Shareholders' Equity

3 Months Ended

Mar. 28, 2014

Equity [Abstract]

Shareholders' Equity

11. SHAREHOLDERS’ EQUITY

Marriott Vacations Worldwide has 100,000,000 authorized shares of common stock, par value of $.01 per share. At March 28, 2014, there were 35,827,949 shares of Marriott Vacations Worldwide common stock issued, of which 34,588,785 shares were outstanding and 1,239,164 shares were held as treasury stock. At January 3, 2014, there were 35,637,765 shares of Marriott Vacations Worldwide common stock issued, of which 35,132,742 shares were outstanding and 505,023 shares were held as treasury stock.

Marriott Vacations Worldwide has 2,000,000 authorized shares of preferred stock, par value of $.01 per share, none of which were issued or outstanding as of March 28, 2014 or January 3, 2014.

The following table details changes in shareholders’ equity during the twelve weeks ended March 28, 2014:

($ in millions)	Treasury     Stock			Additional Paid-In Capital			Accumulated Other Comprehensive Income		Retained     Earnings		Total     Equity
Balance at January 3, 2014	$	(26	)	$	1,130		$	23	$	82	$	1,209
Net income		—			—			—		19		19
Amounts related to share-based compensation		—			(2	)		—		—		(2	)
Adjustment to reclassification of Marriott International investment to Additional paid-in capital(1)		—			(1	)		—		—		(1	)
Repurchase of common stock		(37	)		—			—		—		(37	)
Balance at March 28, 2014	$	(63	)	$	1,127		$	23	$	101	$	1,188

⁽¹⁾  Consists of an adjustment to Deferred tax liabilities for changes in the valuation of Marriott Vacations Worldwide at the time of the Spin-Off.

Stock Repurchase Program

On October 8, 2013, our Board of Directors authorized a share repurchase program under which we may purchase up to 3,500,000 shares of our common stock prior to March 28, 2015. The specific timing, amount and other terms of the repurchases will depend on market conditions, corporate and regulatory requirements and other factors. Acquired shares of our common stock are held as treasury shares carried at cost in our Financial Statements. In connection with the repurchase program, we are authorized to adopt one or more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

The following table summarizes stock repurchase activity under our current stock repurchase program for the twelve weeks ended March 28, 2014:

($ in millions, except per share amounts)	Number of Shares Repurchased		Cost of Shares Repurchased		Average Price Paid   per Share
As of January 3, 2014		505,023	$	26	$	50.76
For the twelve weeks ended March 28, 2014		734,141		37		50.99
As of March 28, 2014		1,239,164	$	63	$	50.90

As of March 28, 2014, approximately 2.3 million shares remained available for repurchase under the authorization approved by our Board of Directors.