Securitized Vacation Ownership Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Securitized Vacation Ownership Debt

Note 10. Securitized Vacation Ownership Debt

As discussed in Note 6, the Company’s VIEs associated with the securitization of its vacation ownership notes receivable are consolidated in the Company’s financial statements. Long-term and short-term securitized vacation ownership debt consisted of the following (in millions):

	September  30, 2011			December  31, 2010
2003 securitization, interest rates ranging from 3.95% to 6.96%, maturing 2018	$	12		$	17
2005 securitization, interest rates ranging from 5.25% to 6.29%, maturing 2018		41			55
2006 securitization, interest rates ranging from 5.28% to 5.85%, maturing 2018		29			39
2009 securitization, interest rate at 5.81%, maturing 2016		101			128
2010 securitization, interest rates ranging from 3.65% to 4.75%, maturing 2021		205			255
		388			494
Less current maturities		(105	)		(127	)
Long-term securitized debt	$	283		$	367