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Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Note 8. Debt

Long-term debt and short-term borrowings consisted of the following, excluding securitized vacation ownership debt (in millions):


		March 31,				December 31,
		2012				2011
Senior Credit Facility:
Revolving Credit Facility, maturing 2013		$	—			$	—
Senior Notes, interest at 6.25%, maturing 2013			500				500
Senior Notes, interest at 7.875%, maturing 2014			498				497
Senior Notes, interest at 7.375%, maturing 2015			450				450
Senior Notes, interest at 6.75%, maturing 2018			400				400
Senior Notes, interest at 7.15%, maturing 2019			245				245
Mortgages and other, interest rates ranging from 1.00% to 9.00%, various maturities			107				105

			2,200				2,197
Less current maturities			(552	)			(3	)

Long-term debt		$	1,648			$	2,194

During the three months ended March 31, 2011, the Company entered into two interest rate swaps with a total notional amount of $100 million, which the Company pays floating and receives fixed interest rates.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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