Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 (in millions):

	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	6	$	—	$	6
Liabilities:
Forward contracts	$	—	$	1	$	—	$	1

Carrying Amounts and Estimated Fair Values of Financial Instruments

The Company believes the carrying values of its financial instruments related to current assets and current liabilities approximate fair value. The following table presents the carrying amounts and estimated fair values of the Company’s non-current financial instruments (in millions):

		September 30, 2012				December 31, 2011
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Restricted cash	1	$	3	$	3	$	2	$	2
VOI notes receivable	3		180		224		93		109
Securitized vacation ownership notes receivable	3		348		443		446		551
Other notes receivable	3		22		22		26		26
Total financial assets		$	553	$	692	$	567	$	688
Liabilities:
Long-term debt	1	$	1,653	$	1,929	$	2,194	$	2,442
Long-term securitized debt	3		299		319		402		412
Total financial liabilities		$	1,952	$	2,248	$	2,596	$	2,854
Off-Balance sheet:
Letters of credit	2	$	—	$	108	$	—	$	171
Surety bonds	2		—		80		—		21
Total off-balance sheet		$	—	$	188	$	—	$	192