2021 Q1 Form 10-Q Financial Statement

#000152435821000023 Filed on May 07, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $759.0M $1.010B
YoY Change -24.85% -2.32%
Cost Of Revenue $433.0M $554.0M
YoY Change -21.84% 6.54%
Gross Profit $326.0M $456.0M
YoY Change -28.51% -11.28%
Gross Profit Margin 42.95% 45.15%
Selling, General & Admin $155.0M $240.0M
YoY Change -35.42% -5.14%
% of Gross Profit 47.55% 52.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $41.00M $32.00M
YoY Change 28.13% -13.51%
% of Gross Profit 12.58% 7.02%
Operating Expenses $155.0M $240.0M
YoY Change -35.42% -5.14%
Operating Profit $171.0M $216.0M
YoY Change -20.83% -17.24%
Interest Expense -$43.00M -$33.00M
YoY Change 30.3% -2.94%
% of Operating Profit -25.15% -15.28%
Other Income/Expense, Net -$3.000M
YoY Change
Pretax Income -$36.00M -$163.0M
YoY Change -77.91% -517.95%
Income Tax -$11.00M -$58.00M
% Of Pretax Income
Net Earnings -$28.00M -$106.0M
YoY Change -73.58% -541.67%
Net Earnings / Revenue -3.69% -10.5%
Basic Earnings Per Share -$0.68 -$2.56
Diluted Earnings Per Share -$0.68 -$2.56
COMMON SHARES
Basic Shares Outstanding 41.40M shares 41.50M shares
Diluted Shares Outstanding 41.40M shares 41.50M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $649.0M $656.0M
YoY Change -1.07% 186.46%
Cash & Equivalents $643.0M $651.0M
Short-Term Investments $6.000M $5.000M
Other Short-Term Assets
YoY Change
Inventory $785.0M $776.0M
Prepaid Expenses
Receivables $123.0M $267.0M
Other Receivables $84.00M $0.00
Total Short-Term Assets $1.635B $1.694B
YoY Change -3.48% 20.23%
LONG-TERM ASSETS
Property, Plant & Equipment $887.0M $833.0M
YoY Change 6.48% -1.77%
Goodwill $2.817B $2.817B
YoY Change 0.0% -0.39%
Intangibles $938.0M $989.0M
YoY Change -5.16% -9.43%
Long-Term Investments
YoY Change
Other Assets $535.0M $369.0M
YoY Change 44.99% 3.65%
Total Long-Term Assets $7.552B $7.738B
YoY Change -2.4% 0.45%
TOTAL ASSETS
Total Short-Term Assets $1.635B $1.694B
Total Long-Term Assets $7.552B $7.738B
Total Assets $9.187B $9.432B
YoY Change -2.6% 3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $159.0M $169.0M
YoY Change -5.92% 0.6%
Accrued Expenses $533.0M $508.0M
YoY Change 4.92% -26.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $859.0M $838.0M
YoY Change 2.51% -15.18%
LONG-TERM LIABILITIES
Long-Term Debt $4.456B $4.704B
YoY Change -5.27% 20.49%
Other Long-Term Liabilities $848.0M $828.0M
YoY Change 2.42% 54.19%
Total Long-Term Liabilities $5.304B $5.532B
YoY Change -4.12% 24.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $859.0M $838.0M
Total Long-Term Liabilities $5.304B $5.532B
Total Liabilities $6.449B $6.660B
YoY Change -3.17% 15.6%
SHAREHOLDERS EQUITY
Retained Earnings $244.0M $441.0M
YoY Change -44.67% -15.03%
Common Stock $3.844B $3.730B
YoY Change 3.06% 0.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.334B $1.335B
YoY Change -0.07% 49.16%
Treasury Stock Shares 34.18M shares 34.20M shares
Shareholders Equity $2.709B $2.759B
YoY Change
Total Liabilities & Shareholders Equity $9.187B $9.432B
YoY Change -2.6% 3.51%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$28.00M -$106.0M
YoY Change -73.58% -541.67%
Depreciation, Depletion And Amortization $41.00M $32.00M
YoY Change 28.13% -13.51%
Cash From Operating Activities -$60.00M -$122.0M
YoY Change -50.82% -535.71%
INVESTING ACTIVITIES
Capital Expenditures $7.000M $17.00M
YoY Change -58.82% 70.0%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$4.000M
YoY Change -75.0% -110.81%
Cash From Investing Activities -$8.000M -$21.00M
YoY Change -61.9% -177.78%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $45.00M
YoY Change -100.0% 9.76%
Common Stock Issuance & Retirement, Net $0.00 $82.00M
YoY Change -100.0% -22.64%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $255.0M $468.0M
YoY Change -45.51% -608.7%
NET CHANGE
Cash From Operating Activities -$60.00M -$122.0M
Cash From Investing Activities -$8.000M -$21.00M
Cash From Financing Activities $255.0M $468.0M
Net Change In Cash $186.0M $319.0M
YoY Change -41.69% -986.11%
FREE CASH FLOW
Cash From Operating Activities -$60.00M -$122.0M
Capital Expenditures $7.000M $17.00M
Free Cash Flow -$67.00M -$139.0M
YoY Change -51.8% -872.22%

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CY2021Q1 us-gaap Increase Decrease In Inventories
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26000000 USD
CY2020Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8000000 USD
CY2021Q1 vac Purchase Of Vacation Ownership Units For Future Transfer To Inventory
PurchaseOfVacationOwnershipUnitsForFutureTransferToInventory
99000000 USD
CY2020Q1 vac Purchase Of Vacation Ownership Units For Future Transfer To Inventory
PurchaseOfVacationOwnershipUnitsForFutureTransferToInventory
61000000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
138000000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
83000000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-30000000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-184000000 USD
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
102000000 USD
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
107000000 USD
CY2021Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
31000000 USD
CY2020Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-20000000 USD
CY2021Q1 us-gaap Increase Decrease In Deferred Compensation
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-2000000 USD
CY2020Q1 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
-7000000 USD
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
5000000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-7000000 USD
CY2021Q1 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
71000000 USD
CY2020Q1 us-gaap Deconsolidation Gain Or Loss Amount
DeconsolidationGainOrLossAmount
0 USD
CY2021Q1 us-gaap Other Operating Activities Cash Flow Statement
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-4000000 USD
CY2020Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
5000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-60000000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-122000000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17000000 USD
