2021 Q4 Form 10-K Financial Statement

#000152435822000013 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021
Revenue $1.100B $1.052B $3.890B
YoY Change 47.26% 62.1% 34.79%
Cost Of Revenue $537.0M $529.0M $1.987B
YoY Change 16.23% 29.66% 14.13%
Gross Profit $563.0M $523.0M $1.903B
YoY Change 97.54% 117.01% 66.2%
Gross Profit Margin 51.18% 49.71% 48.92%
Selling, General & Admin $364.0M $220.0M $844.0M
YoY Change 58.95% 100.0% 56.3%
% of Gross Profit 64.65% 42.07% 44.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.00M $35.00M $146.0M
YoY Change 13.33% 16.67% 18.7%
% of Gross Profit 6.04% 6.69% 7.67%
Operating Expenses $398.0M $220.0M $844.0M
YoY Change 53.67% 100.0% 56.3%
Operating Profit $165.0M $303.0M $1.059B
YoY Change 534.62% 131.3% 75.04%
Interest Expense -$36.00M -$41.00M -$164.0M
YoY Change -5.26% 10.81% 9.33%
% of Operating Profit -21.82% -13.53% -15.49%
Other Income/Expense, Net -$24.00M $1.000M $2.000M
YoY Change -260.0%
Pretax Income $70.00M $58.00M $127.0M
YoY Change -391.67% -180.56% -137.35%
Income Tax $11.00M $47.00M $74.00M
% Of Pretax Income 15.71% 81.03% 58.27%
Net Earnings $61.00M $10.00M $49.00M
YoY Change -264.86% -116.13% -117.82%
Net Earnings / Revenue 5.55% 0.95% 1.26%
Basic Earnings Per Share $0.24 $1.15
Diluted Earnings Per Share $1.326M $0.23 $1.13
COMMON SHARES
Basic Shares Outstanding 42.60M shares 42.90M shares 42.50M shares
Diluted Shares Outstanding 43.70M shares 43.30M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $342.0M $448.0M $342.0M
YoY Change -35.47% -32.73% -34.73%
Cash & Equivalents $342.0M $448.0M $342.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $719.0M $741.0M $719.0M
Prepaid Expenses
Receivables $194.0M $161.0M $194.0M
Other Receivables $71.00M $48.00M $71.00M
Total Short-Term Assets $1.326B $1.398B $1.326B
YoY Change -14.95% -16.79% -14.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.232B $1.077B $1.232B
YoY Change 55.75% 33.13% 55.75%
Goodwill $3.150B $3.086B
YoY Change 11.82% 9.55%
Intangibles $993.0M $1.007B
YoY Change 4.31% 4.57%
Long-Term Investments
YoY Change
Other Assets $461.0M $434.0M $461.0M
YoY Change -1.5% 17.93% -1.5%
Total Long-Term Assets $8.287B $8.145B $8.287B
YoY Change 12.92% 11.1% 12.92%
TOTAL ASSETS
Total Short-Term Assets $1.326B $1.398B $1.326B
Total Long-Term Assets $8.287B $8.145B $8.287B
Total Assets $9.613B $9.543B $9.613B
YoY Change 8.04% 5.9% 8.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $265.0M $190.0M $265.0M
YoY Change 26.79% 32.87% 26.79%
Accrued Expenses $546.0M $576.0M $546.0M
YoY Change 7.91% 14.06% 7.91%
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 $971.0M
YoY Change 12.65% 16.21% 12.65%
LONG-TERM LIABILITIES
Long-Term Debt $4.487B $4.389B $4.487B
YoY Change 5.13% -0.95% 5.13%
Other Long-Term Liabilities $819.0M $893.0M $819.0M
YoY Change 0.86% 13.18% 0.86%
Total Long-Term Liabilities $5.306B $5.282B $5.306B
YoY Change 4.45% 1.19% 4.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $971.0M $932.0M $971.0M
Total Long-Term Liabilities $5.306B $5.282B $5.306B
Total Liabilities $6.627B $6.539B $6.637B
YoY Change 6.61% 3.33% 6.24%
SHAREHOLDERS EQUITY
Retained Earnings $275.0M $237.0M
YoY Change 1.1% -23.3%
Common Stock $4.073B $4.057B
YoY Change 8.3% 8.19%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.356B $1.282B
YoY Change 1.65% -3.9%
Treasury Stock Shares 33.24M shares 32.78M shares
Shareholders Equity $2.976B $2.973B $2.976B
YoY Change
Total Liabilities & Shareholders Equity $9.613B $9.543B $9.613B
YoY Change 8.04% 5.9% 8.04%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021
OPERATING ACTIVITIES
Net Income $61.00M $10.00M $49.00M
YoY Change -264.86% -116.13% -117.82%
Depreciation, Depletion And Amortization $34.00M $35.00M $146.0M
YoY Change 13.33% 16.67% 18.7%
Cash From Operating Activities $40.00M $155.0M $343.0M
YoY Change -71.63% -32.9% 14.72%
INVESTING ACTIVITIES
Capital Expenditures -$28.00M -$8.000M $47.00M
YoY Change 460.0% 300.0% 14.63%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$3.000M -$2.000M
YoY Change -166.67% -118.75%
Cash From Investing Activities -$26.00M -$11.00M -$213.0M
YoY Change 225.0% -178.57% 565.63%
FINANCING ACTIVITIES
Cash Dividend Paid $23.00M
YoY Change -48.89%
Common Stock Issuance & Retirement, Net $78.00M
YoY Change -4.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.00M -941.0M -$317.0M
YoY Change -46.51% 652.8% -1478.26%
NET CHANGE
Cash From Operating Activities 40.00M 155.0M $343.0M
Cash From Investing Activities -26.00M -11.00M -$213.0M
Cash From Financing Activities -92.00M -941.0M -$317.0M
Net Change In Cash -78.00M -797.0M -$189.0M
YoY Change 100.0% -764.17% -164.95%
FREE CASH FLOW
Cash From Operating Activities $40.00M $155.0M $343.0M
Capital Expenditures -$28.00M -$8.000M $47.00M
Free Cash Flow $68.00M $163.0M $296.0M
YoY Change -53.42% -30.04% 14.73%

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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2682000000 USD
