Travel + Leisure (TNL) 10-Q 27 Oct 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2015shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	WYNDHAM WORLDWIDE CORP
Entity Central Index Key	1,361,658
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	116,106,000

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net revenues
Service and membership fees	$ 734	$ 717	$ 1,957	$ 1,922
Vacation ownership interest sales	448	415	1,201	1,101
Franchise fees	192	189	517	482
Consumer financing	108	108	318	319
Other	82	85	231	226
Net revenues	1,564	1,514	4,224	4,050
Expenses
Operating	691	613	1,865	1,721
Cost of vacation ownership interests	43	49	123	129
Consumer financing interest	18	18	55	52
Marketing and reservation	218	227	624	614
General and administrative	200	188	562	564
Asset impairments	7	8	7	8
Restructuring	8	0	8	0
Depreciation and amortization	59	60	173	175
Total expenses	1,244	1,163	3,417	3,263
Operating income	320	351	807	787
Other income, net	(3)	0	(11)	(5)
Interest expense	33	28	89	84
Interest income	(2)	(2)	(7)	(6)
Income before income taxes	292	325	736	714
Provision for income taxes	102	119	265	265
Net income	190	206	471	449
Net income attributable to noncontrolling interest	0	0	0	(1)
Net income attributable to Wyndham shareholders	$ 190	$ 206	$ 471	$ 448
Earnings per share
Basic (in dollars per share)	$ 1.62	$ 1.65	$ 3.96	$ 3.55
Diluted (in dollars per share)	1.61	1.64	3.93	3.51
Cash dividends declared per share (in dollars per share)	$ 0.42	$ 0.35	$ 1.26	$ 1.05

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Income
Net income	$ 190	$ 206	$ 471	$ 449
Other comprehensive loss, net of tax
Foreign currency translation adjustments	(39)	(89)	(95)	(66)
Unrealized gains on cash flow hedges	4	1	4	1
Other comprehensive loss, net of tax	(35)	(88)	(91)	(65)
Comprehensive income	155	118	380	384
Net income attributable to noncontrolling interest	0	0	0	(1)
Comprehensive income attributable to Wyndham shareholders	$ 155	$ 118	$ 380	$ 383

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents		$ 259	$ 183
Trade receivables, net		486	516
Vacation ownership contract receivables, net		273	285
Inventory	[1]	273	302
Prepaid expenses		141	147
Deferred income taxes		121	114
Other current assets		290	320
Total current assets		1,843	1,867
Long-term vacation ownership contract receivables, net		2,410	2,406
Non-current inventory		979	860
Property and equipment, net		1,402	1,500
Goodwill		1,576	1,551
Trademarks, net		727	717
Franchise agreements and other intangibles, net		410	397
Other non-current assets		360	381
Total assets		9,707	9,679
Liabilities and Equity
Securitized vacation ownership debt		210	214
Current portion of long-term debt		44	47
Accounts payable		348	385
Deferred income		447	464
Accrued expenses and other current liabilities		852	749
Total current liabilities		1,901	1,859
Long-term securitized vacation ownership debt		1,900	1,951
Long-term debt		3,029	2,841
Deferred income taxes		1,249	1,202
Deferred income		202	199
Other non-current liabilities		407	370
Total liabilities		$ 8,688	$ 8,422
Commitments and contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $.01 par value, authorized 6,000,000 shares, none issued and outstanding		$ 0	$ 0
Common stock, $.01 par value, authorized 600,000,000 shares, issued 217,529,700 shares in 2015 and 216,862,509 shares in 2014		2	2
Treasury stock, at cost - 101,536,625 shares in 2015 and 95,806,076 shares in 2014		(4,328)	(3,843)
Additional paid-in capital		3,908	3,889
Retained earnings		1,501	1,183
Accumulated other comprehensive (loss)/income		(67)	24
Total stockholders' equity		1,016	1,255
Noncontrolling interest		3	2
Total equity		1,019	1,257
Total liabilities and equity		$ 9,707	$ 9,679
[1]	Represents inventory that the Company expects to sell within the next 12 months.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	217,529,700	216,862,509
Treasury Stock, Shares	101,536,625	95,806,076

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income	$ 471	$ 449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	173	175
Provision for loan losses	184	200
Deferred income taxes	32	24
Stock-based compensation	44	43
Excess tax benefits from stock-based compensation	(17)	(34)
Asset impairments	7	8
Non-cash interest	17	17
Net change in assets and liabilities, excluding the impact of acquisitions:
Trade receivables	28	47
Vacation ownership contract receivables	(213)	(156)
Inventory	(16)	50
Prepaid expenses	4	8
Other current assets	38	13
Accounts payable, accrued expenses and other current liabilities	75	38
Deferred income	(12)	20
Other, net	2	(3)
Net cash provided by operating activities	817	899
Investing Activities
Property and equipment additions	(157)	(149)
Net assets acquired, net of cash acquired	(97)	(18)
Payments of development advance notes issued	(7)	(15)
Proceeds from development advance notes	7	0
Equity investments and loans	(12)	(10)
Proceeds from asset sales	24	5
Decrease in securitization restricted cash	3	2
(Increase)/decrease in escrow deposit restricted cash	(8)	1
Other, net	3	(1)
Net cash used in investing activities	(244)	(185)
Financing Activities
Proceeds from securitized borrowings	1,204	1,412
Principal payments on securitized borrowings	(1,259)	(1,381)
Proceeds from long-term debt	82	67
Principal payments on long-term debt	(128)	(117)
(Repayments of)/proceeds from commercial paper, net	(102)	28
Proceeds from note issuance	348	0
Proceeds from vacation ownership inventory arrangement	65	0
Repayments of vacation ownership inventory arrangements	(5)	0
Dividends to shareholders	(153)	(136)
Repurchase of common stock	(485)	(477)
Excess tax benefits from stock-based compensation	17	34
Debt issuance costs	(16)	(14)
Net share settlement of incentive equity awards	(42)	(63)
Other, net	(3)	(1)
Net cash used in financing activities	(477)	(648)
Effect of changes in exchange rates on cash and cash equivalents	(20)	(8)
Net increase in cash and cash equivalents	76	58
Cash and cash equivalents, beginning of period	183	194
Cash and cash equivalents, end of period	$ 259	$ 252

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss)/Income [Member]	Non-controlling Interest [Member]
Balance, shares at Dec. 31, 2013		128
Balance, value at Dec. 31, 2013	$ 1,625	$ 2	$ (3,191)	$ 3,858	$ 832	$ 122	$ 2
Net income	449				448		1
Other comprehensive loss	(65)					(65)
Issuance of shares for RSU vesting, shares		1
Net share settlement of incentive equity awards	(63)			(63)
Change in deferred compensation	43			43
Change in deferred compensation for Board of Directors	1			1
Repurchase of common stock, shares		(6)
Repurchase of common stock, value	(481)		(481)
Change in excess tax benefit on equity awards	34			34
Dividends	(134)				(134)
Other	2			2
Balance, shares at Sep. 30, 2014		123
Balance, value at Sep. 30, 2014	1,411	$ 2	(3,672)	3,875	1,146	57	3
Balance, shares at Dec. 31, 2014		121
Balance, value at Dec. 31, 2014	1,257	$ 2	(3,843)	3,889	1,183	24	2
Net income	471				471
Other comprehensive loss	(91)					(91)
Issuance of shares for RSU vesting, shares		1
Net share settlement of incentive equity awards	(42)			(42)
Change in deferred compensation	44			44
Repurchase of common stock, shares		(6)
Repurchase of common stock, value	(485)		(485)
Change in excess tax benefit on equity awards	17			17
Dividends	(153)				(153)
Other	1						1
Balance, shares at Sep. 30, 2015		116
Balance, value at Sep. 30, 2015	$ 1,019	$ 2	$ (4,328)	$ 3,908	$ 1,501	$ (67)	$ 3

Basis Of Presentation

Basis Of Presentation	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	Basis of Presentation 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. 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 2014 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 13, 2015. Business Description The Company operates in the following business segments: • Lodging —primarily franchises hotels in the upscale, upper midscale, midscale, economy and extended stay segments and provides hotel management services for full-service and select limited-service hotels. • Vacation Exchange and Rentals —provides vacation exchange services and products to owners of intervals of vacation ownership interests (“VOIs”) and manages and markets vacation rental properties primarily on behalf of independent owners. • Vacation Ownership —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. Recently Issued Accounting Pronouncements Simplifying the Accounting for Measurement-Period Adjustments from Business Combination. In September 2015, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for measurement-period adjustments related to a business combination. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company believes the adoption of this guidance will not have a material impact on the Consolidated Financial Statements. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . In April 2015, the FASB issued guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements . Simplifying the Presentation of Debt Issuance Costs. During 2015, the FASB issued guidance on the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. This guidance requires retrospective application and is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern . In August 2014, the FASB issued guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance addresses management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance is effective for fiscal years ending after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. The Company early adopted the guidance on January 1, 2015. There was no impact on the Consolidated Financial Statements resulting from the adoption. Revenue from Contracts with Customers . In May 2014, the FASB issued guidance on revenue from contracts with customers. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The guidance was effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years. In recent re-deliberations, the FASB approved a one-year deferral of the effective date of this guidance, such that it will be effective on January 1, 2018. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. This guidance changes the criteria for determining which disposals can be presented as discontinued operations and enhances the related disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years, with early adoption permitted. The Company adopted the guidance on January 1, 2015, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share Reconciliation [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per share (“EPS”) is based on net income attributable to Wyndham shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income attributable to Wyndham shareholders $ 190 $ 206 $ 471 $ 448 Basic weighted average shares outstanding 117 124 119 126 SSARs (a) , RSUs (b) and PSUs (c) 1 2 1 2 Weighted average diluted shares outstanding 118 126 120 128 Earnings per share: Basic $ 1.62 $ 1.65 $ 3.96 $ 3.55 Diluted 1.61 1.64 3.93 3.51 Dividends: Aggregate dividends paid to shareholders $ 49 $ 44 $ 153 $ 136 (a) Stock-settled appreciation rights (“SSARs”). (b) Includes unvested dilutive restricted stock units (“RSUs”) which are subject to future forfeitures. (c) Excludes 0.6 million performance vested restricted stock units (“PSUs”) for both the three and nine months ended September 30, 2015 and 0.4 million PSUs for both the three and nine months ended September 30, 2014 , as the Company has not met the required performance metrics. Stock Repurchase Program The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data): Shares Cost Average Price Per Share As of December 31, 2014 71.3 $ 3,062 $ 42.94 For the nine months ended September 30, 2015 5.7 485 84.61 As of September 30, 2015 77.0 $ 3,547 46.04 The Company had $531 million of remaining availability under its program as of September 30, 2015 . The total capacity of the program was increased by proceeds received from stock option exercises.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Acquistions	Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Consolidated Statements of Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the allocation period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts and exiting and consolidating other activities. These costs will be recorded on the Consolidated Statements of Income as expenses. Dolce Hotels and Resorts. During January 2015, the Company completed the acquisition of Dolce Hotels and Resorts (“Dolce”), a manager of properties focused on group accommodations. This acquisition is consistent with the Company’s strategy to expand its managed portfolio within its lodging business. The net consideration of $57 million was comprised of $52 million in cash, net of cash acquired, for the equity of Dolce and $5 million related to debt repaid at closing. The preliminary purchase price allocation resulted in the recognition of $31 million of goodwill, none of which is expected to be deductible for tax purposes, $28 million of definite-lived intangible assets with a weighted average life of 15 years, and $14 million of trademarks. In addition, the fair value of assets acquired and liabilities assumed resulted in $9 million of other assets and $25 million of liabilities, all of which were assigned to the Company’s Lodging segment. This acquisition was not material to the Company’s results of operations, financial position or cash flows. Other. During the nine months ended September 30, 2015 , the Company completed five acquisitions for a total of $39 million in cash, net of cash acquired. The preliminary purchase price allocations resulted in the recognition of (i) $12 million of property and equipment, all of which was allocated to the Company’s Vacation Ownership segment and (ii) $16 million of goodwill, majority of which is expected to be deductible for tax purposes, and $15 million of definite-lived intangible assets with a weighted average life of 11 years, both of which were allocated to the Company’s Vacation Exchange and Rentals segment. These acquisitions were not material to the Company’s results of operations, financial position or cash flows.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consisted of: As of September 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Unamortized Intangible Assets: Goodwill $ 1,576 $ 1,551 Trademarks $ 724 $ 713 Amortized Intangible Assets: Franchise agreements $ 595 $ 383 $ 212 $ 594 $ 371 $ 223 Management agreements 156 43 113 105 35 70 Trademarks 8 5 3 7 3 4 Other 152 67 85 167 63 104 $ 911 $ 498 $ 413 $ 873 $ 472 $ 401 The changes in the carrying amount of goodwill are as follows: Balance as of December 31, 2014 Goodwill Acquired During 2015 Foreign Exchange Balance as of September 30, 2015 Lodging $ 300 $ 31 $ — $ 331 Vacation Exchange and Rentals 1,224 16 (22 ) 1,218 Vacation Ownership 27 — — 27 Total Company $ 1,551 $ 47 $ (22 ) $ 1,576 Amortization expense relating to amortizable intangible assets was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Franchise agreements $ 3 $ 4 $ 11 $ 12 Management agreements 3 2 7 6 Other 4 3 10 10 Total (*) $ 10 $ 9 $ 28 $ 28 (*) Included as a component of depreciation and amortization on the Consolidated Statements of Income. Based on the Company's amortizable intangible assets as of September 30, 2015 , the Company expects related amortization expense as follows: Amount Remainder of 2015 $ 9 2016 37 2017 36 2018 34 2019 33 2020 32

