costs directly associated with the acquisition, development and construction of a real estate project when it is probable that the project will move forward. We capitalize salary and related costs only to the extent they directly relate to the project. We capitalize interest expense, taxes and insurance costs when activities that are necessary to get the property ready for its intended use are underway. We cease capitalization of costs during prolonged gaps in development when substantially all activities are suspended or when projects are considered substantially complete. We account for our VOI inventory and cost of VOI sales using the relative sales value method. Also, we do not reduce inventory for the cost of VOI sales related to anticipated defaults, and accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. This results in changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as cost of sales true-ups, and are included in Cost of VOI sales Property and Equipment Property and equipment includes land, buildings and leasehold improvement and furniture and equipment at our corporate offices, sales centers and management offices which are recorded at cost. Additionally, certain property and equipment is held for future conversion into inventory. Construction in progress primarily relates to development activities. Costs that are capitalized related to development activities are classified as property and equipment until they are registered for sale. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Other than the United States, there were no countries that individually represented over 10 percent of total property and equipment, net as of December 31, 2020 and 2019. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (eight to 40 years); furniture and equipment (three to eight years); and computer equipment and acquired software (three years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, we calculate the asset’s fair value. The impairment loss recognized is equal to the amount that the net book value is in excess of fair value. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred. Assets Held for Sale We classify long-lived assets to be sold as held for sale in the period (i) we have approved and committed to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon designation as an asset held for sale, we stop recording depreciation expense on the asset. We assess the fair value of a long-lived asset less any costs to sell at each reporting period and until the asset is no longer classified as held for sale. The methodology utilized to determine fair value at the time of classification as held for sale is dependent on the type of long-lived asset reclassified. All methodologies utilized to determine fair value involve judgment. Leases We lease sales centers, office space and equipment under lease agreements. 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 consolidated balance sheets 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 Intangible Assets Our intangible assets consist of management agreements and certain proprietary technologies with finite lives. We have management agreements that were recorded at their fair value at the time of the completion of a merger on October 24, 2007 where Hilton became a wholly-owned subsidiary of an affiliate of The Blackstone Group L.P. (“Blackstone”). Additionally, we capitalize costs incurred to develop internal-use computer software, including costs incurred in connection with development of upgrades or enhancements that result in additional functionality. These capitalized costs are included in Intangible assets, net We review all finite life intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of operations. Deferred Financing Costs Deferred financing costs, including legal fees and upfront lenders fees, related to the Company’s debt and non-recourse debt are deferred and amortized over the life of the respective debt using the effective interest method. These capitalized costs are included in Other assets Debt, net Debt & Non-recourse debt Costs Incurred to Sell VO

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2020
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 Year Ended December 31, ($ in millions) 2020 2019 2018 Real Estate and Financing Segment Sales of VOIs, net $ 108 $ 509 $ 734 Sales, marketing, brand and other fees 221 573 570 Interest income 141 147 140 Other financing revenue 24 23 18 Real estate and financing segment revenues $ 494 $ 1,252 $ 1,462 Year Ended December 31, ($ in millions) 2020 2019 2018 Resort Operations and Club Management Segment Club management $ 96 $ 125 $ 112 Resort management 70 66 60 Rental (1) 91 201 191 Ancillary services 7 26 27 Resort operations and club management segment revenues $ 264 $ 418 $ 390 (1) Excludes intersegment eliminations. See Note 22: Business Segments for additional information. Contract Balances The following table provides information on our accounts receivable with customers which are included in Accounts Receivable, net December 31, ($ in millions) 2020 2019 Receivables $ 64 $ 129 The following table presents changes in our contract liabilities for the year ended December 31, 2020. December 31 ($ in millions) 2020 2019 Contract liabilities: Advanced deposits $ 117 $ 115 Deferred Sales of VOIs of projects under construction 169 84 Club activation fees, annual dues and other 77 86 Club Bonus Point incentive liability (1) 48 59 ( 1 ) Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other Revenue earned for the year ended December 31, 2020 that was included in the contract liabilities balance at December 31, 2019 was approximately $81 million. Revenue earned for the year ended December 31, 2019 that was included in the contract liabilities balance at December 31, 2018 was approximately $121 million. 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 6: Timeshare Financing Receivables Contract assets relate to incentive fees that can be earned for meeting certain targets 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. There were no contract assets as of December 31, 2020. Contract liabilities include payments received or due in advance of satisfying our performance obligations, offset by revenues recognized. 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. The following table represents the deferred revenue, cost of VOI sales and direct selling costs from sales of VOIs related to projects under construction as of December 31, 2020. December 31, December 31, ($ in millions) 2020 2019 Sales of VOIs, net $ 169 $ 84 Cost of VOI sales (1) 50 27 Sales and marketing expense 25 12 (1) Includes anticipated Cost of VOI sales related to inventory associated with 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, costs of VOI sales and direct selling costs upon completion of the projects in 2021. The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Club Bonus Points as of December 31, 2020: ($ in millions) Remaining Transaction Price Recognition Period Recognition Method Advanced deposits $ 117 18 months Upon customer stays Club activation fees 65 7 years Straight-line basis over average inventory holding period Club Bonus Points 48 24 months Upon redemption

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Restricted Cash	Note 4: Restricted Cash Restricted cash was as follows: December 31, December 31, ($ in millions) 2020 2019 Escrow deposits on VOI sales $ 69 $ 59 Reserves related to non-recourse debt 29 26 $ 98 $ 85

Accounts Receivable

Accounts Receivable	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Accounts Receivables	Note 5: Accounts Receivable The following table represents our accounts receivable, net of allowance for credit losses. Following the adoption of ASC 326 on January 1, 2020, accounts receivable within the scope of ASC 326 are measured at amortized cost. ($ in millions) December 31, 2020 Fee-for-service commissions (1) $ 22 Real estate and financing 11 Resort and club operations 23 Tax receivables 54 Other receivables (2) 9 Total $ 119 (1) Net of allowance. (2) Primarily includes individually insignificant accounts receivable recognized in the ordinary course of business, the allowances for which are individually insignificant. Our accounts receivable are all due within one year of origination. We use delinquency status and economic factors as credit quality indicators to monitor our receivables within the scope of ASC 326 and use these as a basis for how we develop our expected loss estimates. We sell VOIs on behalf of third-party developers using the Hilton Grand Vacations brand in exchange for sales, marketing and brand fees. We use historical losses and economic factors as a basis to develop our allowance for credit losses. Under these fee-for-service arrangements, we earn commission fees based on a percentage of total interval sales. Additionally, the terms include provisions requiring the reduction of fees earned for defaults and cancellations. The changes in our allowance for fee-for-service commissions were as follows: ($ in millions) December 31, 2020 Balance as of December 31, 2019 $ 19 Current period provision for expected credit losses 7 Write-offs charged against the allowance (8 ) Balance as of December 31, 2020 $ 18

Timeshare Financing Receivables

Timeshare Financing Receivables	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Timeshare Financing Receivables	Note 6: Timeshare Financing Receivables Timeshare financing receivables were as follows: December 31, 2020 ($ in millions) Securitized Unsecuritized (1) Total Timeshare financing receivables $ 805 $ 380 $ 1,185 Less: allowance for financing receivables losses (63 ) (148 ) (211 ) $ 742 $ 232 $ 974 (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. December 31, 2019 ($ in millions) Securitized Unsecuritized (1) Total Timeshare financing receivables $ 758 $ 582 $ 1,340 Less: allowance for financing receivables losses (54 ) (130 ) (184 ) $ 704 $ 452 $ 1,156 (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 December 31, 2020, we had timeshare financing receivables with a carrying value of $17 million securing the Timeshare Facility in anticipation of future financing activities. As of December 31, 2019, we had no timeshare receivables pledged to the 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. We record the difference between the timeshare financing receivable and the variable consideration included in the transaction price for the sale of the related VOI as an allowance for financing receivables and record the receivable net of the allowance. In March 2020, we recorded an incremental $23 million revenue reduction related to the changes in estimates primarily driven by economic factors surrounding the COVID-19 pandemic. During the year ended December 31, 2020, we recorded an adjustment to our estimate of variable consideration of $75 million, which includes a $12 million remaining balance of the original $23 million in revenue reduction related to economic factors. In June 2020, we completed a securitization of $300 million of gross timeshare financing receivables, which included a $15 million cash deposit that was subsequently released during the third quarter of 2020 upon pledging of qualified collateral, and issued approximately $186 million of 2.74 percent notes, $66 million of 4.22 percent notes and $48 million of 6.42 percent notes, which have a stated maturity date of February 25, 2039. The securitization transaction did not qualify as a sale and, accordingly, no gain or loss was recognized. The transaction is considered a secured borrowing; therefore, the proceeds from the transaction are presented as non-recourse debt (collectively, the “Securitized Debt”). The proceeds were primarily used to pay down the remaining borrowings on our Timeshare Facility and general corporate operating expenses. See Note 15: Debt and Non-recourse Debt Our timeshare financing receivables as of December 31, 2020 mature as follows: ($ in millions) Securitized Unsecuritized Total Year 2021 $ 98 $ 34 $ 132 2022 101 35 136 2023 104 37 141 2024 107 38 145 2025 105 40 145 Thereafter 290 196 486 805 380 1,185 Less: allowance for financing receivables losses (63 ) (148 ) (211 ) $ 742 $ 232 $ 974 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 collectability of our receivables on an ongoing basis. There are no significant concentrations of collection 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. As of December 31, 2020 and 2019, we had interest receivable outstanding of $7 million and $9 million, respectively, included in our consolidated balance sheets. The interest rate charged on the notes correlates to the risk profile of the borrower at the time of purchase and the percentage of the purchase that is financed, among other factors. As of December 31, 2020, our timeshare financing receivables had interest rates ranging from 1.5 percent to 20.5 percent, a weighted-average interest rate of 12.6 percent, a weighted average remaining term of 7.5 and maturities through 2035. Our gross timeshare financing receivables balances by average FICO score were as follows: December 31, ($ in millions) 2020 2019 FICO score 700+ $ 711 $ 818 600-699 266 292 <600 36 39 No score (1) 172 191 $ 1,185 $ 1,340 (1) Timeshare financing receivables without a FICO score are primarily related to foreign borrowers. The following table details our gross timeshare financing receivables by the origination year and average FICO score as of December 31, 2020: ($ in millions) 2020 2019 2018 2017 2016 Prior Total FICO score 700+ $ 128 $ 214 $ 142 $ 95 $ 60 $ 72 $ 711 600-699 46 78 52 34 22 34 266 <600 7 11 6 4 3 5 36 No score (1) 33 50 33 17 12 27 172 $ 214 $ 353 $ 233 $ 150 $ 97 $ 138 $ 1,185 We apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a loan is 91 days past due, we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process is complete and we receive the deed for the foreclosed unit. As of December 31, 2020 and 2019, we had ceased accruing interest on timeshare financing receivables with an aggregate principal balance of $117 million and $74 million, respectively. The following tables detail an aged analysis of our gross timeshare financing receivables balance: December 31, 2020 ($ in millions) Securitized Unsecuritized Total Current $ 783 $ 265 $ 1,048 31 - 90 days past due 11 9 20 91 - 120 days past due 5 3 8 121 days and greater past due 6 103 109 $ 805 $ 380 $ 1,185 December 31, 2019 ($ in millions) Securitized Unsecuritized Total Current $ 743 $ 502 $ 1,245 31 - 90 days past due 9 12 21 91 - 120 days past due 3 4 7 121 days and greater past due 3 64 67 $ 758 $ 582 $ 1,340 The changes in our allowance for financing receivables losses were as follows: ($ in millions) Securitized Unsecuritized Total December 31, 2017 $ 27 $ 114 $ 141 Write-offs — (38 ) (38 ) Securitizations 28 (28 ) — Provision for financing receivables losses (1) (12 ) 81 69 December 31, 2018 43 129 172 Write-offs — (62 ) (62 ) Securitizations 27 (27 ) — Provision for financing receivables losses (1) (16 ) 90 74 December 31, 2019 54 130 184 Write-offs — (48 ) (48 ) Securitizations 30 (30 ) — Provision for financing receivables losses (1) (21 ) 96 75 December 31, 2020 $ 63 $ 148 $ 211 (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	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventory	Note 7: Inventory Our Inventory was comprised of the following: December 31, ($ in millions) 2020 2019 Completed unsold VOIs $ 515 $ 241 Construction in process 186 59 Land, infrastructure and other 1 258 $ 702 $ 558 Land, infrastructure and other decreased by $257 million as of December 31, 2020 compared to the same period in 2019, due to a change in HGV’s strategy for certain parcels of undeveloped land and unallocated infrastructure. In the fourth quarter of 2020, we performed a review over certain of our long-lived assets. These assets include undeveloped parcels of land and certain unallocated infrastructure costs related to future phases of existing resorts. During the review, we concluded that based on our current inventory pipeline, we will have sufficient inventory in Hawaii, Orlando and Las Vegas to support future business operations without the need to utilize the undeveloped land and unallocated infrastructure. As a result, we committed to a plan to monetize and dispose of these assets via a sale, which was approved by the Board of Directors on December 22, 2020. Certain identified undeveloped land and unallocated infrastructure assets in Orlando are not currently part of the planned sale and are therefore held in Property and equipment Land and infrastructure held for sale As a result of the plan to dispose of these assets via sale, we recorded a non-cash impairment charge of $209 million in the fourth quarter of 2020 related to the identified assets. The non-cash impairment charge was comprised of a $201 million charge related to Land and infrastructure held for sale Property and equipment Property and equipment During the year ended December 31, 2020, we recorded non-cash operating activity transfers from Property and equipment to Inventory which increased completed unsold VOIs. We also recorded a non-cash operating activity transfer from Inventory Land and infrastructure held for sale Inventory Property and equipment Supplemental Disclosure of Cash Flow Information Shown below are (i) costs of sales true-ups relating to VOI products and the related impacts to the carrying value of inventory and (ii) expenses incurred, recorded in Cost of VOI sales, related to granting credit to customers for their existing ownership when upgrading into fee-for-service projects. December 31, ($ in millions) 2020 2019 2018 Cost of sales true-ups (1) $ 6 $ 14 $ 10 Cost of VOI sales related to fee-for-service upgrades 9 31 34 (1) Cost of sales true ups reduced costs of VOI sales and increased inventory in all periods presented.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment	Note 8: Property and Equipment Property and equipment were as follows: December 31, ($ in millions) 2020 2019 Land $ 109 $ 154 Buildings and leasehold improvements 250 286 Furniture and equipment 65 65 Construction in progress 208 383 632 888 Accumulated depreciation (131 ) (110 ) $ 501 $ 778 During the year ended December 31, 2020, we recorded non-cash operating activity transfers of $301 million related to the registrations for timeshare units under construction from Property and equipment Inventory Inventory Property and equipment Inventory Supplemental Disclosure of Cash Flow Information As a result of our long-lived asset impairment analysis, we identified the unallocated land and undeveloped infrastructure mentioned above had indicators of impairment. The analysis resulted in an impairment charge of $8 million related to the undeveloped land and unallocated infrastructure assets previously transferred from Inventory Depreciation expense on property and equipment was $30 million, $35 million, and $23 million for the years ended December 31, 2020, 2019 and 2018 respectively.

Consolidated Variable Interest

Consolidated Variable Interest Entities	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Consolidated Variable Interest Entities	Note 9: Consolidated Variable Interest Entities As of December 31, 2020 and 2019, we consolidated 4 variable interest entities (“VIEs”) that issued Securitized Debt, secured by pledged assets primarily consisting 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 the VIEs are available to settle the obligations of the respective entities. Our consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following: December 31, ($ in millions) 2020 2019 Restricted cash $ 28 $ 26 Timeshare financing receivables, net 742 704 Non-recourse debt (1) 766 747 (1) Net of deferred financing costs. During the years ended December 31, 2020, 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	12 Months Ended
	Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Affiliates	Note As of December 31, 2020, 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 and in the consolidated statements of operations as Equity in earnings from unconsolidated affiliates, respectively. We held investments in our two unconsolidated affiliates with aggregated debt balances of $454 million and $479 million as of December 31, 2020 and 2019, 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 $51 million and $44 million as of December 31, 2020 and December 31, 2019, respectively and (ii) receivables for commission and other fees earned under fee-for-service arrangements. See Note 21: Related Party Transactions

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	Note 11: Intangible Assets Intangible assets and related amortization expense were as follows: December 31, 2020 ($ in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management agreements $ 89 $ (51 ) $ 38 Capitalized software 94 $ (51 ) 43 $ 183 $ (102 ) $ 81 December 31, 2019 ($ in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management agreements $ 88 $ (46 ) $ 42 Capitalized software 73 (38 ) 35 $ 161 $ (84 ) $ 77 Amortization expense on intangible assets was $15 million, $9 As of December 31, 2020, we estimated our future amortization expense for our amortizing intangible assets to be as follows: ($ in millions) Future Amortization Expense Year 2021 $ 23 2022 19 2023 12 2024 3 2025 3 Thereafter 21 $ 81

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	Note 12: Other Assets Other assets were as follows: December 31, ($ in millions) 2020 2019 Inventory deposits $ 7 $ 7 Deferred selling, marketing, general and administrative expenses 25 12 Prepaid expenses 12 13 Cloud computing arrangements 10 12 Other 33 36 $ 87 $ 80 For non-cash transfers see Note 24: Supplemental Disclosure of Cash Flow Information

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other	Note 13: Accounts Payable, Accrued Expenses and Other Accounts payable, accrued expenses and other were as follows: December 31, ($ in millions) 2020 2019 Accrued employee compensation and benefits $ 75 $ 77 Accounts payable 20 24 Bonus point incentive liability 48 59 Due to Hilton 12 19 Income taxes payable 2 8 Other accrued expenses 95 111 $ 252 $ 298

Deferred Revenues

Deferred Revenues	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Deferred Revenues	Note 14: Deferred Revenues Deferred revenues were as follows: December 31, ($ in millions) 2020 2019 Deferred VOI sales $ 184 $ 100 Club activation fees 65 71 Other 13 15 $ 262 $ 186 Deferred VOI sales include the deferred revenues associated with: the sales associated with incomplete phases or buildings; the sales of unacquired inventory; and deferred sales associated with our long-term lease product with a reversionary interest. We deferred $169 million and $84 million of revenues associated with Sales of VOIs under construction as of December 31, 2020 and 2019, respectively. Advanced deposits

