Travel + Leisure (TNL) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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	109,874,980

Consolidated Statements Of Inco

Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net revenues
Service and membership fees	$ 632	$ 623	$ 1,266	$ 1,223
Vacation ownership interest sales	409	417	750	753
Franchise fees	172	178	310	325
Consumer financing	108	105	215	210
Other	82	75	165	150
Net revenues	1,403	1,398	2,706	2,661
Expenses
Operating	622	610	1,236	1,176
Cost of vacation ownership interests	32	47	68	80
Consumer financing interest	19	19	36	36
Marketing and reservation	211	211	403	406
General and administrative	185	182	372	362
Depreciation and amortization	63	58	125	114
Total expenses	1,132	1,127	2,240	2,174
Operating income	271	271	466	487
Other (income)/expense, net	(6)	(3)	(16)	(8)
Interest expense	34	30	68	56
Early extinguishment of debt	0	0	11	0
Interest income	(2)	(2)	(4)	(5)
Income before income taxes	245	246	407	444
Provision for income taxes	89	87	156	162
Net income	$ 156	$ 159	$ 251	$ 282
Earnings per share
Basic (in dollars per share)	$ 1.40	$ 1.34	$ 2.25	$ 2.35
Diluted (in dollars per share)	1.39	1.33	2.23	2.33
Cash dividends declared per share (in dollars per share)	$ 0.5	$ 0.42	$ 1	$ 0.84

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net income
Net income	$ 156	$ 159	$ 251	$ 282
Other comprehensive (loss)/income, net of tax
Foreign currency translation adjustments	(28)	24	8	(56)
Unrealized gains on cash flow hedges	0	4	1	0
Defined benefit pension plans	0	0	(1)	0
Other comprehensive (loss)/income, net of tax	(28)	28	8	(56)
Comprehensive income	$ 128	$ 187	$ 259	$ 226

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 478	$ 171
Trade receivables, net	573	586
Vacation ownership contract receivables, net	267	272
Inventory	286	295
Prepaid expenses	183	153
Other current assets	340	266
Total current assets	2,127	1,743
Long-term vacation ownership contract receivables, net	2,445	2,438
Non-current inventory	1,005	964
Property and equipment, net	1,361	1,399
Goodwill	1,543	1,563
Trademarks, net	723	726
Franchise agreements and other intangibles, net	377	397
Other non-current assets	361	361
Total assets	9,942	9,591
Liabilities and Equity
Securitized vacation ownership debt	198	209
Current portion of long-term debt	46	44
Accounts payable	580	394
Deferred income	577	483
Accrued expenses and other current liabilities	787	827
Total current liabilities	2,188	1,957
Long-term securitized vacation ownership debt	1,834	1,897
Long-term debt	3,328	3,031
Deferred income taxes	1,195	1,154
Deferred income	204	198
Other non-current liabilities	412	401
Total liabilities	9,161	8,638
Commitments and contingencies (Note 10)
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 218,158,921 shares in 2016 and 217,534,615 shares in 2015	2	2
Treasury stock, at cost – 108,358,821 shares in 2016 and 103,730,568 shares in 2015	(4,818)	(4,493)
Additional paid-in capital	3,934	3,923
Retained earnings	1,726	1,592
Accumulated other comprehensive loss	(66)	(74)
Total stockholders’ equity	778	950
Noncontrolling interest	3	3
Total equity	781	953
Total liabilities and equity	$ 9,942	$ 9,591

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	218,158,921	217,534,615
Treasury Stock, Shares	108,358,821	103,730,568