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	9 Months Ended
	Sep. 30, 2015
Vacation Ownership Contract Receivables [Abstract]
Vacation Ownership Contract Receivables	Vacation Ownership Contract Receivables 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: September 30, December 31, Current vacation ownership contract receivables: Securitized $ 251 $ 256 Non-securitized 80 88 Current vacation ownership receivables, gross 331 344 Less: Allowance for loan losses 58 59 Current vacation ownership contract receivables, net $ 273 $ 285 Long-term vacation ownership contract receivables: Securitized $ 2,217 $ 2,256 Non-securitized 719 672 Long-term vacation ownership receivables, gross 2,936 2,928 Less: Allowance for loan losses 526 522 Long-term vacation ownership contract receivables, net $ 2,410 $ 2,406 During the three and nine months ended September 30, 2015 , the Company’s securitized vacation ownership contract receivables generated interest income of $83 million and $248 million , respectively. During the three and nine months ended September 30, 2014 , such amounts were $74 million and $217 million , respectively. Such interest income is included within consumer financing on the Consolidated Statements of Income. 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 nine months ended September 30, 2015 and 2014 , the Company originated vacation ownership contract receivables of $818 million and $754 million , respectively, and received principal collections of $605 million and $598 million , respectively. The weighted average interest rate on outstanding vacation ownership contract receivables was 13.7% and 13.6% as of September 30, 2015 and December 31, 2014 , respectively. The activity in the allowance for loan losses on vacation ownership contract receivables was as follows: Amount Allowance for loan losses as of December 31, 2014 $ 581 Provision for loan losses 184 Contract receivables write-offs, net (181 ) Allowance for loan losses as of September 30, 2015 $ 584 Amount Allowance for loan losses as of December 31, 2013 $ 566 Provision for loan losses 200 Contract receivables write-offs, net (183 ) Allowance for loan losses as of September 30, 2014 $ 583 In accordance with the guidance for accounting for real estate time-sharing transactions, the Company recorded a provision for loan losses of $78 million and $184 million as a reduction of net revenues during the three months and nine months ended September 30, 2015 , respectively, and $70 million and $200 million for the three and nine months ended September 30, 2014 , respectively. Credit Quality for Financed Receivables and the Allowance for Credit Losses The basis of the differentiation within the identified class of financed VOI contract receivables is the consumer’s FICO score. A FICO score is a branded version of a consumer credit score widely used within the U.S. by the largest banks and lending institutions. FICO scores range from 300 – 850 and are calculated based on information obtained from one or more of the three major U.S. credit reporting agencies that compile and report on a consumer’s credit history. The Company updates its records for all active VOI contract receivables with a balance due on a rolling monthly basis to ensure that all VOI contract receivables are scored at least every six months. The Company groups all VOI contract receivables into five different categories: FICO scores ranging from 700 to 850, 600 to 699, Below 600, No Score (primarily comprised of consumers for whom a score is not readily available, including consumers declining access to FICO scores and non U.S. residents) and Asia Pacific (comprised of receivables in the Company’s Wyndham Vacation Resort Asia Pacific business for which scores are not readily available). The following table details an aged analysis of financing receivables using the most recently updated FICO scores (based on the policy described above): As of September 30, 2015 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,614 $ 1,032 $ 165 $ 115 $ 221 $ 3,147 31 - 60 days 14 23 16 4 2 59 61 - 90 days 7 11 11 2 1 32 91 - 120 days 5 9 11 3 1 29 Total $ 1,640 $ 1,075 $ 203 $ 124 $ 225 $ 3,267 As of December 31, 2014 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,556 $ 1,028 $ 191 $ 115 $ 261 $ 3,151 31 - 60 days 12 23 16 4 3 58 61 - 90 days 7 13 11 2 1 34 91 - 120 days 5 10 11 2 1 29 Total $ 1,580 $ 1,074 $ 229 $ 123 $ 266 $ 3,272 The Company ceases to accrue interest on VOI contract receivables once the contract has remained delinquent for greater than 90 days. At greater than 120 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.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of: September 30, December 31, Land held for VOI development $ 136 $ 136 VOI construction in process 98 226 Inventory sold subject to conditional repurchase 135 73 Completed VOI inventory 582 431 Estimated recoveries 241 235 Exchange and rentals vacation credits and other 60 61 Total inventory 1,252 1,162 Less: Current portion (*) 273 302 Non-current inventory $ 979 $ 860 (*) Represents inventory that the Company expects to sell within the next 12 months. During the nine months ended September 30, 2015 and 2014 , the Company transferred $67 million and $18 million , respectively, from property and equipment to VOI inventory. Inventory Sale Transactions During the third quarter of 2015, the Company sold real property located in St. Thomas, U.S. Virgin Island to a third-party developer, consisting of $67 million of vacation ownership inventory, in exchange for $65 million in cash consideration and $2 million of a receivable to be paid in the fourth quarter of 2015. During 2013, the Company sold real property located in Las Vegas, Nevada and Avon, Colorado to a third-party developer, consisting of vacation ownership inventory and property and equipment. The Company recognized no gain or loss on these sales transactions. In accordance with the agreements with the third-party developers, the Company has conditional rights and conditional obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company's vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale. During the fourth quarter of 2014, the Company acquired the property located in Avon, Colorado from the third-party developer. In connection with this acquisition, the Company had an outstanding obligation of $43 million as of September 30, 2015 , of which $11 million was included within accrued expenses and other current liabilities and $32 million was included within other non-current liabilities on the Consolidated Balance Sheet. As of December 31, 2014 , the Company had an outstanding obligation of $42 million , of which $10 million was included within accrued expenses and other current liabilities and $32 million was included within other non-current liabilities on the Consolidated Balance Sheet. In connection with the Las Vegas, Nevada and St. Thomas properties, the Company had outstanding obligations of $136 million as of September 30, 2015 , of which $23 million were included within accrued expenses and other current liabilities and $113 million were included within other non-current liabilities on the Consolidated Balance Sheet. During the third quarter of 2015, the Company paid $12 million to the third-party developer, of which $6 million was for vacation ownership inventory located in Las Vegas, Nevada, $5 million was for its obligation under the vacation ownership inventory arrangements and $1 million was accrued interest. As of December 31, 2014 , the Company had an outstanding obligation related to the Las Vegas property of $73 million , of which $5 million was included within accrued expenses and other current liabilities and $68 million was included within other non-current liabilities on the Consolidated Balance Sheet. The Company has guaranteed to repurchase the completed properties located in Las Vegas, Nevada and St. Thomas from the third-party developers subject to the properties meeting the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. The maximum potential future payments that the Company could be required to make under these commitments was $309 million as of September 30, 2015 .