CY2021Q1 us-gaap Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
1000000 USD
CY2020Q1 us-gaap Payments For Proceeds From Life Insurance Policies
PaymentsForProceedsFromLifeInsurancePolicies
4000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-8000000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21000000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
202000000 USD
CY2021Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
159000000 USD
CY2020Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
148000000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
561000000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
666000000 USD
CY2021Q1 us-gaap Repayments Of Debt
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100000000 USD
CY2020Q1 us-gaap Repayments Of Debt
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102000000 USD
CY2021Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
100000000 USD
CY2020Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
0 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Warrants
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70000000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Warrants
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0 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
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0 USD
CY2020Q1 us-gaap Finance Lease Principal Payments
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9000000 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
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2000000 USD
CY2020Q1 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
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82000000 USD
CY2021Q1 us-gaap Payments Of Dividends
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0 USD
CY2020Q1 us-gaap Payments Of Dividends
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45000000 USD
CY2021Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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15000000 USD
CY2020Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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14000000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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255000000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
468000000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-1000000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-6000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
186000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
319000000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
992000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
701000000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1178000000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1020000000 USD
CY2021Q1 vac Transfer From Property And Equipment To Inventory
TransferFromPropertyAndEquipmentToInventory
3000000 USD
CY2020Q1 vac Transfer From Property And Equipment To Inventory
TransferFromPropertyAndEquipmentToInventory
0 USD
CY2021Q1 vac Transfer From Inventory To Property And Equipment
TransferFromInventoryToPropertyAndEquipment
2000000 USD
CY2020Q1 vac Transfer From Inventory To Property And Equipment
TransferFromInventoryToPropertyAndEquipment
65000000 USD
CY2021Q1 us-gaap Stock Issued1
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0 USD
CY2020Q1 us-gaap Stock Issued1
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1000000 USD
CY2021Q1 us-gaap Interest Paid Net
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53000000 USD
CY2020Q1 us-gaap Interest Paid Net
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58000000 USD
CY2021Q1 us-gaap Income Taxes Paid Net
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-30000000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
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4000000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2682000000 USD
CY2021Q1 us-gaap Profit Loss
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-25000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-3000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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6000000 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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-4000000 USD
CY2020Q3 us-gaap Dividends
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0 USD
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
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117000000 USD
CY2021Q1 vac Adjustments To Additional Paid In Capital Purchase Of Convertible Note Hedges
AdjustmentsToAdditionalPaidInCapitalPurchaseOfConvertibleNoteHedges
-100000000 USD
CY2021Q1 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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70000000 USD
CY2021Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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0 USD
CY2021Q1 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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5000000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2738000000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3031000000 USD
CY2020Q1 us-gaap Profit Loss
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-105000000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-17000000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-24000000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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-9000000 USD
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
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82000000 USD
CY2020Q1 us-gaap Dividends
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22000000 USD
CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2772000000 USD
