2020 Q4 Form 10-K Financial Statement

#000152435821000016 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $747.0M $1.116B $1.066B
YoY Change -33.06% 6.08% 42.13%
Cost Of Revenue $462.0M $561.0M $527.0M
YoY Change -17.65% 10.0% 37.96%
Gross Profit $285.0M $555.0M $539.0M
YoY Change -48.65% 2.4% 46.47%
Gross Profit Margin 38.15% 49.73% 50.56%
Selling, General & Admin $229.0M $364.0M $241.0M
YoY Change -37.09% -4.96% 28.19%
% of Gross Profit 80.35% 65.59% 44.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.00M $35.00M $33.00M
YoY Change -14.29% 6.06% 87.5%
% of Gross Profit 10.53% 6.31% 6.12%
Operating Expenses $259.0M $399.0M $241.0M
YoY Change -35.09% -4.09% 28.19%
Operating Profit $26.00M $156.0M $298.0M
YoY Change -83.33% 23.81% 65.56%
Interest Expense -$38.00M -$32.00M -$31.00M
YoY Change 18.75% 3.23% 121.43%
% of Operating Profit -146.15% -20.51% -10.4%
Other Income/Expense, Net $15.00M $11.00M $1.000M
YoY Change 36.36% -54.17%
Pretax Income -$24.00M $109.0M $3.000M
YoY Change -122.02% 1.87% -107.89%
Income Tax $7.000M $33.00M $10.00M
% Of Pretax Income 30.28% 333.33%
Net Earnings -$37.00M $74.00M -$9.000M
YoY Change -150.0% 68.18% -75.0%
Net Earnings / Revenue -4.95% 6.63% -0.84%
Basic Earnings Per Share -$0.88 $1.74 -$0.21
Diluted Earnings Per Share -$0.88 $1.71 -$0.21
COMMON SHARES
Basic Shares Outstanding 41.06M shares 42.04M shares 43.40M shares
Diluted Shares Outstanding 43.40M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $530.0M $293.0M $189.0M
YoY Change 80.89% 22.59% -57.91%
Cash & Equivalents $524.0M $287.0M $183.0M
Short-Term Investments $6.000M $6.000M $6.000M
Other Short-Term Assets
YoY Change
Inventory $759.0M $859.0M $910.0M
Prepaid Expenses
Receivables $276.0M $323.0M $372.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.559B $1.469B $1.465B
YoY Change 6.13% 3.6% -2.72%
LONG-TERM ASSETS
Property, Plant & Equipment $791.0M $718.0M $770.0M
YoY Change 10.17% -24.5% -19.12%
Goodwill $2.817B $2.892B $2.890B
YoY Change -2.59% 2.26% 5.21%
Intangibles $952.0M $1.027B $1.044B
YoY Change -7.3% -7.23% -14.14%
Long-Term Investments
YoY Change
Other Assets $468.0M $414.0M $322.0M
YoY Change 13.04% 8.09% -11.78%
Total Long-Term Assets $7.339B $7.745B $7.594B
YoY Change -5.24% 1.91% 1.16%
TOTAL ASSETS
Total Short-Term Assets $1.559B $1.469B $1.465B
Total Long-Term Assets $7.339B $7.745B $7.594B
Total Assets $8.898B $9.214B $9.059B
YoY Change -3.43% 2.17% 0.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.0M $286.0M $248.0M
YoY Change -26.92% -4.98% 37.02%
Accrued Expenses $506.0M $583.0M $478.0M
YoY Change -13.21% 27.85% -15.25%
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 $1.056B $911.0M
YoY Change -18.37% 13.79% -14.86%
LONG-TERM LIABILITIES
Long-Term Debt $4.268B $4.087B $3.980B
YoY Change 4.43% 7.05% 1.45%
Other Long-Term Liabilities $812.0M $740.0M $739.0M
YoY Change 9.73% 51.64% 217.17%
Total Long-Term Liabilities $5.080B $4.827B $4.719B
YoY Change 5.24% 12.1% 13.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $862.0M $1.056B $911.0M
Total Long-Term Liabilities $5.080B $4.827B $4.719B
Total Liabilities $6.216B $6.183B $5.937B
YoY Change 0.53% 11.37% 8.1%
SHAREHOLDERS EQUITY
Retained Earnings $272.0M $569.0M $520.0M
YoY Change -52.2% 8.8% 8.79%
Common Stock $3.761B $3.739B $3.741B
YoY Change 0.59% 0.46% 1.16%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.334B $1.253B $1.130B
YoY Change 6.46% 58.61% 62.36%
Treasury Stock Shares 34.18M shares 33.44M shares 15.28M shares
Shareholders Equity $2.651B $3.019B $3.112B
YoY Change
Total Liabilities & Shareholders Equity $8.898B $9.214B $9.059B
YoY Change -3.43% 2.17% 0.51%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$37.00M $74.00M -$9.000M
YoY Change -150.0% 68.18% -75.0%
Depreciation, Depletion And Amortization $30.00M $35.00M $33.00M
YoY Change -14.29% 6.06% 87.5%
Cash From Operating Activities $141.0M $202.0M $124.0M
YoY Change -30.2% 573.33% 85.07%
INVESTING ACTIVITIES
Capital Expenditures -$5.000M -$14.00M -$13.00M
YoY Change -64.29% -39.13% 36.84%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $50.00M -$1.000M
YoY Change -106.0% 28.21% -99.93%
Cash From Investing Activities -$8.000M $36.00M -$14.00M
YoY Change -122.22% 125.0% -99.02%
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 -41.00M -120.0M
YoY Change 319.51% -82.77% -107.18%
NET CHANGE
Cash From Operating Activities 141.0M 202.0M 124.0M
Cash From Investing Activities -8.000M 36.00M -14.00M
Cash From Financing Activities -172.0M -41.00M -120.0M
Net Change In Cash -39.00M 197.0M -10.00M
YoY Change -119.8% -202.6% -103.17%
FREE CASH FLOW
Cash From Operating Activities $141.0M $202.0M $124.0M
Capital Expenditures -$5.000M -$14.00M -$13.00M
Free Cash Flow $146.0M $216.0M $137.0M
YoY Change -32.41% 307.55% 79.08%

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BASIS OF PRESENTATION <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 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 Consolidated Financial Statements as our “Financial Statements,” (ii) our Consolidated Statements of Income as our “Income Statements,” (iii) our Consolidated Balance Sheets as our “Balance Sheets,” and (iv) our Consolidated Statements of Cash Flows as our “Cash Flows.” References throughout to numbered “Footnotes” refer to the numbered Notes in these Notes to Consolidated Financial Statements, unless otherwise noted. We also refer to Marriott International, Inc. as “Marriott International” and Marriott International’s Marriott Bonvoy customer loyalty program as “Marriott Bonvoy.” 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 entities 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, allocations of the purchase price paid in business combinations, 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 (as defined below), and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from these estimated amounts.