$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2020 Q4 Form 10-Q Financial Statement

#000152435820000044 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $747.0M $649.0M $1.116B
YoY Change -33.06% -39.12% 6.08%
Cost Of Revenue $462.0M $408.0M $561.0M
YoY Change -17.65% -22.58% 10.0%
Gross Profit $285.0M $241.0M $555.0M
YoY Change -48.65% -55.29% 2.4%
Gross Profit Margin 38.15% 37.13% 49.73%
Selling, General & Admin $229.0M $110.0M $364.0M
YoY Change -37.09% -54.36% -4.96%
% of Gross Profit 80.35% 45.64% 65.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00M $30.00M $35.00M
YoY Change -14.29% -9.09% 6.06%
% of Gross Profit 10.53% 12.45% 6.31%
Operating Expenses $259.0M $110.0M $399.0M
YoY Change -35.09% -54.36% -4.09%
Operating Profit $26.00M $131.0M $156.0M
YoY Change -83.33% -56.04% 23.81%
Interest Expense -$38.00M -$37.00M -$32.00M
YoY Change 18.75% 19.35% 3.23%
% of Operating Profit -146.15% -28.24% -20.51%
Other Income/Expense, Net $15.00M $0.00 $11.00M
YoY Change 36.36% -100.0% -54.17%
Pretax Income -$24.00M -$72.00M $109.0M
YoY Change -122.02% -2500.0% 1.87%
Income Tax $7.000M -$14.00M $33.00M
% Of Pretax Income 30.28%
Net Earnings -$37.00M -$62.00M $74.00M
YoY Change -150.0% 588.89% 68.18%
Net Earnings / Revenue -4.95% -9.55% 6.63%
Basic Earnings Per Share -$0.88 -$1.51 $1.74
Diluted Earnings Per Share -$0.88 -$1.51 $1.71
COMMON SHARES
Basic Shares Outstanding 41.06M shares 41.20M shares 42.04M shares
Diluted Shares Outstanding 41.20M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $530.0M $666.0M $293.0M
YoY Change 80.89% 252.38% 22.59%
Cash & Equivalents $524.0M $660.0M $287.0M
Short-Term Investments $6.000M $6.000M $6.000M
Other Short-Term Assets
YoY Change
Inventory $759.0M $761.0M $859.0M
Prepaid Expenses
Receivables $276.0M $162.0M $323.0M
Other Receivables $0.00 $97.00M $0.00
Total Short-Term Assets $1.559B $1.680B $1.469B
YoY Change 6.13% 14.68% 3.6%
LONG-TERM ASSETS
Property, Plant & Equipment $791.0M $809.0M $718.0M
YoY Change 10.17% 5.06% -24.5%
Goodwill $2.817B $2.817B $2.892B
YoY Change -2.59% -2.53% 2.26%
Intangibles $952.0M $963.0M $1.027B
YoY Change -7.3% -7.76% -7.23%
Long-Term Investments
YoY Change
Other Assets $468.0M $368.0M $414.0M
YoY Change 13.04% 14.29% 8.09%
Total Long-Term Assets $7.339B $7.331B $7.745B
YoY Change -5.24% -3.46% 1.91%
TOTAL ASSETS
Total Short-Term Assets $1.559B $1.680B $1.469B
Total Long-Term Assets $7.339B $7.331B $7.745B
Total Assets $8.898B $9.011B $9.214B
YoY Change -3.43% -0.53% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.0M $143.0M $286.0M
YoY Change -26.92% -42.34% -4.98%
Accrued Expenses $506.0M $505.0M $583.0M
YoY Change -13.21% 5.65% 27.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $862.0M $802.0M $1.056B
YoY Change -18.37% -11.96% 13.79%
LONG-TERM LIABILITIES
Long-Term Debt $4.268B $4.431B $4.087B
YoY Change 4.43% 11.33% 7.05%
Other Long-Term Liabilities $812.0M $789.0M $740.0M
YoY Change 9.73% 6.77% 51.64%
Total Long-Term Liabilities $5.080B $5.220B $4.827B
YoY Change 5.24% 10.62% 12.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $862.0M $802.0M $1.056B
Total Long-Term Liabilities $5.080B $5.220B $4.827B
Total Liabilities $6.216B $6.328B $6.183B
YoY Change 0.53% 6.59% 11.37%
SHAREHOLDERS EQUITY
Retained Earnings $272.0M $309.0M $569.0M
YoY Change -52.2% -40.58% 8.8%
Common Stock $3.761B $3.750B $3.739B
YoY Change 0.59% 0.24% 0.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.334B $1.334B $1.253B
YoY Change 6.46% 18.05% 58.61%
Treasury Stock Shares 34.18M shares 34.19M shares 33.44M shares
Shareholders Equity $2.651B $2.658B $3.019B
YoY Change
Total Liabilities & Shareholders Equity $8.898B $9.011B $9.214B
YoY Change -3.43% -0.53% 2.17%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$37.00M -$62.00M $74.00M
YoY Change -150.0% 588.89% 68.18%
Depreciation, Depletion And Amortization $30.00M $30.00M $35.00M
YoY Change -14.29% -9.09% 6.06%
Cash From Operating Activities $141.0M $231.0M $202.0M
YoY Change -30.2% 86.29% 573.33%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$2.000M -$14.00M
YoY Change -64.29% -84.62% -39.13%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $16.00M $50.00M
YoY Change -106.0% -1700.0% 28.21%
Cash From Investing Activities -$8.000M $14.00M $36.00M
YoY Change -122.22% -200.0% 125.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -172.0M -125.0M -41.00M
YoY Change 319.51% 4.17% -82.77%
NET CHANGE
Cash From Operating Activities 141.0M 231.0M 202.0M
Cash From Investing Activities -8.000M 14.00M 36.00M
Cash From Financing Activities -172.0M -125.0M -41.00M
Net Change In Cash -39.00M 120.0M 197.0M
YoY Change -119.8% -1300.0% -202.6%
FREE CASH FLOW
Cash From Operating Activities $141.0M $231.0M $202.0M
Capital Expenditures -$5.000M -$2.000M -$14.00M
Free Cash Flow $146.0M $233.0M $216.0M
YoY Change -32.41% 70.07% 307.55%

Facts In Submission

