The reportable segments presented below represent the Company's operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon net revenues and "EBITDA", which is defined as net income before depreciation and amortization, interest expense (excluding consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Consolidated Statements of Income. The Company's presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.


		Three Months Ended September 30,
		2011						2010
		Net						Net
		Revenues		EBITDA			Revenues			EBITDA
Lodging	$	222	$	67			$	203	$	67
Vacation Exchange and Rentals		436		131		^(b)		330		103	^(e)
Vacation Ownership		559		149				533		123
Total Reportable Segments		1,217		347				1,066		293
Corporate and Other ^(a)		(5	)	(18	)	^(c)		(1	)	30	^(c)
Total Company	$	1,212		329			$	1,065		323
Depreciation and amortization				43						43
Interest expense				34						47	^(f)
Interest income				(19	)	^(d)				(2	)
Income before income taxes			$	271					$	235

(a)	Includes the elimination of transactions between segments.
(b)	Includes a $4 million charge related to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(c)	Includes (i) $8 million and $52 million of a net benefit related to the resolution of and adjustment to certain contingent liabilities and assets resulting from the Separation during the three months ended September 30, 2011 and 2010, respectively, and (ii) $26 million and $23 million of corporate costs during the three months ended September 30, 2011 and 2010, respectively.
(d)	Includes $16 million of interest income related to a refund of value added taxes.
(e)	Includes $1 million related to costs incurred in connection with the Company's acquisition of ResortQuest during September 2010.
(f)	Includes $11 million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the third quarter of 2010.


		Nine Months Ended September 30,
		2011						2010
		Net						Net
		Revenues		EBITDA			Revenues			EBITDA
Lodging	$	561	$	160		^(b)	$	525	$	148		^(h)
Vacation Exchange and Rentals		1,152		330		^(c)		912		261		⁽ⁱ⁾
Vacation Ownership		1,550		376		^(d)		1,483		310
Total Reportable Segments		3,263		866				2,920		719
Corporate and Other ^(a)		(10	)	(57	)	^(e)		(6	)	(4	)	^(e)
Total Company	$	3,253		809			$	2,914		715
Depreciation and amortization				133						128
Interest expense				115		^(f)				133		^(j)
Interest income				(22	)	^(g)				(3	)
Income before income taxes		$		583				$		457


(a)	Includes the elimination of transactions between segments.
(b)	Includes a non-cash impairment charge of $13 million related to a write-down of an international joint venture in the Company's lodging business.
(c)	Includes (i) a $31 million net benefit resulting from a refund of value added taxes, (ii) $7 million of restructuring cost incurred in connection with a strategic initiative commenced by the Company during 2010 and (iii) a $4 million charge related to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(d)	Includes a $1 million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.
(e)	Includes (i) $16 million and $51 million of a net benefit related to the resolution of and adjustment to certain contingent liabilities and assets resulting from the Separation during the nine months ended September 30, 2011 and 2010, respectively, and (ii) $73 million and $55 million of corporate costs during the nine months ended September 30, 2011 and 2010, respectively.
(f)	Includes (i) $12 million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the first nine months of 2011 and (ii) $3 million of interest related to value added tax accruals.
(g)	Includes $16 million of interest income related to a refund of value added taxes.
(h)	Includes $1 million related to costs incurred in connection with the Company's acquisition of the Tryp brand during June 2010.
(i)	Includes (i) $4 million related to costs incurred in connection with the Company's acquisition of Hoseasons during March 2010 and (ii) $1 million related to costs incurred in connection with the Company's acquisition of ResortQuest during September 2010.
(j)	Includes (i) $16 million of costs incurred for the early extinguishment of the Company's term loan and revolving foreign credit facilities during March 2010 and (ii) $11 million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the third quarter of 2010.