Debt & Non-recourse Debt

Debt & Non-recourse Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt & Non-recourse Debt	Note 15: Debt & Non-recourse Debt Debt The following table details our outstanding debt balance and its associated interest rates: December 31 ($ in millions) 2020 2019 Debt (1) Senior secured credit facilities: Term loans with an average rate of 2.25%, due 2023 $ 177 $ 187 Revolver with an average rate of 2.25%, due 2023 660 320 Senior notes with a rate of 6.125%, due 2024 300 300 Other debt 27 27 1,164 834 Less: unamortized deferred financing costs and discount (2)(3) (5 ) (6 ) $ 1,159 $ 828 (1) As of December 31, 2020 and 2019, weighted-average interest rates were 3.357 percent and 4.571 percent, respectively. (2) (3) Amount does not include deferred financing costs of $4 and $5 million as of December 31, 2020 and 2019, respectively, relating to our revolving facility included in Other Assets Senior Secured Credit Facilities In May 2020, we amended our Credit Agreement which amended certain terms of the Senior Secured Credit Facilities to provide flexibility with respect to satisfying certain negative and financial covenants and ratios as may be needed due to the ongoing and uncertain future impact of the COVID-19 pandemic on our business and operations. The borrowing capacity under the Credit Agreement remained the same. In connection with the Amendment we incurred $1 million in debt issuance costs. In December 2020, we amended our Credit Agreement which provided a waiver period for certain financial covenants for the first three quarters of 2021. In connection with the Amendment we incurred $1 million in debt issuance costs. In addition, we are required to pay a commitment fee to the lenders under the Revolving Facility with respect to the unutilized commitments thereunder. The commitment fee will be determined based on a first lien net leverage ratio and will range from 0.30% to 0.50% per annum. We are also required to pay customary letters of credit fees. As of December 31, 2020 and 2019, we had $1 million of outstanding letters of credit under the revolving facility. During the year ended December 31, 2020, we borrowed $495 million and repaid $165 million, including recurring payments, under the senior secured credit facilities with an interest rate based on one-month LIBOR plus 2.00 percent, subject to a 0.25 percent floor. We primarily use interest rate swaps as part of our interest rate risk management strategy for our variable-rate debt. As of December 31, 2020, we had approximately $177 million of our Term Loan subject to interest rate swaps. Such interest rate swaps converted the LIBOR-based variable rates on our Term Loan to an average fixed annual rate of 0.53 percent per annum through November 2023. Our interest rate swaps have been designated and qualify as cash flow hedges of interest rate risk and recorded as a liability in Accounts payable, accrued expenses and other The obligations under the senior secured credit facility are unconditionally and irrevocably guaranteed by us and certain of our subsidiaries. We are in compliance with all applicable financial covenants as of December 31, 2020. Senior Notes In November 2016, we issued $300 million aggregate principal amount of 6.125 percent senior unsecured notes due 2024 (the “Senior Unsecured Notes”) and incurred $8 million of debt issuance costs. Interest on the senior unsecured notes (the “Senior Unsecured Notes” is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2017. In January 2018, the Subsidiary Issuers completed an exchange offer pursuant to which substantially all of the outstanding Senior Unsecured Notes, which were originally issued without registration under the Securities Act of 1933, as amended (the “Securities Act”), were exchanged for substantially identical notes that were registered under Securities Act, as required by the terms of the original issuance. As used in As used in these notes to the consolidated financial statements, the term Senior Unsecured Notes refers to both the originally unregistered Senior Unsecured Notes and such registered exchange notes, collectively, without duplication. We may, at our sole option, redeem the Senior Unsecured Notes, in whole or in part, at any time prior to December 1, 2021, at a price equal to 100 percent of the principal amount, plus an applicable make-whole premium and accrued and unpaid interest. On and after, December 1, 2021, we may, at our sole option, redeem the Senior Unsecured Notes at 103.25 percent, 101.625 percent or 100 percent of the principal amount in 2021, 2022 or 2023, respectively, without any make-whole premium. The Senior Unsecured Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries. We are in compliance with all applicable financial covenants as of December 31, 2020. Non-recourse Debt The following table details our outstanding non-recourse debt balance and its associated interest rates: December 31 ($ in millions) 2020 2019 Non-recourse debt (1) Securitized Debt with an average rate of 1.810%, due 2026 $ — $ 46 Securitized Debt with an average rate of 2.711%, due 2028 106 149 Securitized Debt with an average rate of 3.602%, due 2032 202 275 Securitized Debt with an average rate of 2.421%, due 2033 216 285 Securitized Debt with an average rate of 3.658%, due 2039 251 — 775 755 Less: unamortized deferred financing costs (2) (9 ) (8 ) $ 766 $ 747 (1) As of December 31, 2020 and 2019, weighted-average interest rates were 3.173 percent and 2.876 percent, respectively. (2) Amount relates to Securitized Debt only and does not include deferred financing costs of $3 million as of December 31, 2020 and 2019, respectively, relating to our Timeshare Facility included in Other Assets In June 2020, we completed a securitization of $300 million of gross timeshare financing receivables, which included a $15 million cash deposit that was subsequently released during the third quarter of 2020 upon pledging of qualified collateral, and issued approximately $186 million of 2.74 percent notes, $66 million of 4.22 percent notes and $48 million of 6.42 percent notes due February 2039. The Securitized Debt is backed by pledged assets, consisting primarily of a pool of timeshare financing receivables secured by first mortgages or deeds of trust on timeshare interests. The Securitized Debt is a non-recourse obligation and is payable solely from the pool of timeshare financing receivables pledged as collateral to the debt. The proceeds were primarily used to pay down the remaining borrowings on our Timeshare Facility and general corporate operating expenses. In connection with the securitization we incurred $5 million in debt issuance costs. In September 2020, we exercised our call option on the remaining outstanding principal balance on our securitized debt with an average rate of 1.810%, due 2026 (“2014-A Notes”) and prepaid the remaining balance in accordance with the terms of the arrangement. 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. As of December 31, 2020 and 2019, we had $450 million remaining borrowing capacity under our Timeshare Facility. During the second quarter of 2020, we amended the Timeshare Facility, temporarily changing certain covenant requirements pricing and advance rates to be consistent with the amended Credit Agreement. During the third quarter of 2020, we amended the Timeshare Facility to extend the maturity date from April 2022 August 2023 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 $29 million and $26 million as of December 31, 2020 and 2019, respectively, and were included in Restricted cash Debt Maturities The contractual maturities of our debt and non-recourse debt as of December 31, 2020 were as follows: ($ in millions) Debt Non-recourse Debt Total Year 2021 $ 12 $ 283 $ 295 2022 11 132 143 2023 818 129 947 2024 300 66 366 2025 — 108 108 Thereafter 23 57 80 $ 1,164 $ 775 $ 1,939

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 16: Fair Value Measurements The carrying amounts and estimated fair values of our financial assets and liabilities were as follows: December 31, 2020 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables (1) $ 974 $ — $ 1,248 Liabilities: Debt (2) 1,159 315 871 Non-recourse debt (2) 766 — 732 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount. December 31, 2019 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables (1) $ 1,156 $ — $ 1,446 Liabilities: Debt (2) 828 326 544 Non-recourse debt (2) 747 — 749 (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 loan 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. Non-recurring fair value measurements As of December 31, 2020, our assets that were measured at fair value on a non-recurring basis as of this date include land, estimated fair value $47 million, and infrastructure, estimated fair value $5 million, held for sale and property and equipment held for use. These assets are measured at fair value as a result of their classification as held for sale and our overall property and equipment impairment analysis. Refer to Note 2: Basis of Presentation and Significant Accounting Policies Land and infrastructure held for sale Property and equipment Inventory Property and equipment

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 17: Leases We lease sales centers, office space and equipment under operating leases. Our leases expire at various dates from 2021 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. We recognize rent expense on leases with both contingent and non-contingent lease payment terms. Rent expense associated with non-contingent lease payments are recognized on a straight-line basis over the lease term. Rent expense for all operating leases for the year ended December 31, 20 20 , 201 9 and 201 8 was as follows: Year Ended December 31, ($ in millions) 2020 (1) 2019 (1) 2018 Minimum rentals $ 19 $ 19 $ 21 Contingent rentals 1 2 3 $ 20 $ 21 $ 24 (1) These amounts include $3 million and $5 million of short term and variable rent for the years ended December 31, 2020 and 2019, respectively. Supplemental cash flow information related to operating leases was as follows: Twelve Months Ended December 31, ($ in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18 $ 16 Right-of-use assets obtained in exchange for new lease liabilities: Operating Leases 5 10 Supplemental balance sheet information related to operating leases was as follows: December 31, December 31, 2020 2019 Weighted-average remaining lease term of operating leases (in years) 5.4 6.1 Weighted-average discount rate of operating leases 4.95 % 5.34 % The future minimum rent payments under non-cancelable operating leases, due in each of the next five years and thereafter as of December 31, 2020, were as follows: ($ in millions) Operating Leases Year 2021 $ 18 2022 13 2023 12 2024 11 2025 11 Thereafter 11 Total future minimum lease payments $ 76 Less: imputed interest (9 ) Present value of lease liabilities $ 67

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 18: Income Taxes Our effective tax rate was 28% and 21% for the years ended December 31, 2020 and December 31, 2019, respectively. The increase in our effective tax rate is primarily due to the impact of our 2020 loss before taxes compared to our 2019 income before taxes. The calculation of our effective tax rates for both 2020 and 2019 includes reconciling items that provide an overall beneficial impact to the statutory worldwide income tax rates. Our 2020 effective tax rate was higher than the statutory worldwide tax rate primarily due to U.S. federal income tax benefits attributable to Foreign Derived Intangible Income (“FDII”) deductions, and state income tax benefits attributable to 2020 credit incentives and prior year favorable provision to return adjustments. The Tax Cuts and Jobs Act (“TCJ Act”) established a deduction for FDII. On July 9, 2020, the U.S. Treasury Department issued final tax regulations related to FDII effective on a retroactive bases to the year ended December 31, 2018, which clarified that certain items of our income qualified for FDII treatment. Our 2019 effective tax rate was lower than the statutory worldwide tax rate primarily due to the tax benefit derived from the IRS approval of a tax accounting method change effective for a pre-TCJ Act year related to the allocation of inventory costs. We believe the income tax provisions of the relief provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27, 2020 and the Consolidated Appropriations Act, 2021 enacted on December 27, 2020 and have no effect on our income tax rate for year ended December 31, 2020. We will continue to evaluate the income tax provisions of both Acts and monitor the developments in the jurisdictions where we have significant operations for tax law changes that could have income tax implications. Our net deferred tax liability decreased by $124 million as of December 31, 2020, as compared to the same period in 2019, primarily due to the IRS approval of a tax accounting method change effective for our 2020 taxable year related to certain timeshare upgrade transactions and the impairment of certain long-lived assets during the fourth quarter of 2020. Our tax provision includes federal, state and foreign income taxes payable. The domestic and foreign components of our (loss) income before taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 U.S. (loss) income before tax $ (287 ) $ 234 $ 380 Foreign income before tax 7 39 23 Total (loss) income before taxes $ (280 ) $ 273 $ 403 The components of our provision for income taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 Current: Federal $ 36 $ 37 $ 62 State 5 9 15 Foreign 3 8 8 Total current 44 54 85 Deferred: Federal (98 ) 3 17 State (23 ) 1 4 Foreign (2 ) (1 ) (1 ) Total deferred (123 ) 3 20 Total provision for income taxes $ (79 ) $ 57 $ 105 Reconciliations of our tax provision at the U.S. statutory rate to the provision for income taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 Statutory U.S. federal income tax provision $ (59 ) $ 57 $ 85 State and local income taxes, net of U.S. federal tax benefit (17 ) 11 19 Impact of foreign operations (5 ) 1 2 Interest on installment sales, net of U.S. federal tax benefit 1 4 3 Effects of the TCJ Act — — (4 ) Tax accounting method change — (18 ) — Other 1 2 — Provision for income taxes $ (79 ) $ 57 $ 105 Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities plus carryforward items. The compositions of net deferred tax balances were as follows: December 31, ($ in millions) 2020 2019 Deferred income tax assets $ 4 $ 2 Deferred income tax liabilities (137 ) (259 ) Net deferred taxes $ (133 ) $ (257 ) The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were as follows: December 31, ($ in millions) 2020 2019 Deferred tax assets: Compensation $ 16 $ 12 Domestic tax loss and credit carryforwards 5 4 Foreign tax loss carryforwards 2 1 Other reserves 89 86 112 103 Valuation allowance (4 ) (4 ) Deferred tax assets 108 99 Deferred tax liabilities: Property and equipment (70 ) (87 ) Amortizable intangible assets (7 ) (9 ) Deferred income (164 ) (259 ) Other liabilities — (1 ) Deferred tax liabilities (241 ) (356 ) Net deferred taxes $ (133 ) $ (257 ) Tax loss and credit carryforwards as of December 31, 2020 have expiration dates ranging between 9 years and no expiration in certain instances. The amount of foreign tax loss carryforwards as of December 31, 2020 and December 31, 2019 was $6 million and $2 million, respectively. The amount of state tax loss carryforwards as of December 31, 2020 and December 31, 2019 was $8 million. The amount of federal tax credit carryforwards as of December 31, 2020 and December 31, 2019 was $4 million and $3 million, respectively. The amount of state tax credit carryforwards as of December 31, 2020 was $2 million. There were no state tax credit carryforwards as of December 31, 2019. The total valuation allowance did not change during the year and remained at $4 million as of December 31, 2020. The valuation allowance has been established for financial reporting purposes to offset certain federal and state deferred tax assets due to uncertainty regarding our ability to realize them in the future.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-Based Compensation	Note 19: 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 $15 million, $22 million and $16 million during the years ended December 31, 2020, 2019 and 2018, respectively. The total tax benefit recognized related to this compensation was $4 million for the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, unrecognized compensation costs for unvested awards were approximately $14 million, which is expected to be recognized over a weighted average period of 1.7 years. As of December 31, 2020, there were 5,234,270 shares of common stock available for future issuance under this plan. Service RSUs The following table provides information about our RSU grants for the last three fiscal years: Year Ended December 31, 2020 2019 2018 Number of shares granted 672,123 500,925 378,069 Weighted average grant date fair value per share $ 25.14 $ 33.07 $ 42.63 Fair value of shares vested (in millions) $ 10 $ 10 $ 13 The following table summarizes the activity of our RSUs during the year ended December 31, 2020: Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 825,591 $ 34.46 Granted 672,123 25.14 Vested (442,666 ) 33.39 Forfeited (81,063 ) 29.94 Outstanding, end of period 973,985 28.89 Options The following table provides information about our option grants for the last three fiscal years: Year Ended December 31, 2020 2019 2018 Number of options granted 566,401 544,209 312,141 Weighted average exercise price per share $ 25.80 $ 33.32 $ 46.48 Weighted average grant date fair value per share $ 9.14 $ 12.29 $ 14.78 The grant date fair value of each of these options was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected volatility (1) 35.4 % 33.1 % 26.6 % Dividend yield (2) — % — % — % Risk-free rate (3) 1.0 % 2.6 % 2.7 % Expected term (in years) (4) 6.0 6.0 6.0 (1) Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of its share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation. (2) At the date of grant we had no plans to pay dividends during the expected term of these options. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Estimated using the average of the vesting periods and the contractual term of the options. As of December 31, 2020, we had 1,066,190 Options outstanding that were exercisable. The following table summarizes the activity of our options during the year ended December 31, 2020: Number of Shares Weighted Average Exercise Price Per Share Outstanding, beginning of period 1,541,082 $ 31.67 Granted 566,401 25.80 Exercised (34,010 ) 22.87 Forfeited, canceled or expired (59,534 ) 32.31 Outstanding, end of period 2,013,939 30.15 Exercisable, end of period 1,066,190 30.19 Performance Shares During the year ended December 31, 2020, we issued 168,529 Performance RSUs with a grant date fair value of $25.69. The Performance RSUs are settled at the end of a three-year In December 2020, the Compensation Committee approved an amendment to the Performance RSUs Agreement relating to the 2018 Performance RSUs. As a result of the amendment, we recognized compensation expense of $2 million based on the number of Performance RSUs vested and the performance conditions for the 2018 Performance RSU awards. The following table provides information about our Performance RSU grants, which is based on our Adjusted EBITDA metric described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 2020 2019 2018 Number of shares granted 117,975 93,566 64,809 Weighted average grant date fair value per share $ 25.69 $ 33.32 $ 42.94 Fair value of shares vested (in millions) 2 — — The following table provides information about our Performance RSU grants, which is based on contract sales as defined in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 2020 2019 2018 Number of shares granted 50,554 40,094 27,769 Weighted average grant date fair value per share $ 25.69 $ 33.32 $ 42.94 Fair value of shares vested (in millions) 1 — — The following table summarizes the activity of our Performance RSUs during the year ended December 31, 2020: Adjusted EBITDA (1) Contract Sales Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Outstanding, beginning of period 150,867 $ 36.79 64,646 $ 36.79 Granted 117,975 25.69 50,554 25.69 Vested (54,436 ) 30.30 (23,326 ) 30.30 Forfeited, canceled or expired — — — — Outstanding, end of period 214,406 29.08 91,874 29.08 (1) Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction. Employee Stock Purchase Plan In March 2017, the Board of Directors adopted the Hilton Grand Vacations Inc. Employee Stock Purchase Plan (the “ESPP”), which became effective during 2017. In connection with the Plan, we issued 2.5 million shares of common stock which may be purchased under the ESPP. The ESPP allows eligible employees to purchase shares of our common stock at a price per share not less than 95 percent of the fair market value per share of common stock on the purchase date, up to a maximum threshold established by the plan administrator for the offering period. For the year ended December 31, 2020, we issued 81,520 shares and recognized less than $1 million of compensation expense related to this plan. For the year ended December 31, 2019, we issued 101,244 shares and recognized less than $1 million of compensation expense related to this plan.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	Note 20: (Loss) Earnings Per Share The following table presents the calculation of our basic and diluted (loss) earnings per share (“EPS”). Year Ended December 31, ($ in millions, except per share amounts) 2020 2019 2018 Basic EPS Numerator: Net (loss) income (1) $ (201 ) $ 216 $ 298 Denominator: Weighted average shares outstanding 85 89 97 Basic EPS $ (2.36 ) $ 2.43 $ 3.07 Diluted EPS Numerator: Net (loss) income (1) $ (201 ) $ 216 $ 298 Denominator: Weighted average shares outstanding 85 89 98 Diluted EPS $ (2.36 ) $ 2.42 $ 3.05 (1) Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, 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 years ended December 31, 2020, 2019 and 2018, we excluded 2,192,591, 836,677 and 384,860 share-based compensation awards, respectively, because their effect would have been anti-dilutive under the treasury stock method.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 21: Related Party Transactions BRE Ace LLC and 1776 Holding, LLC We hold 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.” In July 2020, we contributed an additional $1.5 million in cash to BRE Ace LLC. We hold a 50 percent ownership interest in 1776 Holdings, LLC, a VIE, which will construct a timeshare resort property, known as “Liberty Place Charleston, by Hilton Club.” We record Equity in earnings from our unconsolidated affiliates in our consolidated statements of operations. See Note 10: Investments in Unconsolidated Affiliates December 31, ($ in millions) 2020 2019 2018 Equity in earnings from unconsolidated affiliates $ 5 $ 4 $ — Commission and other fees 55 136 132 We also have $7 million and $25 million of outstanding receivables related to the fee-for-service agreements as of December 31, 2020 and 2019. HNA Tourism Group Co., Ltd 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	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Business Segments	Note 22: Business Segments We operate our business through the following two segments: • Real estate sales and financing – We market and sell VOIs that we own. We also source VOIs through fee-for-service agreements with third-party developers. Related to the sales of the VOIs that we own, we provide consumer financing, which includes interest income generated from the origination of consumer loans to customers to finance their purchase of VOIs and revenue from servicing the loans. We also generate fee revenue from servicing the loans provided by third-party developers to purchasers of their VOIs. • Resort operations and club management – We manage the Club, earn activation fees, annual dues and transaction fees from member exchanges for other vacation products. We earn fees for managing the timeshare properties. We generate rental revenue from unit rentals of unsold inventory and inventory made available due to ownership exchanges under our Club program. We also earn revenue from food and beverage, retail and spa outlets at our timeshare properties. 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 operating performance. The following table presents revenues for our reportable segments reconciled to consolidated amounts: Year Ended December 31, ($ in millions) 2020 2019 2018 Revenues: Real estate sales and financing $ 494 $ 1,252 $ 1,462 Resort operations and club management (1) 276 454 422 Total segment revenues 770 1,706 1,884 Cost reimbursements 137 168 147 Intersegment eliminations (1)(2) (13 ) (36 ) (32 ) Total revenues $ 894 $ 1,838 $ 1,999 (1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. These charges totaled $13 million, $35 million and $31 million for the years ended December 31, 2020, 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 the year ended December 31, 20 20 and $ 1 million fo r the years ended December 31, 201 9 and 201 8 . The following table presents Adjusted EBITDA for our reportable segments reconciled to net income: Year Ended December 31, ($ in millions) 2020 2019 2018 Adjusted EBITDA: Real estate sales and financing (1) $ 33 $ 325 $ 447 Resort operations and club management (1) 136 265 245 Segment Adjusted EBITDA 169 590 692 General and administrative (92 ) (118 ) (120 ) Depreciation and amortization (45 ) (44 ) (33 ) License fee expense (51 ) (101 ) (98 ) Other gain (loss), net 3 (3 ) (1 ) Interest expense (43 ) (43 ) (30 ) Income tax benefit (expense) 79 (57 ) (105 ) Equity in earnings from unconsolidated affiliates 5 4 — Impairment expense (209 ) — — Other adjustment items (2) (17 ) (12 ) (7 ) Net income $ (201 ) $ 216 $ 298 (1) (2) This amount includes costs associated with restructuring, one-time charges and other non-cash items. The following table presents total assets for our reportable segments, reconciled to consolidated amounts: December 31, ($ in millions) 2020 2019 Real estate sales and financing $ 2,839 $ 2,753 Resort operations and club management 79 196 Total segment assets 2,918 2,949 Corporate 175 130 Land and infrastructure held for sale 41 — Total assets $ 3,134 $ 3,079 The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts: December 31, ($ in millions) 2020 2019 2018 Real estate sales and financing $ 18 $ 19 $ 36 Resort operations and club management — 5 — Total segment capital expenditures for property and equipment 18 24 36 Corporate 8 13 8 Total capital expenditures for property and equipment $ 26 $ 37 $ 44