CY2021 us-gaap Profit Loss
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53000000 USD
CY2021 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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11000000 USD
CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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21000000 USD
CY2021 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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30000000 USD
CY2021 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
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117000000 USD
CY2021 vac Adjustments To Additional Paid In Capital Purchase Of Convertible Note Hedges
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-100000000 USD
CY2021 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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70000000 USD
CY2021 us-gaap Treasury Stock Value Acquired Cost Method
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78000000 USD
CY2021 us-gaap Dividends
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46000000 USD
CY2021 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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3000000 USD
CY2021 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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25000000 USD
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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2986000000 USD
CY2021 us-gaap Basis Of Accounting
BasisOfAccounting
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% 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 or 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 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%">Pursuant to a change in control of certain consolidated owners’ associations, we recorded a non-cash loss of $1 million in (Losses) gains and other (expense) income, net on our Income Statement for the year ended December 31, 2021, and deconsolidated $179 million of assets, inclusive of $168 million of restricted cash, and $155 million of liabilities, for a decrease in Noncontrolling interests of $25 million during 2021. See our Consolidated Statements of Shareholders’ Equity for further information. We continue to act as manager for these 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 continuing 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, 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%">We have reclassified certain prior year amounts to conform with our current year presentation.</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:700;line-height:120%">COVID-19 Pandemic and Restructuring 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 early 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”). The COVID-19 pandemic caused significant disruptions in international and U.S. economies and markets, and has had an unprecedented impact on the travel and hospitality industries, as well as the Company. Our results of operations for fiscal year 2021 and 2020 reflect significantly adverse impacts related to the COVID-19 pandemic. At this time, our businesses continue to recover, and nearly all of our sales centers, resorts, and other properties have reopened, however the COVID-19 pandemic, and any recovery therefrom, continues to evolve and its further potential impacts on our business is the future remain uncertain. We continue to closely monitor and seek to actively manage the ongoing effects of the COVID-19 pandemic on our business and operations, and to adapt our operations. We recorded $25 million in Restructuring charges on our Income Statement for the year ended December 31, 2020, related to a workforce reduction plan that was adopted as a result of the COVID-19 pandemic. The balance in our restructuring reserve as of December 31, 2020 was $17 million and related solely to employee termination costs. During the year ended December 31, 2021, we recorded a true up of less than $1 million in Restructuring charges on our Income Statement, and our restructuring reserve balance was less than $1 million as of December 31, 2021.</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:700;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 (the “Welk Acquisition Date”), 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 for fiscal year 2021 include Welk’s results of operations for the last three quarters of 2021, and reflect the financial position of our combined company at December 31, 2021. We refer to the business and brands that we acquired in the Welk Acquisition as “Legacy-Welk.” See Footnote 3 “Acquisitions and Dispositions” for more information on the Welk Acquisition.</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:700;line-height:120%">Acquisition of ILG</span></div>On September 1, 2018 (the “ILG 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.”
