FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of estimated fair value of financial instruments


	June 30, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
	Amount		Value		Amount		Value
	(In millions)
Cash and cash equivalents	$	173	$	173	$	126	$	126
Restricted cash and cash equivalents		68		68		118		118
Financing receivables		34		34		19		19
Vacation ownership mortgages receivable		710		745		719		737
Investments in marketable securities		15		15		14		14
Securitized debt		365		366		430		425
Revolving credit facility(1)		(308)		(311)		(236)		(240)
Senior notes(1)		(345)		(363)		(344)		(361)

(1)

The carrying value of our revolving credit facility and senior notes as of June 30, 2017 include $3 million and $5 million of unamortized debt issuance costs, respectively, and $4 million and $6 million as of December 31, 2016, which are presented as a direct reduction of the corresponding liability.