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<div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:285.00pt"><tr><td style="width:1.0pt"/><td style="width:16.75pt"/><td style="width:1.0pt"/><td style="width:1.0pt"/><td style="width:264.25pt"/><td style="width:1.0pt"/></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1. </span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">BASIS OF PRESENTATION</span></td></tr></table></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Interim Consolidated Financial Statements present the results of operations, financial position and cash flows of Marriott Vacations Worldwide Corporation (referred to in this report as (i) “we,” “us,” “Marriott Vacations Worldwide,” “MVW” or “the Company,” which includes our consolidated subsidiaries except where the context of the reference is to a single corporate entity, or (ii) “MVWC,” which shall refer only to Marriott Vacations Worldwide Corporation, without its consolidated subsidiaries). In order to make this report easier to read, we refer throughout to (i) our Interim Consolidated Financial Statements as our “Financial Statements,” (ii) our Interim Consolidated Statements of Income as our “Income Statements,” (iii) our Interim Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Interim Consolidated Statements of Cash Flows as our “Cash Flows.” In addition, references throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Interim Consolidated Financial Statements, unless otherwise noted. Capitalized terms used and not specifically defined herein have the same meaning given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “2019 Annual Report”). We use certain other terms that are defined within these Financial Statements.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Financial Statements presented herein and discussed below include 100 percent of the assets, liabilities, revenues, expenses and cash flows of Marriott Vacations Worldwide, all entities in which Marriott Vacations Worldwide has a controlling voting interest (“subsidiaries”), and those variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary in accordance with consolidation accounting guidance. References in these Financial Statements to net (loss) income attributable to common shareholders and MVW shareholders’ equity do not include noncontrolling interests, which represent the outside ownership of our consolidated non-wholly owned entities and are reported separately. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These Financial Statements reflect our financial position, results of operations and cash flows as prepared in conformity with United States Generally Accepted Accounting Principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates include, but are not limited to, revenue recognition, cost of vacation ownership products, inventory valuation, goodwill and intangibles valuation, property and equipment valuation, accounting for acquired vacation ownership notes receivable, vacation ownership notes receivable reserves, income taxes and loss contingencies. The uncertainty created by the COVID-19 pandemic (defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ materially from our estimates.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our opinion, our Financial Statements reflect all normal and recurring adjustments necessary to present fairly our financial position, the results of our operations and cash flows for the periods presented. Interim results may not be indicative of fiscal year performance because of, among other reasons, the impact of the COVID-19 pandemic (defined below) and seasonal and short-term variations. These Financial Statements have not been audited. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP. Although we believe our footnote disclosures are adequate to make the information presented not misleading, the Financial Statements in this report should be read in conjunction with the consolidated financial statements and notes thereto in our 2019 Annual Report.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying Financial Statements also reflect our adoption of new accounting standards. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for additional information.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">COVID-19 Pandemic Update</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the World Health Organization declared the coronavirus (COVID-19) a global pandemic (the “COVID-19 pandemic”). National, federal, state, and local governments have since implemented various travel restrictions, border closings, restrictions on public gatherings, mandatory quarantines, shelter-in-place mandates and limitations on business operations. The speed with which the effects of the COVID-19 pandemic have changed the global economic landscape, outlook and, in particular, the travel and hospitality industries, has been swift and unexpected.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations during the first three quarters of 2020 include impacts related to the COVID-19 pandemic, which have been significantly adverse for our business, and the overall travel and hospitality industry in general. We began to see an adverse impact on occupancy in our Vacation Ownership business in mid-March 2020, which quickly accelerated later that month and continued into May 2020. While many of our resorts remained open for owner occupancy throughout April and May, most owners chose to postpone their arrival until a later date, which resulted in substantially lower than normal resort occupancy in the second and third quarters of 2020. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In response to quickly evolving travel restrictions and restrictions on business operations, we closed all of our sales centers in March 2020, and beginning March 25, 2020, we closed our resorts for rental guests with stays at our branded North America vacation ownership resorts. Further, due to low occupancy rates and based on various governmental mandates and advisories, we closed several of our resorts and reduced operations and amenities at our resorts that remained open. The closure of our sales centers and low occupancy levels led to a material decrease in contract sales and rental revenues from our vacation ownership business beginning in the second quarter.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on these events and the uncertainty they created, we immediately began to focus on our liquidity, including quickly and substantially enhancing our cash holdings. In late-March, we drew down the remainder of our $600 million Revolving Corporate Credit Facility (as defined in Footnote 13 “Debt”). We issued senior secured debt in May, which we used to repay amounts outstanding on our Revolving Corporate Credit Facility. As of September 30, 2020, we had $660 million in cash and cash equivalents on hand, and $597 million of availability on our Revolving Corporate Credit Facility.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to accessing the capital markets, we believe we have made significant progress in bolstering our liquidity through cost reduction. These efforts include reducing capital expenditures; suspending hiring and salary increases; reducing executive and other associate salaries; implementing furloughs and reduced work weeks for most of our associates; and modifying vendor and supplier payment terms where possible.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In late-May, as many government restrictions were beginning to be relaxed, owner occupancy at our resorts began to grow and we began reopening resorts to rental guests. As of September 30, 2020, over 95 percent of our vacation ownership resorts were open to owners and rental guests. We reopened certain sales centers in June and continued to open additional sales centers in July. As of September 30, 2020, over 80 percent of our sales centers had re-opened. However, extended or further closures of our sales centers may be required if demand declines again or if we are again impacted by government regulations requiring resort closures or restricting travel. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our Exchange &amp; Third-Party Management business, the closures of certain affiliated resorts and managed properties had a significant adverse impact on our business in the second quarter of 2020, with a large number of resorts closed or not taking reservations at the beginning of the second quarter, but by the end of September, over 90 percent of those affiliated resorts and managed properties had reopened. The closure of affiliated resorts and managed properties led to a decrease in management and exchange revenues. Our Aqua-Aston business was also negatively impacted by travel restrictions that significantly impacted the majority of the properties in Hawaii. Further resort and property closures may be required if demand declines again or if we are again impacted by government regulations requiring resort closures or restricting travel. The COVID-19 pandemic continues to depress the demand for vacation rentals due to “stay-at-home” recommendations or requirements, quarantines, and the reluctance of consumers to travel.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the second and third quarters of 2020, we continued the temporary adjustments implemented in the first quarter of 2020 to cancellation policies for near-term travel for customers who were unable or unwilling to travel due to the COVID-19 pandemic. We continue to monitor this unprecedented and rapidly evolving situation and are unable to predict its duration or severity. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the COVID-19 pandemic, in September 2020, a workforce reduction plan was approved, which is expected to impact approximately 3,000 associates. We expect that we will incur approximately $25 to $30 million in restructuring and related charges primarily related to employee severance and benefit costs. In connection with this plan,we have recorded the following on our Income Statement for both the three and nine months ended September 30, 2020:</span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;vertical-align:top;width:99.707%"><tr><td style="width:1.0%"/><td style="width:35.703%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.149%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.149%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.149%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.151%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-style:italic;font-weight:700;line-height:100%">($ in millions)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Vacation Ownership</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Exchange &amp; Third-Party Management</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Corporate and Other</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost reimbursement revenues</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cost reimbursement expenses</span></td><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Restructuring</span></td><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(20)</span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reclassifications</span></div>We have reclassified certain prior year amounts to conform to our current year presentation.
vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
PercentageOfAssetsLiabilitiesRevenuesExpensesAndCashFlowsConsolidatedAndDiscussed
1
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
660000000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
2000000 USD
CY2020Q3 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
1000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
585000000 USD
CY2020Q3 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
64000000 USD
CY2020Q3 us-gaap Revenues
Revenues
649000000 USD
CY2019Q3 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
280000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
994000000 USD
CY2019Q3 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
72000000 USD
CY2019Q3 us-gaap Revenues
Revenues
1066000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1933000000 USD
vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
206000000 USD
us-gaap Revenues
Revenues
2139000000 USD
vac Revenues Cost Reimbursement
RevenuesCostReimbursement
819000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2934000000 USD
vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
209000000 USD
us-gaap Revenues
Revenues
3143000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
585000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
994000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1933000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2934000000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-3000000 USD
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-58000000 USD
CY2020Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2019Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2020Q3 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
147000000 USD
CY2019Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
166000000 USD
CY2020Q3 us-gaap Notes Receivable Net
NotesReceivableNet
1913000000 USD
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2233000000 USD
CY2020Q3 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2060000000 USD
CY2019Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2399000000 USD
CY2020Q3 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
154000000 USD
CY2019Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
187000000 USD
CY2020Q3 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
488000000 USD
CY2019Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
433000000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
642000000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
620000000 USD
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
69000000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
231000000 USD
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.80
CY2020Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2020Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
147000000 USD
CY2019Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
166000000 USD
CY2020Q3 us-gaap Interest Receivable
InterestReceivable
13000000 USD
CY2019Q4 us-gaap Interest Receivable
InterestReceivable
16000000 USD
CY2020Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
76000000 USD
CY2019Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
82000000 USD
CY2020Q3 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2019Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
38000000 USD
CY2020Q3 us-gaap Other Receivables
OtherReceivables
21000000 USD
CY2019Q4 us-gaap Other Receivables
OtherReceivables
21000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
18000000 USD
CY2020Q3 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
272000000 USD
CY2019Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
323000000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
4.044
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.287
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.432
vac Effective Income Tax Rate Reconciliation Cares Act Percent
EffectiveIncomeTaxRateReconciliationCARESActPercent
0.044
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
21000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1000000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
14000000 USD
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
7000000 USD
CY2020Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
7000000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
21000000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
41000000 USD
CY2020Q3 us-gaap Notes Receivable Net
NotesReceivableNet
1913000000 USD
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2233000000 USD
CY2020Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
63000000 USD
CY2019Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
69000000 USD
vac Interest On Notes Receivable
InterestOnNotesReceivable
199000000 USD
vac Interest On Notes Receivable
InterestOnNotesReceivable
201000000 USD
CY2020Q3 vac Financing Receivable Allowancefor Credit Loss Percentage Increase
FinancingReceivableAllowanceforCreditLossPercentageIncrease
0.50
vac Financing Receivable Allowancefor Credit Loss Percentage Increase Period
FinancingReceivableAllowanceforCreditLossPercentageIncreasePeriod
P15M
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Loss Purchased With Credit Deterioration Increase
FinancingReceivableAllowanceForCreditLossPurchasedWithCreditDeteriorationIncrease
2000000 USD
CY2020Q3 vac Notes Receivable Estimated Average Default Rates
NotesReceivableEstimatedAverageDefaultRates
0.0735
CY2019Q4 vac Notes Receivable Estimated Average Default Rates
NotesReceivableEstimatedAverageDefaultRates
0.0704
CY2020Q3 vac Result Of Increase In Estimated Default Rate
ResultOfIncreaseInEstimatedDefaultRate
0.005
CY2020Q3 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
7000000 USD
CY2019Q4 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
8000000 USD
CY2020Q3 vac Weighted Average Fico Score Within Originated Loan Pool
WeightedAverageFicoScoreWithinOriginatedLoanPool
708 credit_score
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WeightedAverageFicoScoreWithinOriginatedLoanPool
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CY2020Q3 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.1471
CY2019Q4 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
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CY2020Q3 us-gaap Marketable Securities
MarketableSecurities
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CY2020Q3 us-gaap Net Income Loss
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CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
64000000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
64000000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41200000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2020Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
0 shares
CY2019Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
0 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
0 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
300000 shares
CY2020Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
CY2019Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41200000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45100000 shares