Long-Term Debt And Borrowing Ar

Long-Term Debt And Borrowing Arrangements	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt And Borrowing Arrangements	Long-Term Debt and Borrowing Arrangements The Company’s indebtedness consisted of: September 30, December 31, Securitized vacation ownership debt : (a) Term notes $ 1,843 $ 1,962 Bank conduit facility (due August 2017) 267 203 Total securitized vacation ownership debt 2,110 2,165 Less: Current portion of securitized vacation ownership debt 210 214 Long-term securitized vacation ownership debt $ 1,900 $ 1,951 Long-term debt : (b) Revolving credit facility (due July 2020) $ 20 $ 25 Commercial paper 87 189 $315 million 6.00% senior unsecured notes (due December 2016) (c) 316 317 $300 million 2.95% senior unsecured notes (due March 2017) 299 299 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 448 448 $40 million 7.375% senior unsecured notes (due March 2020) 40 40 $250 million 5.625% senior unsecured notes (due March 2021) 247 247 $650 million 4.25% senior unsecured notes (due March 2022) (d) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (e) 409 410 $350 million 5.10% senior unsecured notes (due October 2025) (f) 338 — Capital leases 158 170 Other 49 81 Total long-term debt 3,073 2,888 Less: Current portion of long-term debt 44 47 Long-term debt $ 3,029 $ 2,841 (a) Represents non-recourse 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. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2,582 million and $2,629 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of September 30, 2015 and December 31, 2014 , respectively. (b) The carrying amounts of the senior unsecured notes are net of unamortized discounts aggregating $15 million and $14 million as of September 30, 2015 and December 31, 2014 , respectively. (c) Includes $1 million and $2 million of unamortized gains from the settlement of a derivative as of September 30, 2015 and December 31, 2014 , respectively. (d) As of September 30, 2015 , includes unamortized gains from the settlement of a derivative in the amount of $3 million . As of December 31, 2014 , includes a $3 million increase in the carrying value resulting from a fair value hedge derivative. (e) As of September 30, 2015 , includes unamortized gains from the settlement of a derivative in the amount of $11 million . As of December 31, 2014 , includes a $13 million increase in the carrying value resulting from a fair value hedge derivative. (f) As of September 30, 2015 , includes unamortized losses from the settlement of a derivative in the amount of $10 million . Debt Issuances Revolving Credit Facility. During March 2015 , the Company replaced its $1.5 billion revolving credit facility expiring on July 15, 2018 with a $1.5 billion revolving credit facility that expires on July 15, 2020. This facility is subject to a facility fee of 20 basis points based on total capacity and bears interest at LIBOR plus 130 basis points. The facility fee and interest rate are dependent on the Company's credit ratings. The available capacity of the facility also supports the Company's commercial paper programs. Sierra Timeshare 2015-1 Receivables Funding, LLC. During March 2015, the Company closed a series of term notes payable, Sierra Timeshare 2015-1 Receivables Funding, LLC, with an initial principal amount of $350 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 2.54% . The advance rate for this transaction was 90% . As of September 30, 2015 , the Company had $259 million of outstanding borrowings under these term notes. Sierra Timeshare 2015-2 Receivables Funding, LLC. During July 2015, the Company closed a series of term notes payable, Sierra Timeshare 2015-2 Receivables Funding, LLC, with an initial principal amount of $275 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 2.56% . The advance rate for this transaction was 90% . As of September 30, 2015 , the Company had $242 million of outstanding borrowings under these term notes. Sierra Timeshare Conduit Receivables Funding II, LLC. During August 2015, the Company renewed its securitized timeshare receivables conduit facility for a two-year period through August 2017. The facility has a total capacity of $650 million and bears interest at variable rates based on commercial paper rates and LIBOR rates plus a spread. 5.10% Senior Unsecured Notes. During September 2015, the Company issued senior unsecured notes, with face value of $350 million and bearing interest at a rate of 5.10% , for net proceeds of $348 million . The interest on the senior unsecured notes will be subject to adjustments from time to time if there are downgrades to the credit ratings assigned to the notes. Interest began accruing on September 15, 2015 and is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2016. The notes will mature on October 1, 2025 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. In connection with this transaction, the Company settled an interest swap agreement resulting in a payment of $10 million which was included within other, net in operating activities on the Consolidated Statement of Cash Flows. As of September 30, 2015 , the Company had a $10 million deferred loss which was included within long-term debt on the Consolidated Balance Sheet and will be amortized over the tenor of the senior unsecured notes within interest expense on the Consolidated Statement of Income. Commercial Paper The Company maintains U.S. and European commercial paper programs with a total capacity of $750 million and $500 million , respectively. As of September 30, 2015 , the Company had outstanding borrowings of $87 million at a weighted average interest rate of 0.86% , all of which were under its U.S. commercial paper program. As of December 31, 2014 , the Company had outstanding borrowings of $189 million at a weighted average interest rate of 0.89% , all of which were under its U.S. commercial paper program. The Company considers outstanding borrowings under its commercial paper programs to be a reduction of available capacity on its revolving credit facility. Fair Value Hedges During 2013, the Company entered into fixed to variable interest rate swap agreements (the “Swaps”) on its 3.90% and 4.25% senior unsecured notes (the “Senior Notes”) with notional amounts of $400 million and $100 million , respectively. The fixed interest rates on these notes were effectively modified to a variable LIBOR-based index. During May 2015, the Company terminated the Swaps and received $17 million of cash which was included within other, net in operating activities on the Consolidated Statement of Cash Flows. As of September 30, 2015 , the Company had $14 million of deferred gains which were included within long-term debt on the Consolidated Balance Sheet and will be recognized within interest expense on the Consolidated Statement of Income over the remaining life of the Senior Notes. As of December 31, 2014 , the aggregate fair value of these Swaps was $18 million of assets which were included in other non-current assets on the Consolidated Balance Sheet. Maturities and Capacity The Company’s outstanding debt as of September 30, 2015 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 210 $ 44 $ 254 Between 1 and 2 years 223 648 871 Between 2 and 3 years 432 476 908 Between 3 and 4 years 201 13 214 Between 4 and 5 years 208 159 367 Thereafter 836 1,733 2,569 $ 2,110 $ 3,073 $ 5,183 Debt maturities of the securitized vacation ownership debt are based on the contractual payment terms of the underlying vacation ownership contract receivables. As such, actual maturities may differ as a result of prepayments by the vacation ownership contract receivable obligors. As of September 30, 2015 , available capacity under the Company’s borrowing arrangements was as follows: Securitized Bank (a) Revolving Credit Facility Total Capacity $ 650 $ 1,500 Less: Outstanding Borrowings 267 20 Letters of credit — 1 Commercial paper borrowings — 87 (b) Available Capacity $ 383 $ 1,392 (a) The capacity of this facility is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings. (b) The Company considers outstanding borrowings under its commercial paper programs to be a reduction of the available capacity of its revolving credit facility. Interest Expense During the three and nine months ended September 30, 2015 , the Company incurred non-securitized interest expense of $33 million and $89 million , respectively, which consisted of $35 million and $94 million of interest on long-term debt, partially offset by $2 million and $5 million of capitalized interest. Such amounts are included within interest expense on the Consolidated Statements of Income. Cash paid related to interest on the Company’s non-securitized debt was $102 million during the nine months ended September 30, 2015 . During the three and nine months ended September 30, 2014 , the Company incurred non-securitized interest expense of $28 million and $84 million , respectively, which consisted of $31 million and $90 million of interest on long-term debt, partially offset by $2 million and $4 million of capitalized interest. In addition, the Company incurred $1 million and $2 million of gains resulting from the ineffectiveness of fair value hedges during the three and nine months ended September 30, 2014 . Such amounts are included within interest expense on the Consolidated Statements of Income. Cash paid related to interest on the Company’s non-securitized debt was $98 million during the nine months ended September 30, 2014 . Interest expense incurred in connection with the Company’s securitized vacation ownership debt during the three and nine months ended September 30, 2015 was $18 million and $55 million , respectively, and $18 million and $52 million during the three and nine months ended September 30, 2014 , respectively, and is recorded within consumer financing interest on the Consolidated Statements of Income. Cash paid related to such interest was $42 million and $39 million during the nine months ended September 30, 2015 and 2014 , respectively.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entity, Classification of Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entities	Variable Interest Entities In accordance with the applicable accounting guidance for the consolidation of a variable interest entity (“VIE”), the Company analyzes its variable interests, including loans, guarantees, SPEs and equity investments to determine if an entity in which the Company has a variable interest is a VIE. If the entity is considered to be a VIE, the Company determines whether it would be considered the entity’s primary beneficiary. The Company consolidates into its financial statements those VIEs for which it has determined that it is the primary beneficiary. Vacation Ownership Contract Receivables Securitizations 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) purchasing vacation ownership contract receivables from the Company’s vacation ownership subsidiaries, (ii) issuing debt securities and/or borrowing under a conduit facility to fund such purchases and (iii) 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 non-recourse debt that is securitized through the SPEs is legally not a liability of the Company and thus, the creditors have no recourse to the Company for principal and interest. The assets and liabilities of these vacation ownership SPEs are as follows: September 30, December 31, Securitized contract receivables, gross (a) $ 2,468 $ 2,512 Securitized restricted cash (b) 93 96 Interest receivables on securitized contract receivables (c) 19 20 Other assets (d) 2 1 Total SPE assets (e) 2,582 2,629 Securitized term notes (f) 1,843 1,962 Securitized conduit facilities (f) 267 203 Other liabilities (g) 2 1 Total SPE liabilities 2,112 2,166 SPE assets in excess of SPE liabilities $ 470 $ 463 (a) Included in current ( $251 million and $256 million as of September 30, 2015 and December 31, 2014 , respectively) and non-current ( $2,217 million and $2,256 million as of September 30, 2015 and December 31, 2014 , respectively) vacation ownership contract receivables on the Consolidated Balance Sheets. (b) Included in other current assets ( $73 million and $75 million as of September 30, 2015 and December 31, 2014 , respectively) and other non-current assets ( $20 million and $21 million as of September 30, 2015 and December 31, 2014 , respectively) on the Consolidated Balance Sheets. (c) Included in trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets. (e) Excludes deferred financing costs of $27 million and $30 million as of September 30, 2015 and December 31, 2014 , respectively, related to securitized debt. (f) Included in current ( $210 million and $214 million as of September 30, 2015 and December 31, 2014 , respectively) and long-term ( $1,900 million and $1,951 million as of September 30, 2015 and December 31, 2014 , respectively) securitized vacation ownership debt on the Consolidated Balance Sheets. (g) Primarily includes accrued interest on securitized debt, which is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. In addition, the Company has vacation ownership contract receivables that have not been securitized through bankruptcy-remote SPEs. Such gross receivables were $799 million and $760 million as of September 30, 2015 and December 31, 2014 , 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: September 30, December 31, SPE assets in excess of SPE liabilities $ 470 $ 463 Non-securitized contract receivables 799 760 Less: Allowance for loan losses 584 581 Total, net $ 685 $ 642 In addition to restricted cash related to securitizations, the Company had $62 million and $51 million of restricted cash related to escrow deposits as of September 30, 2015 and December 31, 2014 , respectively, which are recorded within other current assets on the Consolidated Balance Sheets. Midtown 45, NYC Property During January 2013, the Company entered into an agreement with a third-party partner whereby the partner acquired the Midtown 45 property in New York City through an SPE. The Company is managing and operating the property for rental purposes while the Company converts it into VOI inventory. The SPE financed the acquisition and planned renovations with a four-year mortgage note and mandatorily redeemable equity provided by related parties of such partner. At the time of the agreement, the Company committed to purchase such VOI inventory from the SPE over a four-year period which will be used to repay the four-year mortgage note and the mandatorily redeemable equity of the SPE. The Company is considered to be the primary beneficiary of the SPE and therefore, the Company consolidated the SPE within its financial statements. The assets and liabilities of the SPE are as follows: September 30, December 31, Property and equipment, net $ 39 $ 64 Total SPE assets 39 64 Accrued expenses and other current liabilities — 1 Long-term debt (*) 46 77 Total SPE liabilities 46 78 SPE deficit $ (7 ) $ (14 ) (*) As of September 30, 2015 , included $42 million relating to a four-year mortgage note due in 2017 and $4 million of mandatorily redeemable equity, of which $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2014 , included $71 million relating to a four-year mortgage note due in 2017 and $6 million of mandatorily redeemable equity, of which $31 million was included in current portion of long-term debt on the Consolidated Balance Sheet. During 2015 , the SPE conveyed $23 million of property and equipment to the Company.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	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: Level 1: Quoted prices for identical instruments in active markets. Level 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. Level 3: Unobservable inputs used when little or no market data is available. 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 3) that is significant to the fair value measurement. The Company’s 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. The following table summarizes information regarding assets and liabilities that are measured at fair value (all of which are Level 2) on a recurring basis: As of As of September 30, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount Assets Derivatives: (a) Interest rate contracts $ — $ — $ 18 $ 18 Foreign exchange contracts 2 2 1 1 Total assets $ 2 $ 2 $ 19 $ 19 Liabilities Derivatives: (b) Interest rate contracts (c) $ — $ — $ 4 $ 4 Foreign exchange contracts 2 2 3 3 Total liabilities $ 2 $ 2 $ 7 $ 7 (a) Included in other current assets ( $2 million and $1 million as of September 30, 2015 and December 31, 2014 , respectively) and other non-current assets ( $18 million as of December 31, 2014 ) on the Consolidated Balance Sheets. (b) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. (c) As of December 31, 2014 , primarily related to interest rate swap locks for the 2015 issuance of senior unsecured notes. The Company’s derivative instruments primarily consist of pay-fixed/receive-variable interest rate swaps, pay-variable/receive-fixed interest rate swaps, interest rate caps, foreign exchange forward contracts and foreign exchange average rate forward contracts. 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. 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 over-the-counter 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: September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,683 $ 3,308 $ 2,691 $ 3,284 Debt Total debt 5,183 5,228 5,053 5,140 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 Level 3 inputs consisting of 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. The Company estimates the fair value of its securitized vacation ownership debt by obtaining Level 2 inputs comprised of indicative bids from investment banks that actively issue and facilitate the secondary market for timeshare securities. The Company determines the fair value of its Senior Notes using quoted market prices as such Senior Notes are not actively traded and thus are considered Level 2 inputs. Additionally, the Company estimates the fair value of its other long-term debt, excluding capital leases, using Level 2 inputs based on indicative bids from investment banks.

