Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents our fair value hierarchy for our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 (in millions):

	Level 1		Level 2		Level 3		Total
Asset Derivatives:
Forward contracts	$	—	$	3	$	—	$	3
Liabilities:
Forward contracts	$	—	$	2	$	—	$	2

Carrying Amounts and Estimated Fair Values of Long-Term Financial Instruments

The following table presents the carrying amounts and estimated fair values of our long-term financial instruments (in millions):

			March 31, 2013				December 31, 2012
	Hierarchy Level		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Restricted cash		1	$	4	$	4	$	6	$	6
VOI notes receivable		3		125		155		92		113
Securitized vacation ownership notes receivable		3		410		521		438		558
Other notes receivable		3		16		16		11		11
Total financial assets			$	555	$	696	$	547	$	688
Liabilities:
Long-term debt		1	$	1,273	$	1,447	$	1,273	$	1,447
Long-term securitized debt		3		353		371		383		402
Total financial liabilities			$	1,626	$	1,818	$	1,656	$	1,849
Off-Balance sheet:
Letters of credit		2	$	—	$	120	$	—	$	117
Surety bonds		2		—		82		—		80
Total off-balance sheet			$	—	$	202	$	—	$	197