ACQUISITIONS AND DISPOSITIONS (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Consideration transferred

The following table presents the fair value of each type of consideration transferred in the Welk Acquisition, as finalized at March 31, 2022.

(in millions, except per share amounts)
Equivalent shares of Marriott Vacations Worldwide common stock issued	1.4
Marriott Vacations Worldwide common stock price per share as of Welk Acquisition Date	$	174.18
Fair value of Marriott Vacations Worldwide common stock issued	248
Cash consideration to Welk, net of cash and restricted cash acquired of $48 million	157
Total consideration transferred, net of cash and restricted cash acquired	$	405

Schedule of recognized identified assets acquired and liabilities assumed

($ in millions)	April 1, 2021 (as finalized)
Vacation ownership notes receivable, net	$	255
Inventory	111
Property and equipment	83
Intangible assets	102
Other assets	19
Deferred taxes	(24)
Debt	(189)
Securitized debt	(184)
Other liabilities	(93)
Net assets acquired	80
Goodwill(1)	325
	$	405

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(1)Goodwill is calculated as total consideration transferred, net of cash acquired, less identified net assets acquired. It represents the value that we expect to obtain from growth opportunities from our combined operations and is not deductible for tax purposes.

Business acquisition, pro forma information

Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the Welk Acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.

There were no Welk Acquisition-related costs included in the unaudited pro forma results below for 2021, and $19 million for 2020.

($ in millions, except per share data)	2021		2020
Revenues	$	3,937	$	3,011
Net income (loss)	$	70	$	(272)
Net income (loss) attributable to common shareholders	$	62	$	(291)
EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS
Basic	$	1.46	$	(7.04)
Diluted	$	1.43	$	(7.04)

Welk Results of Operations

The following table presents the results of Legacy-Welk operations included in our Income Statement for 2022 and 2021.

($ in millions)	2022		2021
Revenue	$	240	$	146
Net income	$	49	$	17