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments And Hedging Activities	Derivative Instruments and Hedging Activities Foreign Currency Risk The Company has foreign currency rate exposure to exchange rate fluctuations worldwide with particular exposure to the British pound, Euro, Canadian and Australian dollar. The Company uses freestanding foreign currency forward contracts to manage a portion of its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables, payables and forecasted earnings of foreign subsidiaries. Additionally, the Company uses foreign currency forward contracts designated as cash flow hedges to manage a portion of its exposure to changes in forecasted foreign currency denominated vendor payments. Gains and losses relating to freestanding foreign currency contracts are included in operating expenses on the Company’s Consolidated Statements of Income and are substantially offset by the earnings effect from the underlying items that were economically hedged. The freestanding foreign currency contracts resulted in losses of $5 million and $12 million during the three months ended September 30, 2015 and 2014, respectively, and losses of $10 million and $11 million during the nine months ended September 30, 2015 and 2014, respectively. The amount of gains or losses relating to contracts designated as cash flow hedges that the Company expects to reclassify from accumulated other comprehensive income (“AOCI”) to earnings over the next 12 months is not material. Interest Rate Risk 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 the fair value of the derivatives are recorded in income with offsetting adjustments to the carrying amount of the hedged debt. The amount of gains or losses that the Company expects to reclassify from AOCI to earnings during the next 12 months is not material. Gains or losses recognized in AOCI for both the three and nine months ended September 30, 2015 and 2014 were not material.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes The Company files income tax returns in U.S. federal and state jurisdictions, as well as in foreign jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years prior to 2012. In addition, with few exceptions, the Company is no longer subject to state and local, or foreign income tax examinations for years prior to 2008. The Company’s effective tax rate decreased from 36.6% during the three months ended September 30, 2014 to 34.9% during the three months ended September 30, 2015 primarily due to the release of reserves resulting from the expiration of statutes of limitation during the third quarter of 2015. The Company’s effective tax rate decreased from 37.1% during the nine months ended September 30, 2014 to 36.0% during the nine months ended September 30, 2015 primarily due to the absence of the Venezuelan foreign exchange devaluation loss incurred during the first quarter of 2014, for which the Company received no tax benefit, as well as the release of reserves resulting from the expiration of statutes of limitation during the third quarter of 2015. The Company made cash income tax payments, net of refunds, of $181 million and $187 million during the nine months ended September 30, 2015 and 2014 , respectively.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies The Company is involved in claims, legal and regulatory proceedings and governmental inquiries related to the Company’s business. Wyndham Worldwide Corporation Litigation The Company is involved in claims, legal and regulatory proceedings and governmental inquiries arising in the ordinary course of its business including but not limited to: for its lodging business-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, employment, consumer protection and other statutory claims asserted in connection with alleged acts or occurrences at owned, franchised or managed properties or in relation to guest reservations and bookings; for its vacation exchange and rentals business-breach of contract, fraud and bad faith claims by affiliates and customers in connection with their respective agreements, negligence, breach of contract, fraud, consumer protection and other statutory claims asserted by members and guests for alleged injuries sustained at or acts or occurrences related to affiliated resorts and vacation rental properties and consumer protection and other statutory claims asserted by consumers; for its vacation ownership business-breach of contract, bad faith, conflict of interest, fraud, 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, consumer protection and other statutory claims by guests for alleged injuries sustained at or acts or occurrences related to 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 which may include claims of retaliation, discrimination, harassment and wage and hour claims, claims of infringement upon third parties’ intellectual property rights, claims relating to information security, privacy and consumer protection, tax claims and environmental claims. On June 26, 2012, the U.S. Federal Trade Commission (“FTC”) filed a lawsuit in Federal District Court for the District of Arizona against the Company and its subsidiaries, Wyndham Hotel Group, LLC (“WHG”), Wyndham Hotels & Resorts Inc. (“WHR”) and Wyndham Hotel Management Inc. (“WHM”), alleging unfairness and deception-based violations of Section 5 of the FTC Act in connection with three prior data breach incidents involving a group of Wyndham brand hotels. The Company, WHG, WHR and WHM dispute the allegations in the lawsuit and are defending this lawsuit vigorously. The Company does not believe that the data breach incidents were material, nor does it expect that the outcome of the FTC litigation will have a material effect on the Company’s results of operations, financial position or cash flows. On March 26, 2013, the Company’s, WHG’s, WHR’s and WHM’s motion to transfer venue of the lawsuit from Arizona to the Federal District Court for the District of New Jersey was granted. WHR’s motion to dismiss the lawsuit was denied on April 7, 2014. The Court granted WHR’s motion to certify its order denying WHR’s motion to dismiss for interlocutory appeal on June 23, 2014. The motion to dismiss the lawsuit filed by the Company, WHG and WHM was denied on June 23, 2014. On July 29, 2014, the Third Circuit Court of Appeals granted WHR’s request to file an interlocutory appeal of the District Court’s denial of its motion to dismiss. WHR filed its brief in support of its interlocutory appeal on October 6, 2014. The FTC filed its opposition brief on November 5, 2014, and WHR filed its reply brief on December 8, 2014. The Third Circuit Court of Appeals held oral argument on the interlocutory appeal on March 3, 2015, and the parties submitted additional briefing on March 27, 2015. On August 24, 2015, the Third Circuit Court of Appeals affirmed the District Court’s denial of WHR’s motion to dismiss and ordered that the case return to District Court for further litigation. The Company is unable at this time to estimate any loss or range of reasonably possible loss. The Company records an accrual for legal contingencies when it determines, after consultation with outside counsel, that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, the Company’s ability to make a reasonable estimate of loss. The Company reviews these accruals each reporting period and makes revisions based on changes in facts and circumstances including changes to its strategy in dealing with these matters. The Company believes that it has adequately accrued for such matters wit h reserves of $30 million a nd $24 million as of September 30, 2015 and December 31, 2014 , respectively. Such reserves are exclusive of matters relating to the Company’s separation from Cendant (“Separation”). For matters not requiring accrual, the Company believes that such matters will not have a material 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 and/or 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 and/or cash flows in any given reporting period. As of September 30, 2015 , the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $37 million in excess of recorded accruals. 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. Other Guarantees/Indemnifications Lodging From time to time, the Company may enter into a hotel management agreement that provides the hotel owner with a guarantee of a certain level of profitability based upon various metrics. Under such an agreement, the Company would be required to compensate such hotel owner for any profitability shortfall over the life of the management agreement up to a specified aggregate amount. For certain agreements, the Company may be able to recapture all or a portion of the shortfall payments in the event that future operating results exceed targets. The terms of the Company’s existing guarantees range from 7 to 10 years and provide for early termination provisions under certain circumstances. As of September 30, 2015 , the maximum potential amount of future payments that may be made under these guarantees was $174 million with a combined annual cap of $44 million . As of September 30, 2015 , the Company also had a conditional guarantee with a hotel that will become effective when all the necessary conditions are satisfied by the hotel owner. At the effective date, the maximum potential amount of future payments that may be made under this conditional guarantee is $45 million with an annual cap of $10 million . In connection with such performance guarantees, as of September 30, 2015 , the Company maintained a liability of $29 million , of which $24 million was included in other non-current liabilities and $5 million was included in accrued expenses and other current liabilities on its Consolidated Balance Sheet. As of September 30, 2015 , the Company also had a corresponding $36 million asset related to these guarantees, of which $32 million was included in other non-current assets and $4 million was included in other current assets on its Consolidated Balance Sheet. As of December 31, 2014 , the Company maintained a liability of $32 million , of which $31 million was included in other non-current liabilities and $1 million was included in accrued expenses and other current liabilities on its Consolidated Balance Sheet. As of December 31, 2014 , the Company also had a corresponding $39 million asset related to the guarantees, of which $35 million was included in other non-current assets and $4 million was included in other current assets on its Consolidated Balance Sheet. Such assets are being amortized on a straight-line basis over the life of the agreements. The amortization expense for the performance guarantees noted above was $1 million and $3 million for the three and nine months ended September 30, 2015 , respectively, and $1 million and $3 million for the three and nine months ended September 30, 2014 , respectively. For guarantees subject to recapture provisions, the Company had a receivable of $31 million as of September 30, 2015 , of which $1 million was included in other current assets and $30 million was included in other non-current assets on its Consolidated Balance Sheet. As of December 31, 2014 , the Company had a receivable of $26 million which was included in other non-current assets on its Consolidated Balance Sheet. Such receivable was the result of payments made to date which are subject to recapture and which the Company believes will be recoverable from future operating performance. Vacation Ownership The Company has guaranteed to repurchase completed properties located in Las Vegas, Nevada and St. Thomas from third-party developers subject to the properties meeting the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party (see Note 6 - Inventory). Cendant Litigation 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 Sepa ration. See Note 17 - Separation Adjustments and Transactions with Former Parent and Subsidiaries regarding contingent litigation liabilities resulting from the Separation.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss)/Income	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income The components of AOCI are as follows: Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ (13 ) $ (8 ) $ (12 ) $ (33 ) Period change (107 ) 7 — (100 ) Balance, September 30, 2015 $ (120 ) $ (1 ) $ (12 ) $ (133 ) Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Tax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ 50 $ 4 $ 3 $ 57 Period change 12 (3 ) — 9 Balance, September 30, 2015 $ 62 $ 1 $ 3 $ 66 Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Net of Tax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ 37 $ (4 ) $ (9 ) $ 24 Period change (95 ) 4 — (91 ) Balance, September 30, 2015 $ (58 ) $ — $ (9 ) $ (67 ) 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Share-based Compensation [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company has a stock-based compensation plan available to grant RSUs, PSUs, SSARs 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 million shares of common stock may be awarded. As of September 30, 2015 , 16.3 million shares remained available. Incentive Equity Awards Granted by the Company The activity related to incentive equity awards granted by the Company for the nine months ended September 30, 2015 consisted of the following: RSUs PSUs SSARs Number of RSUs Weighted Average Grant Price Number of PSUs Weighted Average Grant Price Number of SSARs Weighted Average Exercise Price Balance as of December 31, 2014 2.0 $ 57.13 0.7 $ 57.99 0.7 $ 40.09 Granted (a) 0.6 91.60 0.2 91.81 0.1 91.81 Vested (0.9 ) 49.21 (0.3 ) 44.57 — — Balance as of September 30, 2015 1.7 (b) (c) 73.68 0.6 (d) 75.87 0.8 (b) (e) 46.45 (a) Primarily represents awards granted by the Company on February 26, 2015 . (b) Aggregate unrecognized compensation expense related to RSUs and SSARs was $101 million as of September 30, 2015 , which is expected to be recognized over a weighted average period of 2.7 years . (c) Approximately 1.6 million RSUs outstanding as of September 30, 2015 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $27 million as of September 30, 2015 . (e) Approximately 0.6 million SSARs are exercisable as of September 30, 2015 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of September 30, 2015 had an intrinsic value of $23 million and have a weighted average remaining contractual life of 2.3 years . On February 26, 2015 , the Company granted incentive equity awards totaling $59 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 26, 2015 , the Company approved a grant of incentive equity awards totaling $16 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. The fair value of SSARs granted by the Company on February 26, 2015 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 historical experience given consideration to the contractual terms and vesting periods of the SSARs. The risk free interest rate is based on yields on U.S. 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. SSARs Issued on February 26, 2015 Grant date fair value $ 18.55 Grant date strike price $ 91.81 Expected volatility 25.38 % Expected life 5.1 years Risk free interest rate 1.64 % Projected dividend yield 1.83 % Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $14 million and $43 million during the three and nine months ended September 30, 2015 , respectively, and $13 million and $43 million during the three and nine months ended September 30, 2014 , respectively, related to the incentive equity awards granted to key employees and senior officers by the Company. During the nine months ended September 30, 2015 , the Company increased its pool of excess tax benefits available to absorb tax deficiencies (“APIC Pool”) by $17 million due to the vesting of RSUs and PSUs. As of September 30, 2015 , the Company’s APIC Pool balance was $129 million . The Company paid $42 million and $63 million of taxes for the net share settlement of incentive equity awards during the nine months ended September 30, 2015 and 2014 , respectively. Such amounts are included within financing activities on the Consolidated Statements of Cash Flows.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information 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), early extinguishment of debt, interest income (excluding consumer financing revenues) 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. Three Months Ended September 30, 2015 2014 Net Revenues EBITDA Net Revenues EBITDA Lodging (a) $ 357 $ 83 $ 315 (c) $ 100 Vacation Exchange and Rentals 476 134 512 159 Vacation Ownership 750 200 704 188 Total Reportable Segments 1,583 417 1,531 447 Corporate and Other (b) (19 ) (35 ) (17 ) (36 ) Total Company $ 1,564 $ 382 $ 1,514 $ 411 Reconciliation of EBITDA to Net income Three Months Ended September 30, 2015 2014 EBITDA $ 382 $ 411 Depreciation and amortization 59 60 Interest expense 33 28 Interest income (2 ) (2 ) Income before income taxes 292 325 Provision for income taxes 102 119 Net income $ 190 $ 206 (a) Includes $16 million and $11 million of intersegment trademark fees during the three months ended September 30, 2015 and 2014 , respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other. (b) Includes the elimination of transactions between segments. (c) Includes $2 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other. Nine Months Ended September 30, 2015 2014 Net Revenues EBITDA Net Revenues EBITDA Lodging (a) $ 983 $ 255 $ 835 (c) $ 250 Vacation Exchange and Rentals 1,228 323 1,293 333 Vacation Ownership 2,067 513 1,970 488 Total Reportable Segments 4,278 1,091 4,098 1,071 Corporate and Other (b) (54 ) (100 ) (48 ) (104 ) Total Company $ 4,224 $ 991 $ 4,050 $ 967 Reconciliation of EBITDA to Net income attributable to Wyndham shareholders Nine Months Ended September 30, 2015 2014 EBITDA $ 991 $ 967 Depreciation and amortization 173 175 Interest expense 89 84 Interest income (7 ) (6 ) Income before income taxes 736 714 Provision for income taxes 265 265 Net income 471 449 Net income attributable to noncontrolling interest — (1 ) Net income attributable to Wyndham shareholders $ 471 $ 448 (a) Includes $43 million and $31 million of intersegment trademark fees during the nine months ended September 30, 2015 and 2014 , respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other. (b) Includes the elimination of transactions between segments. (c) Includes $6 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other.

Restructuring, Impairment and O

Restructuring, Impairment and Other Charges	9 Months Ended
	Sep. 30, 2015
Restructuring Charges [Abstract]
Restructuring, Impairment and Other Charges	Restructuring, Impairment and Other Charges Restructuring During the third quarter of 2015 , the Company committed to $8 million of restructuring initiatives focused on a realignment of brand services and call center operations within its lodging business, a rationalization of international operations within its vacation exchange and rentals business and a reorganization of the sales function within its vacation ownership business. In connection with these initiatives, the Company recorded $7 million of personnel-related costs and a $1 million non-cash asset impairment charge associated with a facility. The remaining liability of $7 million as of September 30, 2015 is expected to be paid in cash primarily by the end of 2016. During 2014 , the Company committed to restructuring initiatives at its vacation exchange and rentals and lodging businesses, primarily focused on improving the alignment of the organizational structure of each business with their strategic objectives. During the nine months ended September 30, 2015 , the Company reduced its liability with $5 million of cash payments and reversed $1 million related to previously recorded contract termination costs. The remaining liability of $1 million as of September 30, 2015 is expected to be paid in cash primarily by the end of 2015 . The Company has additional restructuring plans which were implemented prior to 2014 . During 2015 , the Company reduced its liability for such plans with $1 million of cash payments. The remaining liability of $3 million as of September 30, 2015 , which is related to leased facilities, is expected to be paid by 2020. The activity associated with the Company’s restructuring plans is summarized by category as follows: Liability as of Liability as of December 31, 2014 Costs Recognized Cash Payments Other September 30, 2015 Personnel-related $ 6 $ 7 (a) $ (5 ) $ — $ 8 Facility-related 4 — (1 ) — 3 Contract terminations 1 — — (1 ) (b) — Asset impairment — 1 — (1 ) (c) — $ 11 $ 8 $ (6 ) $ (2 ) $ 11 (a) Represents severance costs incurred at the Company’s lodging, vacation exchange and rentals and vacation ownership businesses resulting from a reduction of 354 employees. (b) Represents a reversal of a portion of previously recorded expenses at the Company’s vacation exchange and rentals business. (c) Represents the non-cash asset impairment charge associated with a facility at the Company’s vacation exchange and rentals business. Impairments During the third quarter of 2015 , the Company recorded a $7 million non-cash impairment charge at its lodging business related to the write-down of terminated in-process technology projects resulting from the decision to outsource its reservation system to a third-party partner. Such charge is recorded within asset impairments on the Consolidated Statement of Income. During the third quarter of 2014 , the Company recorded an $8 million non-cash impairment charge at its lodging business related to the write-down of an investment in a joint venture. The impairment was the result of the joint venture’s recurring losses and negative operating cash flows. Such charge is recorded within asset impairments on the Consolidated Statement of Income. Other Charge During the third quarter of 2015 , the Company recorded a $14 million charge relating to the anticipated termination of a management agreement at its lodging business.

Separation Adjustments And Tran

Separation Adjustments And Transactions With Former Parent And Subsidiaries	9 Months Ended
	Sep. 30, 2015
Related Party Transaction, Due from (to) Related Party [Abstract]
Separation Adjustments And Transactions With Former Parent And Subsidiaries	Separation Adjustments and Transactions with Former Parent and Subsidiaries Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates 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, Realogy and 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 $35 million and $38 million as of September 30, 2015 and December 31, 2014 , 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 unresolved contingent matters and 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(s). 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. As a result of the sale of Realogy on April 10, 2007, Realogy was required to post a letter of credit in an amount acceptable to the Company and Avis Budget Group (formerly known as Cendant) to satisfy its obligations for the Cendant legacy contingent liabilities. As of September 30, 2015 , the letter of credit was $53 million . As of September 30, 2015 , the $35 million of Separation related liabilities is comprised of $31 million for tax liabilities, $1 million for liabilities of previously sold businesses of Cendant, $1 million for other contingent and corporate liabilities and $2 million of liabilities where the calculated guarantee amount exceeded the contingent liability assumed at the Separation Date. In connection with these liabilities, as of September 30, 2015 , $21 million is recorded in accrued expenses and other current liabilities and $14 million is recorded in other non-current liabilities 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 actual timing of payments relating to these liabilities is dependent on a variety of factors beyond the Company’s control. In addition, the Company had $1 million of receivables due from former Parent and subsidiaries primarily relating to income taxes, as of both September 30, 2015 and December 31, 2014 , respectively, which is included within other current assets on the Consolidated Balance Sheets.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Securitization Term Transaction On October 21, 2015, the Company closed a series of term notes payable, Sierra Timeshare 2015-3 Receivables Funding, LLC, with an initial principal amount of $300 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 2.69% . The advance rate for this transaction was 89% .

