Fair Value (Tables)

3 Months Ended

Mar. 31, 2016

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):

			March 31, 2016				December 31, 2015
	Hierarchy		Carrying		Fair		Carrying		Fair
	Level		Amount		Value		Amount		Value
Assets:
Restricted cash		1	$	4	$	4	$	4	$	4
VOI notes receivable		3		419		518		402		495
Securitized vacation ownership notes receivable		3		127		158		141		174
Other notes receivable		3		73		73		63		63
Total financial assets			$	623	$	753	$	610	$	736
Liabilities:
Long-term debt		1	$	2,318	$	2,410	$	2,144	$	2,178
Long-term securitized debt		3		111		113		123		126
Total financial liabilities			$	2,429	$	2,523	$	2,267	$	2,304
Off-Balance sheet:
Letters of credit		2	$	—	$	78	$	—	$	80
Surety bonds		2		—		30		—		32
Total off-balance sheet			$	—	$	108	$	—	$	112