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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 10-Q
___________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35219
_________________________
Marriott Vacations Worldwide Corporation
(Exact name of registrant as specified in its charter)
_________________________
Delaware45-2598330
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
7812 Palm Parkway
OrlandoFL
32836
(Address of principal executive offices)(Zip Code)
(407) 206-6000 (Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 Par ValueVACNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, as of May 3, 2024 was 35,163,907.




MARRIOTT VACATIONS WORLDWIDE CORPORATION
FORM 10-Q TABLE OF CONTENTS
Page
Part I.
Item 1.
Item 2.
Item 3.
Item 4.
Part II.
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
Throughout this report, we refer to Marriott Vacations Worldwide Corporation, together with its consolidated subsidiaries, as “Marriott Vacations Worldwide,” “MVW,” “we,” “us,” or the “Company.” We also refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks cited in this report are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks referred to in this report may appear without the ® or TM symbols, however, such references are not intended to indicate in any way that MVW or the owner, as applicable, will not assert, to the fullest extent under applicable law, all rights to such trademarks, trade names, and service marks.


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2024March 31, 2023
REVENUES
Sale of vacation ownership products$352 $375 
Management and exchange211 200 
Rental158 151 
Financing83 78 
Cost reimbursements391 365 
TOTAL REVENUES1,195 1,169 
EXPENSES
Cost of vacation ownership products53 58 
Marketing and sales223 210 
Management and exchange116 107 
Rental107 113 
Financing34 26 
General and administrative63 68 
Depreciation and amortization38 32 
Litigation charges3 3 
Restructuring2  
Royalty fee28 29 
Impairment 4 
Cost reimbursements391 365 
TOTAL EXPENSES1,058 1,015 
Gains and other income, net 21 
Interest expense, net(40)(34)
Transaction and integration costs(15)(13)
Other(1) 
INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTERESTS81 128 
Provision for income taxes(35)(41)
NET INCOME46 87 
Net loss attributable to noncontrolling interests1  
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$47 $87 
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic$1.32 $2.32 
Diluted$1.22 $2.06 
CASH DIVIDENDS DECLARED PER SHARE$0.76 $0.72 
See Interim Condensed Notes to Consolidated Financial Statements
1


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended
March 31, 2024March 31, 2023
NET INCOME$46 $87 
Foreign currency translation adjustments1 6 
Derivative instrument adjustment, net of tax(2)(3)
OTHER COMPREHENSIVE (LOSS) GAIN, NET OF TAX(1)3 
Net loss attributable to noncontrolling interests1  
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS1  
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$46 $90 
See Interim Condensed Notes to Consolidated Financial Statements

2


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
Unaudited
March 31, 2024December 31, 2023
ASSETS
Cash and cash equivalents$237 $248 
Restricted cash (including $128 and $79 from VIEs, respectively)
313 326 
Accounts and contracts receivable, net (including $15 and $15 from VIEs, respectively)
422 385 
Vacation ownership notes receivable, net (including $1,914 and $1,912 from VIEs, respectively)
2,336 2,343 
Inventory637 634 
Property and equipment, net1,299 1,260 
Goodwill3,117 3,117 
Intangibles, net839 854 
Other (including $110 and $99 from VIEs, respectively)
667 513 
TOTAL ASSETS$9,867 $9,680 
LIABILITIES AND EQUITY
Accounts payable$221 $362 
Advance deposits176 164 
Accrued liabilities (including $4 and $4 from VIEs, respectively)
384 343 
Deferred revenue482 382 
Payroll and benefits liability209 205 
Deferred compensation liability173 168 
Securitized debt, net (including $2,205 and $2,121 from VIEs, respectively)
2,178 2,096 
Debt, net3,111 3,049 
Other227 249 
Deferred taxes328 280 
TOTAL LIABILITIES7,489 7,298 
Contingencies and Commitments (Note 10)
Preferred stock — $0.01 par value; 2,000,000 shares authorized; none issued or outstanding
  
Common stock — $0.01 par value; 100,000,000 shares authorized; 75,847,526 and 75,807,882 shares issued, respectively
1 1 
Treasury stock — at cost; 40,683,846 and 40,488,576 shares, respectively
(2,351)(2,332)
Additional paid-in capital3,951 3,955 
Accumulated other comprehensive income15 16 
Retained earnings763 742 
TOTAL MVW STOCKHOLDERS' EQUITY2,379 2,382 
Noncontrolling interests(1) 
TOTAL EQUITY2,378 2,382 
TOTAL LIABILITIES AND EQUITY$9,867 $9,680 
The abbreviation VIEs above means Variable Interest Entities.

