Securitized Vacation Ownership Debt

3 Months Ended

Mar. 31, 2012

Debt [Abstract]

Securitized Vacation Ownership Debt

Note 10. Securitized Vacation Ownership Debt

As discussed in Note 5, the Company’s VIEs associated with the securitization of its VOI notes receivable are consolidated in the Company’s financial statements. Long-term and short-term securitized vacation ownership debt consisted of the following (in millions):

	March 31,			December 31,
	2012			2011
2005 securitization, interest rates ranging from 5.25% to 6.29%, maturing 2018		32			37
2006 securitization, interest rates ranging from 5.28% to 5.85%, maturing 2018		24			27
2009 securitization, interest rate at 5.81%, maturing 2016		85			92
2010 securitization, interest rates ranging from 3.65% to 4.75%, maturing 2020		177			190
2011 securitization, interest rates ranging from 3.67% to 4.82%, maturing 2025		171			186
		489			532
Less current maturities		(125	)		(130	)
Long-term securitized debt	$	364		$	402