</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%">We have reclassified certain prior year amounts to conform with our current year presentation.</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) outbreak a global pandemic (“COVID-19,” “the COVID-19 pandemic,” “the pandemic,” or “the virus”), and since then the world has been, and continues to be, impacted by this virus. 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 COVID-19 pandemic had a swift and unexpected adverse impact on the global economic landscape, with an especially significant adverse impact on the travel and hospitality industries.</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 for 2020 include impacts related to the COVID-19 pandemic, which have been significantly adverse for our business. The COVID-19 pandemic and measures to prevent or slow the spread of the virus impacted our businesses in a number of ways. In our vacation ownership segment, due to low occupancy rates and based on various governmental mandates and advisories, we closed all of our sales centers and several of our resorts and reduced operations and amenities at our resorts over the course of 2020. These actions led to a material decrease in contract sales and rental revenues from our vacation ownership business. In our Exchange &amp; Third-Party Management business, the closures of certain affiliated resorts and managed properties had an adverse impact on our business, and the closure of a large number of resorts, and their decision not to take reservations, during a portion of the year resulted in a decrease in management and exchange revenues. </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 the evolving situation and in anticipation of continued possible disruptions, we took action to implement various cost saving measures and to preserve liquidity through restructuring our workforce and corporate debt. See Footnote 3 “Restructuring Charges” for more information about the restructuring charges recorded as a result of the COVID-19 pandemic. Also see Footnote 17 “Debt” for information on the steps taken to preserve liquidity during these uncertain times.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Acquisition of ILG</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%">On September 1, 2018 (the “Acquisition Date”), we completed the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), through a series of transactions (the “ILG Acquisition”), after which ILG became our indirect wholly-owned subsidiary. We refer to our business associated with brands that existed prior to the ILG Acquisition as “Legacy-MVW” and to ILG’s business and brands that we acquired as “Legacy-ILG.” See Footnote 4 “Acquisitions and Dispositions” for more information on the ILG Acquisition.</span></div>
CY2020 vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
PercentageOfAssetsLiabilitiesRevenuesExpensesAndCashFlowsConsolidatedAndDiscussed
1
CY2020 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-79000000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15000000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
12000000 USD
CY2020Q4 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
2000000 USD
CY2020 vac Real Estate Inventory True Ups
RealEstateInventoryTrueUps
6000000 USD
CY2019 vac Real Estate Inventory True Ups
RealEstateInventoryTrueUps
8000000 USD
CY2018 vac Real Estate Inventory True Ups
RealEstateInventoryTrueUps
6000000 USD
CY2020 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
3000000 USD
CY2020 us-gaap Number Of Reporting Units
NumberOfReportingUnits
2 Unit
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
12000000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
19000000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
11000000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2020Q4 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
2000000 USD
CY2020Q3 us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
3000 associate
CY2020 vac Restructuring Costs Other Reimbursement Revenues
RestructuringCostsOtherReimbursementRevenues
6000000 USD
CY2020 vac Restructuring Expenses
RestructuringExpenses
6000000 USD
CY2020 us-gaap Restructuring Costs
RestructuringCosts
25000000 USD
CY2020 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
4 Property
CY2020Q3 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
1000000 USD
CY2020 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
1042000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2619000000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
620000000 USD
CY2020 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
267000000 USD
CY2020 us-gaap Revenues
Revenues
2886000000 USD
CY2019 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
1108000000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3984000000 USD
CY2019 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
275000000 USD
CY2019 us-gaap Revenues
Revenues
4259000000 USD
CY2018 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
925000000 USD
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2785000000 USD
CY2018 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
183000000 USD
CY2018 us-gaap Revenues
Revenues
2968000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2619000000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3984000000 USD
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2785000000 USD
CY2020Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2019Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2020Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
150000000 USD