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 23: Commitments and Contingencies We have entered into certain arrangements with developers whereby we have committed to purchase vacation ownership units or other real estate at a future date to be marketed and sold under our Hilton Grand Vacations brand. As of December 31, 2020, we were committed to purchase approximately $454 million of inventory and land over a period of 10 years and $20 million of other commitments under the normal course of business. Additionally, we have committed to develop additional vacation ownership units at an existing resort in Japan. During the second quarter of 2020, we entered into an agreement to exchange parcels of land in Hawaii, subject to the successful completion of zoning, land use requirements and other applicable regulatory requirements. 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 years ended December 31, 2020 and 2019, we purchased $23 million and $75 million, respectively, as required under our commitments. As of December 31, 2020, our remaining obligation pursuant to these arrangements was expected to be incurred as follows: ($ in millions) 2021 2022 2023 2024 2025 Thereafter Total Inventory purchase obligations $ 227 $ 114 $ 58 $ 40 $ 3 $ 12 $ 454 Other commitments (1) 12 8 — — — — 20 Total $ 239 $ 122 $ 58 $ 40 $ 3 $ 12 $ 474 (1) Primarily relates to commitments related to information technology and brand licensing under the normal course of business We are involved in litigation arising from the normal course of business, some of which includes claims for substantial sums.

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 2020
Supplemental Cash Flow Information [Abstract]
Supplemental Disclosures of Cash Flow Information	Note 24: Supplemental Disclosures of Cash Flow Information Cash paid for interest during the years ended December 31, 2020, 2019 and 2018, was $64 The following non-cash activities were excluded from the consolidated statements of cash flows: • In 2020, we recorded non-cash operating activity transfers of $41 million related to the classification of certain undeveloped land and infrastructure as available for sale from Inventory to Land and infrastructure held for sale and $16 million related to the classification of certain undeveloped land and infrastructure from Inventory to Property and equipment . • In 2020, we recorded non-cash operating activity transfers of $301 million related to the registrations for timeshare units under construction from Property and equipment to Inventory . • In 2019, we recorded a $23 million non-cash issuance of other debt related to the acquisition of property for future conversion to inventory involving a note payable financed by the seller. • In 2019, we recorded net non-cash operating activity transfers of $25 million from Property and equipment to Inventory related to the registration of timeshare units under construction. • In 2019, we recorded non-cash operating activity transfers of $40 million related to the reclassification of deposits on properties for future development into timeshare inventory from Other assets to Property and equipment. • In 2018, we recorded a cumulative non-cash adjustment of $38 million related to the adoption of ASC 606. • In 2018, we recorded a $3 million non-cash operating activity transfer from Property and Equipment, net to Inventory . • In 2018, we recorded a $3 million non-cash financing activity adjustment to equity related to the write-off of expenses due to Hilton prior to the spin-off.