CY2021Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<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 meanings given those terms in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “2020 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%">Pursuant to a change in control of certain consolidated property owners’ associations, we recorded a non-cash loss of less than $1 million in Gains (losses) and other income (expense), net on our Income Statement for the three months ended March 31, 2021, and deconsolidated $76 million of assets, inclusive of $71 million of restricted cash and $71 million of liabilities, for a decrease in Noncontrolling interests of $5 million during the first quarter of 2021. See our Interim Consolidated Statement of Shareholder’s Equity for the three months ended March 31, 2021 for further information. We continue to act as manager for these property owners’ associations pursuant to existing management contracts and retain membership interests via our ownership of vacation ownership interests.</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, and efforts to mitigate it, has made it more challenging to make these estimates. Accordingly, ultimate results could differ from our estimates, and such differences may be material.</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 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 2020 Annual Report.</span></div><div style="margin-top:9pt"><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.
CY2021Q1 vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
PercentageOfAssetsLiabilitiesRevenuesExpensesAndCashFlowsConsolidatedAndDiscussed
1
CY2021Q1 vac Deconsolidation Assets
DeconsolidationAssets
76000000 USD
CY2021Q1 vac Deconsolidation Liabilities
DeconsolidationLiabilities
71000000 USD
CY2021Q1 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
5000000 USD
CY2021Q1 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
255000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
700000000 USD
CY2021Q1 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
59000000 USD
CY2021Q1 us-gaap Revenues
Revenues
759000000 USD
CY2020Q1 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
318000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
938000000 USD
CY2020Q1 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
72000000 USD
CY2020Q1 us-gaap Revenues
Revenues
1010000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
700000000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
938000000 USD
CY2021Q1 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-5000000 USD
CY2020Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2021Q1 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2021Q1 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
108000000 USD
CY2020Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
150000000 USD
CY2021Q1 us-gaap Notes Receivable Net
NotesReceivableNet
1769000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2021Q1 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
1877000000 USD
CY2020Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
1990000000 USD
CY2021Q1 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
167000000 USD
CY2020Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
147000000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
14000000 USD
CY2021Q1 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
524000000 USD
CY2020Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
488000000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
691000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
635000000 USD
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
114000000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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0.80
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P2Y
CY2021Q1 us-gaap Receivables From Customers
ReceivablesFromCustomers
108000000 USD
CY2020Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
150000000 USD
CY2021Q1 us-gaap Interest Receivable
InterestReceivable
12000000 USD
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
13000000 USD
CY2021Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
52000000 USD
CY2020Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
60000000 USD
CY2021Q1 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2020Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2021Q1 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
20000000 USD
CY2020Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 USD
CY2021Q1 us-gaap Other Receivables
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12000000 USD
CY2020Q4 us-gaap Other Receivables
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19000000 USD
CY2021Q1 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
219000000 USD
CY2020Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
276000000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.298
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.354
CY2020Q4 us-gaap Unrecognized Tax Benefits
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14000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
15000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
15000000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
28000000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
25000000 USD
CY2021Q1 us-gaap Notes Receivable Net
NotesReceivableNet
1769000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2021Q1 vac Interest On Notes Receivable
InterestOnNotesReceivable
57000000 USD
CY2020Q1 vac Interest On Notes Receivable
InterestOnNotesReceivable
69000000 USD
CY2021Q1 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.0658
CY2020Q4 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.0674
CY2021Q1 vac Result Of Increase In Estimated Default Rate
ResultOfIncreaseInEstimatedDefaultRate
0.005
CY2021Q1 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000 USD
CY2020Q4 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000 USD
CY2021Q1 vac Weighted Average Fico Score Within Originated Loan Pool
WeightedAverageFicoScoreWithinOriginatedLoanPool
708
CY2020Q4 vac Weighted Average Fico Score Within Originated Loan Pool
WeightedAverageFicoScoreWithinOriginatedLoanPool
708
CY2021Q1 us-gaap Marketable Securities
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6000000 USD
CY2021Q1 us-gaap Net Income Loss