See Interim Condensed Notes to Financial Statements
3


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
March 31, 2024March 31, 2023
OPERATING ACTIVITIES
Net income$46 $87 
Adjustments to reconcile net income to net cash, cash equivalents and restricted cash provided by operating activities:
Depreciation and amortization of intangibles38 32 
Amortization of debt discount and issuance costs5 7 
Vacation ownership notes receivable reserve46 38 
Share-based compensation7 7 
Impairment charges 3 
Deferred income taxes35 6 
Net change in assets and liabilities:
Accounts and contracts receivable(41)(6)
Vacation ownership notes receivable originations(200)(225)
Vacation ownership notes receivable collections160 161 
Inventory17 24 
Other assets(133)(146)
Accounts payable, advance deposits and accrued liabilities(60)(101)
Deferred revenue100 101 
Payroll and benefit liabilities4 (45)
Deferred compensation liability(3)4 
Other liabilities(19)16 
Purchase of property for future transfer to inventory (8)
Other, net1 (5)
Net cash, cash equivalents and restricted cash provided by (used in) operating activities3 (50)
INVESTING ACTIVITIES
Capital expenditures for property and equipment (excluding inventory)(16)(37)
Purchase of company owned life insurance(4) 
Purchase and development of property for future sale(49) 
Net cash, cash equivalents and restricted cash used in investing activities(69)(37)

Continued
See Interim Condensed Notes to Consolidated Financial Statements
4


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(In millions)
(Unaudited)
Three Months Ended
March 31, 2024March 31, 2023
FINANCING ACTIVITIES
Borrowings from securitization transactions524 171 
Repayment of debt related to securitization transactions(441)(174)
Proceeds from debt340 405 
Repayments of debt(289)(461)
Finance lease incentive 10 
Finance lease payment(2)(2)
Payment of debt issuance costs(6) 
Repurchase of common stock(24)(80)
Payment of dividends(54)(54)
Payment of withholding taxes on vesting of restricted stock units(5)(9)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities43 (194)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash(1)1 
Change in cash, cash equivalents and restricted cash(24)(280)
Cash, cash equivalents and restricted cash, beginning of period574 854 
Cash, cash equivalents and restricted cash, end of period$550 $574 
SUPPLEMENTAL DISCLOSURES
Non-cash issuance of treasury stock for employee stock purchase plan$1 $1 
Non-cash transfer from inventory to property and equipment6 3 
Non-cash transfer from property and equipment to inventory23 43 
Non-cash transfer from property and equipment to other assets 2 
Right-of-use asset obtained in exchange for finance lease obligation11 80 
Non-cash issuance of debt in connection with finance lease11 97 
Interest paid, net of amounts capitalized$52 $44 
Income taxes paid, net of refunds50 56 

See Interim Condensed Notes to Consolidated Financial Statements

5



MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions)
(Unaudited)
Common
Stock
Issued
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Accumulated Other Comprehensive Income (Loss)Retained EarningsTotal MVW Stockholders' EquityNoncontrolling InterestsTotal Equity
75.8 BALANCE AT DECEMBER 31, 2023$1 $(2,332)$3,955 $16 $742 $2,382 $ $2,382 
— Net income (loss)— — — — 47 47 (1)46 
— Foreign currency translation adjustments— — — 1 — 1 — 1 
— Derivative instrument adjustment— — — (2)— (2)— (2)
— Share-based compensation plans— 5 (4)— — 1 — 1 
— Repurchase of common stock— (24)— — — (24)— (24)
— Dividends— — — — (26)(26)— (26)
75.8 BALANCE AT MARCH 31, 2024$1 $(2,351)$3,951 $15 $763 $2,379 $(1)$2,378 


