SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs by plan

The following table details our share-based compensation expense related to award grants to our officers, directors, and employees:

($ in millions)	2021		2020		2019
Service-based RSUs	$	34	$	22	$	17
Performance-based RSUs	9		9		7
ILG Acquisition Converted RSUs	—		2		10
	43		33		34
SARs	8		4		3
	$	51	$	37	$	37

Schedule of unrecognized compensation cost, unvested awards

The following table details our deferred compensation costs related to unvested awards:

($ in millions)	At Year-End 2021(1)		At Year-End 2020
Service-based RSUs	$	33	$	27
Performance-based RSUs	—		6
	33		33
SARs	2		1
	$	35	$	34

_________________________

(1)As of December 31, 2021, the weighted average remaining term for RSU grants outstanding at year-end 2021 was one to two years and we expect that deferred compensation expense will be recognized over a weighted average period of one to three years.

Schedule of outstanding RSUs and the associated weighted average grant-date fair values

The following table shows the changes in our outstanding RSUs and the associated weighted average grant-date fair values:

	2021
	Service-based			Performance-based			Total
	Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU		Number of RSUs	Weighted Average Grant-Date Fair Value Per RSU
Outstanding at year-end 2020	783,489	$	88.98	550,171	$	99.56	1,333,660	$	93.34
Granted	260,077	$	161.42	—	$	—	260,077	$	161.42
Distributed	(264,735)	$	97.57	(35,135)	$	138.68	(299,870)	$	102.39
Forfeited	(13,751)	$	115.94	(39,915)	$	133.95	(53,666)	$	129.33
Outstanding at year-end 2021	765,080	$	110.14	475,121	$	93.77	1,240,201	$	103.87

Schedule of outstanding SARs and the associated weighted average exercise prices

The following table shows the changes in our outstanding SARs and the associated weighted average exercise prices: 

	2021
	Number of SARs	Weighted Average Exercise Price Per SAR
Outstanding at year-end 2020	622,102	$	84.58
Granted	127,857	$	173.88
Exercised	(122,031)	$	57.78
Forfeited or expired	(1,053)	$	173.88
Outstanding at year-end 2021(1)(2)	626,875	$	107.86

_________________________

(1)As of December 31, 2021, outstanding SARs had a total intrinsic value of $39 million and a weighted average remaining term of 6 years.

(2)As of December 31, 2021, 356,698 SARs with a weighted average exercise price of $86.61, an aggregate intrinsic value of $29 million and a weighted average remaining contractual term of 5 years were exercisable.

Assumptions used to estimate fair value of grants

The following table outlines the assumptions used to estimate the fair value of grants in 2021, 2020, and 2019:

	2021	2020	2019
Expected volatility	48.35%	38.81%	31.10%
Dividend yield	1.48%	2.13%	1.76%
Risk-free rate	0.97%	0.96%	2.59%
Expected term (in years)	6.25	6.25	6.25