CY2021 vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
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1
CY2021 vac Deconsolidation Assets
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179000000 USD
CY2021 us-gaap Cash Divested From Deconsolidation
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168000000 USD
CY2021 vac Deconsolidation Liabilities
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155000000 USD
CY2021 us-gaap Noncontrolling Interest Decrease From Deconsolidation
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25000000 USD
CY2020 us-gaap Restructuring Charges
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25000000 USD
CY2020Q4 us-gaap Restructuring Reserve
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17000000 USD
CY2021Q4 us-gaap Restructuring Reserve
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1000000 USD
CY2021 vac Date Of Issuance Period
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P2Y
CY2021 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
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-9000000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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14000000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
15000000 USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P4Y
CY2021Q4 us-gaap Receivable With Imputed Interest Discount
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2000000 USD
CY2021 vac Real Estate Inventory True Ups
RealEstateInventoryTrueUps
10000000 USD
CY2020 vac Real Estate Inventory True Ups
RealEstateInventoryTrueUps
6000000 USD
CY2019 vac Real Estate Inventory True Ups
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8000000 USD
CY2021 us-gaap Number Of Reporting Units
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2 unit
CY2021 us-gaap Defined Contribution Plan Cost Recognized
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19000000 USD
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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12000000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
19000000 USD
CY2021 vac Write Off Of Management Fee Receivables
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7000000 USD
CY2020Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
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1000000 USD
CY2021 vac Revenues Cost Reimbursement
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1128000000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3622000000 USD
CY2021 vac Financing Revenue Not From Contract With Customer
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268000000 USD
CY2021 us-gaap Revenues
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3890000000 USD
CY2020 vac Revenues Cost Reimbursement
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1042000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2619000000 USD
CY2020 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
267000000 USD
CY2020 us-gaap Revenues
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2886000000 USD
CY2019 vac Revenues Cost Reimbursement
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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
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4259000000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3622000000 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
CY2021Q4 us-gaap Contract With Customer Asset Gross
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0 USD
CY2020Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 USD
CY2021Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
172000000 USD
CY2020Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
150000000 USD
CY2021Q4 us-gaap Notes Receivable Net
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2045000000 USD
CY2020Q4 us-gaap Notes Receivable Net
NotesReceivableNet
1840000000 USD
CY2021Q4 vac Contractwith Customer Receivable
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2217000000 USD
CY2020Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
1990000000 USD
CY2021Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
160000000 USD
CY2020Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
147000000 USD
CY2021Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
453000000 USD
CY2020Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
488000000 USD
CY2021Q4 us-gaap Contract With Customer Liability
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613000000 USD
CY2020Q4 us-gaap Contract With Customer Liability
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635000000 USD
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
395000000 USD
CY2021Q4 vac Revenue Remaining Performance Obligation Expected Timing Percentage
RevenueRemainingPerformanceObligationExpectedTimingPercentage
0.87
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P2Y
CY2021Q4 us-gaap Receivables From Customers
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172000000 USD
CY2020Q4 us-gaap Receivables From Customers
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150000000 USD
CY2021Q4 us-gaap Interest Receivable
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14000000 USD
CY2020Q4 us-gaap Interest Receivable
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13000000 USD
CY2021Q4 us-gaap Income Tax Receivable
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48000000 USD
CY2020Q4 us-gaap Income Tax Receivable
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60000000 USD
CY2021Q4 us-gaap Fdic Indemnification Asset
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22000000 USD
CY2020Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
15000000 USD
CY2021Q4 vac Employee Tax Credit Receivable
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19000000 USD
CY2020Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 USD
CY2021Q4 us-gaap Other Receivables
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4000000 USD
CY2020Q4 us-gaap Other Receivables
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19000000 USD
CY2021Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
279000000 USD
CY2020Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
276000000 USD
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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152000000 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
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-25000000 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
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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127000000 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
CY2021 us-gaap Current Federal Tax Expense Benefit
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-8000000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
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-31000000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
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12000000 USD
CY2021 us-gaap Current State And Local Tax Expense Benefit
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3000000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
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-1000000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
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29000000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
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50000000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-11000000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
36000000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
45000000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-43000000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
77000000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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36000000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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-26000000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
28000000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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-3000000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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-9000000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-17000000 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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-4000000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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-6000000 USD
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-5000000 USD
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
29000000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-41000000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6000000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
