Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 14, 2013

Each Reference to Particular Year in These Financial Statements Means Fiscal Year Ended on Date Shown

Unless otherwise specified, each reference to a particular quarter in these Financial Statements means the twelve weeks ended on the date shown in the following table, rather than the corresponding calendar quarter:

Fiscal Year	Quarter-End Date
2013 Second Quarter	June 14, 2013
2013 First Quarter	March 22, 2013
2012 Second Quarter	June 15, 2012
2012 First Quarter	March 23, 2012

Summary of Restatement of Previously Reported Financial Statements

The impact of these adjustments on the financial statements is detailed in the tables below.

	For the Twelve Weeks Ended March 22, 2013
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	140		$	1		$	141
TOTAL REVENUES	$	389		$	1		$	390
INCOME BEFORE INCOME TAXES	$	29		$	1		$	30
NET INCOME	$	18		$	1		$	19
Basic earnings per share	$	0.52		$	0.01		$	0.53
Diluted earnings per share	$	0.50		$	0.01		$	0.51
	As of December 28, 2012
($ in millions)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED BALANCE SHEETS
Inventory	$	881		$	7		$	888
Other	$	135		$	2		$	137
TOTAL ASSETS	$	2,604		$	9		$	2,613
Advance deposits	$	42		$	22		$	64
Deferred taxes	$	43		$	(1	)	$	42
TOTAL LIABILITIES	$	1,453		$	21		$	1,474
Retained earnings (deficit)	$	14		$	(12	)	$	2
TOTAL EQUITY	$	1,151		$	(12	)	$	1,139
TOTAL LIABILITIES AND EQUITY	$	2,604		$	9		$	2,613
	For the Year Ended December 28, 2012
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	627		$	(9	)	$	618
TOTAL REVENUES	$	1,648		$	(9	)	$	1,639
Cost of vacation ownership products	$	205		$	(2	)	$	203
Marketing and sales	$	330		$	(1	)	$	329
TOTAL EXPENSES	$	1,623		$	(3	)	$	1,620
INCOME BEFORE INCOME TAXES	$	37		$	(6	)	$	31
Provision for income taxes	$	(21	)	$	(3	)	$	(24	)
NET INCOME	$	16		$	(9	)	$	7
Basic earnings per share	$	0.46		$	(0.27	)	$	0.19
Diluted earnings per share	$	0.44		$	(0.26	)	$	0.18

	For the Twelve Weeks Ended June 15, 2012
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	145		$	(4	)	$	141
TOTAL REVENUES	$	387		$	(4	)	$	383
Cost of vacation ownership products	$	51		$	(1	)	$	50
TOTAL EXPENSES	$	377		$	(1	)	$	376
INCOME BEFORE INCOME TAXES	$	12		$	(3	)	$	9
NET INCOME	$	8		$	(3	)	$	5
Basic earnings per share	$	0.25		$	(0.09	)	$	0.16
Diluted earnings per share	$	0.24		$	(0.09	)	$	0.15
	For the Twenty-Four Weeks Ended June 15, 2012
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	279		$	(6	)	$	273
TOTAL REVENUES	$	763		$	(6	)	$	757
Cost of vacation ownership products	$	99		$	(2	)	$	97
TOTAL EXPENSES	$	736		$	(2	)	$	734
INCOME BEFORE INCOME TAXES	$	29		$	(4	)	$	25
NET INCOME	$	17		$	(4	)	$	13
Basic earnings per share	$	0.50		$	(0.11	)	$	0.39
Diluted earnings per share	$	0.48		$	(0.11	)	$	0.37
	For the Year Ended December 30, 2011
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	634		$	(7	)	$	627
Cost reimbursements	$	331		$	18		$	349
TOTAL REVENUES	$	1,613		$	11		$	1,624
Cost of vacation ownership products	$	242		$	(3	)	$	239
Marketing and sales	$	342		$	(1	)	$	341
Cost reimbursements	$	331		$	18		$	349
TOTAL EXPENSES	$	1,833		$	14		$	1,847
LOSS BEFORE INCOME TAXES	$	(214	)	$	(3	)	$	(217	)
Benefit for income taxes	$	36		$	9		$	45
NET LOSS	$	(178	)	$	6		$	(172	)
Basic loss per share	$	(5.29	)	$	0.17		$	(5.12	)
Diluted loss per share	$	(5.29	)	$	0.17		$	(5.12	)

	For the Year Ended December 31, 2010
($ in millions, except per share data)	As Previously Reported			Adjustment			As Restated
CONSOLIDATED STATEMENTS OF OPERATIONS
Sale of vacation ownership products	$	635		$	(6	)	$	629
Cost reimbursements	$	318		$	14		$	332
TOTAL REVENUES	$	1,584		$	8		$	1,592
Cost of vacation ownership products	$	245		$	(2	)	$	243
Marketing and sales	$	344		$	(1	)	$	343
Cost reimbursements	$	318		$	14		$	332
TOTAL EXPENSES	$	1,496		$	11		$	1,507
INCOME BEFORE INCOME TAXES	$	112		$	(3	)	$	109
Provision for income taxes	$	(45	)	$	(5	)	$	(50	)
NET INCOME	$	67		$	(8	)	$	59
Basic earnings per share	$	2.00		$	(0.26	)	$	1.74
Diluted earnings per share	$	2.00		$	(0.26	)	$	1.74