Consolidated Statements Of Income (USD $) In Millions, except Per Share data	3 Months Ended			6 Months Ended
	Jun. 30, 2011		Jun. 30, 2010	Jun. 30, 2011		Jun. 30, 2010
Net revenues
Service and membership fees	$ 499		$ 409	$ 995		$ 833
Vacation ownership interest sales	313		271	535		488
Franchise fees	134		120	235		211
Consumer financing	103		106	206		211
Other	41		57	70		106
Net revenues	1,090		963	2,041		1,849
Expenses
Operating	458		387	868		769
Cost of vacation ownership interests	48		49	79		86
Consumer financing interest	23		29	46		53
Marketing and reservation	153		138	290		261
General and administrative	126		146	266		293
Asset impairment				13
Restructuring	7			6
Depreciation and amortization	45		42	90		85
Total expenses	860		791	1,658		1,547
Operating income	230		172	383		302
Other income, net	(1)		(3)	(7)		(5)
Interest expense	37	[1]	36	81	[2]	86	[3]
Interest income	(2)		(2)	(3)		(2)
Income before income taxes	196		141	312		223
Provision for income taxes	82		46	126		78
Net income	$ 114		$ 95	$ 186		$ 145
Earnings per share
Basic	$ 0.68		$ 0.53	$ 1.10		$ 0.81
Diluted	$ 0.67		$ 0.51	$ 1.07		$ 0.78
Cash dividends declared per share	$ 0.15		$ 0.12	$ 0.30		$ 0.24

[1] Includes (i) $3 million of interest related to value added tax accruals and (ii) $1 million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the second quarter of 2011.

[2] Includes (i) $12 million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the first half of 2011 and (ii) $3 million of interest related to value added tax accruals.

[3] Includes $16 million of costs incurred for the early extinguishment of the Company's term loan and revolving foreign credit facilities during March 2010.