$VAC
MARRIOTT VACATIONS WORLDWIDE Corp

2023 Q4 Form 10-Q Financial Statement

#000152435823000039 Filed on November 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $1.194B $1.186B
YoY Change 0.51% -5.27%
Cost Of Revenue $590.0M $638.0M
YoY Change 3.69% 15.37%
Gross Profit $604.0M $548.0M
YoY Change -2.42% -21.6%
Gross Profit Margin 50.59% 46.21%
Selling, General & Admin $426.0M $259.0M
YoY Change 10.94% -38.77%
% of Gross Profit 70.53% 47.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.00M $33.00M
YoY Change 5.88% 0.0%
% of Gross Profit 5.96% 6.02%
Operating Expenses $462.0M $259.0M
YoY Change 10.53% -43.2%
Operating Profit $142.0M $289.0M
YoY Change -29.35% 18.93%
Interest Expense -$39.00M -$36.00M
YoY Change 44.44% 5.88%
% of Operating Profit -27.46% -12.46%
Other Income/Expense, Net $10.00M -$1.000M
YoY Change 400.0% -66.67%
Pretax Income $64.00M $66.00M
YoY Change -55.86% -60.95%
Income Tax $31.00M $24.00M
% Of Pretax Income 48.44% 36.36%
Net Earnings $35.00M $42.00M
YoY Change -60.23% -61.47%
Net Earnings / Revenue 2.93% 3.54%
Basic Earnings Per Share $1.16
Diluted Earnings Per Share $0.82 $1.09
COMMON SHARES
Basic Shares Outstanding 35.52M shares 36.47M shares
Diluted Shares Outstanding 43.30M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $248.0M $265.0M
YoY Change -52.67% -9.86%
Cash & Equivalents $248.0M $265.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $634.0M $642.0M
Prepaid Expenses
Receivables $299.0M $214.0M
Other Receivables $68.00M $67.00M
Total Short-Term Assets $1.249B $1.188B
YoY Change -15.38% -0.59%
LONG-TERM ASSETS
Property, Plant & Equipment $1.260B $1.250B
YoY Change 10.62% 10.04%
Goodwill $3.117B $3.117B
YoY Change 0.0% 0.0%
Intangibles $854.0M $868.0M
YoY Change -6.26% -6.06%
Long-Term Investments
YoY Change
Other Assets $326.0M $238.0M
YoY Change -1.21% -4.42%
Total Long-Term Assets $8.431B $8.265B
YoY Change 3.28% 2.77%
TOTAL ASSETS
Total Short-Term Assets $1.249B $1.188B
Total Long-Term Assets $8.431B $8.265B
Total Assets $9.680B $9.453B
YoY Change 0.43% 2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.0M $238.0M
YoY Change 1.69% 7.69%
Accrued Expenses $548.0M $552.0M
YoY Change -11.61% -6.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $910.0M $790.0M
YoY Change -19.75% -20.12%
LONG-TERM LIABILITIES
Long-Term Debt $5.145B $5.057B
YoY Change 2.37% 10.95%
Other Long-Term Liabilities $963.0M $861.0M
YoY Change 48.15% 25.15%
Total Long-Term Liabilities $6.108B $5.918B
YoY Change 7.61% 12.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $910.0M $790.0M
Total Long-Term Liabilities $6.108B $5.918B
Total Liabilities $7.298B $7.043B
YoY Change 2.2% 6.53%
SHAREHOLDERS EQUITY
Retained Earnings $742.0M $734.0M
YoY Change 25.13% 37.71%
Common Stock $3.956B $3.954B
YoY Change 0.36% -0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.382B $2.408B
YoY Change
Total Liabilities & Shareholders Equity $9.680B $9.453B
YoY Change 0.43% 2.34%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $35.00M $42.00M
YoY Change -60.23% -61.47%
Depreciation, Depletion And Amortization $36.00M $33.00M
YoY Change 5.88% 0.0%
Cash From Operating Activities $83.00M $122.0M
YoY Change -41.55% -24.69%
INVESTING ACTIVITIES
Capital Expenditures $26.00M $29.00M
YoY Change -10.34% -323.08%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$3.000M
YoY Change -75.0% -106.38%
Cash From Investing Activities -$27.00M -$32.00M
YoY Change -18.18% -194.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.00M -65.00M
YoY Change -93.47% -74.71%
NET CHANGE
Cash From Operating Activities 83.00M 122.0M
Cash From Investing Activities -27.00M -32.00M
Cash From Financing Activities 13.00M -65.00M
Net Change In Cash 69.00M 25.00M
YoY Change -77.6% -140.98%
FREE CASH FLOW
Cash From Operating Activities $83.00M $122.0M
Capital Expenditures $26.00M $29.00M
Free Cash Flow $57.00M $93.00M
YoY Change -49.56% -46.86%

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CY2022Q2 vac Aoci Reclassification Of Foreign Currency Translation Adjustments Realized
AOCIReclassificationOfForeignCurrencyTranslationAdjustmentsRealized
10000000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
7000000 usd
CY2022Q2 vac Adjustments To Paid In Capital For Convertible Hedges
AdjustmentsToPaidInCapitalForConvertibleHedges
6000000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
13000000 usd
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
193000000 usd
CY2022Q2 us-gaap Noncontrolling Interest Decrease From Deconsolidation
NoncontrollingInterestDecreaseFromDeconsolidation
8000000 usd
CY2022Q2 us-gaap Dividends
Dividends
26000000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2746000000 usd
CY2022Q3 us-gaap Profit Loss
ProfitLoss
110000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000000 usd
CY2022Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
8000000 usd
CY2022Q3 vac Additional Paid In Capital Tax Effect On Equity Convertible Notes
AdditionalPaidInCapitalTaxEffectOnEquityConvertibleNotes
1000000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationAndExerciseOfStockOptions
5000000 usd
CY2022Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
216000000 usd
CY2022Q3 us-gaap Dividends
Dividends
24000000 usd
CY2022Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1000000 usd
