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margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">11.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Commitments and Contingencies</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company is involved in claims, legal proceedings and governmental inquiries related to the Company's business. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Wyndham Worldwide Litigation</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company is involved in claims and legal actions arising in the ordinary course of its business including but not limited to: for its lodging business&#8212;breach of contract, fraud and bad faith claims between franchisors and franchisees in connection with franchise agreements and with owners in connection with management contracts, negligence, breach of contract, fraud, privacy, consumer protection and other statutory claims asserted in connection with alleged acts or occurrences at franchised or managed properties; for its vacation exchange and rentals business&#8212; </div> <p style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" align="center">&nbsp;</p></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">breach of contract, fraud and bad faith claims by affiliates and customers in connection with their respective agreements, negligence, breach of contract, fraud, privacy, consumer protection and other statutory claims asserted by members and guests for alleged injuries sustained at affiliated resorts and vacation rental properties; for its vacation ownership business&#8212;breach of contract, bad faith, conflict of interest, fraud, privacy, consumer protection and other statutory claims by property owners' associations, owners and prospective owners in connection with the sale or use of VOIs or land, or the management of vacation ownership resorts, construction defect claims relating to vacation ownership units or resorts and negligence, breach of contract, fraud, privacy, consumer protection and other statutory claims by guests for alleged injuries sustained at vacation ownership units or resorts; and for each of its businesses, bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters involving claims of discrimination, harassment and wage and hour claims, claims of infringement upon third parties' intellectual property rights, tax claims and environmental claims. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company believes that it has adequately accrued for such matters with reserves of $38&nbsp;million as of March&nbsp;31, 2011. Such amount is exclusive of matters relating to the Company's separation from its former Parent ("Separation"). For matters not requiring accrual, the Company believes that such matters will not have a material adverse effect on its results of operations, financial position or cash flows based on information currently available. However, litigation is inherently unpredictable and, although the Company believes that its accruals are adequate <font style="white-space: nowrap;" class="_mt">and/or</font> that it has valid defenses in these matters, unfavorable results could occur. As such, an adverse outcome from such proceedings for which claims are awarded in excess of the amounts accrued, if any, could be material to the Company with respect to earnings or cash flows in any given reporting period. However, the Company does not believe that the impact of such litigation should result in a material liability to the Company in relation to its consolidated financial position or liquidity. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Cendant Litigation</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Under the Separation Agreement, the Company agreed to be responsible for 37.5% of certain of Cendant's contingent and other corporate liabilities and associated costs, including certain contingent litigation. Since the Separation, Cendant settled the majority of the lawsuits pending on the date of the Separation.</div></div> </div> 0.12 0.15 0.01 0.01 600000000 600000000 209943159 211890262 2000000 2000000 41000000 90000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">12.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Accumulated Other Comprehensive Income</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The components of AOCI as of March&nbsp;31, 2011 are as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 9pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="52%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="7%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="9%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="7%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="6%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Unrealized<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Minimum<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Currency<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Gains/(Losses)<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Pension<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Translation<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>on Cash Flow<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Liability<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Adjustments</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Hedges, Net</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Adjustment</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>AOCI</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Balance, December&nbsp;31, 2010, net of tax benefit of $40 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">171 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(15 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">155 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Current period change </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">16 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">18 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Balance, March&nbsp;31, 2011, net of tax benefit of $28 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">187 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(13 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">173 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The components of AOCI as of March&nbsp;31, 2010 are as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 9pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="52%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="7%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="9%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="7%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="6%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Unrealized<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Minimum<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Currency<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Gains/(Losses)<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Pension<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Translation<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>on Cash Flow<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Liability<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Adjustments</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Hedges, Net</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Adjustment</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>AOCI</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Balance, December&nbsp;31, 2009, net of tax benefit of $32 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">166 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(27 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">138 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Current period change </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(16 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(*)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(9 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;">Balance, March&nbsp;31, 2010, net of tax benefit of $44 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">150 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(20 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">129 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">Primarily represents the reclassification of an after-tax unrealized loss associated with the termination of an interest rate swap agreement in connection with the early extinguishment of the term loan facility (see Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements). </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Currency translation adjustments exclude income taxes related to investments in foreign subsidiaries where the Company intends to reinvest the undistributed earnings indefinitely in those foreign operations. </div></div> </div> 756000000 800000000 11000000 12000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">6.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Long-Term Debt and Borrowing Arrangements</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company's indebtedness consisted of: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Securitized vacation ownership debt: </i><sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Term notes </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,666 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,498 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Bank conduit facility <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">148 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">152 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total securitized vacation ownership debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,814 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,650 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Current portion of securitized vacation ownership debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">216 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">223 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Long-term securitized vacation ownership debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,598 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,427 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Long-term debt:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Revolving credit facility (due October 2013) <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">154 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">6.00%&nbsp;senior unsecured notes (due December 2016) <sup style="font-size: 85%; vertical-align: top;">(d)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">797 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">798 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">9.875%&nbsp;senior unsecured notes (due May 2014) <sup style="font-size: 85%; vertical-align: top;">(e)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">241 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">241 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">3.50% convertible notes (due May 2012) <sup style="font-size: 85%; vertical-align: top;">(f)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">41 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">266 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">7.375%&nbsp;senior unsecured notes (due March 2020) <sup style="font-size: 85%; vertical-align: top;">(g)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">5.75%&nbsp;senior unsecured notes (due February 2018) <sup style="font-size: 85%; vertical-align: top;">(h)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">5.625%&nbsp;senior unsecured notes (due March 2021) <sup style="font-size: 85%; vertical-align: top;">(i)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">245 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Vacation rentals capital leases <sup style="font-size: 85%; vertical-align: top;">(j)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">120 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">115 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Other </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">26 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total long-term debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,971 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2,094 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Current portion of long-term debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Long-term debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,959 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,083 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Represents debt that is securitized through bankruptcy-remote special purpose entities ("SPEs"), the creditors of which have no recourse to the Company for principal and interest. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Represents a <font style="white-space: nowrap;" class="_mt">364-day,</font> $600&nbsp;million, non-recourse vacation ownership bank conduit facility, with a term through September 2011 whose capacity is subject to the Company's ability to provide additional assets to collateralize the facility. As of March&nbsp;31, 2011, the total available capacity of the facility was $452&nbsp;million. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">During the first quarter of 2011, total capacity of the revolving credit facility was increased by $10&nbsp;million to $980&nbsp;million, which includes availability for letters of credit. As of March&nbsp;31, 2011, the Company had $13&nbsp;million of letters of credit outstanding and, as such, the total available capacity of the revolving credit facility was $962&nbsp;million. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(d)</sup>&nbsp;&nbsp; </td> <td align="left">Represents senior unsecured notes issued by the Company during December 2006. The balance as of March&nbsp;31, 2011 represents $800&nbsp;million aggregate principal less $2&nbsp;million of unamortized discount and a $1&nbsp;million fair value hedge derivative. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(e)</sup>&nbsp;&nbsp; </td> <td align="left">Represents senior unsecured notes issued by the Company during May 2009. The balance as of March&nbsp;31, 2011 represents $250&nbsp;million aggregate principal less $9&nbsp;million of unamortized discount. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(f)</sup>&nbsp;&nbsp; </td> <td align="left">Represents convertible notes issued by the Company during May 2009, which includes debt principal, less unamortized discount, and a liability related to a bifurcated conversion feature. During the first quarter of 2011, the Company repurchased a portion of its outstanding 3.50% convertible notes, primarily through the completion of a cash tender offer (see "3.50%&nbsp;Convertible Notes" below for further details). The following table details the components of the convertible notes: </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="71%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>2011</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31, 2010</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -8pt; margin-left: 8pt;">Debt principal </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">17 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">116 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -8pt; margin-left: 8pt;">Unamortized discount </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(12 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -8pt; margin-left: 8pt;">Debt less discount </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">16 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">104 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -8pt; margin-left: 8pt;">Fair value of bifurcated conversion feature <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -8pt; margin-left: 8pt;">Convertible notes </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">41 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">266 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="7%"> </td> <td width="3%"> </td> <td width="90%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">The Company also has an asset with a fair value equal to the bifurcated conversion feature, which represents cash-settled call options that the Company purchased concurrent with the issuance of the convertible notes ("Bifurcated Conversion Feature"). </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(g)</sup>&nbsp;&nbsp; </td> <td align="left">Represents senior unsecured notes issued by the Company during February 2010. The balance as of March&nbsp;31, 2011 represents $250&nbsp;million aggregate principal less $3&nbsp;million of unamortized discount. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(h)</sup>&nbsp;&nbsp; </td> <td align="left">Represents senior unsecured notes issued by the Company during September 2010. The balance as of March&nbsp;31, 2011 represents $250&nbsp;million aggregate principal less $3&nbsp;million of unamortized discount. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(i)</sup>&nbsp;&nbsp; </td> <td align="left">Represents senior unsecured notes issued by the Company during March 2011. The balance as of March&nbsp;31, 2011 represents $250&nbsp;million aggregate principal less $5&nbsp;million of unamortized discount. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(j)</sup>&nbsp;&nbsp; </td> <td align="left">Represents capital lease obligations with corresponding assets classified within property and equipment on the Consolidated Balance Sheets.</td></tr></table> <div style="width: 92%; height: 1224px; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;2011 Debt Issuances</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>5.625%&nbsp;Senior Unsecured Notes.</i>&nbsp;&nbsp;On March&nbsp;1, 2011, the Company issued senior unsecured notes, with face value of $250&nbsp;million and bearing interest at a rate of 5.625%, for net proceeds of $245&nbsp;million. Interest began accruing on March&nbsp;1, 2011 and is payable semi-annually in arrears on March 1 and September 1 of each year, commencing on September&nbsp;1, 2011. The notes will mature on March&nbsp;1, 2021 and are redeemable at the Company's option at any time, in whole or in part, at the stated redemption prices plus accrued interest through the redemption date. These notes rank equally in right of payment with all of the Company's other senior unsecured indebtedness. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>Sierra Timeshare <font style="white-space: nowrap;" class="_mt">2011-1</font> Receivables Funding, LLC.</i>&nbsp;&nbsp;On March&nbsp;25, 2011, the Company closed a series of term notes payable, Sierra Timeshare <font style="white-space: nowrap;" class="_mt">2011-1</font> Receivables Funding LLC, in the initial principal amount of $400&nbsp;million at an advance rate of 98%. These borrowings bear interest at a weighted average coupon rate of 3.70% and are secured by vacation ownership contract receivables. As of March&nbsp;31, 2011, the Company had $400&nbsp;million of outstanding borrowings under these term notes. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;3.50%&nbsp;Convertible Notes</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During May 2009, the Company issued convertible notes ("Convertible Notes") with face value of $230&nbsp;million and bearing interest at a rate of 3.50%. Concurrent with such issuance, the Company purchased cash-settled call options ("Call Options") and entered into warrant transactions ("Warrants"). The agreements for such transactions contain anti-dilution provisions that require certain adjustments to be made as a result of all quarterly cash dividend increases above $0.04 per share that occur prior to the maturity date of the Convertible Notes, Call Options and Warrants. During March 2010, the Company increased its quarterly dividend from $0.04 per share to $0.12 per share and, subsequently, during March 2011, from $0.12 per share to $0.15 per share. As a result of the dividend increase and required adjustments, as of March&nbsp;31, 2011, the Convertible Notes had a conversion reference rate of 79.8541&nbsp;shares of common stock per $1,000 principal amount (equivalent to a conversion price of $12.52 per share of the Company's common stock), the conversion price of the Call Options was $12.52 and the exercise price of the Warrants was $19.83. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the third and fourth quarters of 2010, the Company repurchased a portion of its Convertible Notes in the open market, with a carrying value of $239&nbsp;million ($101&nbsp;million for the portion of Convertible Notes, including the unamortized discount, and $138&nbsp;million for the related Bifurcated Conversion Feature). Concurrent with the repurchase, the Company settled a related portion of the Call Options and Warrants. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the first quarter of 2011, the Company repurchased a portion of its remaining Convertible Notes with carrying value of $238&nbsp;million primarily resulting from the completion of a cash tender offer ($90&nbsp;million for the portion of Convertible Notes, including the unamortized discount, and $148&nbsp;million for the related Bifurcated Conversion Feature) for $249&nbsp;million, which resulted in a loss of $11&nbsp;million. Concurrent with the repurchases, the Company settled (i)&nbsp;a portion of the Call Options for proceeds of $147&nbsp;million, which resulted in an additional loss of $1&nbsp;million, and (ii)&nbsp;a portion of the Warrants with payments of $106&nbsp;million. As a result of these transactions, the Company made net payments of $208&nbsp;million and incurred total losses of $12&nbsp;million during the first quarter of 2011 and reduced the number of shares related to the Warrants to approximately 1&nbsp;million as of March&nbsp;31, 2011. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Early Extinguishment of Debt</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the first quarter of 2011, the Company repurchased a portion of its Convertible Notes and settled a portion of the related Call Options. In connection with these transactions, the Company incurred a loss of $12&nbsp;million during the first quarter of 2011, which is included within interest expense on the Consolidated Statement of Income. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the first quarter of 2010, in connection with the early extinguishment of the term loan facility, the Company effectively terminated a related interest rate swap agreement. This resulted in a reclassification of a $14&nbsp;million unrealized loss from accumulated other comprehensive income ("AOCI") to interest expense on the Consolidated Statement of Income. The Company incurred an additional $2&nbsp;million of costs in connection with the early extinguishment of its term loan and revolving foreign credit facilities, which is also included within interest expense on the Consolidated Statement of Income. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Covenants</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The revolving credit facility is subject to covenants including the maintenance of specific financial ratios. The financial ratio covenants consist of a minimum consolidated interest coverage ratio of at least 3.0 to 1.0 as of the measurement date and a maximum consolidated leverage ratio not to exceed 3.75 to 1.0 as of the measurement date. The consolidated interest coverage ratio is calculated by dividing consolidated EBITDA (as defined in the credit&nbsp; </div></div></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">agreement) by consolidated interest expense (as defined in the credit agreement), both as measured on a trailing 12&nbsp;month basis preceding the measurement date. Consolidated interest expense excludes, among other things, interest expense on any securitization indebtedness (as defined in the credit agreement). The consolidated leverage ratio is calculated by dividing consolidated total indebtedness (as defined in the credit agreement and which excludes, among other things, securitization indebtedness) as of the measurement date by consolidated EBITDA as measured on a trailing 12&nbsp;month basis preceding the measurement date. Covenants in this credit facility also include limitations on indebtedness of material subsidiaries; liens; mergers, consolidations, liquidations and dissolutions; sale of all or substantially all assets; and sale and leaseback transactions. Events of default in this credit facility include failure to pay interest, principal and fees when due; breach of a covenant or warranty; acceleration of or failure to pay other debt in excess of $50&nbsp;million (excluding securitization indebtedness); insolvency matters; and a change of control. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The 6.00%&nbsp;senior unsecured notes, 9.875%&nbsp;senior unsecured notes, 7.375%&nbsp;senior unsecured notes, 5.75%&nbsp;senior unsecured notes and 5.625%&nbsp;senior unsecured notes contain various covenants including limitations on liens, limitations on potential sale and leaseback transactions and change of control restrictions. In addition, there are limitations on mergers, consolidations and potential sale of all or substantially all of the Company's assets. Events of default in the notes include failure to pay interest and principal when due, breach of a covenant or warranty, acceleration of other debt in excess of $50&nbsp;million and insolvency matters. The Convertible Notes do not contain affirmative or negative covenants; however, the limitations on mergers, consolidations and potential sale of all or substantially all of the Company's assets and the events of default for the Company's senior unsecured notes are applicable to such notes. Holders of the Convertible Notes have the right to require the Company to repurchase the Convertible Notes at 100% of principal plus accrued and unpaid interest in the event of a fundamental change, defined to include, among other things, a change of control, certain recapitalizations and if the Company's common stock is no longer listed on a national securities exchange. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As of March&nbsp;31, 2011, the Company was in compliance with all of the financial covenants described above. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Each of the Company's non-recourse, securitized term notes and the bank conduit facility contain various triggers relating to the performance of the applicable loan pools. If the vacation ownership contract receivables pool that collateralizes one of the Company's securitization notes fails to perform within the parameters established by the contractual triggers (such as higher default or delinquency rates), there are provisions pursuant to which the cash flows for that pool will be maintained in the securitization as extra collateral for the note holders or applied to accelerate the repayment of outstanding principal to the noteholders. As of March&nbsp;31, 2011, all of the Company's securitized loan pools were in compliance with applicable contractual triggers. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Maturities and Capacity</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company's outstanding debt as of March&nbsp;31, 2011 matures as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="56%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Securitized<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Vacation<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Ownership<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Debt</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Other</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Total</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Within 1&nbsp;year </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">216 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">228 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Between 1 and 2&nbsp;years </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">312 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">78 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(*)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">390 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Between 2 and 3&nbsp;years </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">209 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">16 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">225 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Between 3 and 4&nbsp;years </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">201 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">253 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">454 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Between 4 and 5&nbsp;years </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">190 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">202 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Thereafter </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">686 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,600 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2,286 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,814 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,971 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,785 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">Includes a liability of $25&nbsp;million related to the Bifurcated Conversion Feature associated with the Company's Convertible Notes. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As debt maturities of the securitized vacation ownership debt are based on the contractual payment terms of the underlying vacation ownership contract receivables, actual maturities may differ as a result of prepayments by the vacation ownership contract receivable obligors.