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-28000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-106000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41400000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41500000 shares
CY2021Q1 us-gaap Earnings Per Share Basic
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-0.68
CY2020Q1 us-gaap Earnings Per Share Basic
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-2.56
CY2021Q1 us-gaap Net Income Loss
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-28000000 USD
CY2020Q1 us-gaap Net Income Loss
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-106000000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41400000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41500000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41400000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41500000 shares
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.68
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.56
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
CY2021Q1 us-gaap Inventory Real Estate Timeshare Available For Sale
InventoryRealEstateTimeshareAvailableForSale
776000000 USD
CY2020Q4 us-gaap Inventory Real Estate Timeshare Available For Sale
InventoryRealEstateTimeshareAvailableForSale
749000000 USD
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 USD
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
0 USD
CY2021Q1 vac Inventory Timeshare Gross
InventoryTimeshareGross
776000000 USD
CY2020Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
749000000 USD
CY2021Q1 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
9000000 USD
CY2020Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
10000000 USD
CY2021Q1 vac Inventory Timeshare
InventoryTimeshare
785000000 USD
CY2020Q4 vac Inventory Timeshare
InventoryTimeshare
759000000 USD
CY2021Q1 vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
1000000 USD
CY2020Q1 vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
8000000 USD
CY2021Q1 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
291000000 USD
CY2020Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
162000000 USD
CY2021Q1 vac Depositson Future Purchasesof Inventory
DepositsonFuturePurchasesofInventory
24000000 USD
CY2020Q4 vac Depositson Future Purchasesof Inventory
DepositsonFuturePurchasesofInventory
43000000 USD
CY2020Q4 us-gaap Goodwill Gross
GoodwillGross
2817000000 USD
CY2021Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2021Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
0 USD
CY2021Q1 us-gaap Goodwill Gross
GoodwillGross
2817000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1022000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1022000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
148000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
134000000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
874000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
938000000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
952000000 USD
CY2021Q1 vac Surety Bonds
SuretyBonds
85000000 USD
CY2021Q1 us-gaap Time Sharing Transactions Estimated Cost To Complete Improvements And Promised Amenities
TimeSharingTransactionsEstimatedCostToCompleteImprovementsAndPromisedAmenities
3000000 USD
CY2021Q1 vac Time Sharing Estimated Cost To Complete Accrued
TimeSharingEstimatedCostToCompleteAccrued
1000000 USD
CY2021Q1 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2021Q1 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
129000000 USD
CY2021Q1 vac Secured Debt Net
SecuredDebtNet
1431000000 USD
CY2020Q4 vac Secured Debt Net
SecuredDebtNet
1588000000 USD
CY2021Q1 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 loan
CY2021Q1 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 loan
CY2021Q1 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
12 loan
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
230000000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1284000000 USD
CY2021Q1 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1675000000 USD
CY2021Q1 vac Debt And Finance Lease Obligations Gross
DebtAndFinanceLeaseObligationsGross
3189000000 USD
CY2021Q1 us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1
P1Y6M
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75454906 shares
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41272628 shares
CY2021Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
34182278 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75279061 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
41094248 shares
CY2020Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
34184813 shares
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000 USD
CY2021Q1 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
61000000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34000000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4835
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0148
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0097
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021Q1 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
129000000 USD
CY2021Q1 us-gaap Number Of Reportable Segments
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2 Segment
CY2021Q1 us-gaap Revenues
Revenues
759000000 USD
CY2020Q1 us-gaap Revenues
Revenues
1010000000 USD
CY2021Q1 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
40000000 USD
CY2020Q1 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
50000000 USD
CY2021Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-43000000 USD
CY2020Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-33000000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
41000000 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
32000000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000 USD
CY2021Q1 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
16000000 USD
CY2020Q1 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
233000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-28000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-106000000 USD
CY2021Q1 us-gaap Assets
Assets
9187000000 USD
CY2020Q4 us-gaap Assets
Assets
8898000000 USD

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