Long-Term Debt And Borrowing Arrangements (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt Instruments

The Company’s indebtedness, as of December 31, consisted of:

	2012			2011
Securitized vacation ownership debt: (a)
Term notes	$	1,770		$	1,625
Bank conduit facility	190			237
Total securitized vacation ownership debt	1,960			1,862
Less: Current portion of securitized vacation ownership debt	218			196
Long-term securitized vacation ownership debt	$	1,742		$	1,666
Long-term debt: (b)
Revolving credit facility (due July 2016)	$	85		$	218
Commercial paper	273			—
3.50% convertible notes (due May 2012)	—			36
9.875% senior unsecured notes (due May 2014)	42			243
6.00% senior unsecured notes (due December 2016)	361		(c)	811
2.95% senior unsecured notes (due March 2017)	298			—
5.75% senior unsecured notes (due February 2018)	248			247
7.375% senior unsecured notes (due March 2020)	248			247
5.625% senior unsecured notes (due March 2021)	246			245
4.25% senior unsecured notes (due March 2022)	644			—
Vacation rentals capital leases	105			102
Other	52		(d)	4
Total long-term debt	2,602			2,153
Less: Current portion of long-term debt	326			46
Long-term debt	$	2,276		$	2,107

^(a)  Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings are collateralized by $2,543 million and $2,638 million of underlying gross vacation ownership contract receivables and related assets as of December 31, 2012 and 2011, respectively.

^(b)  The carrying amounts of the senior unsecured notes are net of unamortized discount of $18 million and $19 million as of December 31, 2012 and 2011, respectively.

^(c)  Includes $5 million of unamortized gains from the settlement of a derivative.

^(d)  Includes $48 million related to Shell, of which $40 million is current.

Summary Of Outstanding Debt Maturities

The Company’s outstanding debt as of December 31, 2012 matures as follows:

	Securitized Vacation Ownership Debt		Other		Total
Within 1 year	$	218	$	326	$	544
Between 1 and 2 years	246		62		308
Between 2 and 3 years	348		11		359
Between 3 and 4 years	209		458		667
Between 4 and 5 years	201		309		510
Thereafter	738		1,436		2,174
	$	1,960	$	2,602	$	4,562

Summary Of Available Capacity Under Borrowing Arrangements

As of December 31, 2012, available capacity under the Company’s borrowing arrangements was as follows:

	Securitized Bank Conduit Facility(a)		Revolving Credit Facility
Total Capacity	$	650	$	1,000
Less: Outstanding Borrowings	190		85
Available Capacity	$	460	$	915	(b)

^(a)  The capacity of this facility is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings.

^(b)  The capacity under the Company’s revolving credit facility includes availability for letters of credit. As of December 31, 2012, the available capacity of $915 million was further reduced by $11 million of letters of credit to $904 million ($631 million after taking into consideration outstanding commercial paper borrowings)