Note 11. Securitized Vacation Ownership Debt

As discussed in Note 7, the Company’s VIEs associated with the securitization of its VOI 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, 2012			December 31, 2011
2005 securitization, interest rates ranging from 5.25% to 6.29%, maturing 2018	$	25		$	37
2006 securitization, interest rates ranging from 5.28% to 5.85%, maturing 2018		20			27
2009 securitization, interest rate at 5.81%, maturing 2015		69			92
2010 securitization, interest rates ranging from 3.65% to 4.75%, maturing 2021		150			190
2011 securitization, interest rates ranging from 3.67% to 4.82%, maturing 2026		146			186

		410			532
Less current maturities		(111	)		(130	)

Long-term securitized debt	$	299		$	402