Basis Of Presentation (Policies

Basis Of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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. 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 2014 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 13, 2015.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Simplifying the Accounting for Measurement-Period Adjustments from Business Combination. In September 2015, the Financial Accounting Standards Board (“FASB”) issued guidance simplifying the accounting for measurement-period adjustments related to a business combination. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company believes the adoption of this guidance will not have a material impact on the Consolidated Financial Statements. Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement . In April 2015, the FASB issued guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement does not contain a software license, it should be accounted for as a service contract. This guidance is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements . Simplifying the Presentation of Debt Issuance Costs. During 2015, the FASB issued guidance on the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. This guidance requires retrospective application and is effective for fiscal years beginning after December 15, 2015 and for interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern . In August 2014, the FASB issued guidance on disclosure of uncertainties about an entity’s ability to continue as a going concern. This guidance addresses management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. This guidance is effective for fiscal years ending after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. The Company early adopted the guidance on January 1, 2015. There was no impact on the Consolidated Financial Statements resulting from the adoption. Revenue from Contracts with Customers . In May 2014, the FASB issued guidance on revenue from contracts with customers. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The guidance was effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years. In recent re-deliberations, the FASB approved a one-year deferral of the effective date of this guidance, such that it will be effective on January 1, 2018. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . In April 2014, the FASB issued guidance on reporting discontinued operations and disclosures of disposals of components of an entity. This guidance changes the criteria for determining which disposals can be presented as discontinued operations and enhances the related disclosure requirements. This guidance is effective for fiscal years beginning after December 15, 2014 and for interim periods within those fiscal years, with early adoption permitted. The Company adopted the guidance on January 1, 2015, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share Reconciliation [Abstract]
Computation Of Basic And Diluted EPS	The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net income attributable to Wyndham shareholders $ 190 $ 206 $ 471 $ 448 Basic weighted average shares outstanding 117 124 119 126 SSARs (a) , RSUs (b) and PSUs (c) 1 2 1 2 Weighted average diluted shares outstanding 118 126 120 128 Earnings per share: Basic $ 1.62 $ 1.65 $ 3.96 $ 3.55 Diluted 1.61 1.64 3.93 3.51 Dividends: Aggregate dividends paid to shareholders $ 49 $ 44 $ 153 $ 136 (a) Stock-settled appreciation rights (“SSARs”). (b) Includes unvested dilutive restricted stock units (“RSUs”) which are subject to future forfeitures. (c) Excludes 0.6 million performance vested restricted stock units (“PSUs”) for both the three and nine months ended September 30, 2015 and 0.4 million PSUs for both the three and nine months ended September 30, 2014 , as the Company has not met the required performance metrics.
Current Stock Repurchase Program	The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data): Shares Cost Average Price Per Share As of December 31, 2014 71.3 $ 3,062 $ 42.94 For the nine months ended September 30, 2015 5.7 485 84.61 As of September 30, 2015 77.0 $ 3,547 46.04

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets consisted of: As of September 30, 2015 As of December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Unamortized Intangible Assets: Goodwill $ 1,576 $ 1,551 Trademarks $ 724 $ 713 Amortized Intangible Assets: Franchise agreements $ 595 $ 383 $ 212 $ 594 $ 371 $ 223 Management agreements 156 43 113 105 35 70 Trademarks 8 5 3 7 3 4 Other 152 67 85 167 63 104 $ 911 $ 498 $ 413 $ 873 $ 472 $ 401
Changes in Carrying Amount Of Goodwill By Segment	The changes in the carrying amount of goodwill are as follows: Balance as of December 31, 2014 Goodwill Acquired During 2015 Foreign Exchange Balance as of September 30, 2015 Lodging $ 300 $ 31 $ — $ 331 Vacation Exchange and Rentals 1,224 16 (22 ) 1,218 Vacation Ownership 27 — — 27 Total Company $ 1,551 $ 47 $ (22 ) $ 1,576
Schedule of Amortization Expense Related To Intangible Assets By Major Class	Amortization expense relating to amortizable intangible assets was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Franchise agreements $ 3 $ 4 $ 11 $ 12 Management agreements 3 2 7 6 Other 4 3 10 10 Total (*) $ 10 $ 9 $ 28 $ 28 (*) Included as a component of depreciation and amortization on the Consolidated Statements of Income.
Future Amortization Expenses Of Intangible Assets	Based on the Company's amortizable intangible assets as of September 30, 2015 , the Company expects related amortization expense as follows: Amount Remainder of 2015 $ 9 2016 37 2017 36 2018 34 2019 33 2020 32

Vacation Ownership Contract R29

Vacation Ownership Contract Receivables (Tables)	9 Months Ended
	Sep. 30, 2015
Vacation Ownership Contract Receivables [Abstract]
Current And Long-Term Vacation Ownership Contract Receivables	Current and long-term vacation ownership contract receivables, net consisted of: September 30, December 31, Current vacation ownership contract receivables: Securitized $ 251 $ 256 Non-securitized 80 88 Current vacation ownership receivables, gross 331 344 Less: Allowance for loan losses 58 59 Current vacation ownership contract receivables, net $ 273 $ 285 Long-term vacation ownership contract receivables: Securitized $ 2,217 $ 2,256 Non-securitized 719 672 Long-term vacation ownership receivables, gross 2,936 2,928 Less: Allowance for loan losses 526 522 Long-term vacation ownership contract receivables, net $ 2,410 $ 2,406
Allowance For Loan Losses On Vacation Ownership Contract Receivables	The activity in the allowance for loan losses on vacation ownership contract receivables was as follows: Amount Allowance for loan losses as of December 31, 2014 $ 581 Provision for loan losses 184 Contract receivables write-offs, net (181 ) Allowance for loan losses as of September 30, 2015 $ 584 Amount Allowance for loan losses as of December 31, 2013 $ 566 Provision for loan losses 200 Contract receivables write-offs, net (183 ) Allowance for loan losses as of September 30, 2014 $ 583
Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores	The following table details an aged analysis of financing receivables using the most recently updated FICO scores (based on the policy described above): As of September 30, 2015 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,614 $ 1,032 $ 165 $ 115 $ 221 $ 3,147 31 - 60 days 14 23 16 4 2 59 61 - 90 days 7 11 11 2 1 32 91 - 120 days 5 9 11 3 1 29 Total $ 1,640 $ 1,075 $ 203 $ 124 $ 225 $ 3,267 As of December 31, 2014 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,556 $ 1,028 $ 191 $ 115 $ 261 $ 3,151 31 - 60 days 12 23 16 4 3 58 61 - 90 days 7 13 11 2 1 34 91 - 120 days 5 10 11 2 1 29 Total $ 1,580 $ 1,074 $ 229 $ 123 $ 266 $ 3,272

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2015
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of: September 30, December 31, Land held for VOI development $ 136 $ 136 VOI construction in process 98 226 Inventory sold subject to conditional repurchase 135 73 Completed VOI inventory 582 431 Estimated recoveries 241 235 Exchange and rentals vacation credits and other 60 61 Total inventory 1,252 1,162 Less: Current portion (*) 273 302 Non-current inventory $ 979 $ 860 (*) Represents inventory that the Company expects to sell within the next 12 months.

Long-Term Debt And Borrowing 31

Long-Term Debt And Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s indebtedness consisted of: September 30, December 31, Securitized vacation ownership debt : (a) Term notes $ 1,843 $ 1,962 Bank conduit facility (due August 2017) 267 203 Total securitized vacation ownership debt 2,110 2,165 Less: Current portion of securitized vacation ownership debt 210 214 Long-term securitized vacation ownership debt $ 1,900 $ 1,951 Long-term debt : (b) Revolving credit facility (due July 2020) $ 20 $ 25 Commercial paper 87 189 $315 million 6.00% senior unsecured notes (due December 2016) (c) 316 317 $300 million 2.95% senior unsecured notes (due March 2017) 299 299 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 448 448 $40 million 7.375% senior unsecured notes (due March 2020) 40 40 $250 million 5.625% senior unsecured notes (due March 2021) 247 247 $650 million 4.25% senior unsecured notes (due March 2022) (d) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (e) 409 410 $350 million 5.10% senior unsecured notes (due October 2025) (f) 338 — Capital leases 158 170 Other 49 81 Total long-term debt 3,073 2,888 Less: Current portion of long-term debt 44 47 Long-term debt $ 3,029 $ 2,841 (a) Represents non-recourse 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. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2,582 million and $2,629 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of September 30, 2015 and December 31, 2014 , respectively. (b) The carrying amounts of the senior unsecured notes are net of unamortized discounts aggregating $15 million and $14 million as of September 30, 2015 and December 31, 2014 , respectively. (c) Includes $1 million and $2 million of unamortized gains from the settlement of a derivative as of September 30, 2015 and December 31, 2014 , respectively. (d) As of September 30, 2015 , includes unamortized gains from the settlement of a derivative in the amount of $3 million . As of December 31, 2014 , includes a $3 million increase in the carrying value resulting from a fair value hedge derivative. (e) As of September 30, 2015 , includes unamortized gains from the settlement of a derivative in the amount of $11 million . As of December 31, 2014 , includes a $13 million increase in the carrying value resulting from a fair value hedge derivative. (f) As of September 30, 2015 , includes unamortized losses from the settlement of a derivative in the amount of $10 million .
Summary Of Outstanding Debt Maturities	The Company’s outstanding debt as of September 30, 2015 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 210 $ 44 $ 254 Between 1 and 2 years 223 648 871 Between 2 and 3 years 432 476 908 Between 3 and 4 years 201 13 214 Between 4 and 5 years 208 159 367 Thereafter 836 1,733 2,569 $ 2,110 $ 3,073 $ 5,183
Summary Of Available Capacity Under Borrowing Arrangements	As of September 30, 2015 , available capacity under the Company’s borrowing arrangements was as follows: Securitized Bank (a) Revolving Credit Facility Total Capacity $ 650 $ 1,500 Less: Outstanding Borrowings 267 20 Letters of credit — 1 Commercial paper borrowings — 87 (b) Available Capacity $ 383 $ 1,392 (a) The capacity of this facility is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings. (b) The Company considers outstanding borrowings under its commercial paper programs to be a reduction of the available capacity of its revolving credit facility.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transaction [Line Items]
Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses	A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows: September 30, December 31, SPE assets in excess of SPE liabilities $ 470 $ 463 Non-securitized contract receivables 799 760 Less: Allowance for loan losses 584 581 Total, net $ 685 $ 642
Vacation Ownership SPEs [Member]
Related Party Transaction [Line Items]
Assets and Liabilities of SPEs	The assets and liabilities of these vacation ownership SPEs are as follows: September 30, December 31, Securitized contract receivables, gross (a) $ 2,468 $ 2,512 Securitized restricted cash (b) 93 96 Interest receivables on securitized contract receivables (c) 19 20 Other assets (d) 2 1 Total SPE assets (e) 2,582 2,629 Securitized term notes (f) 1,843 1,962 Securitized conduit facilities (f) 267 203 Other liabilities (g) 2 1 Total SPE liabilities 2,112 2,166 SPE assets in excess of SPE liabilities $ 470 $ 463 (a) Included in current ( $251 million and $256 million as of September 30, 2015 and December 31, 2014 , respectively) and non-current ( $2,217 million and $2,256 million as of September 30, 2015 and December 31, 2014 , respectively) vacation ownership contract receivables on the Consolidated Balance Sheets. (b) Included in other current assets ( $73 million and $75 million as of September 30, 2015 and December 31, 2014 , respectively) and other non-current assets ( $20 million and $21 million as of September 30, 2015 and December 31, 2014 , respectively) on the Consolidated Balance Sheets. (c) Included in trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets. (e) Excludes deferred financing costs of $27 million and $30 million as of September 30, 2015 and December 31, 2014 , respectively, related to securitized debt. (f) Included in current ( $210 million and $214 million as of September 30, 2015 and December 31, 2014 , respectively) and long-term ( $1,900 million and $1,951 million as of September 30, 2015 and December 31, 2014 , respectively) securitized vacation ownership debt on the Consolidated Balance Sheets. (g) Primarily includes accrued interest on securitized debt, which is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.
Midtown 45, NYC Property [Member]
Related Party Transaction [Line Items]
Assets and Liabilities of SPEs	The assets and liabilities of the SPE are as follows: September 30, December 31, Property and equipment, net $ 39 $ 64 Total SPE assets 39 64 Accrued expenses and other current liabilities — 1 Long-term debt (*) 46 77 Total SPE liabilities 46 78 SPE deficit $ (7 ) $ (14 ) (*) As of September 30, 2015 , included $42 million relating to a four-year mortgage note due in 2017 and $4 million of mandatorily redeemable equity, of which $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2014 , included $71 million relating to a four-year mortgage note due in 2017 and $6 million of mandatorily redeemable equity, of which $31 million was included in current portion of long-term debt on the Consolidated Balance Sheet.