CY2019Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
166000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2019Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2233000000 USD
CY2020Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
1990000000 USD
CY2019Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2399000000 USD
CY2020Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
147000000 USD
CY2019Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
187000000 USD
CY2020Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
488000000 USD
CY2019Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
433000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
635000000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
355000000 USD
CY2020Q4 vac Revenue Remaining Performance Obligation Expected Timing Percentage
RevenueRemainingPerformanceObligationExpectedTimingPercentage
0.82
CY2020Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2020Q4 us-gaap Receivables From Customers
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150000000 USD
CY2019Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
166000000 USD
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
13000000 USD
CY2019Q4 us-gaap Interest Receivable
InterestReceivable
16000000 USD
CY2020Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
60000000 USD
CY2019Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
82000000 USD
CY2020Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2019Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
38000000 USD
CY2020Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 USD
CY2019Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
0 USD
CY2020Q4 us-gaap Other Receivables
OtherReceivables
19000000 USD
CY2019Q4 us-gaap Other Receivables
OtherReceivables
21000000 USD
CY2020Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
276000000 USD
CY2019Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
323000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-255000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
190000000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
108000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-85000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
35000000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-5000000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-340000000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
225000000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
103000000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-31000000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
12000000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-17000000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-1000000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
29000000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1000000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-11000000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
36000000 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
10000000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-43000000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
77000000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-6000000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-26000000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
28000000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
46000000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-9000000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-17000000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
9000000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-6000000 USD
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-5000000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
2000000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-41000000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6000000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
57000000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-84000000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51000000 USD
CY2020 vac Effective Income Tax Rate Reconciliation Impact Related To Coronavirus Aid Relief And Economic Security Act Of2020
EffectiveIncomeTaxRateReconciliationImpactRelatedToCoronavirusAidReliefAndEconomicSecurityActOf2020
0.060
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.012
CY2020 vac Effective Income Tax Rate Reconciliation Foreign Rate Change Percent
EffectiveIncomeTaxRateReconciliationForeignRateChangePercent
0.004
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.045
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042
CY2020 vac Effective Income Tax Rate Reconciliation Share Based Compensation Expense Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExpenseTaxBenefitPercent
0.002
CY2019 vac Effective Income Tax Rate Reconciliation Share Based Compensation Expense Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExpenseTaxBenefitPercent
0.007
CY2018 vac Effective Income Tax Rate Reconciliation Share Based Compensation Expense Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExpenseTaxBenefitPercent
0.036
CY2020 vac Effective Income Tax Rate Transaction Costs
EffectiveIncomeTaxRateTransactionCosts
0
CY2019 vac Effective Income Tax Rate Transaction Costs
EffectiveIncomeTaxRateTransactionCosts
0
CY2018 vac Effective Income Tax Rate Transaction Costs
EffectiveIncomeTaxRateTransactionCosts
0.047
CY2020 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.080
CY2019 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.039
CY2018 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.042
CY2020 vac Effective Income Tax Rate Reconciliation Impact Related To Coronavirus Aid Relief And Economic Security Act Of2020
