Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

Note 9. Debt

Long-term debt and short-term borrowings consisted of the following, excluding securitized vacation ownership debt (in millions):

	September  30, 2011			December  31, 2010
Senior Credit Facilities:
Revolving Credit Facility, maturing 2013	$	—		$	—
Senior Notes, interest at 7.875%, maturing 2012		607			609
Senior Notes, interest at 6.25%, maturing 2013		502			504
Senior Notes, interest at 7.875%, maturing 2014		497			490
Senior Notes, interest at 7.375%, maturing 2015		450			450
Senior Notes, interest at 6.75%, maturing 2018		400			400
Senior Notes, interest at 7.15%, maturing 2019		245			245
Mortgages and other, interest rates ranging from 2.79% to 9.00%, various maturities		96			159
		2,797			2,857
Less current maturities		(610	)		(9	)
Long-term debt	$	2,187		$	2,848

During the three months ended June 30, 2011, the Company sold its interest in a consolidated joint venture which resulted in the buyer assuming approximately $57 million of the Company’s mortgage debt.

During the three months ended March 31, 2011, the Company entered into two interest rate swaps with a total notional amount of $100 million, which the Company pays floating and receives fixed interest rates. See Note 12.