Subsequent Events Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Subsequent Events

Securitization Term Transaction

On July 23, 2013, the Company closed a series of term notes payable, Sierra Timeshare 2013-2 Receivables Funding LLC, with an initial principal amount of $325 million at an advance rate of 98%. These borrowings bear interest at a weighted average coupon rate of 2.68% and are secured by vacation ownership contract receivables.

Repurchase Authorization

On July 23, 2013, the Company's Board of Directors increased the authorization for the Company's stock repurchase program by $750 million.