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Information	Note 25: Selected Quarterly Financial Information (unaudited) The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2020 (1) First Second Third Fourth Quarter Quarter Quarter Quarter Year ($ in millions, except per share data) Total revenues $ 351 $ 123 $ 208 $ 212 $ 894 Total operating expenses 337 165 210 427 1,139 Income (loss) before income taxes 9 (56 ) (12 ) (221 ) (280 ) Net income (loss) 8 (48 ) (7 ) (154 ) (201 ) Basic earnings (loss) per share $ 0.09 $ (0.56 ) $ (0.08 ) $ (1.81 ) $ (2.36 ) Diluted earnings (loss) per share $ 0.09 $ (0.56 ) $ (0.08 ) $ (1.81 ) $ (2.36 ) (1) The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods. 2019 (1) First Second Third Fourth Quarter Quarter Quarter Quarter Year ($ in millions, except per share data) Total revenues $ 450 $ 454 $ 466 $ 468 $ 1,838 Total operating expenses 365 390 384 384 1,523 Income before income taxes 75 54 70 74 273 Net income 55 39 50 72 216 Basic earnings per share $ 0.59 $ 0.43 $ 0.59 $ 0.83 $ 2.43 Diluted earnings per share $ 0.58 $ 0.43 $ 0.59 $ 0.83 $ 2.42 (1) The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 26: Subsequent Events Management has evaluated all subsequent events through March 1, 2021, the date the audited consolidated financial statements were available to be issued. The results of management’s analysis indicated no significant subsequent events have occurred that require considerations adjustments to our disclosures in the audited financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The 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. Our accompanying 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 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”). 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. The determination of a controlling financial interest is based upon the terms of the governing agreements of the respective entities, including the evaluation of rights held by other interests. If the entity is considered to be a variable interest entity (“VIE”), we determine whether we are the primary beneficiary, and then consolidate those VIEs for which we have determined we are the primary beneficiary. If the entity in which we hold an interest does not meet the definition of a VIE, we evaluate whether we have a controlling financial interest through our voting interests in the entity. We consolidate entities when we own more than 50 percent of the voting shares of a company or otherwise have a controlling financial interest. The consolidated financial statements reflect our financial position, results of operations and cash flows as prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Impact of the COVID-19 Pandemic The novel coronavirus (“COVID-19”) pandemic continues to significantly negatively impact the hospitality, travel and leisure industries due to various mandates and orders to close non-essential businesses, impose travel restrictions, require “stay-at-home” and/or self-quarantine, and require similar actions. Such restrictions and directives have resulted in cancellations and significant reductions in travel around the world, as well as the negative global economic conditions . As a result of the reduction in travel, during the first quarter of 2020 we closed substantially all of our resorts and sales centers resulting in a significant reduction to revenue . In response to the impact of COVID-19, we have taken a variety of actions to ensure the continuity of our business and operations, including workforce furlough, implementing temporary salary reductions for the remaining active employees primarily during the second quarter of 2020, eliminating all discretionary spending, and reducing our planned investment in new inventory by approximately $200 million. Further, during the first quarter of 2020, we drew down on the availability under our credit facility as a precautionary measure to ensure liquidity for a sustained period and on May 8, 2020, we amended our Credit Agreement which amended certain terms of the credit facilities (“Senior Secured Credit Facilities”) to provide us with both near-term and long-term flexibility with respect to satisfying certain negative and financial covenant ratios as may be needed due to the ongoing and uncertain future impact of the COVID-19 pandemic on our business and operations. In October 2020, we completed a workforce reduction plan that impacted approximately 1,500 team members in order to better align our workforce with the Company’s needs in light of the environment, and approximately 1,800 of our team members remain furloughed as of December 31, 2020. For the year ended December 31, 2020, the Company incurred $7 million of expenses in restructuring and related expenses and charges. The majority of these expenses are included within Sales and marketing in our consolidated statements of operations. As of December 31, 2020, $1 million of such restructuring costs were included in Accounts payable, accrued expenses and other in our consolidated balance sheet. In December 2020, we amended our Credit Agreement to provide a waiver period for certain financial covenants, while at the same time imposing certain temporary restrictions during the waiver period. In December 2020, we amended the Timeshare Facility to update the definition of seller financial covenants to be consistent with the amended Credit Agreement. See Note 15: Debt and Non-recourse debt Prior to re-opening our resorts and sales centers, we introduced the HGV Enhanced Care Guidelines, designed to provide owners, guests and team members with the highest level of cleaning protocols and safety standards recommended by the Center for Disease Control and Prevention and cleaning solutions approved by the Environmental Protection Agency in response to the COVID-19 pandemic. Along with providing personal protective equipment to team members, these Enhanced Care Guidelines include low-touch arrivals and departures, frequent and thorough cleaning, reduction of paper items, reduced capacity for our pool decks and fitness centers, and new technologies. While operations were suspended, essential resort personnel worked diligently maintaining the resorts for a safe reopening. Annual deep cleanings, typically scheduled during slower seasons, were moved up and completed, allowing the resorts to be in top shape when owners and guests arrive. Beginning in May 2020, various states and counties started to allow gradual relaxation of restrictions on activities and a resumption of businesses. In response, we began a phased reopening of resorts and resumption of our business activities during the second quarter of 2020, but under new operating guidelines and with safety measures. As of December 31, 2020, we have approximately 85 percent of our resorts and sales centers open and currently operating however, many of our resorts and sales centers are operating in markets with significant capacity constraints and various safety measures. In addition, ongoing strict travel and other restrictions in regions and locations where we have a significant number of resorts and concentration of units, particularly, Hawaii and New York, are significantly impacting consumer demand for our resorts in those areas. While we plan to continue to reopen our resorts and resume our business as conditions permit, the pandemic continues to be unprecedented and rapidly changing, and has unknown duration and severity. Further, various state and local government officials may issue new or revised orders that are different than current ones under which we are operating. Accordingly, there remains significant uncertainty as to the degree of impact and duration of the conditions stemming from the ongoing pandemic on our revenues, net income and other operating results, as well as our business and operations generally. Any significantly extended duration or worsening of the conditions associated with the pandemic may adversely impact our liquidity in the longer term, including our ability to finance our day-to-day business and operations, and may adversely affect our ability to comply with our financial covenants under our debt obligations notwithstanding the recent amendments discussed above.
Use of Estimates	Use of Estimates 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.
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In accordance with ASC 606, revenue is recognized upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. To achieve the core principle of the new guidance, we take the following steps: (i) identify the contract with the customer; (ii) determine whether the promised goods or services are separate performance obligations in the contract; (iii) determine the transaction price, including considering the constraint on variable consideration; (iv) allocate the transaction price to the performance obligations in the contract based on the standalone selling price or estimated standalone selling price of the good or service; and (v) recognize revenue when (or as) we satisfy each performance obligation. Contracts with Multiple Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. For arrangements that contain multiple goods or services, we determine whether such goods or services are distinct performance obligations that should be accounted for separately in the arrangement. When allocating the transaction price in the arrangement, we may not have observable standalone sales for all of the performance obligations in these contracts; therefore, we exercise significant judgement when determining the standalone selling price of certain performance obligations. In order to estimate the standalone selling prices, we primarily rely on the expected cost plus margin and adjusted market assessment approaches. We then recognize the revenue allocated to each performance obligation as the related performance obligation is satisfied as discussed below. • Sales of VOIs, net — Customers who purchase vacation ownership products, whether paid in cash or financed, enter into multiple contracts, which we combine and account for as a single contract. Revenue from VOI sales is recognized at the point in time when control of the VOI is transferred to the customer which is when the customer has executed a binding sales contract, collectability is reasonably assured, the purchaser’s period to cancel for a refund has expired and the customer has the right to use the VOI. Revenue from sales of VOIs under construction is deferred until the point in time when construction activities are deemed to be completed, occupancy of the development is permissible, and the above criteria has been met. For financed sales, we estimate the variable consideration to be received under such contracts and recognize revenue net of amounts deemed uncollectible as the VOI is returned to inventory upon customer default. Variable consideration which has not been included within the transaction price is presented as a reserve on the financing receivable. See Note 6: Timeshare Financing Receivables for more information regarding our estimate of variable consideration. We award Club Bonus Points (“Bonus Points”) to our customers. These points are valid for a maximum of two years and may be used toward reservations at Club resorts, hotel reservations within Hilton’s system and VOI interval exchanges with other third-party vacation ownership exchanges. At the time of the VOI sale, we estimate the fair value of the incentives to be redeemed, including an adjustment for estimated breakage, to determine the standalone selling price of the first day incentive (“FDI”). We defer a portion of the total transaction price for the combined VOI contract as a liability for the FDI and recognize the corresponding revenue at the point in time when the customer receives the benefits of the FDI, which is upon the customer’s redemption of the Bonus Points. At that time, we also determine whether we are principal or agent for the redeemed good or service and recognize revenue on a gross or net basis accordingly. • Sales, marketing, brand and other fees — We enter into contracts with third-party developers to sell VOIs on their behalf through fee-for-service agreements for which we earn sales commissions and other fees. These commissions are variable as they are based on the sales and marketing results, which are subject to the constraint on variable consideration and resolved on a monthly basis over the contract term. We estimate such commissions to the extent that it is probable that a significant reversal of such revenue will not occur and recognize the commissions as the developer receives and consumes the benefits of the services. Any changes in these estimates would affect revenue and earnings in the period such variances are realized. Additionally, we enter into contracts to sell prepaid vacation packages. Our obligation in such contracts is satisfied when customers stay at our property; therefore, we recognize revenue for these packages when they are redeemed. On a portfolio basis, we exercise judgement to estimate the amount of expected breakage related to unused prepaid vacation packages and recognize such breakage in proportion to the pattern of packages utilized by our portfolio of customers. • Financing — We offer financing to qualifying customers purchasing our VOI. Revenue from the financing of timeshare sales is recognized on the accrual method as earned based on the outstanding principal, interest rate and terms stated in each individual financing agreement. We also recognize revenue from servicing the loans provided by third-party developers to purchasers of their VOIs over the period services are rendered. • Resort and club management — As part of our VOI sales, our customers enter into a Club arrangement which gives the customer an annual allotment of Club points that allow the customer to exchange the Club points for a number of vacation options. We manage the Club, receiving Club activation fees, annual dues and transaction fees from member exchanges. Club activation fees and the member's first year of annual dues are payable at the time of the VOI sale. The Club activation fee relates to activities we are required to undertake at or near contract inception to fulfill the contract, and does not result in the transfer of a promised good or service. Since our customers are granted the opportunity to renew their membership on an annual basis for no additional activation fee, we defer and amortize the activation fee on a straight-line basis over the seven year average inventory holding period. Annual dues for membership renewals are billed each year, and we recognize revenue from these annual dues over the period services are rendered. A member may elect to enter into an optional exchange transaction with their allotted Club points at which point the member pays their required transaction fee. This option does not represent a material right as the transactions are priced at their standalone selling price. Revenue related to the transaction is recognized when the services are rendered. As part of our resort operations, we contract with homeowner’s associations (“HOAs”) to provide day-to-day-management services, including housekeeping services, operation of a reservation system, maintenance, and certain accounting and administrative services. We receive compensation for such management services, which is generally based on a percentage of costs to operate the resorts, on a monthly basis. These fees represent a form of variable consideration and are estimated and recognized over time as the HOAs receive and consume the benefits of the management services. Management fees received related to the portion of unsold VOIs at each resort which we own are recognized on a net basis given we retain these VOIs in our inventory. • Rental and ancillary services — Our rental and ancillary services consist primarily of rental revenues on unoccupied vacation ownership units, inventory made available due to ownership exchanges through our club program and ancillary revenues. Rental revenue is recognized when occupancy has occurred. Advance deposits on the rental unit and the corresponding revenue is deferred and recognized upon the customer’s vacation stay. Ancillary revenues consist of food and beverage, retail, spa offerings and other guest services. We recognize ancillary revenue when goods have been provided and/or services have been rendered. We account for rental operations of unsold VOIs, including accommodations provided through the use of our vacation sampler programs, as incidental operations. Incremental carrying costs in excess of incremental revenues are recognized in the period incurred. In all periods presented, incremental carrying costs exceeded incremental revenues and all revenues and expenses are recognized in the period earned or incurred. • Cost reimbursements — As part of our management agreements with HOAs and fee-for-service developers, we receive cost reimbursements for performing the day to day management services, including direct and indirect costs that HOAs and developers reimburse to us. These costs primarily consist of insurance, payroll and payroll related costs for management of the HOAs and other services we provide where we are the employer and insurance . Cost reimbursements are based upon actual expenses with no added margin, and are billed to the HOA on a monthly basis. We recognize cost reimbursements when we incur the related reimbursable costs as the HOA receives and consumes the benefits of the management services. We capitalize all incremental costs incurred to obtain a contract when such costs would not have been incurred if the contract had not been obtained. We elect to expense costs incurred to obtain a contract when the deferral period would be one year or less. Commissions for VOI sales for resorts under construction are expensed when the associated VOI revenue is recognized which is upon completion of the resort. These commissions are classified as Sales and marketing expense As of December 31, 2020, the ending asset balance for costs to obtain a contract was $26 Other than the United States, there were no countries that individually represented more than 10 percent of total revenues for the years ended December 31, 2020, 2019 and 2018. We earn commission and other fees related to fee-for-service agreements to sell VOIs. For the years ended December 31, 2020, 2019 and 2018, we did not earn more than 10 percent of our total revenue from one customer. We are required to collect certain taxes and fees from customers on behalf of government agencies and remit these back to the applicable governmental agencies on a periodic basis. We have a legal obligation to act as a collection agent with respect to these taxes and fees. We do not retain these taxes and fees and, therefore, they are not included in revenues. We record a liability when the amounts are collected and relieve the liability when payments are made to the applicable taxing authority or other appropriate governmental agency.
Investments in Unconsolidated Affiliates	Investments in Unconsolidated Affiliates We account for investments in unconsolidated affiliates under the equity method of accounting when we exercise significant influence, but do not maintain a controlling financial interest over the affiliates. We evaluate our investments in affiliates for impairment when there are indicators that the fair value of our investment may be less than our carrying value.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with original maturities of three months or less.
Restricted Cash	Restricted Cash Restricted cash includes deposits received on VOI sales that are held in escrow until legal requirements of the local jurisdictions are met with regards to project construction or contract status and cash reserves required by our non-recourse debt agreements.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable primarily consists of trade receivables and is reported as the customers’ outstanding balances, less any allowance for credit losses. The expected credit losses are measured using an expected-loss model that reflects the risk of loss and considers the losses expected over the outstanding period of the receivable.
Cloud Computing Arrangements	Cloud Computing Arrangements We capitalize certain costs associated with cloud computing arrangements (“CCAs”). These costs are included in Other assets
Derivative Instruments	Derivative Instruments We use derivative instruments as part of our overall strategy to manage our exposure to market risks primarily associated with fluctuations in interest rates and do not use derivatives for trading or speculative purposes. We record the derivative instrument at fair value either as an asset or liability. We assess the effectiveness of our hedging instruments quarterly and record changes in fair value in accumulated other comprehensive income (“AOCI”) for the effective portion of the hedge and record the ineffectiveness of a hedge immediately in earnings in our consolidated statement of operations. We release the derivative’s gain or loss from AOCI to match the timing of the underlying hedged items’ effect on earnings.
Timeshare Financing Receivables and Allowance for Financing Receivables Losses	Timeshare Financing Receivables and Allowance for Financing Receivables Losses Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. We determine our timeshare financing receivables to be past due based on the contractual terms of the individual mortgage loans. 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 borrower at the time of purchase and the percentage of the purchase that is financed, among other factors. We record an estimate of variable consideration as a reduction of revenue from VOI sales at the time revenue is recognized on a VOI sale. We evaluate this portfolio collectively, 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 collection 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 financing receivables losses reserve requirements on our timeshare financing receivables. The static pool analysis includes several years of default data through which we stratify our portfolio using certain key dimensions including: FICO scores and equity percentage at the time of sale. 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 apply payments we receive for loans, including those in non-accrual status, to amounts due in the following order: servicing fees; interest; principal; and late charges. Once a note is 91 days past due we cease accruing interest and reverse the accrued interest recognized up to that point. We resume interest accrual for loans for which we had previously ceased accruing interest once the loan is less than 91 days past due. We fully reserve for a timeshare financing receivable in the month following the date that the loan is 121 days past due and, subsequently, we write off the uncollectible note against the reserve once the foreclosure process is complete and we receive the deed for the foreclosed unit.
Inventory and Cost of Sales	Inventory and Cost of Sales Inventory includes unsold, completed VOIs; VOIs under construction; and land and infrastructure held for future VOI product development at our current resorts. We carry our completed VOI inventory at the lower of cost or estimated fair value, less costs to sell, which can result in impairment losses and/or recoveries of previous impairments. Projects under development, along with land and infrastructure for future development are under a held and use impairment model and are reviewed for indicators of impairment quarterly. We capitalize costs directly associated with the acquisition, development and construction of a real estate project when it is probable that the project will move forward. We capitalize salary and related costs only to the extent they directly relate to the project. We capitalize interest expense, taxes and insurance costs when activities that are necessary to get the property ready for its intended use are underway. We cease capitalization of costs during prolonged gaps in development when substantially all activities are suspended or when projects are considered substantially complete. We account for our VOI inventory and cost of VOI sales using the relative sales value method. Also, we do not reduce inventory for the cost of VOI sales related to anticipated defaults, and accordingly, no adjustment is made when inventory is reacquired upon default of the related receivable. This results in changes in estimates within the relative sales value calculations to be accounted for as real estate inventory true-ups, which we refer to as cost of sales true-ups, and are included in Cost of VOI sales
Property and Equipment	Property and Equipment Property and equipment includes land, buildings and leasehold improvement and furniture and equipment at our corporate offices, sales centers and management offices which are recorded at cost. Additionally, certain property and equipment is held for future conversion into inventory. Construction in progress primarily relates to development activities. Costs that are capitalized related to development activities are classified as property and equipment until they are registered for sale. Costs of improvements that extend the economic life or improve service potential are also capitalized. Capitalized costs are depreciated over their estimated useful lives. Costs for normal repairs and maintenance are expensed as incurred. Other than the United States, there were no countries that individually represented over 10 percent of total property and equipment, net as of December 31, 2020 and 2019. Depreciation is recorded using the straight-line method over the assets’ estimated useful lives, which are generally as follows: buildings and improvements (eight to 40 years); furniture and equipment (three to eight years); and computer equipment and acquired software (three years). Leasehold improvements are depreciated over the shorter of the estimated useful life, based on the estimates above, or the lease term. We evaluate the carrying value of our property and equipment if there are indicators of potential impairment. We perform an analysis to determine the recoverability of the asset’s carrying value by comparing the expected undiscounted future cash flows to the net book value of the asset. If it is determined that the expected undiscounted future cash flows are less than the net book value of the asset, we calculate the asset’s fair value. The impairment loss recognized is equal to the amount that the net book value is in excess of fair value. Fair value is generally estimated using valuation techniques that consider the discounted cash flows of the asset using discount and capitalization rates deemed reasonable for the type of asset, as well as prevailing market conditions, appraisals, recent similar transactions in the market and, if appropriate and available, current estimated net sales proceeds from pending offers. If sufficient information exists to reasonably estimate the fair value of a conditional asset retirement obligation, including environmental remediation liabilities, we recognize the fair value of the obligation when the obligation is incurred.
Assets Held for Sale	Assets Held for Sale We classify long-lived assets to be sold as held for sale in the period (i) we have approved and committed to a plan to sell the asset, (ii) the asset is available for immediate sale in its present condition, (iii) an active program to locate a buyer and other actions required to sell the asset have been initiated, (iv) the sale of the asset is probable, (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, and (vi) it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. We initially measure a long-lived asset that is classified as held for sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset until the date of sale. Upon designation as an asset held for sale, we stop recording depreciation expense on the asset. We assess the fair value of a long-lived asset less any costs to sell at each reporting period and until the asset is no longer classified as held for sale. The methodology utilized to determine fair value at the time of classification as held for sale is dependent on the type of long-lived asset reclassified. All methodologies utilized to determine fair value involve judgment.
Leases	Leases We lease sales centers, office space and equipment under lease agreements. 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 consolidated balance sheets 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
Intangible Assets	Intangible Assets Our intangible assets consist of management agreements and certain proprietary technologies with finite lives. We have management agreements that were recorded at their fair value at the time of the completion of a merger on October 24, 2007 where Hilton became a wholly-owned subsidiary of an affiliate of The Blackstone Group L.P. (“Blackstone”). Additionally, we capitalize costs incurred to develop internal-use computer software, including costs incurred in connection with development of upgrades or enhancements that result in additional functionality. These capitalized costs are included in Intangible assets, net We review all finite life intangible assets for impairment when circumstances indicate that their carrying amounts may not be recoverable. If the carrying value of an asset group is not recoverable, we recognize an impairment loss for the excess of the carrying value over the fair value in our consolidated statements of operations.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs, including legal fees and upfront lenders fees, related to the Company’s debt and non-recourse debt are deferred and amortized over the life of the respective debt using the effective interest method. These capitalized costs are included in Other assets Debt, net Debt & Non-recourse debt
Costs Incurred to Sell VOIs and Vacation Packages	Costs Incurred to Sell VOIs and Vacation Packages We expense indirect sales and marketing costs we incur to sell VOIs and vacation packages when incurred. Deferred selling expenses, which are direct selling costs related either to a contract for which revenue has not yet been recognized, were $29 million and $19 million as of December 31, 2020 and 2019, respectively, and were included in Other assets
Fair Value Measurements-Valuation Hierarchy	Fair Value Measurements—Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date (an exit price). We use the three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our own assumptions about the data market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-level hierarchy of inputs is summarized below: • Level 1—Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets; • Level 2—Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and • Level 3—Valuation is based upon unobservable inputs that are significant to the fair value measurement. The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.
Currency Translation and Remeasurement	Currency Translation and Remeasurement The United States dollar (“USD”) is our reporting currency and is the functional currency of the majority of our operations. For operations whose functional currency is not the USD, assets and liabilities measured in foreign currencies are translated into USD at the prevailing exchange rates in effect as of the financial statement date and the related gains and losses are reflected within Total Equity Other loss, net
Share-Based Compensation Costs	Share-Based Compensation Costs Certain of our employees participate in our 2017 Omnibus Incentive Plan (the “Stock Plan”) which compensates eligible employees and directors with restricted stock units (“RSUs”), time and performance-vesting restricted stock units (“PSUs”) and nonqualified stock options (“options”). We record compensation expense based on the share-based awards granted to our employees. Share-based compensation awards issued prior to the spin-off have been converted to reflect the separation from Hilton. Upon the separation on January 3, 2017, holders of Hilton share-based awards received an adjusted award based on our shares. The adjustments were designed to generally preserve the fair value of each award before and after the separation. • RSUs vest in annual installments over three years from the date of grant, subject to the individual’s continued employment through the applicable vesting date. Vested RSUs generally will be settled for Hilton Grand Vacation’s common stock. The grant date fair value is equal to Hilton Grand Vacation’s closing stock price on the date of grant. • PSUs are settled at the end of a three-year • Options vest over three years in annual installments from the date of grant, subject to the individual’s continued employment through the applicable vesting date and will terminate 10 years from the date of grant or earlier on the unvested portion of an individual whose service was terminated. The exercise price is equal to the closing price of the Hilton Grand Vacation’s common stock on the date of grant. The grant date fair value is estimated using the Black-Scholes-Merton Model. We recognize the cost of services received in share-based payment transactions with employees as services are received and recognize a corresponding change in Total Equity
Income Taxes	Income Taxes We account for income taxes using the asset and liability method. The objectives of accounting for income taxes are to recognize the amount of taxes payable or refundable for the current year, to recognize the deferred tax assets and liabilities that relate to tax consequences in future years, which result from differences between the respective tax basis of assets and liabilities and their financial reporting amounts, and tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the respective temporary differences or operating loss or tax credit carryforwards are expected to be recovered or settled. The realization of deferred tax assets and tax loss and tax credit carryforwards is contingent upon the generation of future taxable income and other restrictions that may exist under the tax laws of the jurisdiction in which a deferred tax asset exists. Valuation allowances are provided to reduce such deferred tax assets to amounts more likely than not to be ultimately realized. We use a prescribed recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken in a tax return. For all income tax positions, we first determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If it is determined that a position meets the more-likely-than-not recognition threshold, the benefit recognized in the financial statements is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon settlement.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing the earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. When there is a year-to-date loss, potential common shares should not be included in the computation of diluted EPS; hence, diluted EPS would equal basic EPS in a period of loss.
Defined Contribution Plan	Defined Contribution Plan We administer and maintain a defined contribution plan for the benefit of all employees meeting certain eligibility requirements who elect to participate in the plan. Contributions are determined based on a specified percentage of salary deferrals by participating employees. We recognized compensation expense for our participating employees totaling $5 million and $13 million for the year ended December 31, 2020 and 2019, respectively.
Reclassifications	Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported total assets and total liabilities, net income or stockholders’ equity.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adopted Accounting Standards On January 1, 2020, we adopted Accounting Standards Update (ASU) No. 2016-13, (“ASU 2016-13”), Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments Revenue from Contracts with Customers On January 1, 2020, we adopted ASU 2018-15 (“ASU 2018-15”), Customer’s Accounting Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In March 2020, the SEC issued a final rule, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities Management’s Discussion and Analysis of Financial Condition and Results of Operations. Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12 (“ASU 2019-12”), Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In March 2020, the FASB issued ASU 2020-04 (“ASU 2020-04”), Reference Rate Reform Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting .

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2020
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 Year Ended December 31, ($ in millions) 2020 2019 2018 Real Estate and Financing Segment Sales of VOIs, net $ 108 $ 509 $ 734 Sales, marketing, brand and other fees 221 573 570 Interest income 141 147 140 Other financing revenue 24 23 18 Real estate and financing segment revenues $ 494 $ 1,252 $ 1,462 Year Ended December 31, ($ in millions) 2020 2019 2018 Resort Operations and Club Management Segment Club management $ 96 $ 125 $ 112 Resort management 70 66 60 Rental (1) 91 201 191 Ancillary services 7 26 27 Resort operations and club management segment revenues $ 264 $ 418 $ 390 (1) Excludes intersegment eliminations. See Note 22: Business Segments for additional information.
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 with customers which are included in Accounts Receivable, net December 31, ($ in millions) 2020 2019 Receivables $ 64 $ 129 The following table presents changes in our contract liabilities for the year ended December 31, 2020. December 31 ($ in millions) 2020 2019 Contract liabilities: Advanced deposits $ 117 $ 115 Deferred Sales of VOIs of projects under construction 169 84 Club activation fees, annual dues and other 77 86 Club Bonus Point incentive liability (1) 48 59 ( 1 ) Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other
Schedule of Deferred Revenue Cost of Sales and Direct Selling Costs from Sales of Project Under Construction	The following table represents the deferred revenue, cost of VOI sales and direct selling costs from sales of VOIs related to projects under construction as of December 31, 2020. December 31, December 31, ($ in millions) 2020 2019 Sales of VOIs, net $ 169 $ 84 Cost of VOI sales (1) 50 27 Sales and marketing expense 25 12 (1) Includes anticipated Cost of VOI sales related to inventory associated with Sales of VOIs under construction that will be acquired under a just-in-time arrangement once construction is complete.
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 December 31, 2020: ($ in millions) Remaining Transaction Price Recognition Period Recognition Method Advanced deposits $ 117 18 months Upon customer stays Club activation fees 65 7 years Straight-line basis over average inventory holding period Club Bonus Points 48 24 months Upon redemption

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Restricted Cash	Restricted cash was as follows: December 31, December 31, ($ in millions) 2020 2019 Escrow deposits on VOI sales $ 69 $ 59 Reserves related to non-recourse debt 29 26 $ 98 $ 85

Accounts Receivable (Tables)

Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Summary of Accounts Receivable, Net of Allowance for Credit Losses	The following table represents our accounts receivable, net of allowance for credit losses. Following the adoption of ASC 326 on January 1, 2020, accounts receivable within the scope of ASC 326 are measured at amortized cost. ($ in millions) December 31, 2020 Fee-for-service commissions (1) $ 22 Real estate and financing 11 Resort and club operations 23 Tax receivables 54 Other receivables (2) 9 Total $ 119 (1) Net of allowance. (2) Primarily includes individually insignificant accounts receivable recognized in the ordinary course of business, the allowances for which are individually insignificant.
Changes in Allowance for Fee-for-Service Commissions	The changes in our allowance for fee-for-service commissions were as follows: ($ in millions) December 31, 2020 Balance as of December 31, 2019 $ 19 Current period provision for expected credit losses 7 Write-offs charged against the allowance (8 ) Balance as of December 31, 2020 $ 18