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net income	$ 251	$ 282
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	125	114
Provision for loan losses	153	106
Deferred income taxes	67	15
Stock-based compensation	36	29
Excess tax benefits from stock-based compensation	(8)	(17)
Loss on early extinguishment of debt	11	0
Non-cash interest	11	11
Net change in assets and liabilities, excluding the impact of acquisitions:
Trade receivables	14	12
Vacation ownership contract receivables	(150)	(97)
Inventory	(15)	1
Prepaid expenses	(33)	(27)
Other current assets	(20)	(14)
Accounts payable, accrued expenses and other current liabilities	169	219
Deferred income	99	82
Other, net	(4)	21
Net cash provided by operating activities	706	737
Investing Activities
Property and equipment additions	(90)	(112)
Net assets acquired, net of cash acquired	0	(89)
Payments of development advance notes	(3)	(5)
Proceeds from development advance notes	0	6
Equity investments and loans	(7)	(8)
Proceeds from asset sales	1	21
Increase in escrow deposit restricted cash	(41)	(46)
Net cash used in investing activities	(140)	(233)
Financing Activities
Proceeds from securitized borrowings	878	700
Principal payments on securitized borrowings	(954)	(771)
Proceeds from long-term debt	50	56
Principal payments on long-term debt	(67)	(80)
Proceeds from commercial paper, net	299	288
Proceeds from term loan	325	0
Repurchases of notes	(327)	0
Proceeds from vacation ownership inventory arrangements	20	0
Repayments of vacation ownership inventory arrangements	(5)	0
Dividends to shareholders	(115)	(104)
Repurchase of common stock	(320)	(323)
Excess tax benefits from stock-based compensation	8	17
Debt issuance costs	(8)	(10)
Net share settlement of incentive equity awards	(34)	(41)
Other, net	(1)	(1)
Net cash used in financing activities	(251)	(269)
Effect of changes in exchange rates on cash and cash equivalents	(8)	(8)
Net increase in cash and cash equivalents	307	227
Cash and cash equivalents, beginning of period	171	183
Cash and cash equivalents, end of period	$ 478	$ 410

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, 2014		121
Balance, value at Dec. 31, 2014	$ 1,257	$ 2	$ (3,843)	$ 3,889	$ 1,183	$ 24	$ 2
Net income	282				282		0
Other comprehensive income	(56)					(56)
Issuance of shares for RSU vesting		1
Net share settlement of incentive equity awards	(41)			(41)
Change in deferred compensation	29			29
Repurchase of common stock		(4)
Repurchase of common stock, value	(315)		(315)
Change in excess tax benefit on equity awards	17			17
Dividends	(104)				(104)
Other	0			(1)			1
Balance, shares at Jun. 30, 2015		118
Balance, value at Jun. 30, 2015	1,069	$ 2	(4,158)	3,893	1,361	(32)	3
Balance, shares at Dec. 31, 2015		114
Balance, value at Dec. 31, 2015	953	$ 2	(4,493)	3,923	1,592	(74)	3
Net income	251				251
Other comprehensive income	8					8
Issuance of shares for RSU vesting		1
Net share settlement of incentive equity awards	(34)			(34)
Change in deferred compensation	36			36
Change in deferred compensation for Board of Directors	1			1
Repurchase of common stock		(5)
Repurchase of common stock, value	(325)		(325)
Change in excess tax benefit on equity awards	8			8
Dividends	(117)				(117)
Balance, shares at Jun. 30, 2016		110
Balance, value at Jun. 30, 2016	$ 781	$ 2	$ (4,818)	$ 3,934	$ 1,726	$ (66)	$ 3