CY2022Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2628000000 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><td style="width:16.75pt"></td><td style="width:1.0pt"></td><td style="width:1.0pt"></td><td style="width:264.25pt"></td><td style="width:1.0pt"></td></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 the Interim Condensed Notes to 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, 2022 (the “2022 Annual Report”). We also 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 variable interest entities (“VIEs”) for which Marriott Vacations Worldwide is the primary beneficiary, as determined 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%">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, 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 in the broader macroeconomic environment, including inflationary pressures, as well as effects of the</span><span style="color:#ee2724;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">COVID-19 pandemic, 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, general macroeconomic conditions, including inflationary pressures, rising interest rates, and seasonal and short-term variations, as well as any effects of the COVID-19 pandemic. 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 2022 Annual Report.</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%">We refer to the business and brands that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” We refer to the business and brands that we acquired in the acquisition of ILG, LLC, formerly known as ILG, Inc. (“ILG”), in 2018 (the “ILG Acquisition”) as “Legacy-ILG.” We refer to the business we conducted, and the associated brands, prior to the ILG Acquisition as “Legacy-MVW.”</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%">During the third quarter of 2023 we launched Hyatt Vacation Club across our former Hyatt Residence Club and Legacy-Welk properties, which connects these properties and associated vacation ownership programs under a single brand.</span></div>
vac Percentage Of Assets Liabilities Revenues Expenses And Cash Flows Consolidated And Discussed
PercentageOfAssetsLiabilitiesRevenuesExpensesAndCashFlowsConsolidatedAndDiscussed
1
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1105000000 usd
CY2023Q3 vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
81000000 usd
CY2023Q3 us-gaap Revenues
Revenues
1186000000 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
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3294000000 usd
vac Financing Revenue Not From Contract With Customer
FinancingRevenueNotFromContractWithCustomer
239000000 usd
us-gaap Revenues
Revenues
3533000000 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
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1105000000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1178000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3294000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3251000000 usd
CY2023Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
47000000 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
66000000 usd
CY2023Q3 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 usd
CY2022Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
0 usd
CY2023Q3 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
176000000 usd
CY2022Q4 vac Contracts With Customers Accounts Receivable
ContractsWithCustomersAccountsReceivable
194000000 usd
CY2023Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2291000000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2198000000 usd
CY2023Q3 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2467000000 usd
CY2022Q4 vac Contractwith Customer Receivable
ContractwithCustomerReceivable
2392000000 usd
CY2023Q3 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
169000000 usd
CY2022Q4 vac Contract With Customer Liability Advance Deposits
ContractWithCustomerLiabilityAdvanceDeposits
158000000 usd
CY2023Q3 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
371000000 usd
CY2022Q4 vac Contract With Customer Liability Deferred Revenue
ContractWithCustomerLiabilityDeferredRevenue
344000000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
540000000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
502000000 usd
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
67000000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
241000000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.91
CY2023Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2023Q3 us-gaap Receivables From Customers
ReceivablesFromCustomers
176000000 usd
CY2022Q4 us-gaap Receivables From Customers
ReceivablesFromCustomers
194000000 usd
CY2023Q3 us-gaap Interest Receivable
InterestReceivable
17000000 usd
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
16000000 usd
CY2023Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
42000000 usd
CY2022Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
20000000 usd
CY2023Q3 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
38000000 usd
CY2022Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
19000000 usd
CY2023Q3 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
13000000 usd
CY2022Q4 vac Employee Tax Credit Receivable
EmployeeTaxCreditReceivable
16000000 usd
CY2023Q3 us-gaap Other Receivables
OtherReceivables