Common
Stock
Issued
Common
Stock
Treasury
Stock
Additional
Paid-In
Capital
Accumulated Other Comprehensive Income (Loss)Retained EarningsTotal MVW Stockholders' EquityNoncontrolling InterestsTotal Equity
75.7 BALANCE AT DECEMBER 31, 2022$1 $(2,054)$3,941 $15 $593 $2,496 $2 $2,498 
— Net income— — — — 87 87 — 87 
— Foreign currency translation adjustments— — — 6 — 6 — 6 
— Derivative instrument adjustment— — — (3)— (3)— (3)
0.1 Share-based compensation plans— 2 (4)— — (2)— (2)
— Repurchase of common stock— (80)— — — (80)— (80)
— Dividends— — — — (26)(26)— (26)
75.8 BALANCE AT MARCH 31, 2023$1 $(2,132)$3,937 $18 $654 $2,478 $2 $2,480 
See Interim Condensed Notes to Consolidated Financial Statements
6


MARRIOTT VACATIONS WORLDWIDE CORPORATION
INTERIM CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
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, 2023 (the “2023 Annual Report”). We also use certain other terms that are defined within these Financial Statements.
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 in accordance with consolidation accounting guidance. References in these Financial Statements to net income attributable to common stockholders and MVW stockholders’ 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.
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 inflation outpacing wage growth, continuing high interest rates, mixed economic indicators and increased global insecurity, have made it more challenging to make these estimates. Actual results could differ from our estimates, and such differences may be material.
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 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 2023 Annual Report.
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 prior to the ILG Acquisition and the associated brands as “Legacy-MVW.” We refer to the business and brand that we acquired in the acquisition of Welk Hospitality Group, Inc. (“Welk”) in 2021 (the “Welk Acquisition”) as “Legacy-Welk.” During 2023, we rebranded all Legacy-Welk resorts as Hyatt Vacation Club resorts. Additionally, we use the term “Marriott Vacation Ownership” to refer to our Marriott-, Sheraton-, and Westin-brands and the term “Hyatt Vacation Ownership” to refer to our Hyatt-brands.
We have reclassified certain prior year amounts to conform with our current year presentation.
7


2. SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING STANDARDS
Future Adoption of Accounting Standards
Accounting Standards Update 2023-07 – “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”)
In November 2023, the FASB issued ASU 2023-07, which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. This update will be applied retrospectively for all prior periods presented in the financial statements. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2024.
Accounting Standards Update 2023-09 – “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”)
In December 2023, the FASB issued ASU 2023-09, which is intended to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 primarily enhances and expands both the annual income tax rate reconciliation disclosure and the annual income taxes paid disclosure. This update is effective for fiscal years beginning after December 15, 2024 and may be adopted on a prospective or retrospective basis, with early adoption permitted. We will begin providing the enhanced disclosures required by this standard with our Annual Report on Form 10-K for the year ending December 31, 2025.
3. ACQUISITIONS
Savannah, Georgia
During the third quarter of 2023, we acquired a property in Savannah, Georgia for $19 million. We plan to convert the property into a 73-unit vacation ownership property. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net.
Charleston, South Carolina
During the first quarter of 2023, we acquired a parcel of land and an adjacent retail space in Charleston, South Carolina for $17 million. We plan to develop the parcel of land into a 50-unit vacation ownership property and use a portion of the retail space to operate a sales center. The transaction was accounted for as an asset acquisition and was recorded in Property and equipment, net.
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
Three Months Ended March 31, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$352 $ $ $352 
Ancillary revenues65 1  66 
Management fee revenues52 5 (1)56 
Exchange and other services revenues31 46 12 89 
Management and exchange148 52 11 211 
Rental147 11  158 
Cost reimbursements400 2 (11)391 
Revenue from contracts with customers1,047 65  1,112 
Financing83   83 
Total Revenues$1,130 $65 $ $1,195 
8


Three Months Ended March 31, 2023
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$375 $ $ $375 
Ancillary revenues61 1  62 
Management fee revenues45 8 (1)52 
Exchange and other services revenues29 47 10 86 
Management and exchange135 56 9 200 
Rental141 10  151 
Cost reimbursements368 5 (8)365 
Revenue from contracts with customers1,019 71 1 1,091 
Financing78   78 
Total Revenues$1,097 $71 $1 $1,169 
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended March 31, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$625 $24 $ $649 
Goods or services transferred at a point in time422 41  463 
Revenue from contracts with customers$1,047 $65 $ $1,112 
Three Months Ended March 31, 2023
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$578 $29 $1 $608 
Goods or services transferred at a point in time441 42  483 
Revenue from contracts with customers$1,019 $71 $1 $1,091 
Sale of Vacation Ownership Products
Revenues were reduced during the first quarter of 2024 by $4 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.
9


Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2024 or December 31, 2023.
($ in millions)At March 31, 2024At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net$272 $259 
Vacation ownership notes receivable, net2,336 2,343 
$2,608 $2,602 
Contract Liabilities
Advance deposits$176 $164 
Deferred revenue482 382 
$658 $546 
Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $121 million.
Remaining Performance Obligations
Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2024, approximately 93% of this amount is expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions)At March 31, 2024At December 31, 2023
Receivables from contracts with customers, net$272 $259 
Interest receivable18 18 
Tax receivable63 44 
Indemnification assets42 40 
Employee tax credit receivable10 11 
Other17 13 
$422 $385 
5. INCOME TAXES
Our provision for income taxes is calculated using an estimated annual effective tax rate (“AETR”), based upon expected annual income less losses in certain jurisdictions, non-deductible expenses under federal and local tax laws, statutory rates and planned tax strategies in the various jurisdictions in which we operate. Certain items that do not relate directly to ordinary income are excluded from the AETR and included in the period in which they occur.
Our effective tax rate was 43.0% and 32.3% for the three months ended March 31, 2024 and March 31, 2023, respectively.
The effective tax rate for the three months ended March 31, 2024 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including $11 million primarily related to a $20 million increase to remove the permanent reinvestment assertion for certain non-U.S. entities offset by a $9 million decrease for the expiration of statutes of limitation on certain unrecognized tax benefits. The effective tax rate for the three months ended March 31, 2023 differed from the blended statutory tax rate for the same period due to income tax adjustments for discrete items, including $9 million primarily related to an increase in uncertain tax benefits of $20 million for new unrecognized tax benefits in a foreign jurisdiction, offset by decreases in stock compensation of $7 million and $4 million related to prior year true-up adjustments.
10


Unrecognized Tax Benefits
The following table summarizes the activity related to our unrecognized tax benefits (excluding interest and penalties) during the three months ended March 31, 2024.
($ in millions)Unrecognized Tax Benefits
Balance at December 31, 2023
$106 
Increases to tax positions related to a prior period2 
Decreases to tax positions related to a prior period(7)
Decreases as a result of a lapse of the applicable statute of limitation(6)
Balance at March 31, 2024
$95 
The total amount of gross interest and penalties accrued related to unrecognized tax benefits was $41 million at March 31, 2024 and $48 million at December 31, 2023, a decrease of $7 million, which is predominantly attributable to the expiration of statutes of limitation, partially offset by additional interest and penalties related to non-U.S. uncertain tax positions. At March 31, 2024, unrecognized tax benefits (including interest and penalties) of $26 million, net of indemnification, would impact the effective tax rate if recognized.
We anticipate $38 million of unrecognized tax benefits, including interest and penalties, to be indemnified pursuant to a Tax Matters Agreement dated May 11, 2016 by and among Starwood Hotels & Resorts Worldwide, Inc., Vistana Signature Experiences, Inc., and Interval Leisure Group, Inc., and consequently have recorded a corresponding indemnification asset. The unrecognized tax benefits, including accrued interest and penalties, are included in Other liabilities on our Balance Sheet.
Our income tax returns are subject to examination by relevant tax authorities. Certain of our returns are being audited in various jurisdictions for tax years 2007 through 2020. The amount of the unrecognized tax benefits may increase or decrease within the next twelve months as a result of audits or audit settlements.
6. VACATION OWNERSHIP NOTES RECEIVABLE
The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.
March 31, 2024December 31, 2023
($ in millions)OriginatedAcquiredTotalOriginatedAcquiredTotal
Securitized$1,785 $129 $1,914 $1,764 $148 $1,912 
Eligible for securitization(1)
51 2 53 51 1 52 
Not eligible for securitization(1)
351 18 369 363 16 379 
Non-securitized402 20 422 414 17 431 
Total
$2,187 $149 $2,336 $2,178 $165 $2,343 
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
We reflect interest income associated with vacation ownership notes receivable on our Income Statements in the Financing revenues caption. The following table summarizes interest income associated with vacation ownership notes receivable.
Three Months Ended
($ in millions)March 31, 2024March 31, 2023
Interest income associated with securitized vacation ownership notes receivable
$71 $67 
Interest income associated with non-securitized vacation ownership notes receivable
10 9 
Total interest income associated with vacation ownership notes receivable$81 $76 
11


