Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2016

Discontinued Operations And Disposal Groups [Abstract]

Summary of Financial Results, Aggregate Amounts of Classes of Assets and Liabilities, and Cash Flows of Discontinued Operations

The following table presents financial results of the Vistana Vacation Ownership Business and the five hotels transferred to ILG (in millions):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016 (1)			2015			2016 (2)			2015
Revenues:
Owned, leased and consolidated joint venture hotels	$	9		$	24		$	39		$	49
Vacation ownership and residential sales and services		85			169			269			355
Management fees, franchise fees and other income		—			1			1			2
Other revenues from managed and franchised properties		21			46			66			90
		115			240			375			496
Costs and Expenses:
Owned, leased and consolidated joint venture hotels		7			17			24			37
Vacation ownership and residential sales and services		66			125			206			260
Restructuring and other special charges, net (3)		30			11			37			17
Depreciation		5			9			15			18
Amortization		—			1			—			1
Other expenses from managed and franchised properties		21			46			66			90
Total operating expenses		129			209			348			423
Income (loss) from operations of discontinued operations		(14	)		31			27			73
Equity earnings and gains (losses) from unconsolidated ventures, net		—			(1	)		—			—
Interest expense, net of interest income		—			(1	)		(2	)		(4	)
Gain (loss) on asset dispositions and impairments, net		(214	)		—			(214	)		—
Income (loss) from discontinued operations before taxes		(228	)		29			(189	)		69
Income tax expense		—			(11	)		(22	)		(27	)
Income (loss) from discontinued operations, net of taxes	$	(228	)	$	18		$	(211	)	$	42

(1) Includes the financial results from April 1, 2016 to May 11, 2016.

(2) Includes the financial results from January 1, 2016 to May 11, 2016.

(3) Transaction costs related to the spin-off of the Vistana Vacation Ownership Business have been reclassified to discontinued operations loss on dispositions.

The following table presents the aggregate carrying amounts of the classes of assets and liabilities of the Vacation Ownership Business and the five hotels transferred to ILG (in millions). For additional information and disclosures of balances as of December 31, 2015, please see our Annual Report on Form 10-K for the year ended December 31, 2015.

	December 31,
	2015
Carrying amounts of assets associated with the discontinued operations:
Cash and cash equivalents	$	25
Restricted cash		36
Accounts receivable, net of allowance for doubtful accounts of $9		115
Inventories		304
Securitized vacation ownership notes receivable, net of allowance for doubtful accounts of $2		32
Prepaid expenses and other		22
Investments		13
Property and equipment, net		445
Goodwill and intangible assets, net		162
Deferred income taxes		33
Other assets		411
Securitized vacation ownership notes receivable, net		141
Total assets of the discontinued operations classified as held for sale	$	1,739
Carrying amounts of liabilities associated with the discontinued operations:
Short-term borrowings and current maturities of long-term debt	$	1
Accounts payable		12
Current maturities of long-term securitized vacation ownership debt		48
Accrued expenses		137
Accrued taxes and other		18
Accrued salaries, wages and benefits		39
Long-term debt		—
Long-term securitized vacation ownership debt		123
Deferred income taxes		2
Other liabilities		32
Total liabilities of the discontinued operations classified as held for sale	$	412

The following table presents the cash flows the Vacation Ownership Business and the five hotels transferred to ILG (in millions):

	Six Months Ended
	June 30,
	2016 (1)			2015
Discontinued Operating activities
Depreciation and amortization	$	15		$	19
(Gain) loss on asset dispositions and impairments, net		214			—
Stock-based compensation expense		2			2
Decrease (increase) in restricted cash		(23	)		30
Securitized VOI notes receivable activity, net		23			38
Unsecuritized VOI notes receivable activity, net		(38	)		(36	)
Discontinued Investing activities
Purchases of plant, property and equipment	$	11		$	15
Proceeds from asset sales, net		98			—

(1) Includes the financial results from January 1, 2016 to May 11, 2016.