Timeshare Financing Receivabl_2

Timeshare Financing Receivables (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Financing Receivables	Timeshare financing receivables were as follows: December 31, 2020 ($ in millions) Securitized Unsecuritized (1) Total Timeshare financing receivables $ 805 $ 380 $ 1,185 Less: allowance for financing receivables losses (63 ) (148 ) (211 ) $ 742 $ 232 $ 974 (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. December 31, 2019 ($ in millions) Securitized Unsecuritized (1) Total Timeshare financing receivables $ 758 $ 582 $ 1,340 Less: allowance for financing receivables losses (54 ) (130 ) (184 ) $ 704 $ 452 $ 1,156 (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 December 31, 2020 mature as follows: ($ in millions) Securitized Unsecuritized Total Year 2021 $ 98 $ 34 $ 132 2022 101 35 136 2023 104 37 141 2024 107 38 145 2025 105 40 145 Thereafter 290 196 486 805 380 1,185 Less: allowance for financing receivables losses (63 ) (148 ) (211 ) $ 742 $ 232 $ 974
Schedule of Financing Receivables by Average FICO Score	Our gross timeshare financing receivables balances by average FICO score were as follows: December 31, ($ in millions) 2020 2019 FICO score 700+ $ 711 $ 818 600-699 266 292 <600 36 39 No score (1) 172 191 $ 1,185 $ 1,340 (1) Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.
Details the Gross Timeshare Financing Receivables by the Origination Year and Average FICO Score	The following table details our gross timeshare financing receivables by the origination year and average FICO score as of December 31, 2020: ($ in millions) 2020 2019 2018 2017 2016 Prior Total FICO score 700+ $ 128 $ 214 $ 142 $ 95 $ 60 $ 72 $ 711 600-699 46 78 52 34 22 34 266 <600 7 11 6 4 3 5 36 No score (1) 33 50 33 17 12 27 172 $ 214 $ 353 $ 233 $ 150 $ 97 $ 138 $ 1,185
Schedule of Past Due Financing Receivables	The following tables detail an aged analysis of our gross timeshare financing receivables balance: December 31, 2020 ($ in millions) Securitized Unsecuritized Total Current $ 783 $ 265 $ 1,048 31 - 90 days past due 11 9 20 91 - 120 days past due 5 3 8 121 days and greater past due 6 103 109 $ 805 $ 380 $ 1,185 December 31, 2019 ($ in millions) Securitized Unsecuritized Total Current $ 743 $ 502 $ 1,245 31 - 90 days past due 9 12 21 91 - 120 days past due 3 4 7 121 days and greater past due 3 64 67 $ 758 $ 582 $ 1,340
Schedule of Change in Allowance for Financing Receivables Losses	The changes in our allowance for financing receivables losses were as follows: ($ in millions) Securitized Unsecuritized Total December 31, 2017 $ 27 $ 114 $ 141 Write-offs — (38 ) (38 ) Securitizations 28 (28 ) — Provision for financing receivables losses (1) (12 ) 81 69 December 31, 2018 43 129 172 Write-offs — (62 ) (62 ) Securitizations 27 (27 ) — Provision for financing receivables losses (1) (16 ) 90 74 December 31, 2019 54 130 184 Write-offs — (48 ) (48 ) Securitizations 30 (30 ) — Provision for financing receivables losses (1) (21 ) 96 75 December 31, 2020 $ 63 $ 148 $ 211 (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)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Our Inventory was comprised of the following: December 31, ($ in millions) 2020 2019 Completed unsold VOIs $ 515 $ 241 Construction in process 186 59 Land, infrastructure and other 1 258 $ 702 $ 558
Schedule of expense incurred when customers upgrade existing ownership to fee-for-service project	Shown below are (i) costs of sales true-ups relating to VOI products and the related impacts to the carrying value of inventory and (ii) expenses incurred, recorded in Cost of VOI sales, related to granting credit to customers for their existing ownership when upgrading into fee-for-service projects. December 31, ($ in millions) 2020 2019 2018 Cost of sales true-ups (1) $ 6 $ 14 $ 10 Cost of VOI sales related to fee-for-service upgrades 9 31 34 (1) Cost of sales true ups reduced costs of VOI sales and increased inventory in all periods presented.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment and Related Depreciation Expenses	Property and equipment were as follows: December 31, ($ in millions) 2020 2019 Land $ 109 $ 154 Buildings and leasehold improvements 250 286 Furniture and equipment 65 65 Construction in progress 208 383 632 888 Accumulated depreciation (131 ) (110 ) $ 501 $ 778

Consolidated Variable Interes_2

Consolidated Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Consolidated Variable Interest Entities	Our consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following: December 31, ($ in millions) 2020 2019 Restricted cash $ 28 $ 26 Timeshare financing receivables, net 742 704 Non-recourse debt (1) 766 747 (1) Net of deferred financing costs.

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Related Amortization Expense	Intangible assets and related amortization expense were as follows: December 31, 2020 ($ in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management agreements $ 89 $ (51 ) $ 38 Capitalized software 94 $ (51 ) 43 $ 183 $ (102 ) $ 81 December 31, 2019 ($ in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Management agreements $ 88 $ (46 ) $ 42 Capitalized software 73 (38 ) 35 $ 161 $ (84 ) $ 77
Schedule of Estimated Future Amortization Expense	As of December 31, 2020, we estimated our future amortization expense for our amortizing intangible assets to be as follows: ($ in millions) Future Amortization Expense Year 2021 $ 23 2022 19 2023 12 2024 3 2025 3 Thereafter 21 $ 81

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets were as follows: December 31, ($ in millions) 2020 2019 Inventory deposits $ 7 $ 7 Deferred selling, marketing, general and administrative expenses 25 12 Prepaid expenses 12 13 Cloud computing arrangements 10 12 Other 33 36 $ 87 $ 80

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other (Tables)	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Summary of Accounts Payable, Accrued Expenses and Other	Accounts payable, accrued expenses and other were as follows: December 31, ($ in millions) 2020 2019 Accrued employee compensation and benefits $ 75 $ 77 Accounts payable 20 24 Bonus point incentive liability 48 59 Due to Hilton 12 19 Income taxes payable 2 8 Other accrued expenses 95 111 $ 252 $ 298

Deferred Revenues (Tables)

Deferred Revenues (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Deferred Revenues	Deferred revenues were as follows: December 31, ($ in millions) 2020 2019 Deferred VOI sales $ 184 $ 100 Club activation fees 65 71 Other 13 15 $ 262 $ 186

Debt & Non-recourse Debt (Table

Debt & Non-recourse Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Outstanding Borrowings	The following table details our outstanding debt balance and its associated interest rates: December 31 ($ in millions) 2020 2019 Debt (1) Senior secured credit facilities: Term loans with an average rate of 2.25%, due 2023 $ 177 $ 187 Revolver with an average rate of 2.25%, due 2023 660 320 Senior notes with a rate of 6.125%, due 2024 300 300 Other debt 27 27 1,164 834 Less: unamortized deferred financing costs and discount (2)(3) (5 ) (6 ) $ 1,159 $ 828 (1) As of December 31, 2020 and 2019, weighted-average interest rates were 3.357 percent and 4.571 percent, respectively. (2) (3) Amount does not include deferred financing costs of $4 and $5 million as of December 31, 2020 and 2019, respectively, relating to our revolving facility included in Other Assets The following table details our outstanding non-recourse debt balance and its associated interest rates: December 31 ($ in millions) 2020 2019 Non-recourse debt (1) Securitized Debt with an average rate of 1.810%, due 2026 $ — $ 46 Securitized Debt with an average rate of 2.711%, due 2028 106 149 Securitized Debt with an average rate of 3.602%, due 2032 202 275 Securitized Debt with an average rate of 2.421%, due 2033 216 285 Securitized Debt with an average rate of 3.658%, due 2039 251 — 775 755 Less: unamortized deferred financing costs (2) (9 ) (8 ) $ 766 $ 747 (1) As of December 31, 2020 and 2019, weighted-average interest rates were 3.173 percent and 2.876 percent, respectively. (2) Amount relates to Securitized Debt only and does not include deferred financing costs of $3 million as of December 31, 2020 and 2019, respectively, relating to our Timeshare Facility included in Other Assets
Schedule of Contractual Maturities of Debt	The contractual maturities of our debt and non-recourse debt as of December 31, 2020 were as follows: ($ in millions) Debt Non-recourse Debt Total Year 2021 $ 12 $ 283 $ 295 2022 11 132 143 2023 818 129 947 2024 300 66 366 2025 — 108 108 Thereafter 23 57 80 $ 1,164 $ 775 $ 1,939

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2020
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: December 31, 2020 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables (1) $ 974 $ — $ 1,248 Liabilities: Debt (2) 1,159 315 871 Non-recourse debt (2) 766 — 732 (1) Carrying amount net of allowance for financing receivables losses. (2) Carrying amount net of unamortized deferred financing costs and discount. December 31, 2019 Hierarchy Level ($ in millions) Carrying Amount Level 1 Level 3 Assets: Timeshare financing receivables (1) $ 1,156 $ — $ 1,446 Liabilities: Debt (2) 828 326 544 Non-recourse debt (2) 747 — 749 (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)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Rent Expense	Rent expense for all operating leases for the year ended December 31, 20 20 , 201 9 and 201 8 was as follows: Year Ended December 31, ($ in millions) 2020 (1) 2019 (1) 2018 Minimum rentals $ 19 $ 19 $ 21 Contingent rentals 1 2 3 $ 20 $ 21 $ 24 (1) These amounts include $3 million and $5 million of short term and variable rent for the years ended December 31, 2020 and 2019, respectively.
Schedule Of Supplemental Cash Flow Information Related To Operating Leases	Supplemental cash flow information related to operating leases was as follows: Twelve Months Ended December 31, ($ in millions) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 18 $ 16 Right-of-use assets obtained in exchange for new lease liabilities: Operating Leases 5 10
Schedule Of Supplemental Balance Sheet Information Related To Operating Leases	Supplemental balance sheet information related to operating leases was as follows: December 31, December 31, 2020 2019 Weighted-average remaining lease term of operating leases (in years) 5.4 6.1 Weighted-average discount rate of operating leases 4.95 % 5.34 %
Future Minimum Lease Payments Under Non-Cancelable Operating Leases	The future minimum rent payments under non-cancelable operating leases, due in each of the next five years and thereafter as of December 31, 2020, were as follows: ($ in millions) Operating Leases Year 2021 $ 18 2022 13 2023 12 2024 11 2025 11 Thereafter 11 Total future minimum lease payments $ 76 Less: imputed interest (9 ) Present value of lease liabilities $ 67

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Before Income Taxes	The domestic and foreign components of our (loss) income before taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 U.S. (loss) income before tax $ (287 ) $ 234 $ 380 Foreign income before tax 7 39 23 Total (loss) income before taxes $ (280 ) $ 273 $ 403
Schedule of Components of Provision for Income Taxes	The components of our provision for income taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 Current: Federal $ 36 $ 37 $ 62 State 5 9 15 Foreign 3 8 8 Total current 44 54 85 Deferred: Federal (98 ) 3 17 State (23 ) 1 4 Foreign (2 ) (1 ) (1 ) Total deferred (123 ) 3 20 Total provision for income taxes $ (79 ) $ 57 $ 105
Schedule of Effective Income Tax Rate Reconciliation	Reconciliations of our tax provision at the U.S. statutory rate to the provision for income taxes were as follows: Year Ended December 31, ($ in millions) 2020 2019 2018 Statutory U.S. federal income tax provision $ (59 ) $ 57 $ 85 State and local income taxes, net of U.S. federal tax benefit (17 ) 11 19 Impact of foreign operations (5 ) 1 2 Interest on installment sales, net of U.S. federal tax benefit 1 4 3 Effects of the TCJ Act — — (4 ) Tax accounting method change — (18 ) — Other 1 2 — Provision for income taxes $ (79 ) $ 57 $ 105
Schedule of Compositions of Net Deferred Tax Balances	The compositions of net deferred tax balances were as follows: December 31, ($ in millions) 2020 2019 Deferred income tax assets $ 4 $ 2 Deferred income tax liabilities (137 ) (259 ) Net deferred taxes $ (133 ) $ (257 )
Schedule of Tax Effects of Temporary Differences and Carryforwards of Our Net Deferred Tax Liability	The tax effects of the temporary differences and carryforwards that give rise to our net deferred tax liability were as follows: December 31, ($ in millions) 2020 2019 Deferred tax assets: Compensation $ 16 $ 12 Domestic tax loss and credit carryforwards 5 4 Foreign tax loss carryforwards 2 1 Other reserves 89 86 112 103 Valuation allowance (4 ) (4 ) Deferred tax assets 108 99 Deferred tax liabilities: Property and equipment (70 ) (87 ) Amortizable intangible assets (7 ) (9 ) Deferred income (164 ) (259 ) Other liabilities — (1 ) Deferred tax liabilities (241 ) (356 ) Net deferred taxes $ (133 ) $ (257 )

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Schedule of Restricted Stock Unit Grants	The following table provides information about our RSU grants for the last three fiscal years: Year Ended December 31, 2020 2019 2018 Number of shares granted 672,123 500,925 378,069 Weighted average grant date fair value per share $ 25.14 $ 33.07 $ 42.63 Fair value of shares vested (in millions) $ 10 $ 10 $ 13
Schedule of Restricted Stock Units Activity	The following table summarizes the activity of our RSUs during the year ended December 31, 2020: Number of Shares Weighted Average Grant Date Fair Value Outstanding, beginning of period 825,591 $ 34.46 Granted 672,123 25.14 Vested (442,666 ) 33.39 Forfeited (81,063 ) 29.94 Outstanding, end of period 973,985 28.89
Schedule of Stock Option Grants	The following table provides information about our option grants for the last three fiscal years: Year Ended December 31, 2020 2019 2018 Number of options granted 566,401 544,209 312,141 Weighted average exercise price per share $ 25.80 $ 33.32 $ 46.48 Weighted average grant date fair value per share $ 9.14 $ 12.29 $ 14.78
Schedule of Stock Option Valuation Assumptions	The grant date fair value of each of these options was determined using the Black-Scholes-Merton option-pricing model with the following assumptions: Year Ended December 31, 2020 2019 2018 Expected volatility (1) 35.4 % 33.1 % 26.6 % Dividend yield (2) — % — % — % Risk-free rate (3) 1.0 % 2.6 % 2.7 % Expected term (in years) (4) 6.0 6.0 6.0 (1) Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of its share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation. (2) At the date of grant we had no plans to pay dividends during the expected term of these options. (3) Based on the yields of U.S. Department of Treasury instruments with similar expected lives. (4) Estimated using the average of the vesting periods and the contractual term of the options.
Schedule of Stock Options Activity	As of December 31, 2020, we had 1,066,190 Options outstanding that were exercisable. The following table summarizes the activity of our options during the year ended December 31, 2020: Number of Shares Weighted Average Exercise Price Per Share Outstanding, beginning of period 1,541,082 $ 31.67 Granted 566,401 25.80 Exercised (34,010 ) 22.87 Forfeited, canceled or expired (59,534 ) 32.31 Outstanding, end of period 2,013,939 30.15 Exercisable, end of period 1,066,190 30.19
Schedule of Performance Stock Units Activity	The following table summarizes the activity of our Performance RSUs during the year ended December 31, 2020: Adjusted EBITDA (1) Contract Sales Number of Shares Weighted Average Grant Date Fair Value per Share Number of Shares Weighted Average Grant Date Fair Value per Share Outstanding, beginning of period 150,867 $ 36.79 64,646 $ 36.79 Granted 117,975 25.69 50,554 25.69 Vested (54,436 ) 30.30 (23,326 ) 30.30 Forfeited, canceled or expired — — — — Outstanding, end of period 214,406 29.08 91,874 29.08 (1) Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction.
Performance Shares | Adjusted EBITDA
Schedule Of Performance Stock Unit Grants	The following table provides information about our Performance RSU grants, which is based on our Adjusted EBITDA metric described in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 2020 2019 2018 Number of shares granted 117,975 93,566 64,809 Weighted average grant date fair value per share $ 25.69 $ 33.32 $ 42.94 Fair value of shares vested (in millions) 2 — —
Performance Shares | Contract Sales
Schedule Of Performance Stock Unit Grants	The following table provides information about our Performance RSU grants, which is based on contract sales as defined in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 2020 2019 2018 Number of shares granted 50,554 40,094 27,769 Weighted average grant date fair value per share $ 25.69 $ 33.32 $ 42.94 Fair value of shares vested (in millions) 1 — —

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of our basic and diluted (loss) earnings per share (“EPS”). Year Ended December 31, ($ in millions, except per share amounts) 2020 2019 2018 Basic EPS Numerator: Net (loss) income (1) $ (201 ) $ 216 $ 298 Denominator: Weighted average shares outstanding 85 89 97 Basic EPS $ (2.36 ) $ 2.43 $ 3.07 Diluted EPS Numerator: Net (loss) income (1) $ (201 ) $ 216 $ 298 Denominator: Weighted average shares outstanding 85 89 98 Diluted EPS $ (2.36 ) $ 2.42 $ 3.05 (1) Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
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 consolidated statements of operations as of the date they became related parties. December 31, ($ in millions) 2020 2019 2018 Equity in earnings from unconsolidated affiliates $ 5 $ 4 $ — Commission and other fees 55 136 132

Business Segments (Tables)

Business Segments (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Operating Performance Reconciled to Consolidated Amounts	We do not include equity in earnings (losses) from unconsolidated affiliates in our measures of segment operating performance. The following table presents revenues for our reportable segments reconciled to consolidated amounts: Year Ended December 31, ($ in millions) 2020 2019 2018 Revenues: Real estate sales and financing $ 494 $ 1,252 $ 1,462 Resort operations and club management (1) 276 454 422 Total segment revenues 770 1,706 1,884 Cost reimbursements 137 168 147 Intersegment eliminations (1)(2) (13 ) (36 ) (32 ) Total revenues $ 894 $ 1,838 $ 1,999 (1) Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. These charges totaled $13 million, $35 million and $31 million for the years ended December 31, 2020, 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 the year ended December 31, 20 20 and $ 1 million fo r the years ended December 31, 201 9 and 201 8 .
Schedule of Adjusted EBITDA Reconciled to Net Income	The following table presents Adjusted EBITDA for our reportable segments reconciled to net income: Year Ended December 31, ($ in millions) 2020 2019 2018 Adjusted EBITDA: Real estate sales and financing (1) $ 33 $ 325 $ 447 Resort operations and club management (1) 136 265 245 Segment Adjusted EBITDA 169 590 692 General and administrative (92 ) (118 ) (120 ) Depreciation and amortization (45 ) (44 ) (33 ) License fee expense (51 ) (101 ) (98 ) Other gain (loss), net 3 (3 ) (1 ) Interest expense (43 ) (43 ) (30 ) Income tax benefit (expense) 79 (57 ) (105 ) Equity in earnings from unconsolidated affiliates 5 4 — Impairment expense (209 ) — — Other adjustment items (2) (17 ) (12 ) (7 ) Net income $ (201 ) $ 216 $ 298 (1) (2) This amount includes costs associated with restructuring, one-time charges and other non-cash items.
Schedule of Assets Reconciled to Consolidated Amounts	The following table presents total assets for our reportable segments, reconciled to consolidated amounts: December 31, ($ in millions) 2020 2019 Real estate sales and financing $ 2,839 $ 2,753 Resort operations and club management 79 196 Total segment assets 2,918 2,949 Corporate 175 130 Land and infrastructure held for sale 41 — Total assets $ 3,134 $ 3,079
Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts	The following table presents capital expenditures for property and equipment for our reportable segments, reconciled to consolidated amounts: December 31, ($ in millions) 2020 2019 2018 Real estate sales and financing $ 18 $ 19 $ 36 Resort operations and club management — 5 — Total segment capital expenditures for property and equipment 18 24 36 Corporate 8 13 8 Total capital expenditures for property and equipment $ 26 $ 37 $ 44

