Long-Term Debt And Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s indebtedness consisted of:

	June 30, 2013			December 31, 2012
Securitized vacation ownership debt: (a)
Term notes	$	1,569		$	1,770
Bank conduit facility	289			190
Total securitized vacation ownership debt	1,858			1,960
Less: Current portion of securitized vacation ownership debt	217			218
Long-term securitized vacation ownership debt	$	1,641		$	1,742
Long-term debt: (b)
Revolving credit facility (due July 2018)	$	41		$	85
Commercial paper	168			273
9.875% senior unsecured notes (due May 2014)	—			42		(d)
$315 million 6.00% senior unsecured notes (due December 2016)	319		(c)	361		(e)
$300 million 2.95% senior unsecured notes (due March 2017)	298			298
$14 million 5.75% senior unsecured notes (due February 2018)	14			248		(f)
$450 million 2.50% senior unsecured notes (due March 2018)	447			—
$40 million 7.375% senior unsecured notes (due March 2020)	40			248		(f)
$250 million 5.625% senior unsecured notes (due March 2021)	246			246
$650 million 4.25% senior unsecured notes (due March 2022)	644			644
$400 million 3.90% senior unsecured notes (due March 2023)	397			—
Capital leases	184			105
Other	133			52
Total long-term debt	2,931			2,602
Less: Current portion of long-term debt	52			326
Long-term debt	$	2,879		$	2,276

^(a)  Represents non-recourse debt that is securitized through bankruptcy-remote SPEs, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings are collateralized by $2,414 million and $2,543 million of underlying gross vacation ownership contract receivables and related assets as of June 30, 2013 and December 31, 2012, respectively.

^(b)  The carrying amounts of the senior unsecured notes are net of unamortized discount of $19 million and $18 million as of June 30, 2013 and December 31, 2012, respectively.

^(c)  Includes $4 million of unamortized gains from the settlement of a derivative.

^(d)  Aggregate principal balance as of December 31, 2012 was $43 million.

^(e)  Aggregate principal balance as of December 31, 2012 was $357 million inclusive of $5 million of unamortized gains from the settlement of a derivative.

^(f)  Aggregate principal balance as of December 31, 2012 was $250 million.

Summary Of Outstanding Debt Maturities

The Company’s outstanding debt as of June 30, 2013 matures as follows:

	Securitized Vacation Ownership Debt		Other		Total
Within 1 year	$	217	$	52	$	269
Between 1 and 2 years	254		47		301
Between 2 and 3 years	355		48		403
Between 3 and 4 years	188		661		849
Between 4 and 5 years	181		475		656
Thereafter	663		1,648		2,311
	$	1,858	$	2,931	$	4,789

Summary Of Available Capacity Under Borrowing Arrangements

As of June 30, 2013, available capacity under the Company’s borrowing arrangements was as follows:

	Securitized Bank Conduit Facility(a)		Revolving Credit Facility
Total Capacity	$	650	$	1,500
Less: Outstanding Borrowings	289		41
Letters of credit	—		11
Commercial paper borrowings	—		168		(b)
Available Capacity	$	361	$	1,280

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

^(b)  The Company considers outstanding borrowings under its commercial paper program to be a reduction of the available capacity of its revolving credit facility.