</div></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As of March&nbsp;31, 2011, available capacity under the Company's borrowing arrangements was as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="61%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="9%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="9%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="9%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Total<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Outstanding<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Available<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Capacity</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Borrowings</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Capacity</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Securitized vacation ownership debt:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Term notes </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,666 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,666 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Bank conduit facility <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">600 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">148 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">452 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total securitized vacation ownership debt <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,266 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,814 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">452 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Long-term debt:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Revolving credit facility (due October 2013) <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">980 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">975 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">6.00%&nbsp;senior unsecured notes (due December 2016) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">797 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">797 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">9.875%&nbsp;senior unsecured notes (due May 2014) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">241 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">241 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">3.50% convertible notes (due May 2012) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">41 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">41 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">7.375%&nbsp;senior unsecured notes (due March 2020) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">5.75%&nbsp;senior unsecured notes (due February 2018) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">247 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">5.625%&nbsp;senior unsecured notes (due March 2021) </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">245 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">245 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Vacation rentals capital leases </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">120 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">120 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Other </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">37 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total long-term debt </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,955 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,971 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">984 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Issuance of letters of credit <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">13 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">971 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">The capacity of this facility is subject to the Company's ability to provide additional assets to collateralize additional securitized borrowings. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">These outstanding borrowings are collateralized by $2,778&nbsp;million of underlying gross vacation ownership contract receivables and related assets. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">The capacity under the Company's revolving credit facility includes availability for letters of credit. As of March&nbsp;31, 2011, the available capacity of $975&nbsp;million was further reduced to $962&nbsp;million due to the issuance of $13&nbsp;million of letters of credit. </td></tr></table> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Interest Expense</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Interest expense incurred in connection with the Company's non-securitized debt was $35&nbsp;million during both the three months ended March&nbsp;31, 2011 and 2010. The Company also incurred a loss of $12&nbsp;million during the first quarter of 2011 in connection with the repurchase of a portion of its Convertible Notes and the settlement of the related Call Options, which is included within interest expense during the three months ended March&nbsp;31, 2011. Additionally, the Company recorded $16&nbsp;million of costs incurred during the first quarter of 2010 for the early extinguishment of its term loan and revolving foreign credit facilities, which was included within interest expense during the three months ended March&nbsp;31, 2010. Cash paid related to such interest expense was $24&nbsp;million and $13&nbsp;million during the three months ended March&nbsp;31, 2011 and 2010, respectively. Such amounts exclude cash payments related to early extinguishment of debt costs. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Interest expense is partially offset on the Consolidated Statements of Income by capitalized interest of $3&nbsp;million and $1&nbsp;million during the three months ended March&nbsp;31, 2011 and 2010, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Cash paid related to consumer financing interest expense was $19&nbsp;million and $21&nbsp;million during the three months ended March&nbsp;31, 2011 and 2010, respectively. </div></div> </div> 11000000 19000000 401000000 480000000 206000000 199000000 179000000 153000000 1021000000 1028000000 44000000 45000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">9.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Derivative Instruments and Hedging Activities</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Foreign Currency Risk</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company uses freestanding foreign currency forward contracts and foreign currency forward contracts designated as cash flow hedges to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables, forecasted earnings of foreign subsidiaries and forecasted foreign currency denominated vendor payments. The amount of gains or losses the Company expects to reclassify from other comprehensive income to earnings over the next 12&nbsp;months is not material. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Interest Rate Risk</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">A portion of the debt used to finance the Company's operations is exposed to interest rate fluctuations. The Company uses various hedging strategies and derivative financial instruments to create a desired mix of fixed and floating rate assets and liabilities. Derivative instruments currently used in these hedging strategies include swaps and interest rate caps. The derivatives used to manage the risk associated with the Company's floating rate debt include freestanding derivatives and derivatives designated as cash flow hedges. The Company also uses swaps to convert specific fixed-rate debt into variable-rate debt (i.e., fair value hedges) to manage the overall interest cost. For relationships designated as fair value hedges, changes in fair value of the derivatives are recorded in income with offsetting adjustments to the carrying amount of the hedged debt. The impact of the change in fair value of the fair value hedges and hedged debt was immaterial during the three months ended March&nbsp;31, 2011. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In connection with the early extinguishment of the term loan facility during the first quarter of 2010 (See Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements), the Company effectively terminated a related interest rate swap agreement, which resulted in the reclassification of a $14&nbsp;million unrealized loss from AOCI to interest expense on the Consolidated Statement of Income for the three months ended March&nbsp;31, 2010. The amount of losses that the Company expects to reclassify from AOCI to earnings during the next 12&nbsp;months is not material. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table summarizes information regarding amounts recorded in AOCI for the three months ended March 31: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center"><b>Gain/(Loss) Recognized in AOCI</b> </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="left"><b><font style="font-size: 10pt;" class="_mt">Derivatives designated as hedging instruments</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table summarizes information regarding the Company's freestanding derivatives for the three months ended March 31: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="68%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="5%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><b>Gain/(Loss) Recognized in Income</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="left"><b><font style="font-size: 10pt;" class="_mt">Derivatives not designated as hedging instruments</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Foreign exchange contracts <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(3 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(8 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Interest rate contracts <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Call Options </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">77 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Bifurcated Conversion Feature </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(11 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(77 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Total </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(5 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Included within operating expenses on the Consolidated Statements of Income. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Included primarily within interest expense and consumer financing interest expense for 2011 and 2010, respectively, on the Consolidated Statements of Income. </td></tr></table> <p style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" align="center">&nbsp;</p></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table summarizes information regarding the Company's derivative instruments as of March&nbsp;31, 2011: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 9pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="35%">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="18%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="26%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center"><b>Assets</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center"><b>Liabilities</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" nowrap="nowrap" align="center"><b>Balance Sheet Location</b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Fair Value</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" nowrap="nowrap" align="center"><b>Balance Sheet Location</b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Fair Value</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Derivatives designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current liabilities </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">17 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Derivatives not designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">8 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current liabilities </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Accrued exp. &amp; other current liabs. </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Call Options <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Bifurcated Conversion Feature <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">Long-term debt </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Total derivatives not designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">38 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">38 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">See Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements for further detail. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table summarizes information regarding the Company's derivative instruments as of December&nbsp;31, 2010: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 9pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="35%">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="18%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="26%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center"><b>Assets</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center"><b>Liabilities</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" nowrap="nowrap" align="center"><b>Balance Sheet Location</b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Fair Value</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" nowrap="nowrap" align="center"><b>Balance Sheet Location</b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Fair Value</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Derivatives designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current liabilities </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">18 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Derivatives not designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current liabilities </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" align="left">Accrued exp. &amp; other current liabs. </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Call Options <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" align="left">Other non-current assets </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 27pt;">Bifurcated Conversion Feature <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">Long-term debt </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><b>Total derivatives not designated as hedging instruments</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">173 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">183 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">See Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements for further detail</td></tr></table></div> </div> <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">13.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Stock-Based Compensation</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company has a stock-based compensation plan available to grant RSUs, SSARs, PSUs and other stock or cash-based awards to key employees, non-employee directors, advisors and consultants. Under the Wyndham Worldwide Corporation 2006 Equity and Incentive Plan, as amended, a maximum of 36.7&nbsp;million shares of common stock may be awarded. As of March&nbsp;31, 2011, 14.4&nbsp;million shares remained available. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Incentive Equity Awards Granted by the Company</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The activity related to incentive equity awards granted by the Company for the three months ended March&nbsp;31, 2011 consisted of the following: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 5%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="95%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="37%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><b>RSUs</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><b>SSARs</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Weighted<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Weighted<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Number<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Average<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Number<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Average<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">of RSUs</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Grant Price</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">of SSARs</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Exercise Price</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Balance as of December&nbsp;31, 2010 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6.9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">12.35 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2.2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">21.28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Granted </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1.5 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(b)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">30.61 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">0.1 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(b)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">30.61 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Vested/exercised </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(2.6 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9.72 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Canceled </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(0.2 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">14.34 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Balance as of March&nbsp;31, 2011<sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5.6 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(c)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">18.26 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2.3 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(d)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">21.78 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Aggregate unrecognized compensation expense related to RSUs and SSARs was $96&nbsp;million as of March&nbsp;31, 2011 which is expected to be recognized over a weighted average period of three years. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Represents awards granted by the Company on February&nbsp;24, 2011. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Approximately 5.3&nbsp;million RSUs outstanding as of March&nbsp;31, 2011 are expected to vest over time. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(d)</sup>&nbsp;&nbsp; </td> <td align="left">Approximately 1.6&nbsp;million of the 2.3&nbsp;million SSARs are exercisable as of March&nbsp;31, 2011. The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of March&nbsp;31, 2011 had an intrinsic value of $25&nbsp;million and have a weighted average remaining contractual life of 3.2&nbsp;years. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">On February&nbsp;24, 2011, the Company approved grants of incentive equity awards totaling $46&nbsp;million to key employees and senior officers of Wyndham in the form of RSUs and SSARs. These awards will vest ratably over a period of four years. In addition, on February&nbsp;24, 2011, the Company approved a grant of incentive equity awards totaling $11&nbsp;million to key employees and senior officers of Wyndham in the form of PSUs. These awards cliff vest on the third anniversary of the grant date, contingent upon the Company achieving certain performance metrics. As of March&nbsp;31, 2011, there were approximately 350,000 PSUs outstanding with an aggregate unrecognized compensation expense of $11&nbsp;million. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The fair value of SSARs granted by the Company on February&nbsp;24, 2011 was estimated on the date of the grant using the Black-Scholes option-pricing model with the relevant weighted average assumptions outlined in the table below. Expected volatility is based on both historical and implied volatilities of the Company's stock over the estimated expected life of the SSARs. The expected life represents the period of time the SSARs are expected to be outstanding and is based on the "simplified method", as defined in Staff Accounting Bulletin&nbsp;110. The risk free interest rate is based on yields on U.S.&nbsp;Treasury strips with a maturity similar to the estimated expected life of the SSARs. The projected dividend yield was based on the Company's anticipated annual dividend divided by the price of the Company's stock on the date of the grant. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="83%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="7%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="7%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>SSARs Issued on<br /></b></td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">February&nbsp;24, 2011</font></b> </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Grant date fair value </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">11.22 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Grant date strike price </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">30.61 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Expected volatility </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">50.83% </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Expected life </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4.25 yrs. </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Risk free interest rate </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1.85% </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Projected dividend yield </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1.96% </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Stock-Based Compensation Expense</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company recorded stock-based compensation expense of $9&nbsp;million and $10&nbsp;million during the three months ended March&nbsp;31, 2011 and 2010, respectively, related to the incentive equity awards granted by the Company. The </div> <p style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" align="center">&nbsp;</p></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Company recognized $4&nbsp;million of a net tax benefit during both the three months ended March&nbsp;31, 2011 and 2010 for stock-based compensation arrangements on the Consolidated Statements of Income. During the three months ended March&nbsp;31, 2011, the Company increased its pool of excess tax benefits available to absorb tax deficiencies ("APIC Pool") by $17&nbsp;million due to the vesting of RSUs and exercise of stock options. As of March&nbsp;31, 2011, the Company's APIC Pool balance was $29&nbsp;million. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company paid $27&nbsp;million and $17&nbsp;million of taxes for the net share settlement of incentive equity awards during the three months ended March&nbsp;31, 2011 and 2010, respectively. Such amount is included in other, net within financing activities on the Consolidated Statements of Cash Flows. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Incentive Equity Awards</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As of March&nbsp;31, 2011, the Company had 2.2&nbsp;million outstanding stock options, which were converted as a result of the Separation. These converted stock options had a weighted average exercise price of $37.99, had a weighted average remaining contractual life of one year and all 2.2&nbsp;million options were exercisable. There were approximately 300,000 outstanding <font style="white-space: nowrap;" class="_mt">"in-the-money"</font> stock options, which had an aggregate intrinsic value of $1.4&nbsp;million. </div></div> </div> 22000000 22000000 26000000 26000000 47000000 28000000 30000000 28000000 0.28 0.42 0.27 0.41 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">2.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Earnings Per Share</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The computation of basic and diluted earnings per share ("EPS") is based on the Company's net income available to common stockholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Three Months Ended<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>March&nbsp;31,</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Net income </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">72 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">50 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="line-height: 10pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Basic weighted average shares outstanding </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">173 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">179 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Stock options and restricted stock units ("RSUs") <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Warrants <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Diluted weighted average shares outstanding </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">179 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">186 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Earnings per share:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Basic </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">0.42 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">0.28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Diluted </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">0.41 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">0.27 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Includes unvested dilutive RSUs which are subject to future forfeitures. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Represents the dilutive effect of warrants to purchase shares of the Company's common stock related to the May 2009 issuance of the Company's convertible notes (see Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements). </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The computations of diluted EPS do not include 3&nbsp;million and 4&nbsp;million stock options and stock-settled stock appreciation rights ("SSARs") for the three months ended March&nbsp;31, 2011 and 2010, respectively, as the effect of their inclusion would have been anti-dilutive to EPS. In addition, the three months ended March&nbsp;31, 2011 excludes approximately 350,000 performance-based stock units ("PSUs") as the Company had not met the required performance metrics as of March&nbsp;31, 2011 (see Note&nbsp;13&#8212;Stock-Based Compensation for further details). </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Dividend Payments</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the quarterly periods ended March&nbsp;31, 2011 and 2010, the Company paid cash dividends of $0.15 and $0.12 per share, respectively ($27&nbsp;million and $22&nbsp;million, respectively). </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Stock Repurchase Program</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">On August&nbsp;20, 2007, the Company's Board of Directors authorized a stock repurchase program that enables the Company to purchase up to $200&nbsp;million of its common stock and, subsequently, on July&nbsp;22, 2010, increased the authorization by $300&nbsp;million. As of December&nbsp;31, 2010, under such program, the Company repurchased 11,426,202&nbsp;shares at an average price of $25.78 for a cost of $295&nbsp;million and repurchase capacity increased $53&nbsp;million from proceeds received from stock option exercises. During the three months ended March&nbsp;31, 2011, the Company repurchased 5,651,596&nbsp;shares at an average price of $30.62 for a cost of $173&nbsp;million and repurchase capacity increased $6&nbsp;million from proceeds received from stock option exercises. As of March&nbsp;31, 2011, the Company repurchased a total of 17,077,798&nbsp;shares at an average price of $27.38 for a cost of $468&nbsp;million since the inception of its current authorization in August 2007. The Company had $92&nbsp;million remaining availability in its program as of March&nbsp;31, 2011.</div></div> </div> -1000000 3000000 13000000 17000000 13000000 17000000 424000000 495000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">8.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Fair Value</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The guidance for fair value measurements requires disclosures about assets and liabilities that are measured at fair value. The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Level&nbsp;1: Quoted prices for identical instruments in active markets. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Level&nbsp;2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Level&nbsp;3: Unobservable inputs used when little or no market data is available. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls has been determined based on the lowest level input (closest to Level&nbsp;3)&nbsp;that is significant to the fair value measurement. The Company's </div></div> <p> </p> <p> </p> <p> </p> <h5 align="left"> </h5> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="53%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Fair Value Measure on a<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Recurring Basis</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Significant<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Significant<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>As of<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Other<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Unobservable<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Observable<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Inputs<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Inputs (Level 2)</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">(Level 3)</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Assets: </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Derivatives: <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Call Options </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securities <font style="white-space: nowrap;" class="_mt">available-for-sale</font><sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total assets </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">45 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">14 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">31 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Liabilities: </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Derivatives: <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Bifurcated Conversion Feature </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">23 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">23 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">55 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">30 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Included in other current assets ($7&nbsp;million) and other non-current assets ($32&nbsp;million) on the Consolidated Balance Sheet. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Included in other non-current assets on the Consolidated Balance Sheet. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Included in long-term debt ($25&nbsp;million), accrued expenses and other current liabilities ($8&nbsp;million) and other non-current liabilities ($22&nbsp;million) on the Consolidated Balance Sheet. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="53%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Fair Value Measure on a<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Recurring Basis</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Significant<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Significant<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>As of<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Other<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Unobservable<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Observable<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Inputs<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Inputs (Level 2)</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">(Level 3)</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Assets: </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Derivatives: <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Call Options </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securities <font style="white-space: nowrap;" class="_mt">available-for-sale&nbsp;</font><sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total assets </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">179 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">168 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Liabilities: </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Derivatives: <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Bifurcated Conversion Feature </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Interest rate contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">27 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">27 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Foreign exchange contracts </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">12 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">201 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">39 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Included in other current assets ($5&nbsp;million) and other non-current assets ($168&nbsp;million) on the Consolidated Balance Sheet. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Included in other non-current assets on the Consolidated Balance Sheet. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Included in long-term debt ($162&nbsp;million), accrued expenses and other current liabilities ($12&nbsp;million) and other non-current liabilities ($27&nbsp;million) on the Consolidated Balance Sheet. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company's derivative instruments primarily consist of the Call Options and Bifurcated Conversion Feature related to the Convertible Notes, pay-fixed/receive-variable interest rate swaps, interest rate caps, foreign exchange forward <br /></div></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">contracts and foreign exchange average rate forward contracts (see Note&nbsp;9&#8212;Derivative Instruments and Hedging Activities for more detail). For assets and liabilities that are measured using quoted prices in active markets, the fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. Assets and liabilities that are measured using other significant observable inputs are valued by reference to similar assets and liabilities. For these items, a significant portion of fair value is derived by reference to quoted prices of similar assets and liabilities in active markets. For assets and liabilities that are measured using significant unobservable inputs, fair value is primarily derived using a fair value model, such as a discounted cash flow model. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The following table presents additional information about financial assets which are measured at fair value on a recurring basis for which the Company has utilized Level&nbsp;3 inputs to determine fair value as of March&nbsp;31, 2011: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="53%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="11%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="10" nowrap="nowrap" align="center"><b>Fair Value Measurements Using<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" nowrap="nowrap" align="center"><b>Significant Unobservable Inputs (Level 3)</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Derivative<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Liability-<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Derivative<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Bifurcated<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Securities<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Asset-Call<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Conversion<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Available-For-<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Options</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Feature</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Sale</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Balance as of December&nbsp;31, 2010 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(162 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Convertible Notes activity <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(148 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">148 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Change in fair value </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(11 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Balance as of March&nbsp;31, 2011 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(25 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">Represents the change in value resulting from the Company's repurchase of a portion of its Convertible Notes and the settlement of a corresponding portion of the Call Options (see Note&nbsp;6&#8212;Long-Term Debt and Borrowing Arrangements). </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an <font style="white-space: nowrap;" class="_mt">over-the-counter</font> market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, accounts payable and accrued expenses and other current liabilities approximate fair value due to the short-term maturities of these assets and liabilities. The carrying amounts and estimated fair values of all other financial instruments are as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="45%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center"><b>March&nbsp;31, 2011</b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center"><b>December&nbsp;31, 2010</b> </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Estimated<br /></b></td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Estimated<br /></b></td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Fair<br /></b></td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td> <td valign="bottom" colspan="3" nowrap="nowrap" align="center"><b>Fair<br /></b></td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Amount</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Value</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Amount</font></b> </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Value</font></b> </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><b>Assets</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Vacation ownership contract receivables, net </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,903 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,154 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,982 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,782 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><b>Debt</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Total debt <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3,785 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3,926 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3,744 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3,871 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><b>Derivatives</b> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Foreign exchange contracts <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Assets </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(7 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(7 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(12 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(12 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Interest rate contracts <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Assets </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(23 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(23 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(27 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(27 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Call Options </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 30pt;">Assets </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">25 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">162 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">As of March&nbsp;31, 2011 and December&nbsp;31, 2010, includes $25&nbsp;million and $162&nbsp;million, respectively, related to the Bifurcated Conversion Feature liability. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Instruments are in net loss positions as of March&nbsp;31, 2011 and December&nbsp;31, 2010. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company estimates the fair value of its vacation ownership contract receivables using a discounted cash flow model which it believes is comparable to the model that an independent third party would use in the current market. The model uses default rates, prepayment rates, coupon rates and loan terms for the contract receivables portfolio as key drivers of risk and relative value that, when applied in combination with pricing parameters, determines the fair value of the underlying contract receivables. </div> <p style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" align="center">&nbsp;</p></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company estimates the fair value of its securitized vacation ownership debt by obtaining indicative bids from investment banks that actively issue and facilitate the secondary market for timeshare securities. The Company estimates the fair value of its other long-term debt using indicative bids from investment banks and determines the fair value of its senior notes using quoted market prices. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In accordance with the guidance for equity method investments, during the first quarter of 2011, an investment in an international joint venture in the Company's lodging business with a carrying amount of $13&nbsp;million was written down due to the impairment of cash flows resulting from the Company's partner having an indirect relationship with the Libyan government. Such write-down resulted in a $13&nbsp;million charge, which is included in the asset impairment on the Consolidated Statement of Income. </div></div> </div> 105000000 102000000 92000000 101000000 148000000 139000000 1481000000 1496000000 82000000 116000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">10.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Income Taxes</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company or one of its subsidiaries files income tax returns in the U.S.&nbsp;federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S.&nbsp;federal income tax examinations for years prior to 2006. In addition, with few exceptions, the Company is no longer subject to state and local, or <font style="white-space: nowrap;" class="_mt">non-U.S.&nbsp;income</font> tax examinations for years prior to 2003. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company's effective tax rate declined from 39.0% during the first quarter of 2010 to 37.9% during the first quarter of 2011 primarily due to the absence of non-deductible costs recorded during the first quarter of 2010 related to the acquisition of Hoseasons. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company made cash income tax payments, net of refunds, of $10&nbsp;million during both the three months ended March&nbsp;31, 2011 and 2010. Such payments exclude income tax related payments made to Cendant Corporation (now Avis Budget Group) ("Cendant" or "former Parent"). </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div></div> </div> 32000000 44000000 121000000 145000000 118000000 182000000 28000000 -1000000 34000000 67000000 1000000 -13000000 -1000000 -11000000 -3000000 16000000 12000000 5000000 8000000 11000000 2000000 7000000 731000000 734000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">3.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Intangible Assets</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Intangible assets consisted of: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 9pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="34%">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="8%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center"><b>As of March&nbsp;31, 2011</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="10" align="center"><b>As of December&nbsp;31, 2010</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Gross<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Net<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Gross<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Net<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Accumulated<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Accumulated<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Carrying<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amount</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amortization</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amount</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amount</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amortization</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Amount</b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><i>Unamortized Intangible Assets:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 19pt;">Goodwill </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,496 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,481 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 19pt;">Trademarks </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">734 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">731 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -9pt; margin-left: 9pt;"><i>Amortized Intangible Assets:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 19pt;">Franchise agreements </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">634 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">323 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">311 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">634 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">318 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">316 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 19pt;">Other </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">169 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">45 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">124 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">164 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">40 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">124 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">803 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">368 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">435 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">798 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">358 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">440 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The changes in the carrying amount of goodwill are as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="57%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Balance at<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Balance at<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>January&nbsp;1,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Foreign<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Exchange</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Lodging </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">300 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">300 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Vacation Exchange and Rentals </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,181 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">15 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,196 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total Company </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,481 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">15 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,496 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Amortization expense relating to amortizable intangible assets was as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>Three Months Ended<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center"><b>March&nbsp;31,</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Franchise agreements </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Other </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total <sup style="font-size: 85%; vertical-align: top;">(*)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">8 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">Included as a component of depreciation and amortization on the Consolidated Statements of Income. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Based on the Company's amortizable intangible assets as of March&nbsp;31, 2011, the Company expects related amortization expense as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="86%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="5%" align="right">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="5%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Amount</font></b> </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Remainder of 2011 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">$ </td> <td valign="bottom" nowrap="nowrap" align="right">23 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">2012 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">29 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">2013 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">2014 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">28 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">2015 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">27 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">2016 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">26 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <p style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" align="center"><br /></p></div> </div> 50000000 44000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">5.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Inventory</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Inventory consisted of: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Land held for VOI development </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">132 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">131 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">VOI construction in process </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">193 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">229 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Completed inventory and vacation credits <sup style="font-size: 85%; vertical-align: top;">(a)(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">841 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">821 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total inventory </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,166 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,181 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Current portion </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">345 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">348 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Non-current inventory </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">821 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">833 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Includes estimated recoveries of $146&nbsp;million and $148&nbsp;million at March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively. Vacation credits relate to both the Company's vacation ownership and vacation exchange and rentals businesses. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Includes $78&nbsp;million and $80&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, related to the Company's vacation exchange and rentals business. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Inventory that the Company expects to sell within the next twelve months is classified as current on the Consolidated Balance Sheets.</div></div> </div> 348000000 345000000 833000000 821000000 1000000 2000000 6499000000 6750000000 9416000000 9457000000 1575000000 1775000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">4.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Vacation Ownership Contract Receivables</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company generates vacation ownership contract receivables by extending financing to the purchasers of its VOIs. Current and long-term vacation ownership contract receivables, net consisted of: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Current vacation ownership contract receivables:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Securitized </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">259 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">266 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Non-securitized </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">77 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">65 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">336 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">331 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Allowance for loan losses </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(36 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(36 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Current vacation ownership contract receivables, net </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">300 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">295 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;"><i>Long-term vacation ownership contract receivables:</i> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Securitized </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,338 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,437 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Non-securitized </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">585 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">576 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2,923 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3,013 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Less: Allowance for loan losses </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(320 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(326 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Long-term vacation ownership contract receivables, net </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,603 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,687 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During the three months ended March&nbsp;31, 2011 and 2010, the Company's securitized vacation ownership contract receivables generated interest income of $83&nbsp;million and $80&nbsp;million, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Principal payments that are contractually due on the Company's vacation ownership contract receivables during the next twelve months are classified as current on the Consolidated Balance Sheets. During the three months ended March&nbsp;31, 2011 and 2010, the Company originated vacation ownership contract receivables of $198&nbsp;million and $220&nbsp;million, respectively, and received principal collections of $199&nbsp;million and $192&nbsp;million, respectively. The weighted average interest rate on outstanding vacation ownership contract receivables was 13.2% and 13.1% at March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The activity in the allowance for loan losses on vacation ownership contract receivables was as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="85%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Amount</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Allowance for loan losses as of December&nbsp;31, 2010 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(362 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Provision for loan losses </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(79 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Contract receivables write-offs, net </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">85 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Allowance for loan losses as of March&nbsp;31, 2011 </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(356 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In accordance with the guidance for accounting for real estate timesharing transactions, the Company recorded a provision for loan losses of $79&nbsp;million and $86&nbsp;million as a reduction of net revenues during the three months ended March&nbsp;31, 2011 and 2010, respectively. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Credit Quality for Financed Receivables and the Allowance for Credit Losses</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The basis of the differentiation within the identified class of financed VOI contract receivable is the consumer's FICO score. A FICO score is a branded version of a consumer credit score widely used within the U.S.&nbsp;by the largest banks and lending institutions. FICO scores range from 300&#8212;850 and are calculated based on information obtained from one or more of the three major U.S.&nbsp;credit reporting agencies that compile and report on a consumer's credit history. The Company updates its records for all active VOI contract receivables, regardless of balance, on a rolling monthly basis so as to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into four different categories: FICO scores ranging from 700 to 850, 600 to 699, Below 600, and No Score (primarily comprised of consumers for whom a score is not readily available, including consumers&nbsp; </div></div> <p> </p> <p> </p> <p> </p> <h5 align="left"> </h5> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">declining access to FICO scores and non U.S.&nbsp;residents). The following table details an aged analysis of financing receivables using the most recently updated FICO scores (based on the update policy described above): </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="25%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 9pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="18" align="center"><b>As of March&nbsp;31, 2011</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">700+</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">600-699</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">&lt;600</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">No Score</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">Total</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Current </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,372 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">976 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">414 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">361 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,123 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">31&#8212;60&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">18 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">27 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">61 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">61&#8212;90&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">8 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">20 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">42 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">91&#8212;120&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">8 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">18 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">33 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,393 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,013 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">479 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">374 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(*)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,259 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="25%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="18" align="center"><b>As of December&nbsp;31, 2010</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">700+</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">600-699</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">&lt;600</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">No Score</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Total</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Current </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,415 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">990 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">426 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">356 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,187 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">31&#8212;60&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">10 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">23 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">34 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">6 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">73 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">61&#8212;90&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">7 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">14 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">22 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">4 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">47 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">91&#8212;120&nbsp;days </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">5 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">10 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">19 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">3 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">37 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,437 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,037 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">501 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">369 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(*)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">3,344 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(*)</sup>&nbsp;&nbsp; </td> <td align="left">The total no score contract receivables balances of $374&nbsp;million and $369&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, includes $313&nbsp;million and $309&nbsp;million, respectively, of contract receivables at Wyndham Vacation Resorts Asia Pacific. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company ceases to accrue interest on VOI contract receivables once the contract has remained delinquent for greater than 90&nbsp;days. At greater than 120&nbsp;days, the VOI contract receivable is written off to the allowance for loan losses. In accordance with its policy, the Company assesses the allowance for loan losses using a static pool methodology and thus does not assess individual loans for impairment separate from the pool. </div></div> </div> 123000000 137000000 -73000000 -157000000 -123000000 -57000000 205000000 229000000 50000000 50000000 72000000 72000000 381000000 411000000 130000000 152000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">1.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Basis of Presentation</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Wyndham Worldwide Corporation ("Wyndham" or the "Company") is a global provider of hospitality services and products. The accompanying Consolidated Financial Statements include the accounts and transactions of Wyndham, as well as the entities in which Wyndham directly or indirectly has a controlling financial interest. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America. All intercompany balances and transactions have been eliminated in the Consolidated Financial Statements. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In presenting the Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates. In management's opinion, the Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These financial statements should be read in conjunction with the Company's 2010 Consolidated Financial Statements included in its Annual Report filed on <font style="white-space: nowrap;" class="_mt">Form&nbsp;10-K</font> with the Securities and Exchange Commission ("SEC") on February&nbsp;22, 2011. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Business Description</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company operates in the following business segments: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="7%"> </td> <td width="3%"> </td> <td width="90%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td>&nbsp;</td> <td><font style="font-family: symbol;" class="_mt">&#183;</font>&nbsp;&nbsp; </td> <td align="left"><b>Lodging</b>&#8212;franchises hotels in the upper upscale, upscale, upper midscale, midscale, economy and extended stay segments of the lodging industry and provides hotel management services for full-service hotels globally. </td></tr> <tr style="line-height: 6pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td>&nbsp;</td> <td><font style="font-family: symbol;" class="_mt">&#183;</font>&nbsp;&nbsp; </td> <td align="left"><b>Vacation Exchange and Rentals</b>&#8212;provides vacation exchange services and products to owners of intervals of vacation ownership interests ("VOIs") and markets vacation rental properties primarily on behalf of independent owners. </td></tr> <tr style="line-height: 6pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" valign="top"><td>&nbsp;</td> <td><font style="font-family: symbol;" class="_mt">&#183;</font>&nbsp;&nbsp; </td> <td align="left"><b>Vacation Ownership</b>&#8212;develops, markets and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs and provides property management services at resorts. </td></tr></table> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Significant Accounting Policies</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>Intangible Assets.</i>&nbsp;&nbsp;The Company reviews its goodwill and other indefinite-lived intangible assets for impairment annually (during the fourth quarter of each year subsequent to completing its annual forecasting process), or more frequently if circumstances prescribed by the guidance for goodwill and other intangible assets are present. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>Allowance for Loan Losses.</i>&nbsp;&nbsp;In the Company's Vacation Ownership segment, the Company provides for estimated vacation ownership contract receivable defaults at the time of VOI sales by recording a provision for loan losses as a reduction of VOI sales on the Consolidated Statements of Income. The Company assesses the adequacy of the allowance for loan losses based on the historical performance of similar vacation ownership contract receivables using a technique referred to as static pool analysis, which tracks defaults for each year's sales over the entire life of those contract receivables. The Company considers current defaults, past due aging, historical write-offs of contracts and consumer credit scores (FICO scores) in the assessment of borrower's credit strength and expected loan performance. The Company also considers whether the historical economic conditions are comparable to current economic conditions. If current conditions differ from the conditions in effect when the historical experience was generated, the Company adjusts the allowance for loan losses to reflect the expected effects of the current environment on the collectability of its vacation ownership contract receivables. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>Restricted Cash.</i>&nbsp;&nbsp;The largest portion of the Company's restricted cash relates to securitizations. The remaining portion is comprised of cash held in escrow related to the Company's vacation ownership business and cash held in all other escrow accounts. Restricted cash related to escrow deposits was $50&nbsp;million and $42&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, and was recorded within other current assets on the Consolidated Balance Sheets for each period. See Note&nbsp;7&#8212;Transfer and Servicing of Financial Assets for details of the Company's restricted cash related to securitizations.</div></div> <div style="width: 92%; margin-left: 4%;"> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt"> </font></i></b>&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">Recently Issued Accounting Pronouncements</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left"><i>Multiple-Deliverable Revenue Arrangements.</i>&nbsp;&nbsp;In October 2009, the Financial Accounting Standards Board issued guidance on multiple-deliverable revenue arrangements, which requires an entity to apply the relative selling price allocation method and to estimate selling prices for all units of accounting, including delivered items, when vendor-specific objective evidence or acceptable third-party evidence does not exist. The guidance is effective for revenue arrangements entered into or materially modified in fiscal years beginning on or after June&nbsp;15, 2010 and shall be applied on a prospective basis. The Company adopted the guidance on January&nbsp;1, 2011, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption.</div></div> </div> 245000000 286000000 451000000 302000000 -1000000 2000000 0 -1000000 -16000000 16000000 18000000 -11000000 -8000000 6000000 619000000 546000000 157000000 163000000 2083000000 1959000000 1000000 6000000 48000000 32000000 27000000 8000000 -147000000 4000000 16000000 170000000 19000000 6000000 22000000 27000000 59000000 3000000 3000000 36000000 41000000 0.01 0.01 6000000 6000000 0 0 0 0 104000000 116000000 418000000 638000000 220000000 836000000 -106000000 247000000 245000000 -18000000 -28000000 3000000 18000000 7000000 6000000 1041000000 1073000000 86000000 79000000 295000000 300000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">16.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Separation Adjustments and Transactions with Former Parent and Subsidiaries</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">Pursuant to the Separation and Distribution Agreement, upon the distribution of the Company's common stock to Cendant shareholders, the Company entered into certain guarantee commitments with Cendant (pursuant to the assumption of certain liabilities and the obligation to indemnify Cendant and Realogy and travel distribution services ("Travelport") for such liabilities) and guarantee commitments related to deferred compensation arrangements with each of Cendant and Realogy. These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and Cendant contingent and other corporate liabilities, of which the Company assumed and is responsible for 37.5% while Realogy is responsible for the remaining 62.5%. The remaining amount of liabilities which were assumed by the Company in connection with the Separation was $57&nbsp;million and $78&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively. These amounts were comprised of certain Cendant corporate liabilities which were recorded on the books of Cendant as well as additional liabilities which were established for guarantees issued at the date of Separation, related to certain unresolved contingent matters and certain others that could arise during the guarantee period. Regarding the guarantees, if any of the companies responsible for all or a portion of such liabilities were to default in its payment of costs or expenses related to any such liability, the Company would be responsible for a portion of the defaulting party or parties' obligation. The Company also provided a default guarantee related to certain deferred compensation arrangements related to certain current and former senior officers and directors of Cendant, Realogy and Travelport. These arrangements were valued upon the Separation in accordance with the guidance for guarantees and recorded as liabilities on the Consolidated Balance Sheets. To the extent such recorded liabilities are not adequate to cover the ultimate payment amounts, such excess will be reflected as an expense to the results of operations in future periods. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As a result of the sale of Realogy on April&nbsp;10, 2007, Realogy was required to post a letter of credit in an amount acceptable to the Company and Avis Budget Group to satisfy its obligations for the Cendant legacy contingent liabilities. As of March&nbsp;31, 2011, the letter of credit was $133&nbsp;million.&nbsp; </div></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> <div style="width: 92%; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">As of March&nbsp;31, 2011, the $57&nbsp;million of Separation related liabilities is comprised of $39&nbsp;million for tax liabilities, $14&nbsp;million for liabilities of previously sold businesses of Cendant, $3&nbsp;million for other contingent and corporate liabilities and $1&nbsp;million of liabilities where the calculated guarantee amount exceeded the contingent liability assumed at the Separation Date. In connection with these liabilities, $28&nbsp;million is recorded in current due to former Parent and subsidiaries and $28&nbsp;million is recorded in long-term due to former Parent and subsidiaries as of March&nbsp;31, 2011 on the Consolidated Balance Sheet. The Company will indemnify Cendant for these contingent liabilities and therefore any payments made to the third party would be through the former Parent. The $1&nbsp;million relating to guarantees is recorded in other current liabilities as of March&nbsp;31, 2011 on the Consolidated Balance Sheet. The actual timing of payments relating to these liabilities is dependent on a variety of factors beyond the Company's control. In addition, as of March&nbsp;31, 2011, the Company had $3&nbsp;million of receivables due from former Parent and subsidiaries primarily relating to income taxes, which is recorded in other current assets on the Consolidated Balance Sheet. Such receivables totaled $4&nbsp;million as of December&nbsp;31, 2010.</div></div> </div> 249000000 427000000 474000000 476000000 986000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">15.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Restructuring</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;2010 Restructuring Plan</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During 2010, the Company committed to a strategic realignment initiative targeted at reducing costs, primarily impacting the operations at one of the call centers at the Company's vacation exchange and rentals business. As of March&nbsp;31, 2011, the Company had a liability of $9&nbsp;million, all of which is personnel-related and is expected to be paid in cash primarily during the second quarter of 2011. The Company anticipates additional restructuring expenses of $2&nbsp;million during the second quarter of 2011 primarily for facility-related costs. </div> <div style="margin-top: 12pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 3%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;2008 Restructuring Plan</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">During 2008, the Company committed to various strategic realignment initiatives targeted principally at reducing costs, enhancing organizational efficiency and consolidating and rationalizing existing processes and facilities. During the three months ended March&nbsp;31, 2011, the Company reversed $1&nbsp;million of previously recorded facility-related expenses and reduced its liability with $2&nbsp;million of cash payments. The remaining liability of $8&nbsp;million, all of which is facility-related, is expected to be paid in cash by September 2017. As of March&nbsp;31, 2011, the Company has incurred $124&nbsp;million of expenses related to the 2008 restructuring plan. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The activity related to the restructuring costs is summarized by category as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="47%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="1%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 9pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Liability as of<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Liability as of<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 9pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Costs<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Cash<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">Recognized</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">Payments</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 9pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Personnel-related <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">&#8212; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">9 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(c)</sup> </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Facility-related </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">11 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">)<sup style="font-size: 85%; vertical-align: top;">(b)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(2 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">8<sup style="font-size: 85%; vertical-align: top;">(d</sup> </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">)</sup> </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">20 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">(2 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">17 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">As of March&nbsp;31, 2011, the Company had notified substantially all of the employees related to such costs. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Represents a reversal of previously recorded expenses at the Company's vacation ownership business. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Balance at March&nbsp;31, 2011 is recorded at the Company's vacation exchange and rentals business. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(d)</sup>&nbsp;&nbsp; </td> <td align="left">Balance at March&nbsp;31, 2011 is recorded at the Company's vacation ownership business.</td></tr></table></div> </div> -25000000 21000000 886000000 952000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">17.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Subsequent Event</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"><b><i><font style="font-family: 'Times New Roman', Times;" class="_mt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased Stock Repurchase Program</font></i></b> </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">On April&nbsp;25, 2011, the Company's Board of Directors increased the authorization for the Company's stock repurchase program by $500&nbsp;million.</div></div> </div> 223000000 216000000 1427000000 1598000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">14.