$VAC
Marriott Vacations Worldwide Corp

2021 Q4 Form 10-Q Financial Statement

#000152435821000049 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.100B $1.052B $649.0M
YoY Change 47.26% 62.1% -39.12%
Cost Of Revenue $537.0M $529.0M $408.0M
YoY Change 16.23% 29.66% -22.58%
Gross Profit $563.0M $523.0M $241.0M
YoY Change 97.54% 117.01% -55.29%
Gross Profit Margin 51.18% 49.71% 37.13%
Selling, General & Admin $364.0M $220.0M $110.0M
YoY Change 58.95% 100.0% -54.36%
% of Gross Profit 64.65% 42.07% 45.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.00M $35.00M $30.00M
YoY Change 13.33% 16.67% -9.09%
% of Gross Profit 6.04% 6.69% 12.45%
Operating Expenses $398.0M $220.0M $110.0M
YoY Change 53.67% 100.0% -54.36%
Operating Profit $165.0M $303.0M $131.0M
YoY Change 534.62% 131.3% -56.04%
Interest Expense -$36.00M -$41.00M -$37.00M
YoY Change -5.26% 10.81% 19.35%
% of Operating Profit -21.82% -13.53% -28.24%
Other Income/Expense, Net -$24.00M $1.000M $0.00
YoY Change -260.0% -100.0%
Pretax Income $70.00M $58.00M -$72.00M
YoY Change -391.67% -180.56% -2500.0%
Income Tax $11.00M $47.00M -$14.00M
% Of Pretax Income 15.71% 81.03%
Net Earnings $61.00M $10.00M -$62.00M
YoY Change -264.86% -116.13% 588.89%
Net Earnings / Revenue 5.55% 0.95% -9.55%
Basic Earnings Per Share $0.24 -$1.51
Diluted Earnings Per Share $1.326M $0.23 -$1.51
COMMON SHARES
Basic Shares Outstanding 42.60M shares 42.90M shares 41.20M shares
Diluted Shares Outstanding 43.70M shares 41.20M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.0M $448.0M $666.0M
YoY Change -35.47% -32.73% 252.38%
Cash & Equivalents $342.0M $448.0M $660.0M
Short-Term Investments $6.000M
Other Short-Term Assets
YoY Change
Inventory $719.0M $741.0M $761.0M
Prepaid Expenses
Receivables $194.0M $161.0M $162.0M
Other Receivables $71.00M $48.00M $97.00M
Total Short-Term Assets $1.326B $1.398B $1.680B
YoY Change -14.95% -16.79% 14.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.232B $1.077B $809.0M
YoY Change 55.75% 33.13% 5.06%
Goodwill $3.150B $3.086B $2.817B
YoY Change 11.82% 9.55% -2.53%
Intangibles $993.0M $1.007B $963.0M
YoY Change 4.31% 4.57% -7.76%
Long-Term Investments
YoY Change
Other Assets $461.0M $434.0M $368.0M
YoY Change -1.5% 17.93% 14.29%
Total Long-Term Assets $8.287B $8.145B $7.331B
YoY Change 12.92% 11.1% -3.46%
TOTAL ASSETS
Total Short-Term Assets $1.326B $1.398B $1.680B
Total Long-Term Assets $8.287B $8.145B $7.331B
Total Assets $9.613B $9.543B $9.011B
YoY Change 8.04% 5.9% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.0M $190.0M $143.0M
YoY Change 26.79% 32.87% -42.34%
Accrued Expenses $546.0M $576.0M $505.0M
YoY Change 7.91% 14.06% 5.65%
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 $971.0M $932.0M $802.0M
YoY Change 12.65% 16.21% -11.96%
LONG-TERM LIABILITIES
Long-Term Debt $4.487B $4.389B $4.431B
YoY Change 5.13% -0.95% 11.33%
Other Long-Term Liabilities $819.0M $893.0M $789.0M
YoY Change 0.86% 13.18% 6.77%
Total Long-Term Liabilities $5.306B $5.282B $5.220B
YoY Change 4.45% 1.19% 10.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $971.0M $932.0M $802.0M
Total Long-Term Liabilities $5.306B $5.282B $5.220B
Total Liabilities $6.627B $6.539B $6.328B
YoY Change 6.61% 3.33% 6.59%
SHAREHOLDERS EQUITY
Retained Earnings $275.0M $237.0M $309.0M
YoY Change 1.1% -23.3% -40.58%
Common Stock $4.073B $4.057B $3.750B
YoY Change 8.3% 8.19% 0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.356B $1.282B $1.334B
YoY Change 1.65% -3.9% 18.05%
Treasury Stock Shares 33.24M shares 32.78M shares 34.19M shares
Shareholders Equity $2.976B $2.973B $2.658B
YoY Change
Total Liabilities & Shareholders Equity $9.613B $9.543B $9.011B
YoY Change 8.04% 5.9% -0.53%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $61.00M $10.00M -$62.00M
YoY Change -264.86% -116.13% 588.89%
Depreciation, Depletion And Amortization $34.00M $35.00M $30.00M
YoY Change 13.33% 16.67% -9.09%
Cash From Operating Activities $40.00M $155.0M $231.0M
YoY Change -71.63% -32.9% 86.29%
INVESTING ACTIVITIES
Capital Expenditures -$28.00M -$8.000M -$2.000M
YoY Change 460.0% 300.0% -84.62%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$3.000M $16.00M
YoY Change -166.67% -118.75% -1700.0%
Cash From Investing Activities -$26.00M -$11.00M $14.00M
YoY Change 225.0% -178.57% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.00M -941.0M -125.0M
YoY Change -46.51% 652.8% 4.17%
NET CHANGE
Cash From Operating Activities 40.00M 155.0M 231.0M
Cash From Investing Activities -26.00M -11.00M 14.00M
Cash From Financing Activities -92.00M -941.0M -125.0M
Net Change In Cash -78.00M -797.0M 120.0M
YoY Change 100.0% -764.17% -1300.0%
FREE CASH FLOW
Cash From Operating Activities $40.00M $155.0M $231.0M
Capital Expenditures -$28.00M -$8.000M -$2.000M
Free Cash Flow $68.00M $163.0M $233.0M
YoY Change -53.42% -30.04% 70.07%