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Remaining Purchase Obligations	As of December 31, 2020, our remaining obligation pursuant to these arrangements was expected to be incurred as follows: ($ in millions) 2021 2022 2023 2024 2025 Thereafter Total Inventory purchase obligations $ 227 $ 114 $ 58 $ 40 $ 3 $ 12 $ 454 Other commitments (1) 12 8 — — — — 20 Total $ 239 $ 122 $ 58 $ 40 $ 3 $ 12 $ 474 (1) Primarily relates to commitments related to information technology and brand licensing under the normal course of business

Selected Quarterly Financial _2

Selected Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Selected Quarterly Financial Information	The following table sets forth the historical unaudited quarterly financial data for the periods indicated. The information for each of these periods has been prepared on the same basis as the audited consolidated financial statements and, in our opinion, reflects all adjustments necessary to present fairly our financial results. Operating results for previous periods do not necessarily indicate results that may be achieved in any future period. 2020 (1) First Second Third Fourth Quarter Quarter Quarter Quarter Year ($ in millions, except per share data) Total revenues $ 351 $ 123 $ 208 $ 212 $ 894 Total operating expenses 337 165 210 427 1,139 Income (loss) before income taxes 9 (56 ) (12 ) (221 ) (280 ) Net income (loss) 8 (48 ) (7 ) (154 ) (201 ) Basic earnings (loss) per share $ 0.09 $ (0.56 ) $ (0.08 ) $ (1.81 ) $ (2.36 ) Diluted earnings (loss) per share $ 0.09 $ (0.56 ) $ (0.08 ) $ (1.81 ) $ (2.36 ) (1) The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods. 2019 (1) First Second Third Fourth Quarter Quarter Quarter Quarter Year ($ in millions, except per share data) Total revenues $ 450 $ 454 $ 466 $ 468 $ 1,838 Total operating expenses 365 390 384 384 1,523 Income before income taxes 75 54 70 74 273 Net income 55 39 50 72 216 Basic earnings per share $ 0.59 $ 0.43 $ 0.59 $ 0.83 $ 2.43 Diluted earnings per share $ 0.58 $ 0.43 $ 0.59 $ 0.83 $ 2.42 (1) The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Organization - Additional Infor

Organization - Additional Information (Details)	Dec. 31, 2020propertyunit
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of timeshare properties | property	62
Number of units in timeshare properties | unit	498,524

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)Country	Dec. 31, 2019USD ($)Country	Dec. 31, 2018Country
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Reduction in planned investment in inventory	$ 200,000,000
Reduction plan, Description	In October 2020, we completed a workforce reduction plan that impacted approximately 1,500 team members in order to better align our workforce with the Company’s needs in light of the environment, and approximately 1,800 of our team members remain furloughed as of December 31, 2020
Restructuring charges	$ 7,000,000
Percentage of resorts and sales centers operating	85.00%
Club bonus points to customers, maximum valid duration period	2 years
Contract cost	$ 26,000,000
Commission expense for certain vacation package sales	2,000,000
Adjustments on inventory reacquired upon related receivables	0
Compensation expense recognized	$ 5,000,000	$ 13,000,000
Performance Shares
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Award vesting period	3 years
Performance Shares | VOI sale
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Award vesting percentage	30.00%
Performance Shares | Adjusted EBITDA
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Award vesting percentage	70.00%
Computer Equipment and Acquired Software
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years
Management Agreements | Blackstone
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Merger agreement completion date	Oct. 24, 2007
Maximum | Restricted Stock Units (RSUs)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Award vesting period	3 years
Maximum | Stock Options
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Award vesting period	3 years
Award termination period from date of grant or earlier	10 years
Maximum | Buildings and Improvements
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	40 years
Maximum | Furniture and Equipment
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	8 years
Maximum | Cloud Computing Arrangements
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum | Total Revenue | Customer Concentration Risk | Single Customer
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	10.00%	10.00%	10.00%
Minimum | Buildings and Improvements
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	8 years
Minimum | Furniture and Equipment
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years
Minimum | Cloud Computing Arrangements
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	3 years
Non-US
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of countries representing more than 10 percent of total revenue | Country	0	0	0
Number of countries representing over 10 percent of total property and equipment, net | Country	0	0
Accounts Payable, Accrued Expenses and Other
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Restructuring charges	$ 1,000,000
Other Assets
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Deferred selling expenses	$ 29,000,000	$ 19,000,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Number of operating segments | segment	2
Sales of VOIs
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Revenue earned that was included in the contract liabilities balance	$ 81,000,000	$ 121,000,000
Contract Assets	$ 0

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																12 Months Ended
		Dec. 31, 2020	[1]	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	[1]	Sep. 30, 2019	[1]	Jun. 30, 2019	[1]	Mar. 31, 2019	[1]	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Disaggregation Of Revenue [Line Items]
Total revenues		$ 212		$ 208		$ 123		$ 351		$ 468		$ 466		$ 454		$ 450		$ 894	[1]	$ 1,838	[1]	$ 1,999
Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		494		1,252		1,462
Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		264		418		390
Sales of VOIs, Net
Disaggregation Of Revenue [Line Items]
Total revenues																		108		509		734
Sales of VOIs, Net | Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		108		509		734
Sales, Marketing, Brand and Other Fees
Disaggregation Of Revenue [Line Items]
Total revenues																		221		573		570
Sales, Marketing, Brand and Other Fees | Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		221		573		570
Interest Income | Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		141		147		140
Other Financing Revenue | Real Estate and Financing Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		24		23		18
Club Management | Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		96		125		112
Resort Management | Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		70		66		60
Rental | Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues	[2]																	91		201		191
Ancillary Services | Resort Operations and Club Management Segment
Disaggregation Of Revenue [Line Items]
Total revenues																		$ 7		$ 26		$ 27
[1]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[2]	Excludes intersegment eliminations. See Note 22: Business Segments for additional information.

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of Accounts Receivable with Customers (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivables
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Receivables	$ 64	$ 129

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Composition of Contract Liabilities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		$ 262	$ 186
Topic 606 | Advanced deposits
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		117	115
Topic 606 | Deferred Sales of VOIs of projects under construction
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		169	84
Topic 606 | Club activation fees, annual dues and other
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities		77	86
Topic 606 | Club Bonus Point incentive liability
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Contract liabilities	[1]	$ 48	$ 59
[1]	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 - Schedule of Deferred Revenue, Cost of VOI Sales and Direct Selling Costs from Sales of VOIs Related to Project Under Construction (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Sales of VOIs, net		$ 262	$ 186
Sales of VOIs
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Sales of VOIs, net		169	84
Cost of VOI sales	[1]	50	27
Sales and marketing expense		$ 25	$ 12
[1]	Includes anticipated Cost of VOI sales related to inventory associated with Sales of VOIs under construction that will be acquired under a just-in-time arrangement once construction is complete.

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Remaining Transaction Price (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Advanced deposits
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Remaining Transaction Price	$ 117
Recognition Period	18 months
Recognition Method	Upon customer stays
Club Activation Fees
Revenue Initial Application Period Cumulative Effect Transition [Line Items]
Remaining Transaction Price	$ 65
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	$ 48
Recognition Period	24 months
Recognition Method	Upon redemption

Restricted Cash - Schedule of R

Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 98	$ 85
Escrow deposits on VOI sales
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	69	59
Reserves related to non-recourse debt
Restricted Cash And Cash Equivalents Items [Line Items]
Restricted cash	$ 29	$ 26

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable, Net of Allowance for Credit Losses (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21		$ 119	$ 174
Fee-for-Service Commission
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21	[1]	22
Real Estate and Financing Segment
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21		11
Resort and Club Management
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21		23
Tax Receivables
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21		54
Other Receivables
Accounts Notes And Loans Receivable [Line Items]
Accounts receivable, net of allowance for doubtful accounts of $20 and $21	[2]	$ 9
[1]	Net of allowance.
[2]	Primarily includes individually insignificant accounts receivable recognized in the ordinary course of business, the allowances for which are individually insignificant.

Accounts Receivable - Changes i

Accounts Receivable - Changes in Allowance for Fee-for-Service Commissions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Balance as of December 31, 2019	$ 21
Balance as of December 31, 2020	20
Fee-for-Service Commission
Accounts Notes And Loans Receivable [Line Items]
Balance as of December 31, 2019	19
Current period provision for expected credit losses	7
Write-offs charged against the allowance	(8)
Balance as of December 31, 2020	$ 18

Timeshare Financing Receivabl_3

Timeshare Financing Receivables - Schedule of Timeshare Financing Receivables (Details) - USD ($) $ in Millions		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018	Dec. 31, 2017
Accounts Notes And Loans Receivable [Line Items]
Timeshare financing receivables		$ 1,185		$ 1,340
Less: allowance for financing receivables losses		(211)		(184)		$ (172)	$ (141)
Timeshare financing receivables, net		974		1,156
Securitized
Accounts Notes And Loans Receivable [Line Items]
Timeshare financing receivables		805		758
Less: allowance for financing receivables losses		(63)		(54)		(43)	(27)
Timeshare financing receivables, net		742		704
Unsecuritized
Accounts Notes And Loans Receivable [Line Items]
Timeshare financing receivables	[1]	380		582
Less: allowance for financing receivables losses		(148)	[1]	(130)	[1]	$ (129)	$ (114)
Timeshare financing receivables, net	[1]	$ 232		$ 452
[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 - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Decrease In Variable Consideration			$ 75
Reduction in Revenue due to COVID-19 Pandemic		$ 23	$ 12
Cash deposit for future pledging of qualified collateral	$ 15
Financing receivable, weighted average interest rate (as a percent)			12.60%
Financing receivable, weighted average remaining term (in years)			7 years 6 months
Financing receivable weighted average maturities year			2035
Interest receivable outstanding			$ 7	$ 9
Timeshare financing receivable not accruing interest			$ 117	74
Minimum
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, stated interest rate (as a percent)			1.50%
Maximum
Accounts Notes And Loans Receivable [Line Items]
Financing receivable, stated interest rate (as a percent)			20.50%
2.74 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 186
Debt instrument, stated interest rate	2.74%
4.22 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 66
Debt instrument, stated interest rate	4.22%
6.42 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 48
Debt instrument, stated interest rate	6.42%
Non-recourse Debt
Accounts Notes And Loans Receivable [Line Items]
Gross timeshare receivables securing the Timeshare Facility			$ 17	$ 0
Timeshare financing receivables securitized	$ 300
Debt instrument stated maturity date	Feb. 25, 2039
Non-recourse Debt | 2.74 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 186
Debt instrument, stated interest rate	2.74%
Non-recourse Debt | 4.22 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 66
Debt instrument, stated interest rate	4.22%
Non-recourse Debt | 6.42 Percent Notes
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, face amount	$ 48
Debt instrument, stated interest rate	6.42%

Timeshare Financing Receivabl_5

Timeshare Financing Receivables - Maturities of Financing Receivables (Details) $ in Millions	Dec. 31, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
2021	$ 132
2022	136
2023	141
2024	145
2025	145
Thereafter	486
Timeshare financing receivable maturities, gross	1,185
Less: allowance for financing receivables losses	(211)
Timeshare financing receivable maturities, net	974
Securitized
Accounts Notes And Loans Receivable [Line Items]
2021	98
2022	101
2023	104
2024	107
2025	105
Thereafter	290
Timeshare financing receivable maturities, gross	805
Less: allowance for financing receivables losses	(63)
Timeshare financing receivable maturities, net	742
Unsecuritized
Accounts Notes And Loans Receivable [Line Items]
2021	34
2022	35
2023	37
2024	38
2025	40
Thereafter	196
Timeshare financing receivable maturities, gross	380
Less: allowance for financing receivables losses	(148)
Timeshare financing receivable maturities, net	$ 232

Timeshare Financing Receivabl_6

Timeshare Financing Receivables - Financing Receivable by Average FICO Score (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		$ 1,185	$ 1,340
More than 700
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		711	818
600-699
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		266	292
Less than 600
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables		36	39
No score
Financing Receivable, Recorded Investment [Line Items]
Timeshare financing receivables	[1]	$ 172	$ 191
[1]	Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Timeshare Financing Receivabl_7

Timeshare Financing Receivables - Details the Gross Timeshare Financing Receivables Balances by Average FICO Score (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		$ 1,185	$ 1,340
More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		711	818
600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		266	292
Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		36	39
No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables	[1]	172	$ 191
Year Of Origination 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		214
Year Of Origination 2020 | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		128
Year Of Origination 2020 | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		46
Year Of Origination 2020 | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		7
Year Of Origination 2020 | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		33
Year Of Origination 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		353
Year Of Origination 2019 | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		214
Year Of Origination 2019 | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		78
Year Of Origination 2019 | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		11
Year Of Origination 2019 | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		50
Year Of Origination 2018
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		233
Year Of Origination 2018 | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		142
Year Of Origination 2018 | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		52
Year Of Origination 2018 | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		6
Year Of Origination 2018 | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		33
Year Of Origination 2017
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		150
Year Of Origination 2017 | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		95
Year Of Origination 2017 | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		34
Year Of Origination 2017 | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		4
Year Of Origination 2017 | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		17
Year Of Origination 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		97
Year Of Origination 2016 | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		60
Year Of Origination 2016 | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		22
Year Of Origination 2016 | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		3
Year Of Origination 2016 | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		12
Year Of Origination Prior
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		138
Year Of Origination Prior | More than 700
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		72
Year Of Origination Prior | 600-699
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		34
Year Of Origination Prior | Less than 600
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		5
Year Of Origination Prior | No score
Financing Receivable, Recorded Investment, Past Due [Line Items]
Timeshare financing receivables		$ 27
[1]	Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Timeshare Financing Receivabl_8

Timeshare Financing Receivables - Past Due Financing Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	$ 1,048	$ 1,245
Financing receivable, past due and current	1,185	1,340
31 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	20	21
91 - 120 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	8	7
121 days and greater past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	109	67
Securitized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	783	743
Financing receivable, past due and current	805	758
Securitized | 31 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	11	9
Securitized | 91 - 120 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	5	3
Securitized | 121 days and greater past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	6	3
Unsecuritized
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	265	502
Financing receivable, past due and current	380	582
Unsecuritized | 31 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	9	12
Unsecuritized | 91 - 120 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	3	4
Unsecuritized | 121 days and greater past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Financing receivable, past due	$ 103	$ 64

Timeshare Financing Receivabl_9

Timeshare Financing Receivables - Schedule of Change in Allowance For Financing Receivables Losses (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		$ 184		$ 172		$ 141
Write-offs		(48)		(62)		(38)
Provision for financing receivables losses	[1]	75		74		69
Allowance for loan loss, ending balance		211		184		172
Securitized
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		54		43		27
Securitizations		30		27		28
Provision for financing receivables losses	[1]	(21)		(16)		(12)
Allowance for loan loss, ending balance		63		54		43
Unsecuritized
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Allowance for loan loss, beginning balance		130	[2]	129		114
Write-offs		(48)		(62)		(38)
Securitizations		(30)		(27)		(28)
Provision for financing receivables losses	[1]	96		90		81
Allowance for loan loss, ending balance		$ 148	[2]	$ 130	[2]	$ 129
[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	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Completed unsold VOIs	$ 515	$ 241
Construction in process	186	59
Land, infrastructure and other	1	258
Inventory	$ 702	$ 558

Inventory - Additional Informat

Inventory - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Decrease in land, infrastructure and other due to reclassification		$ 257
Non-cash impairment charge	$ 209
Land and Infrastructure Held for Sale
Property Plant And Equipment [Line Items]
Non-cash impairment charge	201
Property and Equipment
Property Plant And Equipment [Line Items]
Non-cash impairment charge	$ 8	$ 8

Inventory - Schedule of Expense

Inventory - Schedule of Expenses Incurred, Recorded in Cost of VOI Sales (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Time Share
Inventory [Line Items]
Expenses	[1]	$ 6	$ 14	$ 10
Fee For Service Upgrades
Inventory [Line Items]
Expenses		$ 9	$ 31	$ 34
[1]	Cost of sales true ups reduced costs of VOI sales and increased inventory in all periods presented.

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 632	$ 888
Accumulated depreciation	(131)	(110)
Property and equipment, net	501	778
Land
Property Plant And Equipment [Line Items]
Property and equipment, gross	109	154
Buildings and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	250	286
Furniture and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	65	65
Construction in Progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 208	$ 383

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Timeshare units transfer from property and equipment to inventory		$ 301
Non cash transaction related to classification of undeveloped land and infrastructure on properties and equipment		16
Non-cash impairment charge	$ 209
Depreciation expense		30	$ 35	$ 23
Property and Equipment
Property Plant And Equipment [Line Items]
Non-cash impairment charge	$ 8	$ 8

Consolidated Variable Interes_3

Consolidated Variable Interest Entities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020USD ($)entity	Dec. 31, 2019USD ($)entity	Dec. 31, 2018USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of VIEs consolidated | entity	4	4
Financial or other support to any VIEs | $	$ 0	$ 0	$ 0

Consolidated Variable Interes_4

Consolidated Variable Interest Entities - Schedule of Consolidated Variable Interest Entities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets, variable interest entity		$ 3,134	$ 3,079
Liabilities, variable interest entity		2,760	2,509
Variable Interest Entities
Variable Interest Entity [Line Items]
Assets, variable interest entity		800	748
Liabilities, variable interest entity		771	750
Variable Interest Entities | Restricted cash
Variable Interest Entity [Line Items]
Assets, variable interest entity		28	26
Variable Interest Entities | Timeshare financing receivables, net
Variable Interest Entity [Line Items]
Assets, variable interest entity		742	704
Variable Interest Entities | Non-recourse debt
Variable Interest Entity [Line Items]
Liabilities, variable interest entity	[1]	$ 766	$ 747
[1]	Net of deferred financing costs.

