Fair Value (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value

Significance Of Input To The Fair Value Measurement

		Fair Value Measure on a
					Recurring Basis
					Significant	Significant
		As of			O ther	Unobservable
		June 30,			O bservable	Inputs
		2011			Inputs (Level 2)	(Level 3)
Assets:
Derivatives: (a)
Call Options	$		21	$	-	$	21
Interest rate contracts			12		12		-
Foreign exchange contracts			5		5		-
Securities available-for-sale (b)			6		-		6
Total assets	$		44	$	17	$	27
Liabilities:
Derivatives: (c)
Bifurcated Conversion Feature	$		21	$	-	$	21
Interest rate contracts			17		17		-
Foreign exchange contracts			8		8		-
Total liabilities	$		46	$	25	$	21

(a)	Included in other current assets ($27 million) and other non-current assets ($11 million) on the Consolidated Balance Sheet.
(b)	Included in other non-current assets on the Consolidated Balance Sheet.
(c)	Included in current portion of long-term debt ($21 million), accrued expenses and other current liabilities ($8 million) and other non-current liabilities ($17 million) on the Consolidated Balance Sheet.

				Fair Value Measure on a
				Recurring Basis
				Significant		Significant
		As of		Other	Unobservable
		December 31,		Observable		Inputs
		2010		Inputs (Level 2)		(Level 3)
Assets:
Derivatives: (a)
Call Options	$	162	$	-	$	162
Interest rate contracts		7		7		-
Foreign exchange contracts		4		4		-
Securities available-for-sale (b)		6		-		6
Total assets	$	179	$	11	$	168
Liabilities:
Derivatives: (c)
Bifurcated Conversion Feature	$	162	$	-	$	162
Interest rate contracts		27		27		-
Foreign exchange contracts		12		12		-
Total liabilities	$	201	$	39	$	162

(a)	Included in other current assets ($5 million) and other non-current assets ($168 million) on the Consolidated Balance Sheet.
(b)	Included in other non-current assets on the Consolidated Balance Sheet.
(c)	Included in long-term debt ($162 million), accrued expenses and other current liabilities ($12 million) and other non-current liabilities ($27 million) on the Consolidated Balance Sheet.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
				Derivative
				Liability-
	Derivative			Bifurcated			Securities
	Asset-Call			Conversion			Available-For-
	Options			Feature			Sale
Balance as of December 31, 2010	$	162		$	(162	)	$	6
Convertible Notes activity (*)		(156	)		156			—
Change in fair value		15			(15	)		—
Balance as of June 30, 2011	$	21		$	(21	)	$	6

Carrying Amounts And Estimated Fair Values Of Financial Instruments

June 30, 2011						December 31, 2010
					Estimated						Estimated
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Assets
Vacation ownership contract receivables, net	$	2,898		$	3,339		$	2,982		$	2,782
Debt
Total debt (a)		3,732			3,884			3,744			3,871
Derivatives
Foreign exchange contracts (b)
Assets		5			5			4			4
Liabilities		(8	)		(8	)		(12	)		(12	)
Interest rate contracts (b)
Assets		12			12			7			7
Liabilities		(17	)		(17	)		(27	)		(27	)
Call Options
Assets		21			21			162			162

(a)	As of June 30, 2011 and December 31, 2010, includes $21 million and $162 million, respectively, related to the Bifurcated Conversion Feature liability.
(b)	Instruments are in net loss positions as of June 30, 2011 and December 31, 2010.