$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2022 Q4 Form 10-Q Financial Statement

#000152435822000039 Filed on November 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2022 Q2
Revenue $1.188B $1.252B $1.164B
YoY Change 8.0% 19.01% 18.9%
Cost Of Revenue $569.0M $553.0M $529.0M
YoY Change 5.96% 4.54% 8.4%
Gross Profit $619.0M $699.0M $635.0M
YoY Change 9.95% 33.65% 29.33%
Gross Profit Margin 52.1% 55.83% 54.55%
Selling, General & Admin $384.0M $423.0M $394.0M
YoY Change 5.49% 92.27% 71.3%
% of Gross Profit 62.04% 60.52% 62.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.00M $33.00M $32.00M
YoY Change 0.0% -5.71% -11.11%
% of Gross Profit 5.49% 4.72% 5.04%
Operating Expenses $418.0M $456.0M $426.0M
YoY Change 5.03% 107.27% 85.22%
Operating Profit $201.0M $243.0M $209.0M
YoY Change 21.82% -19.8% -19.92%
Interest Expense -$27.00M -$34.00M -$30.00M
YoY Change -25.0% -17.07% -31.82%
% of Operating Profit -13.43% -13.99% -14.35%
Other Income/Expense, Net $2.000M -$3.000M $38.00M
YoY Change -108.33% -400.0% 3700.0%
Pretax Income $145.0M $169.0M $178.0M
YoY Change 107.14% 191.38% 408.57%
Income Tax $57.00M $59.00M $43.00M
% Of Pretax Income 39.31% 34.91% 24.16%
Net Earnings $88.00M $109.0M $136.0M
YoY Change 44.26% 990.0% 2166.67%
Net Earnings / Revenue 7.41% 8.71% 11.68%
Basic Earnings Per Share $2.76 $3.30
Diluted Earnings Per Share $2.04 $2.512M $2.925M
COMMON SHARES
Basic Shares Outstanding 38.32M shares 39.50M shares 41.43M shares
Diluted Shares Outstanding 43.40M shares 46.50M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $524.0M $294.0M $324.0M
YoY Change 53.22% -34.38% -75.3%
Cash & Equivalents $524.0M $294.0M $324.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $660.0M $668.0M $695.0M
Prepaid Expenses
Receivables $292.0M $248.0M $184.0M
Other Receivables $0.00 $0.00 $45.00M
Total Short-Term Assets $1.476B $1.195B $1.248B
YoY Change 11.31% -14.52% -46.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.139B $1.136B $1.151B
YoY Change -7.55% 5.48% 12.18%
Goodwill $3.117B $3.117B
YoY Change -1.05% 1.0%
Intangibles $911.0M $924.0M
YoY Change -8.26% -8.24%
Long-Term Investments
YoY Change
Other Assets $330.0M $249.0M $282.0M
YoY Change -28.42% -42.63% -23.37%
Total Long-Term Assets $8.163B $8.042B $8.092B
YoY Change -1.5% -1.26% 0.32%
TOTAL ASSETS
Total Short-Term Assets $1.476B $1.195B $1.248B
Total Long-Term Assets $8.163B $8.042B $8.092B
Total Assets $9.639B $9.237B $9.340B
YoY Change 0.27% -3.21% -10.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $356.0M $221.0M $217.0M
YoY Change 34.34% 16.32% 13.02%
Accrued Expenses $620.0M $590.0M $534.0M
YoY Change 13.55% 2.43% -7.93%
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 $1.134B $989.0M $946.0M
YoY Change 16.79% 6.12% -0.21%
LONG-TERM LIABILITIES
Long-Term Debt $5.026B $4.558B $4.594B
YoY Change 12.01% 3.85% -13.37%
Other Long-Term Liabilities $650.0M $688.0M $712.0M
YoY Change -20.63% -22.96% -11.44%
Total Long-Term Liabilities $5.676B $5.246B $5.306B
YoY Change 6.97% -0.68% -13.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.134B $989.0M $946.0M
Total Long-Term Liabilities $5.676B $5.246B $5.306B
Total Liabilities $7.141B $6.611B $6.595B
YoY Change 7.76% 1.1% -10.9%
SHAREHOLDERS EQUITY
Retained Earnings $593.0M $533.0M
YoY Change 115.64% 124.89%
Common Stock $3.942B $3.969B
YoY Change -3.22% -2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.054B
YoY Change 51.47%
Treasury Stock Shares 38.26M shares
Shareholders Equity $2.496B $2.626B $2.745B
YoY Change
Total Liabilities & Shareholders Equity $9.639B $9.237B $9.340B
YoY Change 0.27% -3.21% -10.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2022 Q2
OPERATING ACTIVITIES
Net Income $88.00M $109.0M $136.0M
YoY Change 44.26% 990.0% 2166.67%
Depreciation, Depletion And Amortization $34.00M $33.00M $32.00M
YoY Change 0.0% -5.71% -11.11%
Cash From Operating Activities $142.0M $162.0M $89.00M
YoY Change 255.0% 4.52% -57.21%
INVESTING ACTIVITIES
Capital Expenditures $29.00M -$13.00M -$14.00M
YoY Change -203.57% 62.5% 250.0%
Acquisitions
YoY Change
Other Investing Activities -$4.000M $47.00M $39.00M
YoY Change -300.0% -1666.67% -123.78%
Cash From Investing Activities -$33.00M $34.00M $25.00M
YoY Change 26.92% -409.09% -114.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$216.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 199.0M -257.0M -156.0M
YoY Change -316.3% -72.69% -133.84%
NET CHANGE
Cash From Operating Activities 142.0M 162.0M 89.00M
Cash From Investing Activities -33.00M 34.00M 25.00M
Cash From Financing Activities 199.0M -257.0M -156.0M
Net Change In Cash 308.0M -61.00M -42.00M
YoY Change -494.87% -92.35% -108.38%
FREE CASH FLOW
Cash From Operating Activities $142.0M $162.0M $89.00M
Capital Expenditures $29.00M -$13.00M -$14.00M
Free Cash Flow $113.0M $175.0M $103.0M
YoY Change 66.18% 7.36% -51.42%

Facts In Submission

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CY2021Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
3004000000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<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"><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, 2021 (the “2021 Annual Report”). We use certain other terms that are defined within these Financial Statements.</span></div><div style="margin-top:6pt"><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"><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 during the second quarter of 2022, we recorded non-cash losses of $3 million in (Losses) gains and other (expense) income, net on our Income Statement for the nine months ended September 30, 2022 and deconsolidated $110 million of assets, inclusive of $48 million of restricted cash, and $99 million of liabilities, resulting in a decrease in Noncontrolling interests of $8 million during the first three quarters of 2022. 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"><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 uncertainties created by the COVID-19 pandemic, macroeconomic inflationary pressures, and the uncertainty of the success of ongoing efforts to mitigate the effects of the COVID-19 pandemic and inflationary pressures in the general macroeconomic environment, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.</span></div><div style="margin-top:6pt"><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, inflationary pressures, general macroeconomic conditions, rising interest rates, 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 2021 Annual Report.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Acquisition of Welk</span></div><div style="margin-top:6pt"><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. We refer to the business and brands that we acquired as “Legacy-Welk.” See Footnote 3 “Acquisitions and Dispositions” for more information on the Welk Acquisition.</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%">Disposition of VRI Americas</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Financial Statements reflect the disposition of the Vacation Resorts International (“VRI”) and Trading Places International (“TPI”) businesses (together, the “VRI Americas” business) on April 29, 2022. See Footnote 3 “Acquisitions and Dispositions” for more information on the disposition of VRI Americas.</span></div>
vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
PercentageOfAssetsLiabilitiesRevenuesExpensesAndCashFlowsConsolidatedAndDiscussed
1
CY2022Q3 vac Deconsolidation Assets
DeconsolidationAssets
110000000 usd
CY2022Q3 vac Deconsolidation Liabilities
DeconsolidationLiabilities
99000000 usd
us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
8000000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1178000000 usd
CY2022Q3 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
74000000 usd
CY2022Q3 us-gaap Revenues
Revenues
1252000000 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
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3251000000 usd
vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
217000000 usd
us-gaap Revenues
Revenues
3468000000 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
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1178000000 usd
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
983000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3251000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2594000000 usd
CY2022Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-22000000 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
-27000000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
524000000 usd
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
613000000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-93000000 usd
CY2022Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 usd
CY2021Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 usd
CY2022Q3 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
154000000 usd
CY2021Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
172000000 usd
CY2022Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2142000000 usd
CY2021Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2045000000 usd
CY2022Q3 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2296000000 usd
CY2021Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2217000000 usd
CY2022Q3 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
178000000 usd
CY2021Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
160000000 usd
CY2022Q3 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
346000000 usd
CY2021Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
453000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
336000000 usd
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.87
CY2022Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2022Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
154000000 usd
CY2021Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
172000000 usd
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
15000000 usd
CY2021Q4 us-gaap Interest Receivable
InterestReceivable
14000000 usd
CY2022Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
30000000 usd
CY2021Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
48000000 usd
CY2022Q3 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
19000000 usd
CY2021Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
22000000 usd
CY2022Q3 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
17000000 usd
CY2021Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
19000000 usd
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.76
CY2022Q3 us-gaap Other Receivables
OtherReceivables
13000000 usd
CY2021Q4 us-gaap Other Receivables
OtherReceivables
4000000 usd
CY2022Q3 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
248000000 usd
CY2021Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
279000000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.347
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.815
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.306
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.106
CY2021Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
68000000 usd
vac Interest On Notes Receivable
InterestOnNotesReceivable
209000000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26000000 usd
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
4000000 usd
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
29000000 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
51000000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
42000000 usd
CY2022Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2142000000 usd
CY2021Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2045000000 usd
CY2022Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
71000000 usd
vac Interest On Notes Receivable
InterestOnNotesReceivable
190000000 usd
CY2022Q3 vac Weighted Average Fico Score Within Loan Pool
WeightedAverageFICOScoreWithinLoanPool
720
CY2022Q3 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.1166
CY2021Q4 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.1175
CY2022Q3 vac Result Of Increase In Estimated Default Rate
ResultOfIncreaseInEstimatedDefaultRate
0.005
CY2022Q3 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
12000000 usd
CY2021Q4 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
10000000 usd
CY2022Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
173000000 usd
CY2021Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
220000000 usd
CY2022Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
2548000000 usd
CY2021Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
2447000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12000000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39500000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39500000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42400000 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.76
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12000000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
110000000 usd
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
10000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
307000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12000000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39500000 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42400000 shares