Credit Quality Indicators - Vacation Ownership Notes Receivable
We use the origination of vacation ownership notes receivable and the FICO scores of the customer by brand as the primary credit quality indicators, as historical performance indicates that there is a relationship between the default behavior of borrowers by FICO score and the brand associated with the vacation ownership interest (“VOI”) they have acquired. The estimates of the variable consideration for originated vacation ownership notes receivable and the reserve for credit losses on the acquired vacation ownership notes receivable are based on default rates that are an output of our static pool analyses and estimates regarding future defaults.
The weighted average FICO score within our consolidated vacation ownership notes receivable pool was 724 and 723, at March 31, 2024 and December 31, 2023, respectively, based upon the FICO score of the borrower at the time of origination.
Acquired Vacation Ownership Notes Receivable
Acquired vacation ownership notes receivable represent vacation ownership notes receivable acquired as part of the ILG Acquisition and the Welk Acquisition. The following table shows future contractual principal payments, net of a $14 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2024.
Acquired Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
2024, remaining$4 $21 $25 
20253 27 30 
20263 24 27 
20273 19 22 
20282 13 15 
Thereafter5 25 30 
Balance at March 31, 2024$20 $129 $149 
Weighted average stated interest rate13.8%14.2%14.1%
Range of stated interest rates
0.0% to 21.9%
0.0% to 21.9%
0.0% to 21.9%
The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Acquired Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)700+600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$42 $28 $4 $8 $82 
Hyatt Vacation Ownership48 31 1 1 81 
$90 $59 $5 $9 $163 
Acquired Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)700+600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$46 $32 $4 $9 $91 
Hyatt Vacation Ownership53 34 1 1 89 
$99 $66 $5 $10 $180 
12


Originated Vacation Ownership Notes Receivable
Originated vacation ownership notes receivable represent vacation ownership notes receivable originated by Legacy-ILG and Legacy-Welk subsequent to each respective acquisition date, and all Legacy-MVW vacation ownership notes receivable. The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2024.
Originated Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
2024, remaining$51 $105 $156 
202548 146 194 
202643 155 198 
202740 162 202 
202833 168 201 
Thereafter187 1,049 1,236 
Balance at March 31, 2024$402 $1,785 $2,187 
Weighted average stated interest rate11.9%13.3%13.0%
Range of stated interest rates
0.0% to 20.9%
0.0% to 20.9%
0.0% to 20.9%
The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.
Originated Vacation Ownership Notes Receivable Reserve
($ in millions)Non-SecuritizedSecuritizedTotal
Balance at December 31, 2023$195 $260 $455 
Increase (decrease) in vacation ownership notes receivable reserve
47 (5)42 
Securitizations(63)63  
Clean-up call34 (34) 
Write-offs(45) (45)
Defaulted vacation ownership notes receivable repurchase activity(1)
33 (33) 
Balance at March 31, 2024$201 $251 $452 
(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.
The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Originated Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,381 $608 $57 $327 $2,373 
Hyatt Vacation Ownership191 70 2 3 266 
$1,572 $678 $59 $330 $2,639 
Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,381 $609 $57 $323 2,370 
Hyatt Vacation Ownership188 70 2 3 263 
$1,569 $679 $59 $326 $2,633 
13


The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2024, and gross write-offs by brand for the first quarter of 2024.
Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)20242023202220212020 & PriorTotal
700 +$98 $470 $353 $191 $269 $1,381 
600 - 69930 183 155 98 142 608 
< 6003 17 14 9 14 57 
No Score39 138 59 23 68 327 
$170 $808 $581 $321 $493 $2,373 
Gross write-offs$ $7 $12 $8 $12 $39 
Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)20242023202220212020 & PriorTotal
700 +$27 $79 $56 $25 $4 $191 
600 - 6998 27 23 10 2 70 
< 600 1  1  2 
No Score 2 1   3 
$35 $109 $80 $36 $6 $266 
Gross write-offs$ $2 $3 $1 $ $6 
Vacation Ownership Notes Receivable on Non-Accrual Status
For both non-securitized and securitized vacation ownership notes receivable, we estimated the average remaining default rates of 12.62% as of March 31, 2024 and 13.00% as of December 31, 2023. A 0.5 percentage point increase in the estimated default rate would have resulted in an increase in the related vacation ownership notes receivable reserve of $13 million as of both March 31, 2024 and December 31, 2023.
The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
Investment in vacation ownership notes receivable on non-accrual status at March 31, 2024
$153 $27 $180 
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023
$141 $27