12000000 usd
CY2022Q4 us-gaap Other Receivables
OtherReceivables
27000000 usd
CY2023Q3 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
298000000 usd
CY2022Q4 vac Accounts Receivable Including Variable Interest Entities After Allowancefor Credit Loss
AccountsReceivableIncludingVariableInterestEntitiesAfterAllowanceforCreditLoss
292000000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.361
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.347
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.343
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.306
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
25000000 usd
us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
8000000 usd
us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
8000000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
25000000 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
46000000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
28000000 usd
us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
18000000 usd
CY2023Q3 us-gaap Notes Receivable Net
NotesReceivableNet
2291000000 usd
CY2022Q4 us-gaap Notes Receivable Net
NotesReceivableNet
2198000000 usd
CY2023Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
79000000 usd
CY2022Q3 vac Interest On Notes Receivable
InterestOnNotesReceivable
71000000 usd
vac Interest On Notes Receivable
InterestOnNotesReceivable
231000000 usd
vac Interest On Notes Receivable
InterestOnNotesReceivable
209000000 usd
CY2023Q3 vac Weighted Average Fico Score Within Loan Pool
WeightedAverageFICOScoreWithinLoanPool
722
CY2022Q4 vac Weighted Average Fico Score Within Loan Pool
WeightedAverageFICOScoreWithinLoanPool
721
CY2023Q3 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.1335
CY2022Q4 vac Average Estimated Rate Of Default For All Outstanding Loans
AverageEstimatedRateOfDefaultForAllOutstandingLoans
0.1162
CY2023Q3 vac Result Of Increase In Estimated Default Rate
ResultOfIncreaseInEstimatedDefaultRate
0.005
CY2023Q3 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
13000000 usd
CY2022Q4 vac Financing Receivable Allowance For Credit Losses That Would Have Been Increased
FinancingReceivableAllowanceForCreditLossesThatWouldHaveBeenIncreased
12000000 usd
CY2023Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
169000000 usd
CY2022Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
150000000 usd
CY2023Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
2766000000 usd
CY2022Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
2589000000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
42000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
us-gaap Net Income Loss
NetIncomeLoss
219000000 usd
us-gaap Net Income Loss
NetIncomeLoss
219000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36400000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36900000 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
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.96
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.96
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
7.39
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
42000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
us-gaap Net Income Loss
NetIncomeLoss
219000000 usd
us-gaap Net Income Loss
NetIncomeLoss
219000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
47000000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
110000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
233000000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
307000000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36400000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41100000 shares
CY2023Q3 vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
100000 shares
CY2022Q3 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
100000 shares
vac Incremental Common Shares Attributable To Stock Option And Stock Appreciation Right Plans
IncrementalCommonSharesAttributableToStockOptionAndStockAppreciationRightPlans
200000 shares
CY2023Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
CY2022Q3 vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
vac Incremental Common Shares Attributable To Restricted Stock Units
IncrementalCommonSharesAttributableToRestrictedStockUnits
300000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43300000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45900000 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.09
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.33
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.68
CY2023Q3 vac Inventory Timeshare Gross
InventoryTimeshareGross
632000000 usd
CY2022Q4 vac Inventory Timeshare Gross
InventoryTimeshareGross
651000000 usd
CY2023Q3 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
10000000 usd
CY2022Q4 vac Operating Supplies And Inventories
OperatingSuppliesAndInventories
9000000 usd
CY2023Q3 vac Inventory Timeshare
InventoryTimeshare
642000000 usd
CY2022Q4 vac Inventory Timeshare
InventoryTimeshare
660000000 usd
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
24000000 usd
vac Real Estate Inventory Increase Decrease True Up
RealEstateInventoryIncreaseDecreaseTrueUp
15000000 usd
CY2023Q3 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
369000000 usd
CY2022Q4 vac Amount Of Completed Vacation Ownership Units Classified As Property And Equipment