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliates - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)Affiliate	Dec. 31, 2019USD ($)
Schedule Of Investments [Line Items]
Number of unconsolidated affiliates | Affiliate	2
Debt	$ 1,159	$ 828
Investments in unconsolidated affiliates	$ 51	44
BRE Ace LLC
Schedule Of Investments [Line Items]
Equity method investment, ownership percentage	25.00%
1776 Holdings 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	$ 454	$ 479

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets and Related Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 183	$ 161
Accumulated Amortization	(102)	(84)
Net Carrying Amount	81	77
Management Agreements
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	89	88
Accumulated Amortization	(51)	(46)
Net Carrying Amount	38	42
Capitalized Software
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	94	73
Accumulated Amortization	(51)	(38)
Net Carrying Amount	$ 43	$ 35

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite Lived Intangible Assets Net
Amortization expense on intangible assets	$ 15	$ 9	$ 10
Management Agreements
Finite Lived Intangible Assets Net
Weighted average amortization period	12 years
Capitalized Software
Finite Lived Intangible Assets Net
Weighted average amortization period	2 years 6 months

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Estimated Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
2021	$ 23
2022	19
2023	12
2024	3
2025	3
Thereafter	21
Net Carrying Amount	$ 81	$ 77

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Inventory deposits	$ 7	$ 7
Deferred selling, marketing, general and administrative expenses	25	12
Prepaid expenses	12	13
Cloud computing arrangements	10	12
Other	33	36
Other Assets	$ 87	$ 80

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other - Summary of Accounts Payable, Accrued Expenses and Other (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued employee compensation and benefits	$ 75	$ 77
Accounts payable	20	24
Bonus point incentive liability	48	59
Due to Hilton	12	19
Income taxes payable	2	8
Other accrued expenses	95	111
Accounts payable, accrued expenses and other	$ 252	$ 298

Deferred Revenues - Schedule of

Deferred Revenues - Schedule of Deferred Revenues (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Deferred revenues	$ 262	$ 186
Deferred VOI sales
Disaggregation Of Revenue [Line Items]
Deferred revenues	184	100
Club Activation Fees
Disaggregation Of Revenue [Line Items]
Deferred revenues	65	71
Other
Disaggregation Of Revenue [Line Items]
Deferred revenues	$ 13	$ 15

Deferred Revenues - (Additional

Deferred Revenues - (Additional Information) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Deferred revenues	$ 262,000,000	$ 186,000,000
Deferred Revenue VOIs Under Construction
Disaggregation Of Revenue [Line Items]
Deferred revenues	$ 169,000,000	$ 84,000,000

Debt & Non-recourse Debt - Sche

Debt & Non-recourse Debt - Schedule of Outstanding Borrowings (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2016
Debt Instrument [Line Items]
Long-term debt, gross	[1]	$ 1,164	$ 834
Less: unamortized deferred financing costs and discount	[2],[3]	(5)	(6)
Long-term debt		1,159	828
Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs and discount		(4)	(5)
Revolver with an average rate of 2.25%, due 2023 | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	[1]	660	320
Line of Credit | Term loans with an average rate of 2.25%, due 2023
Debt Instrument [Line Items]
Long-term debt, gross	[1]	177	187
Less: unamortized deferred financing costs and discount		(1)	(1)
Line of Credit | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Long-term debt, gross				$ 300
Less: unamortized deferred financing costs and discount				$ (8)
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		(4)	(5)
Other Debt
Debt Instrument [Line Items]
Long-term debt, gross	[1]	27	27
Non-recourse Debt
Debt Instrument [Line Items]
Long-term debt, gross	[4]	775	755
Less: unamortized deferred financing costs and discount	[5]	(9)	(8)
Long-term debt		766	747
Non-recourse Debt | Securitized Debt with an average rate of 3.602%, due 2032
Debt Instrument [Line Items]
Long-term debt, gross	[4]	202	275
Non-recourse Debt | Securitized Debt with an average rate of 1.810%, due 2026
Debt Instrument [Line Items]
Long-term debt, gross	[4]		46
Non-recourse Debt | Securitized Debt with an average rate of 2.711%, due 2028
Debt Instrument [Line Items]
Long-term debt, gross	[4]	106	149
Non-recourse Debt | Securitized Debt with an average rate of 2.421%, due 2033
Debt Instrument [Line Items]
Long-term debt, gross	[4]	216	$ 285
Non-recourse Debt | Securitized Debt with an average rate of 3.658%, due 2039
Debt Instrument [Line Items]
Long-term debt, gross	[4]	$ 251
[1]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.357 percent and 4.571 percent, respectively.
[2]	Amount does not include deferred financing costs of $4 and $5 million as of December 31, 2020 and 2019, respectively, relating to our revolving facility included in Other Assets
[3]	Amount includes deferred financing costs related to our term loan and senior notes of $1 million and $4 million, respectively as of December 31, 2020 and $1 million and $5 million, respectively as of December 31,
[4]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.173 percent and 2.876 percent, respectively
[5]	Amount relates to Securitized Debt only and does not include deferred financing costs of $3 million as of December 31, 2020 and 2019, respectively, relating to our Timeshare Facility included in Other Assets

Debt & Non-recourse Debt - Sc_2

Debt & Non-recourse Debt - Schedule of Outstanding Borrowings (Parenthetical) (Details) - USD ($) $ in Millions		1 Months Ended		12 Months Ended
		Sep. 30, 2020	Nov. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt instrument, average interest rate				3.357%	4.571%
Less: unamortized deferred financing costs and discount	[1],[2]			$ (5)	$ (6)
Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs and discount				$ (4)	$ (5)
Revolving Credit Facility | Revolver with an average rate of 2.25%, due 2023
Debt Instrument [Line Items]
Debt instrument, average interest rate				2.25%	2.25%
Debt instrument, maturity year				2023	2023
Line of Credit | Term loans with an average rate of 2.25%, due 2023
Debt Instrument [Line Items]
Debt instrument, average interest rate				2.25%	2.25%
Debt instrument, maturity year				2023	2023
Less: unamortized deferred financing costs and discount				$ (1)	$ (1)
Line of Credit | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Debt instrument, maturity year			2024
Debt instrument, stated interest rate			6.125%
Less: unamortized deferred financing costs and discount			$ (8)
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				$ (4)	$ (5)
Non-recourse Debt
Debt Instrument [Line Items]
Debt instrument, average interest rate				3.173%	2.876%
Less: unamortized deferred financing costs and discount	[3]			$ (9)	$ (8)
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%	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
Non-recourse Debt | Securitized Debt with an average rate of 2.421%, due 2033
Debt Instrument [Line Items]
Debt instrument, average interest rate				2.421%	2.421%
Debt instrument, maturity year				2033	2033
Non-recourse Debt | Securitized Debt with an average rate of 3.658%, due 2039
Debt Instrument [Line Items]
Debt instrument, average interest rate				3.658%	3.658%
Debt instrument, maturity year				2039	2039
Non-recourse Debt | Timeshare Facility with an average rate of 3.164%, due 2021
Debt Instrument [Line Items]
Less: unamortized deferred financing costs and discount				$ (3)	$ (3)
[1]	Amount does not include deferred financing costs of $4 and $5 million as of December 31, 2020 and 2019, respectively, relating to our revolving facility included in Other Assets
[2]	Amount includes deferred financing costs related to our term loan and senior notes of $1 million and $4 million, respectively as of December 31, 2020 and $1 million and $5 million, respectively as of December 31,
[3]	Amount relates to Securitized Debt only and does not include deferred financing costs of $3 million as of December 31, 2020 and 2019, respectively, relating to our Timeshare Facility included in Other Assets

Debt & Non-recourse Debt - Addi

Debt & Non-recourse Debt - Additional Information (Details) - USD ($) $ in Millions		Sep. 30, 2020	Sep. 29, 2020	Sep. 30, 2020	Jun. 30, 2020	Nov. 30, 2016	Dec. 31, 2020	Dec. 31, 2019	May 31, 2020	Dec. 31, 2018
Debt Instrument [Line Items]
Debt issuance costs	[1],[2]						$ 5	$ 6
Accumulated other comprehensive loss, Qualifying as hedge							1
Principal Amount Outstanding	[3]						$ 1,164	$ 834
Accounts Receivable from Securitization					$ 300
Cash used as collateral					15
Debt instrument, average interest rate							3.357%	4.571%
Restricted cash							$ 98	$ 85
Reserves related to non-recourse debt
Debt Instrument [Line Items]
Restricted cash							29	26
Restricted cash and cash equivalents depository accounts							29
2.74 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 186
Debt instrument, stated interest rate					2.74%
4.22 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 66
Debt instrument, stated interest rate					4.22%
6.42 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 48
Debt instrument, stated interest rate					6.42%
Timeshare Facility
Debt Instrument [Line Items]
Debt issuance costs							2
Term loan outstanding							450
Debt instrument stated maturity date		Aug. 31, 2023	Apr. 30, 2022
Remaining borrowing capacity							$ 450	450
LIBOR
Debt Instrument [Line Items]
Derivative fixed interest rate							0.53%
LIBOR | Minimum [Member]
Debt Instrument [Line Items]
Interest rate on revolving credit facility							0.25%
Senior Secured Credit Facilities
Debt Instrument [Line Items]
Debt issuance costs					$ 5
Line of Credit | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Debt issuance costs						$ 8
Principal Amount Outstanding						$ 300
Debt instrument, stated interest rate						6.125%
Debt instrument, maturity year						2024
Debt instrument rate description							Interest on the senior unsecured notes (the “Senior Unsecured Notes” is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2017
Senior Notes
Debt Instrument [Line Items]
Debt instrument redemption description							We may, at our sole option, redeem the Senior Unsecured Notes, in whole or in part, at any time prior to December 1, 2021, at a price equal to 100 percent of the principal amount, plus an applicable make-whole premium and accrued and unpaid interest. On and after, December 1, 2021, we may, at our sole option, redeem the Senior Unsecured Notes at 103.25 percent, 101.625 percent or 100 percent of the principal amount in 2021, 2022 or 2023, respectively, without any make-whole premium.
Debt instrument redemption beginning period							Dec. 1, 2021
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Percentage of debt redemption on principal amount							100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Percentage of debt redemption on principal amount							103.25%
Debt instrument extended maturity date							2021
Senior Notes | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Percentage of debt redemption on principal amount							101.625%
Debt instrument extended maturity date							2022
Senior Notes | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Percentage of debt redemption on principal amount							100.00%
Debt instrument extended maturity date							2023
Senior Notes | Senior notes with a rate of 6.125%, due 2024
Debt Instrument [Line Items]
Debt issuance costs							$ 4	5
Principal Amount Outstanding	[3]						$ 300	$ 300
Debt instrument, stated interest rate								6.125%		6.125%
Debt instrument, maturity year							2024	2024
Non-recourse Debt
Debt Instrument [Line Items]
Debt issuance costs	[4]						$ 9	$ 8
Principal Amount Outstanding	[5]						$ 775	$ 755
Debt instrument, average interest rate							3.173%	2.876%
Debt instrument stated maturity date					Feb. 25, 2039
Non-recourse Debt | 2.74 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 186
Debt instrument, stated interest rate					2.74%
Non-recourse Debt | 4.22 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 66
Debt instrument, stated interest rate					4.22%
Non-recourse Debt | 6.42 Percent Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 48
Debt instrument, stated interest rate					6.42%
Non-recourse Debt | Securitized Debt with an average rate of 1.810%, due 2026
Debt Instrument [Line Items]
Principal Amount Outstanding	[5]							$ 46
Debt instrument, maturity year							2026	2026
Debt instrument, average interest rate				1.81%			1.81%	1.81%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs							$ 1		$ 1
Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs							$ 4	$ 5
Interest rate on revolving credit facility description							one-month LIBOR
Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage under revolving facility							0.50%
Revolving Credit Facility | Minimum [Member]
Debt Instrument [Line Items]
Unused commitment fee percentage under revolving facility							0.30%
Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Interest rate on revolving credit facility							2.00%
Revolving Credit Facility | Senior Secured Credit Facilities
Debt Instrument [Line Items]
Letters of credit outstanding, amount							$ 1	$ 1
Debt instrument borrowed amount							495
Debt instrument repaid amount							165
Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount							$ 177
[1]	Amount does not include deferred financing costs of $4 and $5 million as of December 31, 2020 and 2019, respectively, relating to our revolving facility included in Other Assets
[2]	Amount includes deferred financing costs related to our term loan and senior notes of $1 million and $4 million, respectively as of December 31, 2020 and $1 million and $5 million, respectively as of December 31,
[3]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.357 percent and 4.571 percent, respectively.
[4]	Amount relates to Securitized Debt only and does not include deferred financing costs of $3 million as of December 31, 2020 and 2019, respectively, relating to our Timeshare Facility included in Other Assets
[5]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.173 percent and 2.876 percent, respectively

Debt & Non-recourse Debt - Sc_3

Debt & Non-recourse Debt - Schedule of Contractual Maturities of Debt (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
2021		$ 12
2022		11
2023		818
2024		300
Thereafter		23
Long-term debt	[1]	1,164	$ 834
Non-recourse Debt
Debt Instrument [Line Items]
2021		283
2022		132
2023		129
2024		66
2025		108
Thereafter		57
Long-term debt	[2]	775	$ 755
Debt and Non-recourse Debt
Debt Instrument [Line Items]
2021		295
2022		143
2023		947
2024		366
2025		108
Thereafter		80
Long-term debt		$ 1,939
[1]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.357 percent and 4.571 percent, respectively.
[2]	As of December 31, 2020 and 2019, weighted-average interest rates were 3.173 percent and 2.876 percent, respectively

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying and Estimated Fair Value Amounts (Details) - USD ($) $ in Millions		Dec. 31, 2020	Dec. 31, 2019
Carrying Amount
Assets:
Timeshare financing receivables, net	[1]	$ 974	$ 1,156
Liabilities:
Debt, net	[2]	1,159	828
Non-recourse debt, net	[2]	766	747
Level 1
Liabilities:
Debt, net	[2]	315	326
Level 3
Assets:
Timeshare financing receivables, net	[1]	1,248	1,446
Liabilities:
Debt, net	[2]	871	544
Non-recourse debt, net	[2]	$ 732	$ 749
[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) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets held-for-use	$ 209
Land | Fair Value, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets measured at fair value on recurring basis	47
Infrastructure [Member] | Fair Value, Recurring
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Assets measured at fair value on recurring basis	$ 5

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Leases starting expiration date	2021
Leases ending expiration date	2030
Short-term and variable lease costs	$ 3	$ 5

Leases - Schedule of Rent Expen

Leases - Schedule of Rent Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]	Dec. 31, 2018
Schedule Of Rent Expense [Abstract]
Minimum rentals	$ 19		$ 19		$ 21
Contingent rentals	1		2		3
Rent expense	$ 20		$ 21		$ 24
[1]	These amounts include $3 million and $5 million of short term and variable rent for the years ended December 31, 2020 and 2019, respectively

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 18	$ 16
Right-of-use assets obtained in exchange for new lease liabilities:
Operating Leases	$ 5	$ 10

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term of operating leases (in years)	5 years 4 months 24 days	6 years 1 month 6 days
Weighted-average discount rate of operating leases	4.95%	5.34%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 18
2022	13
2023	12
2024	11
2025	11
Thereafter	11
Total future minimum lease payments	76
Less: imputed interest	(9)
Present value of lease liabilities	$ 67	$ 76

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Effective income tax rate (as a percent)	28.00%	21.00%
Decrease in deferred tax liabilities	$ (124)
Deferred tax assets, Tax credit carryforwards, Foreign	6	$ 2
Deferred tax assets, Operating loss carryforwards, State and Local	8	8
Deferred tax assets, Federal tax credit carryforwards	4	3
Deferred tax assets, Tax credit carryforwards, State	2	$ 0
Valuation allowance, deferred tax asset	$ 4
Maximum
Income Tax Disclosure [Line Items]
Tax loss and credit carryforwards expiration period	9 years

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

[1]

Sep. 30, 2019

[1]

Jun. 30, 2019

[1]

Mar. 31, 2019

[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Income Tax Disclosure [Abstract]

U.S. (loss) income before tax

$ (287)

$ 234

$ 380

Foreign income before tax

7

39

23

(Loss) income before income taxes

$ (221)

$ (12)

$ (56)

$ 9

$ 74

$ 70

$ 54

$ 75

$ (280)

[1]

$ 273

[1]

$ 403

[1]

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Provision for Income Tax Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Federal	$ 36	$ 37	$ 62
State	5	9	15
Foreign	3	8	8
Total current	44	54	85
Deferred:
Federal	(98)	3	17
State	(23)	1	4
Foreign	(2)	(1)	(1)
Total deferred	(123)	3	20
Total provision for income taxes	$ (79)	$ 57	$ 105

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax provision	$ (59)	$ 57	$ 85
State and local income taxes, net of U.S. federal tax benefit	(17)	11	19
Impact of foreign operations	(5)	1	2
Interest on installment sales, net of U.S. federal tax benefit	1	4	3
Effects of the TCJ Act			(4)
Tax accounting method change		(18)
Other	1	2
Total provision for income taxes	$ (79)	$ 57	$ 105

Income Taxes - Schedule of Co_3

Income Taxes - Schedule of Compositions of Net Deferred Tax Balances (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Deferred income tax assets	$ 4	$ 2
Deferred income tax liabilities	(137)	(259)
Net deferred taxes	$ (133)	$ (257)

Income Taxes - Schedule of Ef_2

Income Taxes - Schedule of Effects of Temporary Differences and Carryforwards of Our Net Deferred Tax Liability (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Compensation	$ 16	$ 12
Domestic tax loss and credit carryforwards	5	4
Foreign tax loss carryforwards	2	1
Other reserves	89	86
Deferred tax assets, Gross	112	103
Valuation allowance	(4)	(4)
Deferred tax assets	108	99
Deferred tax liabilities:
Property and equipment	(70)	(87)
Amortizable intangible assets	(7)	(9)
Deferred income	(164)	(259)
Other liabilities		(1)
Deferred tax liabilities	(241)	(356)
Net deferred taxes	$ (133)	$ (257)

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
		Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share-based compensation expense			$ 15	$ 22	$ 16
Total tax benefit recognized related to share-based compensation			4	$ 4	$ 4
Unrecognized compensation costs for unvested awards			$ 14
Unrecognized compensation costs, weighted average period for recognition			1 year 8 months 12 days
Shares of common stock available for future issuance			5,234,270
2017 Employees Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum shares of common stock issued under ESPP			2,500,000
Shares of common stock issued			81,520	101,244
2017 Employees Stock Purchase Plan | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value per share of common stock			95.00%
2017 Employees Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense related to ESPP			$ 1	$ 1
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options exercisable (in shares)			1,066,190
Stock Options | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Allocated share-based compensation expense			$ 2
Number of shares granted			168,529
Weighted average grant date fair value per share			$ 25.69
Award vesting period			3 years
Reversal of share based compensation expense		$ 8
Performance Shares | Adjusted EBITDA
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	[1]		117,975
Weighted average grant date fair value per share	[1]		$ 25.69
Award vesting percentage			70.00%
Performance Shares | Contract Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted			50,554
Weighted average grant date fair value per share			$ 25.69
Performance Shares | VOI sale
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage			30.00%
Performance Shares | VOI sale | Contract Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting percentage			30.00%
[1]	Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction.