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 2015 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission (“SEC”) on February 12, 2016 . Business Description The Company operates in the following business segments: • Hotel Group —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. • Destination Network —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 Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“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 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. Simplifying the Measurement of Inventory. In July 2015, the FASB issued guidance related to simplifying the measurement of inventory. This guidance requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This guidance is effective prospectively for fiscal years beginning after December 15, 2016 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. Leases. In February 2016, the FASB issued guidance which requires companies generally to recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. This guidance is effective for fiscal years beginning after December 15, 2018 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 . Compensation - Stock Compensation. In March 2016, the FASB issued guidance which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2016 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 . Financial Instruments - Credit Losses . In June 2016, the FASB issued guidance which amends the guidance on measuring credit losses on financial assets held at amortized cost. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Recently Adopted Accounting Pronouncements Consolidation. In February 2015, the FASB issued guidance related to management’s evaluation of consolidation for certain legal entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. 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 adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. Simplifying the Presentation of Debt Issuance Costs. In April 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. In August 2015, the FASB further clarified its issued guidance by stating that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred issuance costs ratably over the term of the line-of-credit arrangements. This guidance required 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 adopted the guidance on January 1, 2016, as required. Refer to the table below for the retrospective effect on the December 31, 2015 Consolidated Balance Sheet. Simplifying the Accounting for Measurement-Period Adjustments. In September 2015, the 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. 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 adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. Income Taxes. In November 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. The guidance requires deferred tax assets and liabilities to be classified as non-current in the Consolidated Balance Sheet. The guidance is effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. This guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company early adopted the guidance on a retrospective basis on June 30, 2016. Refer to the table below for the retrospective effect on the December 31, 2015 Consolidated Balance Sheet. The table below summarizes the changes to the Company’s December 31, 2015 Consolidated Balance Sheet as a result of the adoption of the following Accounting Standards Updates: December 31, 2015 Previously Reported Balance Simplifying the Presentation of Debt Issuance Costs Balance Sheet Classification of Deferred Taxes Adjusted Balance Assets Current assets: Deferred income taxes $ 126 $ — $ (126 ) $ — Total current assets 1,869 — (126 ) 1,743 Other non-current assets 360 (27 ) 28 361 Total assets 9,716 (27 ) (98 ) 9,591 Liabilities and Equity Long-term securitized vacation ownership debt $ 1,921 $ (24 ) $ — $ 1,897 Long-term debt 3,034 (3 ) — 3,031 Deferred income taxes 1,252 — (98 ) 1,154 Total liabilities 8,763 (27 ) (98 ) 8,638 Total liabilities and equity 9,716 (27 ) (98 ) 9,591

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2016
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 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 156 $ 159 $ 251 $ 282 Basic weighted average shares outstanding 111 119 112 120 SSARs (a) , RSUs (b) and PSUs (c) 1 1 1 1 Diluted weighted average shares outstanding 112 120 113 121 Earnings per share: Basic $ 1.40 $ 1.34 $ 2.25 $ 2.35 Diluted 1.39 1.33 2.23 2.33 Dividends: Aggregate dividends paid to shareholders $ 55 $ 50 $ 115 $ 104 (a) Excludes stock-settled appreciation rights (“SSARs”) that would have been anti-dilutive to EPS. (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 six months ended June 30, 2016 and 2015 , 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, 2015 79.2 $ 3,712 $ 46.85 For the six months ended June 30, 2016 4.6 325 70.20 As of June 30, 2016 83.8 $ 4,037 48.14 The Company had $1.0 billion of remaining availability under its program as of June 30, 2016 . The total capacity of the program was increased by proceeds received from stock option exercises.