EffectiveIncomeTaxRateReconciliationImpactRelatedToCoronavirusAidReliefAndEconomicSecurityActOf2020
0.060
CY2019 vac Effective Income Tax Rate Reconciliation Impact Related To Coronavirus Aid Relief And Economic Security Act Of2020
EffectiveIncomeTaxRateReconciliationImpactRelatedToCoronavirusAidReliefAndEconomicSecurityActOf2020
0
CY2018 vac Effective Income Tax Rate Reconciliation Impact Related To Coronavirus Aid Relief And Economic Security Act Of2020
EffectiveIncomeTaxRateReconciliationImpactRelatedToCoronavirusAidReliefAndEconomicSecurityActOf2020
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2019 vac Effective Income Tax Rate Reconciliation Foreign Rate Change Percent
EffectiveIncomeTaxRateReconciliationForeignRateChangePercent
0
CY2018 vac Effective Income Tax Rate Reconciliation Foreign Rate Change Percent
EffectiveIncomeTaxRateReconciliationForeignRateChangePercent
-0.001
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.024
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.022
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.039
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Foreign
EffectiveIncomeTaxRateReconciliationTaxCreditsForeign
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Foreign
EffectiveIncomeTaxRateReconciliationTaxCreditsForeign
0.063
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Foreign
EffectiveIncomeTaxRateReconciliationTaxCreditsForeign
0.014
CY2020 vac Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
0.052
CY2019 vac Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
0.031
CY2018 vac Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.075
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.070
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.086
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.004
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.011
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
37000000 USD
CY2020Q4 vac Deferred Tax Assets Right Of Use Asset
DeferredTaxAssetsRightOfUseAsset
2000000 USD
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
CY2019Q4 vac Deferred Tax Assets Right Of Use Asset
DeferredTaxAssetsRightOfUseAsset
3000000 USD
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.369
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.498
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
4000000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
2000000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
2000000 USD
CY2019 vac Business Combination Provisional Information Adjustment Other Liabilities Tax Matters
BusinessCombinationProvisionalInformationAdjustmentOtherLiabilitiesTaxMatters
46000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
83000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
117000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
98000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
77000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
12000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
14000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
72000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
74000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
98000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
61000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
31000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
113000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
95000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
509000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
478000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
106000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
97000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
403000000 USD
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
381000000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
233000000 USD
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
244000000 USD
CY2020Q4 vac Deferred Tax Deferred Vacation Ownership Interests Sales
DeferredTaxDeferredVacationOwnershipInterestsSales
362000000 USD
CY2019Q4 vac Deferred Tax Deferred Vacation Ownership Interests Sales
DeferredTaxDeferredVacationOwnershipInterestsSales
363000000 USD
CY2020Q4 vac Deferred Tax Liabilities Right Of Use Liability
DeferredTaxLiabilitiesRightOfUseLiability
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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CY2019Q4 vac Deferred Tax Liabilities Net Excluding Certain Deferred Tax Assets
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CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2020 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2019Q4 us-gaap Notes Receivable Net
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CY2020 vac Interest On Notes Receivable
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CY2019 vac Interest On Notes Receivable
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CY2020Q4 us-gaap Marketable Securities
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
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CY2018 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
400000 shares
CY2020 vac Incremental Common Shares Attributable To Restricted Stock Units
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CY2019 vac Incremental Common Shares Attributable To Restricted Stock Units
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CY2018 vac Incremental Common Shares Attributable To Restricted Stock Units
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q4 us-gaap Inventory Real Estate Timeshare Available For Sale
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CY2019Q4 us-gaap Inventory Work In Process