Share-Based Compensation - Info

Share-Based Compensation - Information on RSU Grants (Details) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	672,123	500,925	378,069
Weighted average grant date fair value per share	$ 25.14	$ 33.07	$ 42.63
Fair value of shares vested (in millions)	$ 10	$ 10	$ 13

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Activity of RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding, beginning of period	825,591
Number of Shares, Granted	672,123	500,925	378,069
Number of Shares, Vested	(442,666)
Number of Shares, Forfeited	(81,063)
Number of Shares Outstanding, end of period	973,985	825,591
Weighted Average Grant Date Fair Value Outstanding, beginning of period	$ 34.46
Weighted Average Grant Date Fair Value, Granted	25.14	$ 33.07	$ 42.63
Weighted Average Grant Date Fair Value, Vested	33.39
Weighted Average Grant Date Fair Value, Forfeited	29.94
Weighted Average Grant Date Fair Value Outstanding, end of period	$ 28.89	$ 34.46

Share-Based Compensation - In_2

Share-Based Compensation - Information on Option Grants (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of options granted	566,401	544,209	312,141
Weighted average exercise price per share	$ 25.80	$ 33.32	$ 46.48
Weighted average grant date fair value per share	$ 9.14	$ 12.29	$ 14.78

Share-Based Compensation - Opti

Share-Based Compensation - Options Assumptions (Details) - Stock Options		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility	[1]	35.40%	33.10%	26.60%
Risk-free rate	[2]	1.00%	2.60%	2.70%
Expected term (in years)	[3]	6 years	6 years	6 years
[1]	Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of its share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark our executive compensation.
[2]	Based on the yields of U.S. Department of Treasury instruments with similar expected lives.
[3]	Estimated using the average of the vesting periods and the contractual term of the options.

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Options Activity (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Outstanding, beginning of period	1,541,082
Number of Shares, Granted	566,401	544,209	312,141
Number of Shares, Exercised	(34,010)
Number of Shares, Forfeited, canceled or expired	(59,534)
Number of Shares, Outstanding, end of period	2,013,939	1,541,082
Stock options exercisable (in shares)	1,066,190
Weighted Average Exercise Price Per Share, Outstanding, beginning of period	$ 31.67
Weighted Average Exercise Price Per Share, Granted	25.80	$ 33.32	$ 46.48
Weighted Average Exercise Price Per Share, Exercised	22.87
Weighted Average Exercise Price Per Share, Forfeited, canceled or expired	32.31
Weighted Average Exercise Price Per Share, Outstanding, end of period	30.15	$ 31.67
Weighted Average Exercise Price Per Share, Exercisable, end of period	$ 30.19

Share-Based Compensation - Sche

Share-Based Compensation - Schedule Of Performance Stock Unit Grants (Details) - Performance Shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	168,529
Weighted average grant date fair value per share	$ 25.69
Adjusted EBITDA
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	117,975	93,566	64,809
Weighted average grant date fair value per share	$ 25.69	$ 33.32	$ 42.94
Fair value of shares vested (in millions)	$ 2
Contract Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	50,554	40,094	27,769
Weighted average grant date fair value per share	$ 25.69	$ 33.32	$ 42.94
Fair value of shares vested (in millions)	$ 1

Share-Based Compensation - Sc_2

Share-Based Compensation - Schedule of Performance Stock Units Activity (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted | shares	168,529
Weighted average grant date fair value per share | $ / shares	$ 25.69
Adjusted EBITDA
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding, beginning of period | shares	150,867	[1]
Number of Shares, Granted | shares	117,975	[1]
Number of Shares, Vested | shares	(54,436)	[1]
Number of Shares Outstanding, end of period | shares	214,406	[1]
Weighted Average Grant Date Fair Value Outstanding, beginning of period | $ / shares	$ 36.79	[1]
Weighted average grant date fair value per share | $ / shares	25.69	[1]
Weighted Average Grant Date Fair Value, Vested | $ / shares	30.30	[1]
Weighted Average Grant Date Fair Value Outstanding, end of period | $ / shares	$ 29.08	[1]
Contract Sales
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares Outstanding, beginning of period | shares	64,646
Number of Shares, Granted | shares	50,554
Number of Shares, Vested | shares	(23,326)
Number of Shares Outstanding, end of period | shares	91,874
Weighted Average Grant Date Fair Value Outstanding, beginning of period | $ / shares	$ 36.79
Weighted average grant date fair value per share | $ / shares	25.69
Weighted Average Grant Date Fair Value, Vested | $ / shares	30.30
Weighted Average Grant Date Fair Value Outstanding, end of period | $ / shares	$ 29.08
[1]	Represents our Adjusted EBITDA metric described in Part 1 of this Form 10-K, further adjusted by net recognition and deferral activity from sales of VOIs under construction.

(Loss) Earnings Per Share - Add

(Loss) Earnings Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average shares outstanding, Basic	85,181,106	88,758,859	97,209,889
Weighted average shares outstanding, diluted	85,181,106	89,291,176	97,898,242
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	2,192,591	836,677	384,860

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended																12 Months Ended
	Dec. 31, 2020	[1]	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	[1]	Sep. 30, 2019	[1]	Jun. 30, 2019	[1]	Mar. 31, 2019	[1]	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Numerator:
Net (loss) income	$ (154,000,000)		$ (7,000,000)		$ (48,000,000)		$ 8,000,000		$ 72,000,000		$ 50,000,000		$ 39,000,000		$ 55,000,000		$ (200,709,244)	[1],[2]	$ 215,695,961	[1],[2]	$ 298,124,983	[2]
Denominator:
Weighted average shares outstanding, Basic																	85,181,106		88,758,859		97,209,889
Basic EPS	$ (1.81)		$ (0.08)		$ (0.56)		$ 0.09		$ 0.83		$ 0.59		$ 0.43		$ 0.59		$ (2.36)	[1]	$ 2.43	[1]	$ 3.07
Denominator:
Weighted average shares outstanding, diluted																	85,181,106		89,291,176		97,898,242
Diluted EPS	$ (1.81)		$ (0.08)		$ (0.56)		$ 0.09		$ 0.83		$ 0.59		$ 0.43		$ 0.58		$ (2.36)	[1]	$ 2.42	[1]	$ 3.05
[1]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[2]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.

(Loss) Earnings Per Share - S_2

(Loss) Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Parenthetical) (Details) - USD ($)

3 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Earnings Per Share [Abstract]

Net (loss) income

$ (154,000,000)

[1]

$ (7,000,000)

[1]

$ (48,000,000)

[1]

$ 8,000,000

[1]

$ 72,000,000

[1]

$ 50,000,000

[1]

$ 39,000,000

[1]

$ 55,000,000

[1]

$ (200,709,244)

[1],[2]

$ 215,695,961

[1],[2]

$ 298,124,983

[2]

[1]

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

[2]

Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 13, 2018	Jul. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties			$ 7	$ 25
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 method investment, ownership percentage			25.00%
Cash contributed to an equity method investment		$ 1.5
1776 Holdings LLC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage			50.00%

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Equity in earnings from unconsolidated affiliates	$ 5	$ 4
BRE Ace LLC
Related Party Transaction [Line Items]
Equity in earnings from unconsolidated affiliates	5	4
Commission and other fees	$ 55	$ 136	$ 132

Business Segments - Additional

Business Segments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2020segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segments - Schedule of

Business Segments - Schedule of Segment Operating Performance Reconciled to Consolidated Amounts (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

[1]

Sep. 30, 2019

[1]

Jun. 30, 2019

[1]

Mar. 31, 2019

[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

$ 212

$ 208

$ 123

$ 351

$ 468

$ 466

$ 454

$ 450

$ 894

[1]

$ 1,838

[1]

$ 1,999

Real Estate and Financing Segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

494

1,252

1,462

Resort Operations and Club Management Segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

264

418

390

Operating segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

770

1,706

1,884

Operating segments | Real Estate and Financing Segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

494

1,252

1,462

Operating segments | Resort Operations and Club Management Segment

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

[2]

276

454

422

Segment Reconciling Items

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

137

168

147

Intersegment eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

[2],[3]

$ (13)

$ (36)

$ (32)

[1]

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

[2]

Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. These charges totaled $13 million, $35 million and $31 million for the years ended December 31, 2020, 2019 and 2018, respectively.

[3]

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 the year ended December 31, 20 20 and $ 1 million fo r the years ended December 31, 201 9 and 201 8 .

Business Segments - Schedule _2

Business Segments - Schedule of Segment Operating Performance Reconciled to Consolidated Amounts (Parenthetical) (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2020

[1]

Sep. 30, 2020

[1]

Jun. 30, 2020

[1]

Mar. 31, 2020

[1]

Dec. 31, 2019

[1]

Sep. 30, 2019

[1]

Jun. 30, 2019

[1]

Mar. 31, 2019

[1]

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

$ 212

$ 208

$ 123

$ 351

$ 468

$ 466

$ 454

$ 450

$ 894

[1]

$ 1,838

[1]

$ 1,999

Intersegment eliminations

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

[2],[3]

(13)

(36)

(32)

Intersegment eliminations | Maximum

Segment Reporting, Revenue Reconciling Item [Line Items]

Rental expense for model units

1

1

1

Intersegment eliminations | Billing and Collection Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Total revenues

$ (13)

$ (35)

$ (31)

[1]

The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.

[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 the year ended December 31, 20 20 and $ 1 million fo r the years ended December 31, 201 9 and 201 8 .

[3]

Includes charges to the real estate sales and financing segment from the resort operations and club management segment for fulfillment of discounted marketing package stays at resorts. These charges totaled $13 million, $35 million and $31 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Business Segments - Schedule _3

Business Segments - Schedule of Adjusted EBITDA Reconciled to Net Income (Details) - USD ($)		3 Months Ended																12 Months Ended
		Dec. 31, 2020	[1]	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	[1]	Sep. 30, 2019	[1]	Jun. 30, 2019	[1]	Mar. 31, 2019	[1]	Dec. 31, 2020		Dec. 31, 2019		Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative																		$ (92,000,000)		$ (118,000,000)		$ (120,000,000)
Depreciation and amortization																		(45,000,000)		(44,000,000)		(33,000,000)
Other gain (loss), net																		3,000,000		(3,000,000)		(1,000,000)
Interest expense																		(43,000,000)		(43,000,000)		(30,000,000)
Income tax benefit (expense)																		79,000,000		(57,000,000)		(105,000,000)
Equity in earnings from unconsolidated affiliates																		5,000,000		4,000,000
Impairment expense																		(209,000,000)
Net (loss) income		$ (154,000,000)		$ (7,000,000)		$ (48,000,000)		$ 8,000,000		$ 72,000,000		$ 50,000,000		$ 39,000,000		$ 55,000,000		(200,709,244)	[1],[2]	215,695,961	[1],[2]	298,124,983	[2]
Operating segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA																		169,000,000		590,000,000		692,000,000
Operating segments | Real Estate and Financing Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment Adjusted EBITDA	[3]																	33,000,000		325,000,000		447,000,000
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	[3]																	136,000,000		265,000,000		245,000,000
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
General and administrative																		(92,000,000)		(118,000,000)		(120,000,000)
Depreciation and amortization																		(45,000,000)		(44,000,000)		(33,000,000)
License fee expense																		(51,000,000)		(101,000,000)		(98,000,000)
Other gain (loss), net																		3,000,000		(3,000,000)		(1,000,000)
Interest expense																		(43,000,000)		(43,000,000)		(30,000,000)
Income tax benefit (expense)																		79,000,000		(57,000,000)		(105,000,000)
Equity in earnings from unconsolidated affiliates																		5,000,000		4,000,000
Impairment expense																		(209,000,000)
Other adjustment items(2)																		$ (17,000,000)		$ (12,000,000)		$ (7,000,000)
[1]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[2]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.
[3]	Includes intersegment eliminations. Refer to our table presenting revenues by reportable segment above for additional discussion.

Business Segments - Schedule _4

Business Segments - Schedule of Assets Reconciled to Consolidated Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	$ 3,134	$ 3,079
Land and Infrastructure Held for Sale
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	41
Operating segments
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	2,918	2,949
Operating segments | Real Estate and Financing Segment
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	2,839	2,753
Operating segments | Resort Operations and Club Management Segment
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	79	196
Corporate
Segment Reporting Asset Reconciling Item [Line Items]
Assets, variable interest entity	$ 175	$ 130

Business Segments - Schedule _5

Business Segments - Schedule of Capital Expenditures for Property and Equipment Reconciled to Consolidated Amounts (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]
Total capital expenditures for property and equipment	$ 26	$ 37	$ 44
Operating segments
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]
Total capital expenditures for property and equipment	18	24	36
Operating segments | Real Estate and Financing Segment
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]
Total capital expenditures for property and equipment	18	19	36
Operating segments | Resort Operations and Club Management Segment
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]
Total capital expenditures for property and equipment		5
Corporate
Segment Reporting Capital Expenditure For Property And Equipment Reconciling Item [Line Items]
Total capital expenditures for property and equipment	$ 8	$ 13	$ 8

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Long-term Purchase Commitment [Line Items]
Reasonably estimable of possible losses	$ 0
Inventories
Long-term Purchase Commitment [Line Items]
Purchase commitment	$ 454,000,000
Purchase commitment, period (in years)	10 years
Vacation ownership intervals commitment	$ 23,000,000	$ 75,000,000
Other Commitments
Long-term Purchase Commitment [Line Items]
Purchase commitment	$ 20,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Remaining Purchase Obligations (Details) $ in Millions	Dec. 31, 2020USD ($)
Long-term Purchase Commitment [Line Items]
2021	$ 239
2022	122
2023	58
2024	40
2025	3
Thereafter	12
Total	474
Inventory Purchase Obligations
Long-term Purchase Commitment [Line Items]
2021	227
2022	114
2023	58
2024	40
2025	3
Thereafter	12
Total	454
Other Commitments
Long-term Purchase Commitment [Line Items]
2021	12	[1]
2022	8	[1]
2023	0	[1]
2024	0	[1]
2025	0	[1]
Thereafter	0	[1]
Total	$ 20	[1]
[1]	Primarily relates to commitments related to information technology and brand licensing under the normal course of business

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Significant Noncash Transactions [Line Items]
Cash paid for interest	$ 64	$ 63	$ 49
Cash paid for income taxes	54	74	153
Cumulative non-cash adjustment,revenue			38
Noncash operating activity transaction related to classification of certain undeveloped land and infrastructure	41
Non cash transaction related to classification of undeveloped land and infrastructure on properties and equipment	16
Timeshare units transfer from property and equipment to inventory	$ 301
Transfer from property and equipment to inventory		25	3
Non cash issuance of other debt related to acquisition of property		23
Noncash operating activity transaction related to reclassification of deposits on properties for future conversion		$ 40
Hilton
Other Significant Noncash Transactions [Line Items]
Non-cash financing activity adjustment to equity related to the write-off of expenses			$ 3

Selected Quarterly Financial _3

Selected Quarterly Financial Information - Schedule of Selected Quarterly Financial Information (unaudited) (Details) - USD ($)	3 Months Ended																12 Months Ended
	Dec. 31, 2020	[1]	Sep. 30, 2020	[1]	Jun. 30, 2020	[1]	Mar. 31, 2020	[1]	Dec. 31, 2019	[1]	Sep. 30, 2019	[1]	Jun. 30, 2019	[1]	Mar. 31, 2019	[1]	Dec. 31, 2020	[1]	Dec. 31, 2019	[1]	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Total revenues	$ 212,000,000		$ 208,000,000		$ 123,000,000		$ 351,000,000		$ 468,000,000		$ 466,000,000		$ 454,000,000		$ 450,000,000		$ 894,000,000		$ 1,838,000,000		$ 1,999,000,000
Total operating expenses	427,000,000		210,000,000		165,000,000		337,000,000		384,000,000		384,000,000		390,000,000		365,000,000		1,139,000,000		1,523,000,000		1,565,000,000
Income (loss) before income taxes	(221,000,000)		(12,000,000)		(56,000,000)		9,000,000		74,000,000		70,000,000		54,000,000		75,000,000		(280,000,000)		273,000,000		403,000,000
Net (loss) income	$ (154,000,000)		$ (7,000,000)		$ (48,000,000)		$ 8,000,000		$ 72,000,000		$ 50,000,000		$ 39,000,000		$ 55,000,000		$ (200,709,244)	[2]	$ 215,695,961	[2]	$ 298,124,983	[2]
Basic	$ (1.81)		$ (0.08)		$ (0.56)		$ 0.09		$ 0.83		$ 0.59		$ 0.43		$ 0.59		$ (2.36)		$ 2.43		$ 3.07
Diluted	$ (1.81)		$ (0.08)		$ (0.56)		$ 0.09		$ 0.83		$ 0.59		$ 0.43		$ 0.58		$ (2.36)		$ 2.42		$ 3.05
[1]	The sum of the earnings per share for the four quarters may differ from annual earnings per share due to the required method of computing the weighted average shares in interim periods.
[2]	Net (loss) income for years ended December 31, 2020, 2019, and 2018 was ($200,709,244), $215,695,961, and $298,124,983, respectively.