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	6 Months Ended
	Jun. 30, 2016
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: June 30, December 31, Current vacation ownership contract receivables: Securitized $ 239 $ 248 Non-securitized 84 81 Current vacation ownership receivables, gross 323 329 Less: Allowance for loan losses 56 57 Current vacation ownership contract receivables, net $ 267 $ 272 Long-term vacation ownership contract receivables: Securitized $ 2,176 $ 2,214 Non-securitized 799 748 Long-term vacation ownership receivables, gross 2,975 2,962 Less: Allowance for loan losses 530 524 Long-term vacation ownership contract receivables, net $ 2,445 $ 2,438 During the three and six months ended June 30, 2016 , the Company’s securitized vacation ownership contract receivables generated interest income of $81 million and $164 million , respectively. During the three and six months ended June 30, 2015 , such amounts were $82 million and $165 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 six months ended June 30, 2016 and 2015 , the Company originated vacation ownership contract receivables of $556 million and $506 million , respectively, and received principal collections of $406 million and $409 million , respectively. The weighted average interest rate on outstanding vacation ownership contract receivables was 13.8% as of both June 30, 2016 and December 31, 2015 . 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, 2015 $ 581 Provision for loan losses 153 Contract receivables write-offs, net (148 ) Allowance for loan losses as of June 30, 2016 $ 586 Amount Allowance for loan losses as of December 31, 2014 $ 581 Provision for loan losses 106 Contract receivables write-offs, net (122 ) Allowance for loan losses as of June 30, 2015 $ 565 In accordance with the guidance for accounting for real estate time-sharing transactions, the Company recorded a provision for loan losses of $90 million and $153 million as a reduction of net revenues during the three and six months ended June 30, 2016 , respectively, and $60 million and $106 million for the three and six months ended June 30, 2015 , 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 June 30, 2016 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,657 $ 1,007 $ 162 $ 114 $ 236 $ 3,176 31 - 60 days 12 23 15 5 2 57 61 - 90 days 8 13 11 3 1 36 91 - 120 days 6 10 9 3 1 29 Total $ 1,683 $ 1,053 $ 197 $ 125 $ 240 $ 3,298 As of December 31, 2015 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,623 $ 1,023 $ 163 $ 115 $ 231 $ 3,155 31 - 60 days 16 25 17 5 2 65 61 - 90 days 10 14 11 3 1 39 91 - 120 days 7 11 11 2 1 32 Total $ 1,656 $ 1,073 $ 202 $ 125 $ 235 $ 3,291 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	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of: June 30, December 31, Land held for VOI development $ 143 $ 136 VOI construction in process 57 62 Inventory sold subject to conditional repurchase 153 155 Completed VOI inventory 636 604 Estimated recoveries 243 242 Destination network vacation credits and other 59 60 Total inventory 1,291 1,259 Less: Current portion (*) 286 295 Non-current inventory $ 1,005 $ 964 (*) Represents inventory that the Company expects to sell within the next 12 months. During the six months ended June 30, 2016 and 2015 , the Company transferred $26 million and $58 million , respectively, from property and equipment to VOI inventory. In addition to the inventory obligations listed below, as of June 30, 2016 , the Company had $14 million of inventory accruals of which $4 million was included in accrued expenses and other current liabilities and $10 million was included in accounts payable on the Consolidated Balance Sheet. As of December 31, 2015 , the Company had $27 million of inventory accruals of which $20 million was included in accrued expenses and other current liabilities and $7 million was included in accounts payable on the Consolidated Balance Sheet. Inventory Sale Transactions During 2015 , the Company sold real property located in St. Thomas, U.S. Virgin Islands (“St. Thomas”) to a third-party developer, consisting of $80 million of vacation ownership inventory, in exchange for $80 million cash consideration of which, $70 million was received in 2015 and $10 million was received in 2016. In addition, during the second quarter of 2016, the Company received $10 million of cash consideration from the third-party developer for vacation ownership inventory property under development in St. Thomas. 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 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 $32 million as of both June 30, 2016 and December 31, 2015 , of which $11 million was included within accrued expenses and other current liabilities and $21 million was included within other non-current liabilities on the Consolidated Balance Sheets. In connection with the Las Vegas, Nevada and St. Thomas properties, the Company had outstanding obligations of $163 million as of June 30, 2016 , of which $52 million were included within accrued expenses and other current liabilities and $111 million were included within other non-current liabilities on the Consolidated Balance Sheet. During the six months ended June 30, 2016 , the Company paid $13 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 $2 million was accrued interest. In connection with these transactions, the Company acquired $7 million of inventory developed by third-party developer during the second quarter of 2016 which will be paid in the third quarter of 2016. As of December 31, 2015 , the Company had an outstanding obligation related to the Las Vegas, Nevada and St. Thomas properties of $157 million , of which $33 million was included within accrued expenses and other current liabilities and $124 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 $278 million as of June 30, 2016 .