Facts In Submission

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<div style="margin-top:12pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;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 income (loss) 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 $1 million in Losses and other expense, net on our Income Statement for the nine months ended September 30, 2021, and deconsolidated $88 million of assets, inclusive of $87 million of restricted cash, and $83 million of liabilities, for a decrease in Noncontrolling interests of $6 million during the first three quarters of 2021. See our Interim Consolidated Statements of Shareholders’ Equity 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, 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 the ongoing 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:12pt"><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 Welk</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 April 1, 2021, we completed the acquisition of Welk Hospitality Group, Inc. (“Welk”) through a series of transactions (the “Welk Acquisition”), after which Welk became our indirect wholly-owned subsidiary. The Financial Statements in this report include Welk’s results of operations for the second and third quarters of 2021 and reflect the financial position of our combined company at September 30, 2021. We refer to Welk’s business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions and Dispositions” for more information on the Welk Acquisition.</span></div>ReclassificationsWe 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
vac Deconsolidation Assets
DeconsolidationAssets
88000000 USD
vac Deconsolidation Liabilities
DeconsolidationLiabilities
83000000 USD
us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
6000000 USD
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-6.40
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.01
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2837000000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2246000000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
6000000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-251000000 USD
vac Business Acquisition Pro Forma Netincome Attributable To Common Shareholders
BusinessAcquisitionProFormaNetincomeAttributableToCommonShareholders
0 USD
vac Business Acquisition Pro Forma Netincome Attributable To Common Shareholders
BusinessAcquisitionProFormaNetincomeAttributableToCommonShareholders
-264000000 USD
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.01
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-6.40
CY2020Q3 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
1000000 USD
CY2021Q3 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
298000000 USD
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
983000000 USD
CY2021Q3 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
69000000 USD
CY2021Q3 us-gaap Revenues
Revenues
1052000000 USD
CY2020Q3 vac Revenues Cost Reimbursement
RevenuesCostReimbursement
255000000 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
vac Revenues Cost Reimbursement
RevenuesCostReimbursement
827000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2594000000 USD
vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
196000000 USD
us-gaap Revenues
Revenues
2790000000 USD
vac Revenues Cost Reimbursement
RevenuesCostReimbursement
767000000 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
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
983000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
585000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2594000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1933000000 USD
CY2021Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-1000000 USD
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-9000000 USD
CY2021Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2020Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2021Q3 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
140000000 USD
CY2020Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
150000000 USD
CY2021Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2026000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2021Q3 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2166000000 USD
CY2020Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
1990000000 USD
CY2021Q3 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
166000000 USD
CY2020Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
147000000 USD
CY2021Q3 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
540000000 USD
CY2020Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
488000000 USD
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
706000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
635000000 USD
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
133000000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
336000000 USD
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.84
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2021Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
140000000 USD
CY2020Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
150000000 USD
CY2021Q3 us-gaap Interest Receivable
InterestReceivable
14000000 USD
CY2020Q4 us-gaap Interest Receivable
InterestReceivable
13000000 USD
CY2021Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
19000000 USD
CY2020Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
60000000 USD
CY2021Q3 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
21000000 USD
CY2020Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2021Q3 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 USD
CY2020Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 USD
CY2021Q3 us-gaap Other Receivables
OtherReceivables
10000000 USD
CY2020Q4 us-gaap Other Receivables
OtherReceivables
19000000 USD
CY2021Q3 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
223000000 USD
CY2020Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
276000000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.815
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.198
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.106
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.287
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
12000000 USD
us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1000000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26000000 USD
CY2021Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
38000000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
25000000 USD
CY2021Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2026000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2021Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
68000000 USD
CY2020Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
63000000 USD
vac Interest On Notes Receivable
InterestOnNotesReceivable
190000000 USD
vac Interest On Notes Receivable
InterestOnNotesReceivable
199000000 USD
CY2021Q3 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.0667
CY2020Q4 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.0674
CY2021Q3 vac Result Of Increase In Estimated Default Rate
ResultOfIncreaseInEstimatedDefaultRate
0.005
CY2020Q4 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000 USD
CY2021Q3 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
6000000 USD
CY2021Q3 vac Weighted Average Fico Score Within Originated Loan Pool
WeightedAverageFicoScoreWithinOriginatedLoanPool
707
CY2020Q4 vac Weighted Average Fico Score Within Originated Loan Pool
WeightedAverageFicoScoreWithinOriginatedLoanPool
708