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CY2019Q4 vac Inventory Timeshare Gross
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CY2020Q4 vac Operating Supplies And Inventories
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10000000 USD
CY2019Q4 vac Operating Supplies And Inventories
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CY2019Q4 vac Inventory Timeshare
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CY2019Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
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CY2020Q4 vac Depositson Future Purchasesof Inventory
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CY2019Q4 vac Depositson Future Purchasesof Inventory
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CY2020Q4 vac Information Technology Assets Gross
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CY2019Q4 vac Information Technology Assets Gross
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CY2019Q4 us-gaap Construction In Progress Gross
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CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2020Q4 vac Surety Bonds
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CY2019Q4 vac Lease Right Of Use Asset
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CY2019Q4 vac Lease Liability
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020 us-gaap Operating Lease Cost
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CY2019 us-gaap Operating Lease Cost
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CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2019 us-gaap Finance Lease Interest Expense
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CY2019 us-gaap Variable Lease Cost
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CY2020 us-gaap Lease Cost
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CY2019 us-gaap Lease Cost
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Three
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CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Four
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CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P10Y6M
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P1Y
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CY2019 us-gaap Finance Lease Principal Payments
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P16Y
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0 Loan
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0 Loan
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12 Loan
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383000000 USD
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1100000000 USD
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CY2020Q4 us-gaap Treasury Stock Shares
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CY2019Q4 us-gaap Preferred Stock Shares Authorized
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CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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CY2019Q4 us-gaap Preferred Stock Shares Issued
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34000000 USD
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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31000000 USD
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0.3078
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0.0213
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y3M
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2020 us-gaap Income Tax Expense Benefit
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CY2018 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Depreciation And Amortization
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123000000 USD
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
141000000 USD
CY2018 us-gaap Depreciation And Amortization
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62000000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2020 vac Certain Items Adjusted Ebitda Reconciliation
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CY2019 vac Certain Items Adjusted Ebitda Reconciliation
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CY2018 vac Certain Items Adjusted Ebitda Reconciliation
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162000000 USD
CY2020 us-gaap Net Income Loss
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-275000000 USD
CY2019 us-gaap Net Income Loss
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138000000 USD
CY2018 us-gaap Net Income Loss
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CY2020 us-gaap Depreciation And Amortization
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123000000 USD
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141000000 USD
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CY2020Q4 us-gaap Assets
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PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
293000000 USD
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PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
252000000 USD
CY2020 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
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CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2019Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2020Q1 us-gaap Revenues
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CY2020Q1 us-gaap Costs And Expenses
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CY2019 us-gaap Costs And Expenses
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CY2019 us-gaap Earnings Per Share Diluted
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3.09

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