Long-Term Debt And Borrowing Ar

Long-Term Debt And Borrowing Arrangements	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt And Borrowing Arrangements	Long-Term Debt and Borrowing Arrangements The Company’s indebtedness consisted of: June 30, December 31, Securitized vacation ownership debt : (a) Term notes (b) $ 1,717 $ 1,867 Bank conduit facility (due August 2017) 315 239 Total securitized vacation ownership debt 2,032 2,106 Less: Current portion of securitized vacation ownership debt 198 209 Long-term securitized vacation ownership debt $ 1,834 $ 1,897 Long-term debt : (c) Revolving credit facility (due July 2020) $ 16 $ 7 Commercial paper 408 109 Term loan (due March 2021) 323 — $315 million 6.00% senior unsecured notes (due December 2016) (d) — 316 $300 million 2.95% senior unsecured notes (due March 2017) 300 299 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 449 448 $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) (e) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (f) 407 408 $350 million 5.10% senior unsecured notes (due October 2025) (g) 338 337 Capital leases 152 153 Other 32 49 Total long-term debt 3,374 3,075 Less: Current portion of long-term debt 46 44 Long-term debt $ 3,328 $ 3,031 (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 $2,526 million and $2,576 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of June 30, 2016 and December 31, 2015 , respectively. (b) The carrying amounts of the term notes are net of debt issuance costs aggregating $22 million and $24 million as of June 30, 2016 and December 31, 2015 , respectively. (c) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $12 million and $14 million as of June 30, 2016 and December 31, 2015 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $4 million and $3 million as of June 30, 2016 and December 31, 2015 , respectively. (d) Includes $1 million of unamortized gains from the settlement of a derivative as of December 31, 2015 . (e) Includes $2 million of unamortized gains from the settlement of a derivative as of both June 30, 2016 and December 31, 2015 . (f) Includes $10 million and $11 million of unamortized gains from the settlement of a derivative as of June 30, 2016 and December 31, 2015 , respectively. (g) Includes $9 million and $10 million of unamortized losses from the settlement of a derivative as of June 30, 2016 and December 31, 2015 , respectively. Long-Term Debt The $300 million 2.95% senior unsecured notes due in March 2017 are classified as long-term as the Company has the intent to refinance such debt on a long-term basis and the ability to do so with its available capacity under the Company’s revolving credit facility. Debt Issuances Sierra Timeshare 2016-1 Receivables Funding, LLC. During March 2016, the Company closed a series of term notes payable, Sierra Timeshare 2016-1 Receivables Funding, LLC, with an initial principal amount of $425 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 3.20% . The advance rate for this transaction was 88.85% . As of June 30, 2016 , the Company had outstanding borrowings under these term notes of $361 million , net of debt issuance costs. Term Loan. During March 2016, the Company entered into a five-year $325 million term loan agreement which matures on March 24, 2021. The term loan currently bears interest at LIBOR plus a spread. As of June 30, 2016 , the term loan had a weighted average interest rate of 1.95% . The term loan can be paid at the Company’s option in whole or part at any time prior to maturity. The interest on the term loan will be subject to adjustments from time to time if there are downgrades to the Company’s credit ratings. The term loan requires principal payments, payable in equal quarterly installments, of 5% per annum of the original loan balance, commencing with the third anniversary of the loan, and 10% per annum of the original loan balance commencing with the fourth anniversary of the loan, with the remaining balance payable at maturity. 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 June 30, 2016 , the Company had outstanding borrowings of $408 million at a weighted average interest rate of 1.12% , all of which were under its U.S. commercial paper program. As of December 31, 2015 , the Company had outstanding borrowings of $109 million at a weighted average interest rate of 1.07% , 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 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. The Company had $12 million and $13 million of deferred gains as of June 30, 2016 and December 31, 2015 , respectively. Such gains were included within long-term debt on the Consolidated Balance Sheets. Such gains will be recognized within interest expense on the Consolidated Statements of Income over the