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.51
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
CY2020Q3 us-gaap Inventory Real Estate Timeshare Available For Sale
InventoryRealEstateTimeshareAvailableForSale
751000000 USD
CY2019Q4 us-gaap Inventory Real Estate Timeshare Available For Sale
InventoryRealEstateTimeshareAvailableForSale
782000000 USD
CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 USD
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
69000000 USD
CY2020Q3 vac Inventory Timeshare Gross
InventoryTimeshareGross
751000000 USD
CY2019Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
851000000 USD
CY2020Q3 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
10000000 USD
CY2019Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
8000000 USD
CY2020Q3 vac Inventory Timeshare
InventoryTimeshare
761000000 USD
CY2019Q4 vac Inventory Timeshare
InventoryTimeshare
859000000 USD
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
4000000 USD
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
2000000 USD
CY2020Q3 us-gaap Inventory Write Down
InventoryWriteDown
1000000 USD
us-gaap Inventory Write Down
InventoryWriteDown
6000000 USD
CY2020Q3 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
173000000 USD
CY2020Q3 vac Depositson Future Purchasesof Inventory
DepositsonFuturePurchasesofInventory
42000000 USD
CY2019Q4 vac Depositson Future Purchasesof Inventory
DepositsonFuturePurchasesofInventory
38000000 USD
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
2892000000 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
73000000 USD
CY2020Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
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CY2020Q1 us-gaap Goodwill Gross
GoodwillGross
2817000000 USD
CY2020Q2 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q2 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
0 USD
CY2020Q2 us-gaap Goodwill Gross
GoodwillGross
2817000000 USD
CY2020Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2020Q3 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
0 USD
CY2020Q3 us-gaap Goodwill Gross
GoodwillGross
2817000000 USD
CY2020Q3 vac Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
3000000 USD
CY2020Q3 vac Surety Bonds
SuretyBonds
75000000 USD
CY2020Q3 us-gaap Time Sharing Transactions Estimated Cost To Complete Improvements And Promised Amenities
TimeSharingTransactionsEstimatedCostToCompleteImprovementsAndPromisedAmenities
4000000 USD
CY2020Q3 vac Time Sharing Estimated Cost To Complete Accrued
TimeSharingEstimatedCostToCompleteAccrued
2000000 USD
CY2020Q3 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2020Q3 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
129000000 USD
CY2020Q3 vac Secured Debt Net
SecuredDebtNet
1751000000 USD
CY2019Q4 vac Secured Debt Net
SecuredDebtNet
1871000000 USD
vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 Loan
CY2020Q3 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 Loan
CY2020Q3 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 Loan
CY2020Q3 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
12 Loan
CY2020Q3 vac Values Of Vacation Ownership Notes Receivable That Were Purchased By Trust During The Period
ValuesOfVacationOwnershipNotesReceivableThatWerePurchasedByTrustDuringThePeriod
383000000 USD
CY2020Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
7000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
239000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
9000000 USD
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
9000000 USD
CY2020Q3 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
2449000000 USD
CY2020Q3 vac Debt And Finance Lease Obligations Gross
DebtAndFinanceLeaseObligationsGross
2717000000 USD
CY2020Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.06125
CY2020Q2 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
493000000 USD
CY2020Q3 us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1
P2Y
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75250627 shares
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41062759 shares
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
34187868 shares
CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75020272 shares
CY2019Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41582096 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0096
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
33438176 shares
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q3 vac Stock Repurchase Program Number Of Additional Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfAdditionalSharesAuthorizedToBeRepurchased
4500000 shares
CY2020Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
19400000 shares
CY2020Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
1900000 shares
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.54
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1800000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1800000 shares
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29000000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
32000000 USD
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3881
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0213
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2020Q3 us-gaap Revenues
Revenues
649000000 USD
CY2019Q3 us-gaap Revenues
Revenues
1066000000 USD
us-gaap Revenues
Revenues
2139000000 USD
us-gaap Revenues
Revenues
3143000000 USD
CY2020Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
24000000 USD
CY2019Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
50000000 USD
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
84000000 USD
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
164000000 USD
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-37000000 USD
CY2019Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-31000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-112000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-100000000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-14000000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-91000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000000 USD
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30000000 USD
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
93000000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
106000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29000000 USD
CY2020Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
33000000 USD
CY2019Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
116000000 USD
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
263000000 USD
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
202000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-62000000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-9000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-238000000 USD
us-gaap Net Income Loss
NetIncomeLoss
64000000 USD
CY2020Q3 us-gaap Assets
Assets
9011000000 USD
CY2019Q4 us-gaap Assets
Assets
9214000000 USD

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