Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Fair Value of Financial Assets and Liabilities

The carrying amounts and estimated fair values of our financial assets and liabilities, including related current portions, were as follows:


	June 30, 2014
			Hierarchy Level
	Carrying Amount		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	291	$	—	$	291	$	—
Restricted cash equivalents		94		—		94		—
Timeshare financing receivables		988		—		—		990

Liabilities:
Long-term debt⁽¹⁾		11,235		59		1,598		9,862
Non-recourse debt⁽²⁾		698		—		—		701
Interest rate swaps		5		—		5		—


	December 31, 2013
			Hierarchy Level
	Carrying Amount		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	309	$	—	$	309	$	—
Restricted cash equivalents		107		—		107		—
Timeshare financing receivables		994		—		—		996
Interest rate swaps		10		—		10		—

Liabilities:
Long-term debt⁽¹⁾		11,682		57		1,560		10,358
Non-recourse debt⁽²⁾		672		—		—		670

⁽¹⁾	Excludes capital lease obligations with a carrying value of $82 million and $73 million as of June 30, 2014 and December 31, 2013, respectively.

⁽²⁾	Represents the Securitized Timeshare Debt and the Timeshare Facility.

The carrying amounts and estimated fair values of our financial assets and liabilities, which included related current portions, were as follows:


	December 31, 2013
			Hierarchy Level
	Carrying Amount		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	309	$	—	$	309	$	—
Restricted cash equivalents		107		—		107		—
Timeshare financing receivables		994		—		—		996
Interest rate swaps		10		—		10		—
Liabilities:
Long-term debt⁽¹⁾⁽³⁾		11,682		57		1,560		10,358
Non-recourse debt⁽²⁾⁽³⁾		672		—		—		670


	December 31, 2012
			Hierarchy Level
	Carrying Amount		Level 1		Level 2		Level 3
	(in millions)
Assets:
Cash equivalents	$	561	$	—	$	561	$	—
Restricted cash equivalents		322		—		322		—
Timeshare financing receivables		984		—		—		987
Liabilities:
Long-term debt⁽¹⁾⁽³⁾		15,492		152		—		15,716

⁽¹⁾	Excludes capital lease obligations with a carrying value of $73 million and $83 million as of December 31, 2013 and 2012, respectively.

⁽²⁾	Represents the Securitized Timeshare Debt and the Timeshare Facility.

⁽³⁾	Includes current maturities.

Fair Value Measurements, Nonrecurring

The estimated fair values of our financial and nonfinancial assets that were measured at fair value on a nonrecurring basis as a result of impairment losses were as follows:


	Year Ended December 31,
	2012				2011
	Fair Value⁽¹⁾		Impairment Losses		Fair Value⁽¹⁾		Impairment Losses
	(in millions)
Property and equipment, net	$	24	$	53	$	5	$	20
Investments in affiliates		29		20		205		141

⁽¹⁾	Fair value measurements using significant unobservable inputs (Level 3).

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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