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis	The following table summarizes information regarding assets and liabilities that are measured at fair value (all of which are Level 2) on a recurring basis: As of As of September 30, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Carrying Amount Assets Derivatives: (a) Interest rate contracts $ — $ — $ 18 $ 18 Foreign exchange contracts 2 2 1 1 Total assets $ 2 $ 2 $ 19 $ 19 Liabilities Derivatives: (b) Interest rate contracts (c) $ — $ — $ 4 $ 4 Foreign exchange contracts 2 2 3 3 Total liabilities $ 2 $ 2 $ 7 $ 7 (a) Included in other current assets ( $2 million and $1 million as of September 30, 2015 and December 31, 2014 , respectively) and other non-current assets ( $18 million as of December 31, 2014 ) on the Consolidated Balance Sheets. (b) Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets. (c) As of December 31, 2014 , primarily related to interest rate swap locks for the 2015 issuance of senior unsecured notes.
Carrying Amounts And Estimated Fair Values Of Financial Instruments	The carrying amounts and estimated fair values of all other financial instruments are as follows: September 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,683 $ 3,308 $ 2,691 $ 3,284 Debt Total debt 5,183 5,228 5,053 5,140

Accumulated Other Comprehensi34

Accumulated Other Comprehensive (Loss)/Income (Tables)	9 Months Ended
	Sep. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Components Of Accumulated Other Comprehensive (Loss)/Income	The components of AOCI are as follows: Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ (13 ) $ (8 ) $ (12 ) $ (33 ) Period change (107 ) 7 — (100 ) Balance, September 30, 2015 $ (120 ) $ (1 ) $ (12 ) $ (133 ) Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Tax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ 50 $ 4 $ 3 $ 57 Period change 12 (3 ) — 9 Balance, September 30, 2015 $ 62 $ 1 $ 3 $ 66 Foreign Unrealized Defined Currency Gains/(Losses) Benefit Translation on Cash Flow Pension Net of Tax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ 37 $ (4 ) $ (9 ) $ 24 Period change (95 ) 4 — (91 ) Balance, September 30, 2015 $ (58 ) $ — $ (9 ) $ (67 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation [Abstract]
Incentive Equity Awards Granted By The Company	The activity related to incentive equity awards granted by the Company for the nine months ended September 30, 2015 consisted of the following: RSUs PSUs SSARs Number of RSUs Weighted Average Grant Price Number of PSUs Weighted Average Grant Price Number of SSARs Weighted Average Exercise Price Balance as of December 31, 2014 2.0 $ 57.13 0.7 $ 57.99 0.7 $ 40.09 Granted (a) 0.6 91.60 0.2 91.81 0.1 91.81 Vested (0.9 ) 49.21 (0.3 ) 44.57 — — Balance as of September 30, 2015 1.7 (b) (c) 73.68 0.6 (d) 75.87 0.8 (b) (e) 46.45 (a) Primarily represents awards granted by the Company on February 26, 2015 . (b) Aggregate unrecognized compensation expense related to RSUs and SSARs was $101 million as of September 30, 2015 , which is expected to be recognized over a weighted average period of 2.7 years . (c) Approximately 1.6 million RSUs outstanding as of September 30, 2015 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $27 million as of September 30, 2015 . (e) Approximately 0.6 million SSARs are exercisable as of September 30, 2015 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of September 30, 2015 had an intrinsic value of $23 million and have a weighted average remaining contractual life of 2.3 years .
Weighted Average Grant Date Fair Value Assumptions	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. SSARs Issued on February 26, 2015 Grant date fair value $ 18.55 Grant date strike price $ 91.81 Expected volatility 25.38 % Expected life 5.1 years Risk free interest rate 1.64 % Projected dividend yield 1.83 %

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Summary Of Segment Information	The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended September 30, 2015 2014 Net Revenues EBITDA Net Revenues EBITDA Lodging (a) $ 357 $ 83 $ 315 (c) $ 100 Vacation Exchange and Rentals 476 134 512 159 Vacation Ownership 750 200 704 188 Total Reportable Segments 1,583 417 1,531 447 Corporate and Other (b) (19 ) (35 ) (17 ) (36 ) Total Company $ 1,564 $ 382 $ 1,514 $ 411 Reconciliation of EBITDA to Net income Three Months Ended September 30, 2015 2014 EBITDA $ 382 $ 411 Depreciation and amortization 59 60 Interest expense 33 28 Interest income (2 ) (2 ) Income before income taxes 292 325 Provision for income taxes 102 119 Net income $ 190 $ 206 (a) Includes $16 million and $11 million of intersegment trademark fees during the three months ended September 30, 2015 and 2014 , respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other. (b) Includes the elimination of transactions between segments. (c) Includes $2 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other. Nine Months Ended September 30, 2015 2014 Net Revenues EBITDA Net Revenues EBITDA Lodging (a) $ 983 $ 255 $ 835 (c) $ 250 Vacation Exchange and Rentals 1,228 323 1,293 333 Vacation Ownership 2,067 513 1,970 488 Total Reportable Segments 4,278 1,091 4,098 1,071 Corporate and Other (b) (54 ) (100 ) (48 ) (104 ) Total Company $ 4,224 $ 991 $ 4,050 $ 967 Reconciliation of EBITDA to Net income attributable to Wyndham shareholders Nine Months Ended September 30, 2015 2014 EBITDA $ 991 $ 967 Depreciation and amortization 173 175 Interest expense 89 84 Interest income (7 ) (6 ) Income before income taxes 736 714 Provision for income taxes 265 265 Net income 471 449 Net income attributable to noncontrolling interest — (1 ) Net income attributable to Wyndham shareholders $ 471 $ 448 (a) Includes $43 million and $31 million of intersegment trademark fees during the nine months ended September 30, 2015 and 2014 , respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other. (b) Includes the elimination of transactions between segments. (c) Includes $6 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other.

Restructuring, Impairment and37

Restructuring, Impairment and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring Charges [Abstract]
Activity Related To The Restructuring Costs	The activity associated with the Company’s restructuring plans is summarized by category as follows: Liability as of Liability as of December 31, 2014 Costs Recognized Cash Payments Other September 30, 2015 Personnel-related $ 6 $ 7 (a) $ (5 ) $ — $ 8 Facility-related 4 — (1 ) — 3 Contract terminations 1 — — (1 ) (b) — Asset impairment — 1 — (1 ) (c) — $ 11 $ 8 $ (6 ) $ (2 ) $ 11 (a) Represents severance costs incurred at the Company’s lodging, vacation exchange and rentals and vacation ownership businesses resulting from a reduction of 354 employees. (b) Represents a reversal of a portion of previously recorded expenses at the Company’s vacation exchange and rentals business. (c) Represents the non-cash asset impairment charge associated with a facility at the Company’s vacation exchange and rentals business.

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Millions	Sep. 30, 2015USD ($)
Earnings Per Share Reconciliation [Abstract]
Remaining authorized amount under share repurchases	$ 531

Earnings Per Share (Computation

Earnings Per Share (Computation Of Basic And Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Wyndham shareholders		$ 190	$ 206	$ 471	$ 448
Basic weighted average shares outstanding		117	124	119	126
SSARs, RSUs and PSUs	[1],[2],[3]	1	2	1	2
Weighted average diluted shares outstanding		118	126	120	128
Basic (in dollars per share)		$ 1.62	$ 1.65	$ 3.96	$ 3.55
Diluted (in dollars per share)		$ 1.61	$ 1.64	$ 3.93	$ 3.51
Aggregate dividends paid to shareholders		$ 49	$ 44	$ 153	$ 136
Performance-Based Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted EPS		0.6	0.4	0.6	0.4
[1]	Excludes 0.6 million performance vested restricted stock units (“PSUs”) for both the three and nine months ended September 30, 2015 and0.4 million PSUs for both the three and nine months ended September 30, 2014, as the Company has not met the required performance metrics.
[2]	Includes unvested dilutive restricted stock units (“RSUs”) which are subject to future forfeitures.
[3]	Stock-settled appreciation rights (“SSARs”).

Earnings Per Share (Current Sto

Earnings Per Share (Current Stock Repurchase Program) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2014	95,806,076
Shares, As of September 30, 2015	101,536,625
Stock Repurchase Program [Member]
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2014	71,300,000
Cost, As of December 31, 2014 | $	$ 3,062
Average Price, As of December 31, 2014 (in dollars per share) | $ / shares	$ 42.94
Shares, For the nine months ended September 30, 2015	5,700,000
Cost, For the nine months ended September 30, 2015 | $	$ 485
Average Price, For the nine months ended September 30, 2015 (in dollars per share) | $ / shares	$ 84.61
Shares, As of September 30, 2015	77,000,000
Cost, As of September 30, 2015 | $	$ 3,547
Average Price, As of September 30, 2015 (in dollars per share) | $ / shares	$ 46.04

Acquisitions (Narrative) (Detai

Acquisitions (Narrative) (Details) $ in Millions	Jan. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Goodwill		$ 1,576	$ 1,551
Dolce Hotels and Resorts [Member]
Business Acquisition [Line Items]
Net consideration	$ 57
Consideration received, net cash acquired	52
Debt repaid at closing	5
Goodwill	31
Definite-lived intangibles	$ 28
Weighted average useful life (in years)	15 years
Other assets acquired	$ 9
Liabilities assumed	25
Dolce Hotels and Resorts [Member] | Trademarks [Member]
Business Acquisition [Line Items]
Definite-lived intangibles	$ 14
Other Acquisitions [Member]
Business Acquisition [Line Items]
Consideration received, net cash acquired		39
Goodwill		16
Definite-lived intangibles		$ 15
Weighted average useful life (in years)		11 years
Five businesses acquired		5
Property and equipment		$ 12

Intangible Assets (Components o

Intangible Assets (Components of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Gross Carrying Amount, Goodwill	$ 1,576	$ 1,551
Gross Carrying Amount, Trademarks	727	717
Gross Carrying Amount, Amortized Intangible Assets	911	873
Accumulated Amortization, Amortized Intangible Assets	498	472
Net Carrying Amount, Amortized Intangible Assets	413	401
Franchise Agreements [Member]
Goodwill [Line Items]
Gross Carrying Amount, Amortized Intangible Assets	595	594
Accumulated Amortization, Amortized Intangible Assets	383	371
Net Carrying Amount, Amortized Intangible Assets	212	223
Management Agreements [Member]
Goodwill [Line Items]
Gross Carrying Amount, Amortized Intangible Assets	156	105
Accumulated Amortization, Amortized Intangible Assets	43	35
Net Carrying Amount, Amortized Intangible Assets	113	70
Trademarks [Member]
Goodwill [Line Items]
Gross Carrying Amount, Amortized Intangible Assets	8	7
Accumulated Amortization, Amortized Intangible Assets	5	3
Net Carrying Amount, Amortized Intangible Assets	3	4
Other Intangible Assets [Member]
Goodwill [Line Items]
Gross Carrying Amount, Amortized Intangible Assets	152	167
Accumulated Amortization, Amortized Intangible Assets	67	63
Net Carrying Amount, Amortized Intangible Assets	85	104
Trademarks [Member]
Goodwill [Line Items]
Gross Carrying Amount, Trademarks	$ 724	$ 713

Intangible Assets (Changes In C

Intangible Assets (Changes In Carrying Amount Of Goodwill By Segment) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2014	$ 1,551
Foreign Exchange	(22)
Balance at September 30, 2015	1,576
Goodwill Acquired During 2015 [Member]
Goodwill [Roll Forward]
Goodwill acquired during 2015	47
Lodging [Member]
Goodwill [Roll Forward]
Balance at December 31, 2014	300
Foreign Exchange	0
Balance at September 30, 2015	331
Lodging [Member] | Goodwill Acquired During 2015 [Member]
Goodwill [Roll Forward]
Goodwill acquired during 2015	31
Vacation Exchange And Rentals [Member]
Goodwill [Roll Forward]
Balance at December 31, 2014	1,224
Foreign Exchange	(22)
Balance at September 30, 2015	1,218
Vacation Exchange And Rentals [Member] | Goodwill Acquired During 2015 [Member]
Goodwill [Roll Forward]
Goodwill acquired during 2015	16
Vacation Ownership [Member]
Goodwill [Roll Forward]
Balance at December 31, 2014	27
Foreign Exchange	0
Balance at September 30, 2015	27
Vacation Ownership [Member] | Goodwill Acquired During 2015 [Member]
Goodwill [Roll Forward]
Goodwill acquired during 2015	$ 0

Intangible Assets (Amortization

Intangible Assets (Amortization Expense Related To Intangible Assets By Major Class) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill [Line Items]
Amortization of Intangible Assets	[1]	$ 10	$ 9	$ 28	$ 28
Franchise Agreements [Member]
Goodwill [Line Items]
Amortization of Intangible Assets		3	4	11	12
Management Agreements [Member]
Goodwill [Line Items]
Amortization of Intangible Assets		3	2	7	6
Other Intangible Assets [Member]
Goodwill [Line Items]
Amortization of Intangible Assets		$ 4	$ 3	$ 10	$ 10
[1]	Included as a component of depreciation and amortization on the Consolidated Statements of Income.

Intangible Assets (Intangible A

Intangible Assets (Intangible Assets Future Amortization Expenses) (Details) $ in Millions	Sep. 30, 2015USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2015	$ 9
2,016	37
2,017	36
2,018	34
2,019	33
2,020	$ 32

Vacation Ownership Contract R46

Vacation Ownership Contract Receivables (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)fico_score	Sep. 30, 2014USD ($)	Dec. 31, 2014
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables	$ 83	$ 74	$ 248	$ 217
Originated vacation ownership contract receivables			818	754
Vacation ownership contract principal collections			$ 605	598
Weighted average interest rate	13.70%		13.70%		13.60%
Provision for loan losses	$ 78	$ 70	$ 184	$ 200
FICO score range minimum | fico_score			300
FICO score range maximum | fico_score			850
Minimum days which Company ceases to accrue interest on VOI contract receivables			90 days
VOI contract receivable written off as credit loss			120 days

Vacation Ownership Contract R47

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	$ 331	$ 344
Less: Allowance for loan losses	58	59
Current vacation ownership contract receivables, net	273	285
Long-term vacation ownership contract receivables	2,936	2,928
Less: Allowance for loan losses	526	522
Long-term vacation ownership contract receivables, net	2,410	2,406
Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	251	256
Long-term vacation ownership contract receivables	2,217	2,256
Non-Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	80	88
Long-term vacation ownership contract receivables	$ 719	$ 672

Vacation Ownership Contract R48

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Allowance for Loan Losses [Roll Forward]
Allowance for loan losses, beginning balance			$ 581	$ 566
Provision for loan losses	$ 78	$ 70	184	200
Contract receivables write-offs, net			(181)	(183)
Allowance for loan losses, ending balance	$ 584	$ 583	$ 584	$ 583