74000000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-84000000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.043
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
CY2021 vac Effective Income Tax Rate Reconciliation Share Based Compensation Expense Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExpenseTaxBenefitPercent
0.019
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
CY2021 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.055
CY2020 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.091
CY2019 vac Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
0.054
CY2021 vac Effective Income Tax Rate Reconciliation Impact Related To Coronavirus Aid Relief And Economic Security Act Of2020
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0
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
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.038
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.004
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
-0.003
CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.129
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.042
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.022
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.009
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.002
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.066
CY2021 vac Effective Income Tax Rate Reconciliation Unrecognized Tax Benefits Percent
EffectiveIncomeTaxRateReconciliationUnrecognizedTaxBenefitsPercent
0.179
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
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.104
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
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0.070
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.005
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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0.584
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.246
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.369
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-4000000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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4000000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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2000000 USD
CY2021 vac Business Combination Provisional Information Adjustment Other Liabilities Tax Matters
BusinessCombinationProvisionalInformationAdjustmentOtherLiabilitiesTaxMatters
66000000 USD
CY2021Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
69000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
83000000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
75000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
98000000 USD
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
20000000 USD
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
12000000 USD
CY2021Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
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CY2020Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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InterestOnNotesReceivable
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434000000 USD
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434000000 USD
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2680000000 USD
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230000000 USD
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575000000 USD
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850000000 USD
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P1Y
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100000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2021Q4 us-gaap Common Stock Shares Issued
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75519049 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2021Q4 us-gaap Treasury Stock Shares
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33235671 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
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34184813 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
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2000000 shares
CY2020Q4 us-gaap Preferred Stock Shares Authorized
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2000000 shares
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2020Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
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250000000 USD
CY2021Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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172000000 USD
CY2021Q3 us-gaap Common Stock Dividends Per Share Declared
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0.54
CY2021Q4 us-gaap Common Stock Dividends Per Share Declared
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0.54
CY2021 us-gaap Allocated Share Based Compensation Expense
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51000000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3881
CY2020 us-gaap Allocated Share Based Compensation Expense
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37000000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
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37000000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
35000000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
34000000 USD
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4835
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3110
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0148
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0213
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0176
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0097
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0096
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0259
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2021 us-gaap Revenues
Revenues
3890000000 USD
CY2020 us-gaap Revenues
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2886000000 USD
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CY2021 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
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CorporateandOtherIncomeExpense
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CY2021 us-gaap Interest Income Expense Nonoperating Net
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InterestIncomeExpenseNonoperatingNet
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CY2020 us-gaap Interest Income Expense Nonoperating Net
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CY2021 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Depreciation And Amortization
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146000000 USD
CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
123000000 USD
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DepreciationAndAmortization
141000000 USD
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
51000000 USD
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AllocatedShareBasedCompensationExpense
37000000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
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37000000 USD
CY2021 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
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CY2020 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
284000000 USD
CY2019 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
227000000 USD
CY2021 us-gaap Net Income Loss
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49000000 USD
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NetIncomeLoss
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CY2019 us-gaap Net Income Loss
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CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2020 us-gaap Depreciation And Amortization
DepreciationAndAmortization
123000000 USD
CY2019 us-gaap Depreciation And Amortization
DepreciationAndAmortization
141000000 USD
CY2021Q4 us-gaap Assets
Assets
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CY2020Q4 us-gaap Assets
Assets
8898000000 USD
CY2021 vac Payments To Acquire Property Plant And Equipment And Inventory
PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
297000000 USD
CY2020 vac Payments To Acquire Property Plant And Equipment And Inventory
PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
202000000 USD
CY2019 vac Payments To Acquire Property Plant And Equipment And Inventory
PaymentsToAcquirePropertyPlantAndEquipmentAndInventory
293000000 USD
CY2021 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
2762000000 USD
CY2020 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
1844000000 USD
CY2019 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
3151000000 USD
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1136000000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
791000000 USD

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