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-62000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-12000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-238000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41300000 shares
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.76
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-62000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-12000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-238000000 USD
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41300000 shares
CY2021Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
200000 shares
CY2020Q3 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
0 shares
CY2021Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
500000 shares
CY2020Q3 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
0 shares
CY2021Q3 vac Incremental Common Shares Attributable To2022 Convertible Notes And Warrants
IncrementalCommonSharesAttributableTo2022ConvertibleNotesAndWarrants
100000 shares
CY2020Q3 vac Incremental Common Shares Attributable To2022 Convertible Notes And Warrants
IncrementalCommonSharesAttributableTo2022ConvertibleNotesAndWarrants
0 shares
vac Incremental Common Shares Attributable To2022 Convertible Notes And Warrants
IncrementalCommonSharesAttributableTo2022ConvertibleNotesAndWarrants
0 shares
vac Incremental Common Shares Attributable To2022 Convertible Notes And Warrants
IncrementalCommonSharesAttributableTo2022ConvertibleNotesAndWarrants
0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43700000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41300000 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.76
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares
CY2021Q3 vac Inventory Timeshare Gross
InventoryTimeshareGross
732000000 USD
CY2020Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
749000000 USD
CY2021Q3 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
9000000 USD
CY2020Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
10000000 USD
CY2021Q3 vac Inventory Timeshare
InventoryTimeshare
741000000 USD
CY2020Q4 vac Inventory Timeshare
InventoryTimeshare
759000000 USD
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
6000000 USD
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
4000000 USD
CY2021Q3 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
465000000 USD
CY2020Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
162000000 USD
CY2021Q3 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
CY2021Q2 us-gaap Goodwill Gross
GoodwillGross
3116000000 USD
CY2021Q3 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-30000000 USD
CY2021Q3 us-gaap Goodwill Gross
GoodwillGross
3086000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1122000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1022000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
179000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
134000000 USD
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
943000000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
888000000 USD
CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1007000000 USD
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
952000000 USD
CY2021Q3 vac Surety Bonds
SuretyBonds
123000000 USD
CY2021Q3 us-gaap Time Sharing Transactions Estimated Cost To Complete Improvements And Promised Amenities
TimeSharingTransactionsEstimatedCostToCompleteImprovementsAndPromisedAmenities
2000000 USD
CY2021Q3 vac Time Sharing Estimated Cost To Complete Accrued
TimeSharingEstimatedCostToCompleteAccrued
1000000 USD
CY2021Q3 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2021Q3 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
129000000 USD
CY2021Q3 vac Secured Debt Net
SecuredDebtNet
1594000000 USD
CY2020Q4 vac Secured Debt Net
SecuredDebtNet
1588000000 USD
CY2021Q3 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 loan
vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 loan
CY2021Q3 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
13 loan
CY2021Q2 vac Values Of Vacation Ownership Notes Receivable That Were Purchased By Trust Duringthe Period
ValuesOfVacationOwnershipNotesReceivableThatWerePurchasedByTrustDuringthePeriod
434000000 USD
CY2021Q2 vac Vacation Ownership Notes Number Of Classes
VacationOwnershipNotesNumberOfClasses
4 class
CY2021Q2 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
8000000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
250000000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
230000000 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0 USD
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1034000000 USD
CY2021Q3 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1425000000 USD
CY2021Q3 vac Debt And Finance Lease Obligations Gross
DebtAndFinanceLeaseObligationsGross
2939000000 USD
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000 USD
us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
DebtInstrumentConvertibleRemainingDiscountAmortizationPeriod1
P1Y
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75491621 shares
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42715459 shares
CY2021Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
32776162 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
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 USD
CY2021Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
246000000 USD
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.54
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0097
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
38000000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4835
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0148
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2021Q3 us-gaap Revenues
Revenues
1052000000 USD
CY2020Q3 us-gaap Revenues
Revenues
649000000 USD
us-gaap Revenues
Revenues
2790000000 USD
us-gaap Revenues
Revenues
2139000000 USD
CY2021Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
45000000 USD
CY2020Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
24000000 USD
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
140000000 USD
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
84000000 USD
CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-41000000 USD
CY2020Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-37000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-128000000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-112000000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47000000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-14000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-91000000 USD
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
35000000 USD
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
30000000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
112000000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
93000000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33000000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24000000 USD
CY2021Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
61000000 USD
CY2020Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
33000000 USD
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
114000000 USD
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
263000000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-62000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-12000000 USD
us-gaap Net Income Loss
NetIncomeLoss
-238000000 USD
CY2021Q3 us-gaap Assets
Assets
9543000000 USD
CY2020Q4 us-gaap Assets
Assets
8898000000 USD

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