Vacation Ownership Contract R49

Vacation Ownership Contract Receivables (Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	$ 3,267	$ 3,272
700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,640	1,580
600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,075	1,074
Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	203	229
No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	124	123
Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	225	266
Current [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3,147	3,151
Current [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,614	1,556
Current [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,032	1,028
Current [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	165	191
Current [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	115	115
Current [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	221	261
31 - 60 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	59	58
31 - 60 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	14	12
31 - 60 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	23	23
31 - 60 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	16	16
31 - 60 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	4	4
31 - 60 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	3
61 - 90 Days [Member
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	32	34
61 - 90 Days [Member | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	7	7
61 - 90 Days [Member | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	11	13
61 - 90 Days [Member | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	11	11
61 - 90 Days [Member | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	2
61 - 90 Days [Member | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1	1
91 - 120 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	29	29
91 - 120 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	5	5
91 - 120 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	9	10
91 - 120 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	11	11
91 - 120 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3	2
91 - 120 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	$ 1	$ 1

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Real Estate, Inventory [Line Items]
Transferred property and equipment to VOI inventory		$ 67	$ 18
Inventory sold subject to conditional repurchase	$ 135	135		$ 73
Cash consideration received		65	0
Vacation ownership inventory	98	98		226
Repayments of vacation ownership inventory arrangements		5	$ 0
St. Thomas, U.S. Virgin Island Inventory Sale [Member]
Real Estate, Inventory [Line Items]
Inventory sold subject to conditional repurchase	67	67
Cash consideration received	65
Receivable	2
Avon, Colorado Inventory [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	43	43		42
Outstanding obligation within accrued expenses and other current liabilities	11	11		10
Outstanding obligation within other non-current liabilities	32	32		32
Las Vegas, Nevada and St. Thomas, U.S. Virgin Island Inventory Sales [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	136	136
Outstanding obligation within accrued expenses and other current liabilities	23	23
Outstanding obligation within other non-current liabilities	113	113
Maximum potential future payments		309
Las Vegas, Nevada Inventory [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation				73
Outstanding obligation within accrued expenses and other current liabilities				5
Outstanding obligation within other non-current liabilities				$ 68
Paid to third-party developer	12
Vacation ownership inventory	6	$ 6
Repayments of vacation ownership inventory arrangements	5
Interest paid	$ 1

Inventory (Summary of Inventory

Inventory (Summary of Inventory) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Land held for VOI development		$ 136	$ 136
VOI construction in process		98	226
Inventory sold subject to conditional repurchase		135	73
Completed VOI inventory		582	431
Estimated recoveries		241	235
Exchange and rentals vacation credits and other		60	61
Total inventory		1,252	1,162
Less: Current portion	[1]	273	302
Non-current inventory		$ 979	$ 860
[1]	Represents inventory that the Company expects to sell within the next 12 months.

Long-Term Debt And Borrowing 52

Long-Term Debt And Borrowing Arrangements (Narrative) (Details) - USD ($)	Sep. 15, 2015	Mar. 26, 2015	Sep. 30, 2015	Jun. 30, 2015	Jul. 15, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total debt, carrying amount			$ 5,183,000,000			$ 5,053,000,000
Former Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity						1,500,000,000
New Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility, borrowing capacity		$ 1,500,000,000
Credit facility, commitment fee percentage		0.20%
Basis spread on variable rate		1.30%
Domestic Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity			750,000,000
Commercial paper			$ 87,000,000			$ 189,000,000
Commercial paper, weighted average interest rate			0.86%			0.89%
European Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity			$ 500,000,000
Sierra Timeshare 2015-1 Receivables Funding, LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 350,000,000
Weighted average interest rate		2.54%
Advance rate on securitized debt		90.00%
Total debt, carrying amount			259,000,000
Sierra Timeshare 2015-2 Receivables Funding LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount					$ 275,000,000
Weighted average interest rate					2.56%
Advance rate on securitized debt					90.00%
Total debt, carrying amount			242,000,000
Sierra Timeshare Conduit Receivables Funding II LLC [Member]
Debt Instrument [Line Items]
Total capacity			$ 650,000,000
5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000
Debt instrument, interest rate, stated percentage	5.10%		5.10%
Proceeds from Issuance of Debt	$ 348,000,000
Payment for interest rate swap agreement			$ 10,000,000
Loss on interest rate swap			$ 10,000,000
3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.90%
4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.25%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Cash received on terminated interest rate swaps				$ 17,000,000
Deferred gains on terminated interest rate swaps			$ 14,000,000
Derivative, aggregate fair value						$ 18,000,000
Interest Rate Swap [Member] | 3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			3.90%
Derivative, notional amount			$ 400,000,000
Interest Rate Swap [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			4.25%
Derivative, notional amount			$ 100,000,000

Long-Term Debt And Borrowing 53

Long-Term Debt And Borrowing Arrangements (Interest Expense Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Interest on long-term debt	$ 35	$ 31	$ 94	$ 90
Capitalized interest	2	2	5	4
Gain on ineffectiveness of fair value hedge		1		2
Long-Term Debt Borrowings And Capitalized Interest [Member]
Debt Instrument [Line Items]
Interest expense incurred	33	28	89	84
Cash paid for interest			102	98
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 18	$ 18	55	52
Consumer Finance [Member]
Debt Instrument [Line Items]
Cash paid for interest			$ 42	$ 39

Long-Term Debt And Borrowing 54

Long-Term Debt And Borrowing Arrangements (Summary Of Indebtedness-Long-Term Debt) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Sep. 15, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Less: Current portion of securitized vacation ownership debt		$ 210		$ 214
Long-term securitized vacation ownership debt		1,900		1,951
Less: Current portion of long-term debt		44		47
Long-term vacation ownership contract receivables		2,936		2,928
Unamortized discount		$ 15		14
6.00% Senior Unsecured Notes (Due December 2016) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.00%
2.95% Senior Unsecured Notes (Due March 2017) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		2.95%
5.75% Senior Unsecured Notes (Due February 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.75%
2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		2.50%
7.375% Senior Unsecured Notes (Due March 2020) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		7.375%
5.625% Senior Unsecured Notes (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.625%
4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		4.25%
3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		3.90%
5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		5.10%	5.10%
Debt instrument, face amount			$ 350
Unamortized (gains)/losses from the settlement of a derivative		$ 10
Term Notes [Member]
Debt Instrument [Line Items]
Secured Debt	[1]	1,843		1,962
Bank Conduit Facility (Due August 2016) [Member]
Debt Instrument [Line Items]
Secured Debt	[1]	267		203
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Secured Debt		2,110		2,165
Less: Current portion of securitized vacation ownership debt		210		214
Long-term securitized vacation ownership debt		1,900		1,951
Long-term vacation ownership contract receivables		2,582		2,629
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility		20
Commercial paper	[2]	87
Revolving Credit Facility [Member] | Revolving Credit Facility (Due July 2020) [Member]
Debt Instrument [Line Items]
Revolving credit facility		20		25
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper		87		189
Other [Member]
Debt Instrument [Line Items]
Capital leases		158		170
Other		49		81
Total long-term debt		3,073		2,888
Less: Current portion of long-term debt		44		47
Long-term debt		3,029		2,841
Other [Member] | 6.00% Senior Unsecured Notes (Due December 2016) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		315
Senior notes	[3],[4]	316		317
Unamortized (gains)/losses from the settlement of a derivative		(1)		(2)
Other [Member] | 2.95% Senior Unsecured Notes (Due March 2017) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		300
Senior notes	[4]	299		299
Other [Member] | 5.75% Senior Unsecured Notes (Due February 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		14
Senior notes	[4]	14		14
Other [Member] | 2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		450
Senior notes	[4]	448		448
Other [Member] | 7.375% Senior Unsecured Notes (Due March 2020) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		40
Senior notes	[4]	40		40
Other [Member] | 5.625% Senior Unsecured Notes (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		250
Senior notes	[4]	247		247
Other [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		650
Senior notes	[4],[5]	648		648
Unamortized (gains)/losses from the settlement of a derivative		(3)
Derivative, additional amount to hedge item				3
Other [Member] | 3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		400
Senior notes	[4],[6]	409		410
Unamortized (gains)/losses from the settlement of a derivative		(11)
Derivative, additional amount to hedge item				13
Other [Member] | 5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		350
Senior notes	[4],[7]	$ 338		$ 0
[1]	Represents non-recourse 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. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2,582 million and $2,629 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of September 30, 2015 and December 31, 2014, respectively.
[2]	The Company considers outstanding borrowings under its commercial paper programs to be a reduction of the available capacity of its revolving credit facility.
[3]	Includes $1 million and $2 million of unamortized gains from the settlement of a derivative as of September 30, 2015 and December 31, 2014, respectively.
[4]	The carrying amounts of the senior unsecured notes are net of unamortized discounts aggregating $15 million and $14 million as of September 30, 2015 and December 31, 2014, respectively.
[5]	As of September 30, 2015, includes unamortized gains from the settlement of a derivative in the amount of $3 million. As of December 31, 2014, includes a $3 million increase in the carrying value resulting from a fair value hedge derivative.
[6]	As of September 30, 2015, includes unamortized gains from the settlement of a derivative in the amount of $11 million. As of December 31, 2014, includes a $13 million increase in the carrying value resulting from a fair value hedge derivative.
[7]	As of September 30, 2015, includes unamortized losses from the settlement of a derivative in the amount of $10 million.

Long-Term Debt And Borrowing 55

Long-Term Debt And Borrowing Arrangements (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Within 1 year	$ 254
Between 1 and 2 years	871
Between 2 and 3 years	908
Between 3 and 4 years	214
Between 4 and 5 years	367
Thereafter	2,569
Long-term debt outstanding	5,183	$ 5,053
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Within 1 year	210
Between 1 and 2 years	223
Between 2 and 3 years	432
Between 3 and 4 years	201
Between 4 and 5 years	208
Thereafter	836
Secured Debt	2,110	2,165
Other [Member]
Debt Instrument [Line Items]
Within 1 year	44
Between 1 and 2 years	648
Between 2 and 3 years	476
Between 3 and 4 years	13
Between 4 and 5 years	159
Thereafter	1,733
Total long-term debt	$ 3,073	$ 2,888

Long-Term Debt And Borrowing 56

Long-Term Debt And Borrowing Arrangements (Summary Of Available Capacity Under Borrowing Arrangements) (Details) $ in Millions	Sep. 30, 2015USD ($)
Securitized Bank Conduit Facility [Member]
Debt Instrument [Line Items]
Total capacity	$ 650	[1]
Revolving credit facility	267	[1]
Available Capacity	383	[1]
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total capacity	1,500
Revolving credit facility	20
Letters of Credit Outstanding, Amount	1
Commercial paper	87	[2]
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,392
[1]	The capacity of this facility is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings.
[2]	The Company considers outstanding borrowings under its commercial paper programs to be a reduction of the available capacity of its revolving credit facility.

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash and cash equivalents	$ 62		$ 51
Purchased property and equipment	157	$ 149
Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Purchased property and equipment	23
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 799		$ 760

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross		$ 2,683	$ 2,691
Total assets		9,707	9,679
Total liabilities		8,688	8,422
SPE assets in excess of SPE liabilities		470	463
Securitized contract receivables, net, current		273	285
Securitized contract receivables, net, non-current		2,410	2,406
Vacation Ownership SPEs [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	[1]	2,468	2,512
Securitized restricted cash	[2]	93	96
Interest receivables on securitized contract receivables	[3]	19	20
Other assets	[4]	2	1
Total assets	[5]	2,582	2,629
Securitized term notes	[6]	1,843	1,962
Securitized conduit facilities	[6]	267	203
Other liabilities	[7]	2	1
Total liabilities		2,112	2,166
SPE assets in excess of SPE liabilities		470	463
Securitized contract receivables, net, current		251	256
Securitized contract receivables, net, non-current		2,217	2,256
Securitized restricted cash, current		73	75
Securitized restricted cash, non-current		20	21
Deferred financing cost related to securitized debt		27	30
Securitized conduit facilities, current		210	214
Securitized conduit facilities, long-term		$ 1,900	$ 1,951
[1]	Included in current ($251 million and $256 million as of September 30, 2015 and December 31, 2014, respectively) and non-current ($2,217 million and $2,256 million as of September 30, 2015 and December 31, 2014, respectively) vacation ownership contract receivables on the Consolidated Balance Sheets.
[2]	Included in other current assets ($73 million and $75 million as of September 30, 2015 and December 31, 2014, respectively) and other non-current assets ($20 million and $21 million as of September 30, 2015 and December 31, 2014, respectively) on the Consolidated Balance Sheets.
[3]	Included in trade receivables, net on the Consolidated Balance Sheets.
[4]	Primarily includes a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets.
[5]	Excludes deferred financing costs of $27 million and $30 million as of September 30, 2015 and December 31, 2014, respectively, related to securitized debt.
[6]	Included in current ($210 million and $214 million as of September 30, 2015 and December 31, 2014, respectively) and long-term ($1,900 million and $1,951 million as of September 30, 2015 and December 31, 2014, respectively) securitized vacation ownership debt on the Consolidated Balance Sheets.
[7]	Primarily includes accrued interest on securitized debt, which is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

Variable Interest Entities (Sum

Variable Interest Entities (Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Schedule Of Transfer And Financial Assets [Line Items]
SPE assets in excess of SPE liabilities	$ 470	$ 463
Less: Allowance for loan losses	584	581	$ 583	$ 566
Total, net	685	642
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 799	$ 760

Variable Interest Entities (A60

Variable Interest Entities (Assets and Liabilities of the SPE) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Property and equipment, net		$ 1,402	$ 1,500
Total assets		9,707	9,679
Accrued expenses and other current liabilities		852	749
Total liabilities		8,688	8,422
SPE deficit		470	463
Current portion of long-term debt		44	47
Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Property and equipment, net		39	64
Total assets		39	64
Accrued expenses and other current liabilities		0	1
Long-term Debt	[1]	46	77
Total liabilities		46	78
SPE deficit		(7)	(14)
Current portion of long-term debt		29	31
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount		42	71
Mandatorily Redeemable Equity - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount		$ 4	$ 6
[1]	As of September 30, 2015, included $42 million relating to a four-year mortgage note due in 2017 and $4 million of mandatorily redeemable equity, of which $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2014, included $71 million relating to a four-year mortgage note due in 2017 and $6 million of mandatorily redeemable equity, of which $31 million was included in current portion of long-term debt on the Consolidated Balance Sheet.

