2.2.0.7 false Recently Issued Accounting Standards 10201 - Disclosure - Recently Issued Accounting Standards true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 Recently Issued Accounting Standards 3 us-gaap_ScheduleOfValuationAndQualifyingAccountsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> <div style="font-family: 'Times New Roman',Times,serif;"> <div style="margin-top: 12pt; font-size: 10pt;" align="left"><b>Note 2. Recently Issued Accounting Standards</b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     <b><i>Adopted Accounting Standards</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In June 2009, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2009-16, <i>"Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets" </i>(formerly Statement of Financial Accounting Standards ("SFAS") No. 166), and ASU No. 2009-17, "<i>Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities" </i>(formerly SFAS No. 167). </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     ASU No. 2009-16 amended the accounting for transfers of financial assets. Under ASU No. 2009-16, the qualifying special purpose entities ("QSPEs") used in the Company's securitization transactions are no longer exempt from consolidation. ASU No. 2009-17 prescribes an ongoing assessment of the Company's involvement in the activities of the QSPEs and the Company's rights or obligations to receive benefits or absorb losses of the trusts that could be potentially significant in order to determine whether those variable interest entities ("VIEs") will be required to be consolidated in the Company's financial statements. In accordance with ASU No. 2009-17, the Company concluded it is the primary beneficiary of the QSPEs and accordingly, the Company began consolidating the QSPEs on January 1, 2010 (see Notes 7 and 10). Using the carrying amounts of the assets and liabilities of the QSPEs as prescribed by ASU No. 2009-17 and any corresponding elimination of activity between the QSPEs and the Company resulting from the consolidation on January 1, 2010, the Company recorded a $417 million increase in total assets, a $444 million increase in total liabilities, a $26 million (net of tax) decrease in beginning retained earnings and a $1 million decrease to stockholders equity. The Company has additional VIEs whereby the Company was determined not to be the primary beneficiary (see Note 21). </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     Beginning January 1, 2010, the Company's balance sheet and statement of income no longer reflect activity related to its retained economic interests ("Retained Interests"), but instead reflects activity related to its securitized vacation ownership notes receivable and the corresponding securitized debt, including interest income, loan loss provisions, and interest expense. Interest income and loan loss provisions associated with the securitized vacation ownership notes receivable are included in the vacation ownership and residential sales and services line item resulting in an increase of $11 million in the six months ended June 30, 2010 as compared to the same period in 2009. Interest expense of $10 million was recorded in the six months ended June 30, 2010. The cash flows from borrowings and repayments associated with the securitized vacation ownership debt are now presented as cash flows from financing activities. The Company does not expect to recognize gains or losses from future securitizations as a result of the adoption of this new guidance. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     The Company's statement of income for the three and six months ended June 30, 2009 and its balance sheet as of December 31, 2009 have not been retrospectively adjusted to reflect the adoption of ASU Nos. 2009-16 and 2009-17. Therefore, current period results and balances will not be comparable to prior period amounts, particularly with regards to: </div> <div style="margin-top: 6pt;"> <table style="font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000;" valign="top"><td style="background: none transparent scroll repeat 0% 0%;" width="2%"> </td> <td nowrap="nowrap" align="left" width="3%"><b>•</b></td> <td width="1%"> </td> <td>Restricted cash</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000;" valign="top"><td style="background: none transparent scroll repeat 0% 0%;" width="2%"> </td> <td nowrap="nowrap" align="left" width="3%"><b>•</b></td> <td width="1%"> </td> <td>Other assets</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000;" valign="top"><td style="background: none transparent scroll repeat 0% 0%;" width="2%"> </td> <td nowrap="nowrap" align="left" width="3%"><b>•</b></td> <td width="1%"> </td> <td>Investments</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000;" valign="top"><td style="background: none transparent scroll repeat 0% 0%;" width="2%"> </td> <td nowrap="nowrap" align="left" width="3%"><b>•</b></td> <td width="1%"> </td> <td>Vacation ownership and residential sales and services</td></tr> <tr><td style="font-size: 6pt;"> </td></tr> <tr style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000;" valign="top"><td style="background: none transparent scroll repeat 0% 0%;" width="2%"> </td> <td nowrap="nowrap" align="left" width="3%"><b>•</b></td> <td width="1%"> </td> <td>Interest expense</td></tr></table></div> <p style="font-size: 10pt;" align="center"> </p></div> <hr noshade="noshade" /> <p> </p> <p> </p> <p> </p> <div style="font-family: 'Times New Roman',Times,serif;"> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In January 2010, the FASB issued ASU No. 2010-06 <i>"Fair Value Measurements and Disclosures (Topic 820): Improving Disclosures about Fair Value Measurements"</i>, which amends certain guidance of FASB Accounting Standards Codification ("ASC") 820. The amendment requires enhanced disclosures about valuation techniques and inputs to fair value measurements. This topic is effective for interim and annual reporting periods beginning after December 15, 2009. The Company adopted this topic on January 1, 2010 and it had no material impact on the Company's consolidated financial statements. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In February 2010, the FASB issued ASU No. 2010-09, "<i>Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements." </i>The amendments remove the requirement for a Securities and Exchange Commission ("SEC") registrant to disclose the date through which subsequent events were evaluated as this requirement would have potentially conflicted with SEC reporting requirements. Removal of the disclosure requirement did not affect the nature or timing of subsequent events evaluations performed by the Company. The ASU became effective upon issuance. </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     <b><i>Future Adoption of Accounting Standards</i></b> </div> <div style="margin-top: 6pt; font-size: 10pt;" align="left">     In October 2009, the FASB issued ASU No. 2009-13 "<i>Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements", </i>which supersedes certain guidance in ASC 605-25, <i>Revenue Recognition – Multiple Element Arrangements</i>. This topic requires an entity to allocate arrangement consideration at the inception of an arrangement to all of its deliverables based on their relative selling prices. This topic is effective for annual reporting periods beginning after June 15, 2010. The Company is currently evaluating the impact that this topic will have on its consolidated financial statements. </div></div> </div> Note 2. Recently Issued Accounting Standards      Adopted Accounting Standards      In June 2009, the false false false us-types:textBlockItemType textblock An element designated to encapsulate the entire schedule of any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 09 -Article 12 false 1 1 false UnKnown UnKnown UnKnown false true