Fair Value (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

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

We believe the carrying values of our financial instruments related to current assets and current liabilities approximate fair value.  The following table presents the carrying amounts and estimated fair values of our long-term financial instruments (in millions):

		September 30, 2015				December 31, 2014
	Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Restricted cash	1	$	3	$	3	$	3	$	3
VOI notes receivable	3		366		455		295		369
Securitized vacation ownership notes receivable	3		154		193		227		287
Other notes receivable	3		60		60		51		51
Total financial assets		$	583	$	711	$	576	$	710
Liabilities:
Long-term debt	1	$	1,874	$	1,903	$	2,398	$	2,503
Long-term securitized debt	3		137		142		176		182
Total financial liabilities		$	2,011	$	2,045	$	2,574	$	2,685
Off-Balance sheet:
Letters of credit	2	$	—	$	73	$	—	$	83
Surety bonds	2		—		20		—		27
Total off-balance sheet		$	—	$	93	$	—	$	110