Fair Value (Summary Of Assets A

Fair Value (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - Recurring Basis [Member] - USD ($) $ in Millions		Sep. 30, 2015	Dec. 31, 2014
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets included in other current assets		$ 2	$ 1
Derivative assets included in other non-current assets			18
Fair Value [Member] | Level 2 [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets		2	19
Derivative liabilities		2	7
Fair Value [Member] | Level 2 [Member] | Interest Rate Contracts [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets	[1]		18
Derivative liabilities	[2],[3]	0	4
Fair Value [Member] | Level 2 [Member] | Foreign Exchange Contracts [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets	[1]	2	1
Derivative liabilities	[2]	2	3
Carrying Amount [Member] | Level 2 [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets		2	19
Derivative liabilities		2	7
Carrying Amount [Member] | Level 2 [Member] | Interest Rate Contracts [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets	[1]		18
Derivative liabilities	[2],[3]	0	4
Carrying Amount [Member] | Level 2 [Member] | Foreign Exchange Contracts [Member]
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative assets	[1]	2	1
Derivative liabilities	[2]	$ 2	$ 3
[1]	Included in other current assets ($2 million and $1 million as of September 30, 2015 and December 31, 2014, respectively) and other non-current assets ($18 million as of December 31, 2014) on the Consolidated Balance Sheets.
[2]	Included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.
[3]	rimarily related to interest rate swap locks for the 2015 issuance of senior unsecured notes.

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Vacation ownership contract receivables, net, carrying amount	$ 2,683	$ 2,691
Vacation ownership contract receivables, net, estimated fair value	3,308	3,284
Total debt, carrying amount	5,183	5,053
Total debt, estimated fair value	$ 5,228	$ 5,140

Derivative Instruments And He63

Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Loss on freestanding foreign currency contracts	$ 5	$ 12	$ 10	$ 11

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Effective income tax rate	34.90%	36.60%	36.00%	37.10%
Income taxes payments, net of refunds			$ 181	$ 187

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Loss Contingencies [Line Items]
Litigation reserves	$ 30		$ 30		$ 24
Range of possible loss, portion not accrued	37		$ 37
Percentage of Cendant's contingent and other corporate liabilities and associated costs			37.50%
Lodging [Member]
Loss Contingencies [Line Items]
Maximum potential future payment	174		$ 174
Annual cap	44		44
Amount of liability in guarantees	29		29		32
Guarantor offsetting asset carrying value	36		36		39
Amortization expense, contingent asset	1	$ 1	3	$ 3
Guarantor obligation recourse receivable	31		31
Lodging [Member] | Other Non Current Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	24		24		31
Lodging [Member] | Accrued Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	5		5		1
Lodging [Member] | Other Non Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	32		32		35
Guarantor obligation recourse receivable	30		30		26
Lodging [Member] | Other Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	4		4		$ 4
Guarantor obligation recourse receivable	1		1
Lodging [Member] | Conditional Guarantee [Member]
Loss Contingencies [Line Items]
Maximum potential future payment	45		45
Annual cap	$ 10		$ 10
Lodging [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			7 years
Lodging [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			10 years

Accumulated Other Comprehensi66

Accumulated Other Comprehensive (Loss)/Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income, Before Tax
Beginning, Foreign Currency Translation Adjustments			$ (13)
Period Change, Foreign Currency Transaction Adjustments			(107)
Ending, Foreign Currency Translation Adjustments	$ (120)		(120)
Beginning, Unrealized Gains/(Losses) on Cash Flow Hedges			(8)
Period Change, Unrealized Gains/(Losses) on Cash Flow Hedges			7
Ending, Unrealized Gains/(Losses) on Cash Flow Hedges	(1)		(1)
Beginning, Defined Benefit Pension Plans			(12)
Period Change, Defined Benefit Pension Plans			0
Ending, Defined Benefit Pension Plans	(12)		(12)
Beginning, Accumulated Other Comprehensive Income			(33)
Period Change, Accumulated Other Comprehensive Income			(100)
Ending, Accumulated Other Comprehensive Income	(133)		(133)
Accumulated Other Comprehensive Income, Tax
Beginning, Foreign Currency Translation Adjustments			50
Period Change, Foreign Currency Translation Adjustment			12
Ending, Foreign Currency Translation Adjustments	62		62
Beginning, Unrealized Gains/(Losses) on Cash Flow Hedges			4
Period Change, Unrealized Gains/(Losses) on Cash Flow Hedges			(3)
Ending, Unrealized Gains/(Losses) on Cash Flow Hedges	1		1
Beginning, Defined Benefit Pension Plans			3
Period Change, Defined Benefit Pension Plans			0
Ending, Defined Benefit Pension Plans	3		3
Beginning, Accumulated Other Comprehensive Income			57
Period Change, Accumulated Other Comprehensive Income			9
Ending, Accumulated Other Comprehensive Income	66		66
Accumulated Other Comprehensive Income, Net Of Tax
Beginning, Foreign Currency Translation Adjustments			37
Period Change, Foreign Currency Transaction and Translation Adjustments	(39)	$ (89)	(95)	$ (66)
Ending, Foreign Currency Translation Adjustments	(58)		(58)
Beginning, Unrealized Gains/(Losses) on Cash Flow Hedges			(4)
Period Change, Unrealized Gains/(Losses) on Cash Flow Hedges	4	$ 1	4	1
Ending, Unrealized Gains/(Losses) on Cash Flow Hedges	0		0
Beginning, Defined Benefit Pension Plans			(9)
Period Change, Defined Benefit Pension Plans			0
Ending, Defined Benefit Pension Plans	(9)		(9)
Beginning, Accumulated Other Comprehensive Income			24
Period Change, Accumulated Other Comprehensive Income			(91)	$ (65)
Ending, Accumulated Other Comprehensive Income	$ (67)		$ (67)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	Feb. 26, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock to be awarded		36.7		36.7
Remaining shares available		16.3		16.3
Stock-based compensation				$ 44	$ 43
Excess tax benefits available to absorb tax deficiencies				17
Employee service share-based compensation, APIC pool balance				129
Payment of taxes for net share settlement				42	63
RSUs and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards	$ 59
Vesting terms, in years	4 years
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards	$ 16
RSUs, PSUs and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 14	$ 13	$ 43	$ 43

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Granted By The Company) (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)	2
Number of Units, Granted (shares)	0.6	[1]
Number of Units, Vested/exercised (shares)	(0.9)
Number of Units, Ending Balance (shares)	1.7	[2],[3]
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 57.13
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	91.60	[1]
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	49.21
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 73.68
Shares outstanding, expected to vest	1.6
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)	0.7
Number of Units, Granted (shares)	0.2	[1]
Number of Units, Vested/exercised (shares)	(0.3)
Number of Units, Ending Balance (shares)	0.6	[4]
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 57.99
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	91.81	[1]
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	44.57
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 75.87
Unrecognized compensation expense, maximum | $	$ 27
SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)	0.7
Number of Units, Granted (shares)	0.1	[1]
Number of Units, Ending Balance (shares)	0.8	[2],[5]
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	40.09
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares	$ 91.81	[1]
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	46.45
Shares outstanding, expected to vest	0.6
Shares, intrinsic value | $	$ 23
Weighted average remaining contractual life, years	2 years 3 months
RSUs and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Unrecognized compensation expense, maximum | $	$ 101
Incentive equity awards vesting ratably over a period, in years	2 years 8 months
[1]	Primarily represents awards granted by the Company on February 26, 2015.
[2]	Aggregate unrecognized compensation expense related to RSUs and SSARs was $101 million as of September 30, 2015, which is expected to be recognized over a weighted average period of 2.7 years
[3]	Approximately 1.6 million RSUs outstanding as of September 30, 2015 are expected to vest over time.
[4]	Maximum aggregate unrecognized compensation expense was $27 million as of September 30, 2015.
[5]	Approximately 0.6 million SSARs are exercisable as of September 30, 2015. The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of September 30, 2015 had an intrinsic value of $23 million and have a weighted average remaining contractual life of 2.3 years.

Stock-Based Compensation (Weigh

Stock-Based Compensation (Weighted Average Grant Date Fair Value Assumptions) (Details) - Stock Settled Stock Appreciation Rights [Member]	Feb. 26, 2015$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share)	$ 18.55
Grant date strike price (in dollars per share)	$ 91.81
Expected volatility	25.38%
Expected life (years)	5 years 1 month
Risk free interest rate	1.64%
Projected dividend yield	1.83%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014		Sep. 30, 2015		Sep. 30, 2014
Segment Reporting Information [Line Items]
Net revenues	$ 1,564		$ 1,514		$ 4,224		$ 4,050
EBITDA	382		411		991		967
Depreciation and amortization	59		60		173		175
Interest expense	33		28		89		84
Interest income	(2)		(2)		(7)		(6)
Income before income taxes	292		325		736		714
Provision for income taxes	102		119		265		265
Net income	190		206		471		449
Net income attributable to noncontrolling interest	0		0		0		(1)
Net income attributable to Wyndham shareholders	190		206		471		448
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	1,583		1,531		4,278		4,098
EBITDA	417		447		1,091		1,071
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net revenues	(19)	[1]	(17)	[1]	(54)	[2]	(48)	[2]
EBITDA	(35)	[1]	(36)	[1]	(100)	[2]	(104)	[2]
Lodging [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	16		11		43		31
Management fees			2				6
Lodging [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	357	[3]	315	[3],[4]	983	[5]	835	[5],[6]
EBITDA	83	[3]	100	[3]	255	[5]	250	[5]
Vacation Exchange And Rentals [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	476		512		1,228		1,293
EBITDA	134		159		323		333
Vacation Ownership [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	750		704		2,067		1,970
EBITDA	$ 200		$ 188		$ 513		$ 488
[1]	Includes the elimination of transactions between segments.
[2]	Includes the elimination of transactions between segments.
[3]	Includes $16 million and $11 million of intersegment trademark fees during the three months ended September 30, 2015 and 2014, respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other.
[4]	Includes $2 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other.
[5]	Includes $43 million and $31 million of intersegment trademark fees during the nine months ended September 30, 2015 and 2014, respectively, which are offset in expenses primarily at the Company’s Vacation Ownership segment and are eliminated in Corporate and Other.
[6]	Includes $6 million of hotel management reimbursable revenues, which was charged to the Company’s Vacation Ownership segment and eliminated in Corporate and Other.

Restructuring, Impairment and71

Restructuring, Impairment and Other Charges (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 8	$ 0	$ 8	$ 0
Cash payments				6
Asset impairment		7	$ 8	7	$ 8
Termination of a management agreement		$ 14
Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				7
Cash payments				5
Facility-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability expected to be paid				3
Cash payments				1
Restructuring Plan 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				8
Non-cash asset impairment charge				1
Restructuring liability expected to be paid				7
Restructuring Plan 2015 [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				7
Restructuring Plan 2014 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability expected to be paid				1
Cash payments				5
Restructuring accrual	[1]			$ (1)
[1]	Represents a reversal of a portion of previously recorded expenses at the Company’s vacation exchange and rentals business.

Restructuring, Impairment and72

Restructuring, Impairment and Other Charges (Activity Related To The Restructuring Costs) (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2014				$ 11
Restructuring charges		$ 8	$ 0	8	$ 0
Cash payments				6
Other restructuring adjustments				(2)
Liability as of September 30, 2015		11		$ 11
Number of positions eliminated				354
Personnel-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2014				$ 6
Restructuring charges				7
Cash payments				5
Liability as of September 30, 2015		8		8
Facility-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2014				4
Cash payments				1
Liability as of September 30, 2015		3		3
Contract Termination [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2014				1
Other restructuring adjustments	[1]			(1)
Liability as of September 30, 2015		0		0
Asset Impairment [Member]
Restructuring Cost and Reserve [Roll Forward]
Restructuring charges				1
Other restructuring adjustments	[2]			(1)
Liability as of September 30, 2015		$ 0		$ 0
[1]	Represents a reversal of a portion of previously recorded expenses at the Company’s vacation exchange and rentals business.
[2]	Represents the non-cash asset impairment charge associated with a facility at the Company’s vacation exchange and rentals business.

Separation Adjustments And Tr73

Separation Adjustments And Transactions With Former Parent And Subsidiaries (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2015
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed	$ 35	$ 38	$ 35
Tax liabilities assumed			31
Other contingent and corporate liabilities assumed			1
Guarantee amount over contingent liability assumed			2
Separation liabilities, current	21		21
Separation liabilities, non-current	14		14
Receivables due from former Parent and subsidiaries	1	$ 1	$ 1
Cendant [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement			37.50%
Previously sold businesses of Cendant assumed			$ 1
Realogy [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Responsible liability for separation agreement			62.50%
Realogy [Member] | Standby Letters Of Credit [Member]
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Standby letter of credit	$ 53		$ 53

Subsequent Event (Narrative) (D

Subsequent Event (Narrative) (Details) - Subsequent Event [Member] $ in Millions	Oct. 21, 2015USD ($)
Subsequent Event [Line Items]
Debt instrument, face amount	$ 300
Weighted average interest rate	2.69%
Advance rate on securitized debt	89.00%