CY2022Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
200000 shares
CY2021Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
200000 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
200000 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
0 shares
CY2022Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
CY2021Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
500000 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
0 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43400000 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42400000 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.53
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.68
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2022Q3 vac Inventory Timeshare Gross
InventoryTimeshareGross
659000000 usd
CY2021Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
710000000 usd
CY2022Q3 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
9000000 usd
CY2021Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
9000000 usd
CY2022Q3 vac Inventory Timeshare
InventoryTimeshare
668000000 usd
CY2021Q4 vac Inventory Timeshare
InventoryTimeshare
719000000 usd
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
15000000 usd
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
6000000 usd
CY2022Q3 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
441000000 usd
CY2021Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
460000000 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
924000000 usd
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
993000000 usd
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
3150000000 usd
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-8000000 usd
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
25000000 usd
CY2022Q3 us-gaap Goodwill Gross
GoodwillGross
3117000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1094000000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1123000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
233000000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
194000000 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
861000000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
929000000 usd
CY2022Q3 vac Surety Bonds
SuretyBonds
129000000 usd
CY2022Q3 vac Guarantor Obligations Maximum Exposure Undiscounted Due Year One
GuarantorObligationsMaximumExposureUndiscountedDueYearOne
2000000 usd
CY2020Q4 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2020Q4 vac Lessee Finance Lease Lease Notyet Commenced Right Of Use Asset
LesseeFinanceLeaseLeaseNotyetCommencedRightOfUseAsset
137000000 usd
CY2022Q3 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
14 loan
CY2022Q3 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 loan
CY2022Q3 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 loan
CY2022Q2 vac Values Of Vacation Ownership Notes Receivable That Were Securitized During The Period
ValuesOfVacationOwnershipNotesReceivableThatWereSecuritizedDuringThePeriod
383000000 usd
CY2022Q2 vac Vacation Ownership Notes Number Of Classes
VacationOwnershipNotesNumberOfClasses
4 class
CY2022Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
7000000 usd
CY2022Q2 vac Proceeds For General Corporate Purposes
ProceedsForGeneralCorporatePurposes
176000000 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
83000000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
83000000 usd
CY2022Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2749000000 usd
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
2631000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
6000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1034000000 usd
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
575000000 usd
CY2022Q3 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
1080000000 usd
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2699000000 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2022Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
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CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2021Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
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CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2022Q3 us-gaap Preferred Stock Shares Issued
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CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 usd
CY2022Q1 vac Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
300000000 usd
CY2022Q3 vac Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
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CY2022Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0177
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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us-gaap Number Of Reportable Segments
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2021Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022Q3 us-gaap Revenues
Revenues
1252000000 usd
CY2021Q3 us-gaap Revenues
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1052000000 usd
us-gaap Revenues
Revenues
3468000000 usd
us-gaap Revenues
Revenues
2790000000 usd
CY2022Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
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CY2021Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
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vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
162000000 usd
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
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CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59000000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
134000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
63000000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000000 usd
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
35000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
98000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
112000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
39000000 usd
CY2021Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
61000000 usd
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
71000000 usd
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
114000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
10000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12000000 usd
CY2022Q3 us-gaap Assets
Assets
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CY2021Q4 us-gaap Assets
Assets
9613000000 usd

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