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Securitized Vacation Ownership Debt

6 Months Ended

Jun. 30, 2012

Debt and Securitized Vacation Ownership Debt [Abstract]

Note 11. Securitized Vacation Ownership Debt

As discussed in Note 6, 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):


	June 30,			December 31,
	2012			2011
2005 securitization, interest rates ranging from 5.25% to 6.29%, maturing 2018	$	29		$	37
2006 securitization, interest rates ranging from 5.28% to 5.85%, maturing 2018		22			27
2009 securitization, interest rate at 5.81%, maturing 2016		77			92
2010 securitization, interest rates ranging from 3.65% to 4.75%, maturing 2021		163			190
2011 securitization, interest rates ranging from 3.67% to 4.82%, maturing 2026		158			186

		449			532
Less current maturities		(117	)		(130	)

Long-term securitized debt	$	332		$	402