Long-Term Debt And Borrowing Arrangements (Tables)

9 Months Ended

Sep. 30, 2011

Long-Term Debt And Borrowing Arrangements

Summary Of Indebtedness

				December 31,
		September 30, 2011		2010
Securitized vacation ownership debt: (a)
Term notes	$	1,512	$	1,498
Bank conduit facility (b)		218		152
Total securitized vacation ownership debt		1,730		1,650
Less: Current portion of securitized vacation ownership debt		179		223
Long-term securitized vacation ownership debt	$	1,551	$	1,427
Long-term debt:
Revolving credit facility (due July 2016) (c)	$	169	$	154
6.00% senior unsecured notes (due December 2016) (d)		812		798
9.875% senior unsecured notes (due May 2014) (e)		243		241
3.50% convertible notes (due May 2012) (f)		27		266
7.375% senior unsecured notes (due March 2020) (g)		247		247
5.75% senior unsecured notes (due February 2018) (h)		247		247
5.625% senior unsecured notes (due March 2021) (i)		245		—
Vacation rentals capital leases (j)		108		115
Other		1		26
Total long-term debt		2,099		2,094
Less: Current portion of long-term debt		37		11
Long-term debt	$	2,062	$	2,083

(a)	Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities ("SPEs"), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings are collateralized by $2,502 million and $2,865 million of underlying gross vacation ownership contract receivables and related assets as of September 30, 2011 and December 31, 2010, respectively.
(b)	Represents a $600 million, non-recourse vacation ownership bank conduit facility, with a term through June 2013 whose capacity is subject to the Company's ability to provide additional assets to collateralize the facility. As of September 30, 2011, the total available capacity of the facility was $382 million.
(c)	Total capacity of the revolving credit facility is $1.0 billion, which includes availability for letters of credit. As of September 30, 2011, the Company had $11 million of letters of credit outstanding and, as such, the total available capacity of the revolving credit facility was $820 million.
(d)	Represents senior unsecured notes issued by the Company during December 2006. The balance as of September 30, 2011 represents $800 million aggregate principal less $2 million of unamortized discount, plus $14 million of unamortized gains from the settlement of a derivative.
(e)	Represents senior unsecured notes issued by the Company during May 2009. The balance as of September 30, 2011 represents $250 million aggregate principal less $7 million of unamortized discount.
(f)	Represents convertible notes issued by the Company during May 2009, which includes debt principal, less unamortized discount, and a liability related to a bifurcated conversion feature. During the first nine months of 2011, the Company repurchased a portion of its outstanding 3.50% convertible notes, primarily through the completion of a cash tender offer (see "3.50% Convertible Notes" below for further details). The following table details the components of the convertible notes:

		September 30, 2011			December 31, 2010
Debt principal	$	12		$	116
Unamortized discount		(1	)		(12	)
Debt less discount		11			104
Fair value of bifurcated conversion feature (*)		16			162
Convertible notes	$	27		$	266

	(*)	The Company also has an asset with a fair value equal to the bifurcated conversion feature, which represents cash-settled call options that the Company purchased concurrent with the issuance of the convertible notes ("Bifurcated Conversion Feature").
(g)	Represents senior unsecured notes issued by the Company during February 2010. The balance as of September 30, 2011 represents  $250  million aggregate principal less $3 million of unamortized discount.
(h)	Represents senior unsecured notes issued by the Company during September 2010. The balance as of September 30, 2011 represents  $250  million aggregate principal less $3 million of unamortized discount.
(i)	Represents senior unsecured notes issued by the Company during March 2011. The balance as of September 30, 2011 represents  $250 million aggregate principal less $5 million of unamortized discount.
(j)	Represents capital lease obligations with corresponding assets classified within property and equipment on the Consolidated Balance  Sheets.

Summary Of Outstanding Debt Maturities

		Securitized
		Vacation
		Ownership
		Debt		Other			Total
Within 1 year	$	179	$	37	(*)	$	216
Between 1 and 2 years		213		10			223
Between 2 and 3 years		353		254			607
Between 3 and 4 years		184		11			195
Between 4 and 5 years		181		181			362
Thereafter		620		1,606			2,226
	$	1,730	$	2,099		$	3,829

(*)Includes a liability of $16 million related to the Bifurcated Conversion Feature associated with the Company's Convertible Notes.

Summary Of Available Capacity Under Borrowing Arrangements

		Securitized Bank	Revolving Credit
		Conduit Facility (a)			Facility
Total Capacity	$	600		$	1,000
Less: Outstanding Borrowings		218			169
Available Capacity	$	382		$	831	(b)

(a)	The capacity of this facility is subject to the Company's ability to provide additional assets to collateralize additional securitized borrowings.
(b)	The capacity under the Company's revolving credit facility includes availability for letters of credit. As of September 30, 2011, the available capacity of $831 million was further reduced to $820 million due to the issuance of $11 million of letters of credit.