AmountOfCompletedVacationOwnershipUnitsClassifiedAsPropertyAndEquipment
428000000 usd
CY2023Q3 vac Surety Bonds
SuretyBonds
121000000 usd
CY2023Q3 vac Guarantor Obligations Maximum Exposure Undiscounted Remainder Of Year
GuarantorObligationsMaximumExposureUndiscountedRemainderOfYear
3000000 usd
CY2023Q3 vac Number Of Consolidated Notes Receivable Pools Outstanding
NumberOfConsolidatedNotesReceivablePoolsOutstanding
14 loan
CY2023Q3 vac Number Of Notes Receivable Pools Out Of Compliance
NumberOfNotesReceivablePoolsOutOfCompliance
0 loan
CY2023Q3 vac Number Of Notes Receivable Pools Under Performance Triggers
NumberOfNotesReceivablePoolsUnderPerformanceTriggers
0 loan
CY2023Q2 vac Values Of Vacation Ownership Notes Receivable That Were Securitized During The Period
ValuesOfVacationOwnershipNotesReceivableThatWereSecuritizedDuringThePeriod
388000000 usd
CY2023Q2 vac Vacation Ownership Notes Number Of Classes
VacationOwnershipNotesNumberOfClasses
4 class
CY2023Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
188000000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
86000000 usd
CY2023Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
3031000000 usd
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
3088000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
784000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
575000000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
665000000 usd
CY2023Q3 vac Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
850000000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2878000000 usd
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
99000000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
98000000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000 usd
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75807873 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35685051 shares
CY2023Q3 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
40122822 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
75744524 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
37481082 shares
CY2022Q4 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
38263442 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
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
500000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
600000000 usd
CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
476000000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
CY2023Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.72
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1800000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
800000 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30000000 usd
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
35000000 usd
CY2022Q4 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
0.4047
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0187
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0407
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
30000000 usd
CY2023Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
9000000 usd
CY2022Q3 vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
39000000 usd
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
11000000 usd
vac Certain Items Adjusted Ebitda Reconciliation
CertainItemsAdjustedEBITDAReconciliation
71000000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
42000000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
109000000 usd
us-gaap Net Income Loss
NetIncomeLoss
219000000 usd
us-gaap Net Income Loss
NetIncomeLoss
303000000 usd
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q3 us-gaap Revenues
Revenues
1186000000 usd
CY2022Q3 us-gaap Revenues
Revenues
1252000000 usd
us-gaap Revenues
Revenues
3533000000 usd
us-gaap Revenues
Revenues
3468000000 usd
CY2023Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
53000000 usd
CY2022Q3 vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
54000000 usd
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
171000000 usd
vac Corporateand Other Income Expense
CorporateandOtherIncomeExpense
162000000 usd
CY2023Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-36000000 usd
CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-34000000 usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-106000000 usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-91000000 usd
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24000000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
115000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
134000000 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000000 usd
CY2023Q3 us-gaap Assets
Assets
9453000000 usd
CY2022Q4 us-gaap Assets
Assets
9639000000 usd
CY2023Q3 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
743000000 usd
CY2022Q3 vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
881000000 usd
vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
2370000000 usd
vac Revenues Excluding Reimbursed Costs
RevenuesExcludingReimbursedCosts
2457000000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001524358-23-000039-xbrl.zip Edgar Link pending
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vac-20230930.htm Edgar Link pending
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