FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 30, 2011

Carrying Values and Fair Values of Non-Current Financial Assets and Liabilities

We show the carrying values and the fair values of non-current financial assets and liabilities that qualify as financial instruments, determined in accordance with current guidance for disclosures on the fair value of financial instruments, in the following table. On November 21, 2011, we transferred all balances related to Loans to timeshare owners (both securitized and non-securitized) and non-recourse debt associated with securitized notes receivable to MVW as part of the spin-off. See Footnote No. 17, "Spin-off" for additional information.

	At Year-End 2011						At Year-End 2010
($ in millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Cost method investments	$	31		$	25		$	60		$	63
Loans to timeshare owners – securitized	—			—			910			1,097
Loans to timeshare owners – non-securitized	—			—			170			176
Senior, mezzanine, and other loans – non-securitized	298			252			184			130
Restricted cash	16			16			30			30
Marketable securities	50			50			18			18
Total long-term financial assets	$	395		$	343		$	1,372		$	1,514
Non-recourse debt associated with securitized notes receivable	$	—		$	—		$	(890	)	$	(921	)
Senior Notes	(1,286		)	(1,412		)	(1,631		)	(1,771		)
Commercial paper	(331		)	(331		)	—			—
Other long-term debt	(137		)	(137		)	(142		)	(138		)
Other long-term liabilities	(77		)	(77		)	(71		)	(67		)
Long-term derivative liabilities	—			—			(1		)	(1		)
Total long-term financial liabilities	$	(1,831	)	$	(1,957	)	$	(2,735	)	$	(2,898	)