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Segment Information</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The reportable segments presented below represent the Company's operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon net revenues and "EBITDA", which is defined as net income before depreciation and amortization, interest expense (excluding consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Consolidated Statements of Income. The Company's presentation of EBITDA may not be comparable to similarly-titled measures used by other companies. </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="41%">&nbsp;</td> <td width="2%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="14" align="center"><b>Three Months Ended March&nbsp;31,</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><b>2011</b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center"><b>2010</b> </td> <td>&nbsp; </td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Net<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>Net<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Revenues</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">EBITDA</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">Revenues</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">EBITDA</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Lodging </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">149 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">27 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(c)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">144 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">33 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Vacation Exchange and Rentals </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">356 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">93 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">300 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">80 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(f)</sup> </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Vacation Ownership </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">450 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">97 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(d)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">444 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">82 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Total Reportable Segments </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">955 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">217 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">888 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">195 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Corporate and Other <sup style="font-size: 85%; vertical-align: top;">(a)(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(3 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(14 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(2 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(20 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 20pt;">Total Company </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">952 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">203 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">886 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">175 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Depreciation and amortization </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">45 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">44 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Interest expense </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">44 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(e)</sup> </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">50 </td> <td valign="bottom" nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: top;">(g)</sup> </td></tr> <tr valign="bottom"><td valign="bottom" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Interest income </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(2 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(1 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="bottom" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Income before income taxes </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">116 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">82 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Includes the elimination of transactions between segments. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Includes $11&nbsp;million of a net benefit and $2&nbsp;million of a net expense related to the resolution of and adjustment to certain contingent liabilities and assets resulting from the Separation during the three months ended March&nbsp;31, 2011 and 2010, respectively, and $24&nbsp;million and $18&nbsp;million of corporate costs during the three months ended March&nbsp;31, 2011 and 2010, respectively. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Includes a non-cash impairment charge of $13&nbsp;million related to a write-down of an international joint venture in the Company's lodging business. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(d)</sup>&nbsp;&nbsp; </td> <td align="left">Includes a $1&nbsp;million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(e)</sup>&nbsp;&nbsp; </td> <td align="left">Includes $12&nbsp;million of costs incurred for the repurchase of a portion of the Company's Convertible Notes during the first quarter of 2011. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(f)</sup>&nbsp;&nbsp; </td> <td align="left">Includes $4&nbsp;million related to costs incurred in connection with the Company's acquisition of Hoseasons during March 2010. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(g)</sup>&nbsp;&nbsp; </td> <td align="left">Includes $16&nbsp;million of costs incurred for the early extinguishment of the Company's term loan and revolving foreign credit facilities during March 2010.</td></tr></table></div> </div> 10000000 9000000 206000000 -27000000 208000000 -28000000 210000000 -37000000 212000000 -42000000 2917000000 2707000000 2688000000 138000000 3733000000 2000000 -315000000 -870000000 2701000000 129000000 3745000000 2000000 -287000000 -888000000 2917000000 155000000 3892000000 2000000 -25000000 -1107000000 2707000000 173000000 3791000000 2000000 21000000 -1280000000 2000000 2000000 7000000 7000000 6000000 6000000 -1000000 -5000000 18000000 18000000 173000000 173000000 217000000 222000000 <div> <div style="width: 92%; margin-left: 4%;"> <table style="font-family: Arial, Helvetica; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">7.&nbsp;&nbsp;</font></b> </td> <td><b><font style="font-family: 'Times New Roman', Times;" class="_mt">Transfer and Servicing of Financial Assets</font></b> </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The Company pools qualifying vacation ownership contract receivables and sells them to bankruptcy-remote entities. Vacation ownership contract receivables qualify for securitization based primarily on the credit strength of the VOI purchaser to whom financing has been extended. Vacation ownership contract receivables are securitized through bankruptcy-remote SPEs that are consolidated within the Consolidated Financial Statements. As a result, the Company does not recognize gains or losses resulting from these securitizations at the time of sale to the SPEs. Interest income is recognized when earned over the contractual life of the vacation ownership contract receivables. The Company services the securitized vacation ownership contract receivables pursuant to servicing agreements negotiated on an arms-length basis based on market conditions. The activities of these SPEs are limited to (i)&nbsp;purchasing vacation ownership contract receivables from the Company's vacation ownership subsidiaries; (ii)&nbsp;issuing debt securities <font style="white-space: nowrap;" class="_mt">and/or</font> borrowing under a conduit facility to fund such purchases; and (iii)&nbsp;entering into derivatives to hedge interest rate exposure. The bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to creditors of the Company and legally are not assets of the Company. Additionally, the creditors of these SPEs have no recourse to the Company for principal and interest. </div> <div style="width: 92%; height: 895px; margin-left: 4%;"> <div style="margin-top: 0pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">The assets and liabilities of these vacation ownership SPEs are as follows: </div> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securitized contract receivables, gross <sup style="font-size: 85%; vertical-align: top;">(a)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,597 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">2,703 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securitized restricted cash <sup style="font-size: 85%; vertical-align: top;">(b)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">158 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">138 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Interest receivables on securitized contract receivables <sup style="font-size: 85%; vertical-align: top;">(c)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">21 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">22 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Other assets <sup style="font-size: 85%; vertical-align: top;">(d)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total SPE assets <sup style="font-size: 85%; vertical-align: top;">(e)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2,778 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">2,865 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securitized term notes <sup style="font-size: 85%; vertical-align: top;">(f)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,666 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,498 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Securitized conduit facilities <sup style="font-size: 85%; vertical-align: top;">(f)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">148 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">152 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Other liabilities <sup style="font-size: 85%; vertical-align: top;">(g)</sup> </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">19 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">22 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total SPE liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,833 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">1,672 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">SPE assets in excess of SPE liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">945 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,193 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td></tr></table></div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left"> </div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 0%; font-size: 10pt; margin-right: 0%;" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font style="white-space: nowrap; color: #000000; font-size: 1pt; word-spacing: 42pt;" class="_mt"><u>&shy; &shy;</u></font> </div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(a)</sup>&nbsp;&nbsp; </td> <td align="left">Included in current ($259&nbsp;million and $266&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) and non-current ($2,338&nbsp;million and $2,437&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) vacation ownership contract receivables on the Consolidated Balance Sheets. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(b)</sup>&nbsp;&nbsp; </td> <td align="left">Included in other current assets ($88&nbsp;million and $77&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) and other non-current assets ($70&nbsp;million and $61&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) on the Consolidated Balance Sheets. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(c)</sup>&nbsp;&nbsp; </td> <td align="left">Included in trade receivables, net on the Consolidated Balance Sheets. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(d)</sup>&nbsp;&nbsp; </td> <td align="left">Includes interest rate derivative contracts and related assets; included in other non-current assets on the Consolidated Balance Sheets. </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp;</td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(e)</sup>&nbsp;&nbsp; </td> <td align="left">Excludes deferred financing costs of $23&nbsp;million and $22&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively, related to securitized debt. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(f)</sup>&nbsp;&nbsp; </td> <td align="left">Included in current ($216&nbsp;million and $223&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) and long-term ($1,598&nbsp;million and $1,427&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) securitized vacation ownership debt on the Consolidated Balance Sheets. </td></tr></table> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="4%"> </td> <td width="3%"> </td> <td width="93%"> </td></tr> <tr style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 8pt;" valign="top"><td>&nbsp;</td> <td><sup style="font-size: 85%; vertical-align: top;">(g)</sup>&nbsp;&nbsp; </td> <td align="left">Primarily includes interest rate derivative contracts and accrued interest on securitized debt; included in accrued expenses and other current liabilities ($3&nbsp;million as of both March&nbsp;31, 2011 and December&nbsp;31, 2010)&nbsp;and other non-current liabilities ($16&nbsp;million and $19&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively) on the Consolidated Balance Sheets. </td></tr></table> <div style="margin-top: 6pt; font-size: 1pt;">&nbsp;</div> <div style="text-indent: 0px; font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; margin-left: 4%; font-size: 10pt; margin-right: 0%;" align="left">In addition, the Company has vacation ownership contract receivables that have not been securitized through bankruptcy-remote SPEs. Such gross receivables were $662&nbsp;million and $641&nbsp;million as of March&nbsp;31, 2011 and December&nbsp;31, 2010, respectively. A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows: </div> <div style="margin-top: 3pt; font-size: 1pt;">&nbsp;</div> <div style="margin-left: 4%; margin-right: 0%;"> <table style="font-family: 'Times New Roman', Times; background: none transparent scroll repeat 0% 0%; color: #000000; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="96%" align="center"> <tr style="font-size: 1pt;" valign="bottom"><td width="70%">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td> <td width="3%">&nbsp;</td> <td width="1%" align="right">&nbsp;</td> <td width="10%" align="right">&nbsp;</td> <td width="1%" align="left">&nbsp;</td></tr> <tr style="font-size: 10pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>March&nbsp;31,<br /></b></td> <td>&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" colspan="2" nowrap="nowrap" align="center"><b>December&nbsp;31,<br /></b></td> <td>&nbsp; </td></tr> <tr style="font-size: 8pt;" valign="bottom" align="center"><td valign="bottom" nowrap="nowrap" align="center">&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2011</font></b> </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"><b><font style="font-size: 10pt;" class="_mt">2010</font></b> </td> <td>&nbsp; </td></tr> <tr style="line-height: 3pt; font-size: 1pt;"><td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">SPE assets in excess of SPE liabilities </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">945 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,193 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Non-securitized contract receivables </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">662 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">641 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr valign="bottom"><td valign="top" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Allowance for loan losses </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(356 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="right">(362 </td> <td valign="bottom" nowrap="nowrap" align="left">) </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td style="border-top: #000000 1px solid;">&nbsp; </td> <td>&nbsp; </td></tr> <tr valign="bottom"><td valign="top" nowrap="nowrap" align="left"> <div style="text-indent: -10pt; margin-left: 10pt;">Total, net </div></td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,251 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td> <td>&nbsp; </td> <td valign="bottom" nowrap="nowrap" align="left">$ </td> <td valign="bottom" nowrap="nowrap" align="right">1,472 </td> <td valign="bottom" nowrap="nowrap" align="left">&nbsp; </td></tr> <tr style="font-size: 1pt;" valign="bottom"><td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td>&nbsp; </td> <td>&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td> <td style="border-top: #000000 3px double;">&nbsp; </td></tr></table></div></div></div> <p> </p> <p> </p> <p> </p> <h5 align="left">&nbsp;</h5> <p> </p> </div> 36555242 42206838 1107000000 1280000000 24000000 23000000 36000000 32000000 440000000 435000000 -26000000 -20000000 106000000 106000000