Fair Value (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value

Significance Of Input To The Fair Value Measurement

				Fair Value Measure on a
				Recurring Basis
				Significant	Significant
		As of		Other	Unobservable
		September 30,		Observable	Inputs
		2011		Inputs (Level 2)	(Level 3)
Assets:
Derivatives: (a)
Call Options	$	16	$	—	$	16
Interest rate contracts		7		7		—
Foreign exchange contracts		4		4		—
Securities available-for-sale (b)		6		—		6
Total assets	$	33	$	11	$	22
Liabilities:
Derivatives: (c)
Bifurcated Conversion Feature	$	16	$	—	$	16
Interest rate contracts		14		14		—
Foreign exchange contracts		11		11		—
Total liabilities	$	41	$	25	$	16

(a)	Included in other current assets ($20 million) and other non-current assets ($7 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 ($16 million), accrued expenses and other current liabilities ($11 million) and other non- current liabilities ($14 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		10			(10	)		—
Balance as of September 30, 2011	$	16		$	(16	)	$	6

(*)      Represents the change in value resulting from the Company's repurchase of a portion of its Convertible Notes and the settlement of a corresponding portion of the Call Options (see Note 7—Long-Term Debt and Borrowing Arrangements).

Carrying Amounts And Estimated Fair Values Of Financial Instruments

		September 30, 2011						December 31, 2010
					Estimated						Estimated
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
Assets
Vacation ownership contract receivables, net	$	2,862		$	3,243		$	2,982		$	2,782
Debt
Total debt (a)		3,829			3,974			3,744			3,871
Derivatives
Foreign exchange contracts (b)
Assets		4			4			4			4
Liabilities		(11	)		(11	)		(12	)		(12	)
Interest rate contracts (b)
Assets		7			7			7			7
Liabilities		(14	)		(14	)		(27	)		(27	)
Call Options
Assets		16			16			162			162

(a)	As of September 30, 2011 and December 31, 2010, includes $16 million and $162 million, respectively, related to the Bifurcated Conversion Feature liability.
(b)	Instruments are in net loss positions as of September 30, 2011 and December 31, 2010.