remaining life of the senior unsecured notes. Deferred Financing Costs The Company adopted the guidance on the presentation of debt issuance costs on January 1, 2016, as required. As a result, the Company retrospectively applied the guidance to its December 31, 2015 Consolidated Balance Sheet. In addition, the Company has elected to continue to classify debt issuance costs related to the revolving credit facility and the bank conduit facility within other non-current assets on the Consolidated Balance Sheet. See Note 1 - Basis of Presentation for additional information regarding the adoption of the new guidance. Maturities and Capacity The Company’s outstanding debt as of June 30, 2016 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 198 $ 346 (*) $ 544 Between 1 and 2 years 251 478 729 Between 2 and 3 years 391 22 413 Between 3 and 4 years 189 77 266 Between 4 and 5 years 202 975 1,177 Thereafter 801 1,476 2,277 $ 2,032 $ 3,374 $ 5,406 (*) Includes $300 million of senior unsecured notes that the Company classified as long-term debt as it has the intent to refinance such debt on a long-term basis and the ability to do so with its available capacity under the Company’s revolving credit facility. 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 June 30, 2016 , 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 315 16 Letters of credit — 1 Commercial paper borrowings — 408 (b) Available Capacity $ 335 $ 1,075 (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. Early Extinguishment of Debt During the first quarter of 2016, the Company redeemed the remaining portion of its 6.00% senior unsecured notes for a total of $327 million . As a result, the Company incurred an $11 million loss during the six months ended June 30, 2016 , which is included within early extinguishment of debt on the Consolidated Statement of Income. Interest Expense During the three and six months ended June 30, 2016 , the Company incurred non-securitized interest expense of $34 million and $68 million , respectively, which primarily consisted of $36 million and $71 million of interest on long-term debt, partially offset by $2 million and $3 million of capitalized interest. Such amounts are included within interest expense on the Consolidated Statement of Income. Cash paid related to interest on the Company’s non-securitized debt was $70 million during the six months ended June 30, 2016 . During the three and six months ended June 30, 2015 , the Company incurred non-securitized interest expense of $30 million and $56 million , respectively, which primarily consisted of $32 million and $60 million of interest on long-term debt, partially offset by $2 million and $4 million of capitalized interest. Such amounts are included within interest expense on the Consolidated Statement of Income. Cash paid related to interest on the Company’s non-securitized debt was $53 million during the six months ended June 30, 2015 . Interest expense incurred in connection with the Company’s securitized vacation ownership debt during the three and six months ended June 30, 2016 and 2015 was $19 million and $36 million , respectively, and is recorded within consumer financing interest on the Consolidated Statements of Income. Cash paid related to such interest was $25 million and $28 million during the six months ended June 30, 2016 and 2015 , respectively.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2016
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: June 30, December 31, Securitized contract receivables, gross (a) $ 2,415 $ 2,462 Securitized restricted cash (b) 91 92 Interest receivables on securitized contract receivables (c) 19 20 Other assets (d) 3 5 Total SPE assets 2,528 2,579 Securitized term notes (e) (f) 1,717 1,867 Securitized conduit facilities (e) 315 239 Other liabilities (g) 1 2 Total SPE liabilities 2,033 2,108 SPE assets in excess of SPE liabilities $ 495 $ 471 (a) Included in current ( $239 million and $248 million as of June 30, 2016 and December 31, 2015 , respectively) and non-current ( $2,176 million and $2,214 million as of June 30, 2016 and December 31, 2015 , respectively) vacation ownership contract receivables on the Consolidated Balance Sheets. (b) Included in other current assets ( $75 million and $73 million as of June 30, 2016 and December 31, 2015 , respectively) and other non-current assets ( $16 million and $19 million as of June 30, 2016 and December 31, 2015 , respectively) on the Consolidated Balance Sheets. (c) Included in trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets. (e) Included in current ( $198 million and $209 million as of June 30, 2016 and December 31, 2015 , respectively) and long-term ( $1,834 million and $1,897 million as of June 30, 2016 and December 31, 2015 , respectively) securitized vacation ownership debt on the Consolidated Balance Sheets. (f) Includes deferred financing costs of $22 million and $24 million as of June 30, 2016 and December 31, 2015 , respectively, related to securitized debt. (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 $883 million and $829 million as of June 30, 2016 and December 31, 2015 , 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: June 30, December 31, SPE assets in excess of SPE liabilities $ 495 $ 471 Non-securitized contract receivables 883 829 Less: Allowance for loan losses 586 581 Total, net $ 792 $ 719 In addition to restricted cash related to securitizations, the Company had $100 million and $59 million of restricted cash related to escrow deposits as of June 30, 2016 and December 31, 2015 , respectively, which are recorded within other current assets on the Consolidated Balance Sheets. Midtown 45, NYC Property During 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: June 30, December 31, Receivable for leased property and equipment (a) $ 30 $ 47 Total SPE assets 30 47 Accrued expenses and other current liabilities 1 1 Long-term debt (b) 30 46 Total SPE liabilities 31 47 SPE deficit $ (1 ) $ — (a) Represents a receivable for assets leased to the Company which are reported within property and equipment, net on the Company’s Consolidated Balance Sheets. (b) As of June 30, 2016 , included $27 million relating to a mortgage note due in 2017 and $3 million of mandatorily redeemable equity both of which are included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2015 , included $42 million relating to a mortgage note due in 2017 and $4 million of mandatorily redeemable equity; $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet. During the six months ended June 30, 2016 and 2015 , the SPE conveyed $15 million and $10 million , respectively, of property and equipment to the Company.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The Company measures its financial assets and liabilities at fair value on a recurring basis and utilizes the fair value hierarchy 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. As of June 30, 2016 , the Company had foreign exchange contracts resulting in $6 million of assets which are included within other current assets and $7 million of liabilities which are included within accrued expenses and other current liabilities on the Consolidated Balance Sheet. As of December 31, 2015 , the Company had foreign exchange contracts resulting in $2 million of assets which are included within other current assets and $3 million of liabilities which are included within accrued expenses and other current liabilities on the Consolidated Balance Sheet. On a recurring basis, such assets and liabilities are remeasured at estimated fair value (all of which are Level 2) and thus is equal to the carrying value. 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: June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,712 $ 3,289 $ 2,710 $ 3,272 Debt Total debt 5,406 5,523 5,181 5,234 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 other long-term debt, excluding capital leases, using Level 2 inputs based on indicative bids from investment banks and determines the fair value of its senior notes using quoted market prices (such senior notes are not actively traded).

Derivative Instruments And Hedg

Derivative Instruments And Hedging Activities	6 Months Ended
	Jun. 30, 2016
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 dollar 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 $6 million of losses during the three months ended June 30, 2016 and $6 million of gains during the three months ended June 30, 2015. The freestanding foreign currency contracts resulted in losses of $10 million and $6 million during the six months ended June 30, 2016 and 2015 , 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 six months ended June 30, 2016 and 2015 were not material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
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 increased from 35.4% during the three months ended June 30, 2015 to 36.3% during the three months ended June 30, 2016 primarily due to a federal tax incentive recorded during the second quarter of 2015, which related to multiple years. The Company’s effective tax rate increased from 36.5% during the six months ended June 30, 2015 to 38.3% during the six months ended June 30, 2016 primarily due to the lack of a tax benefit on the Venezuelan foreign exchange devaluation loss of $24 million incurred during the first quarter of 2016. The Company made cash income tax payments, net of refunds, of $65 million and $125 million during the six months ended June 30, 2016 and 2015 , respectively. Deferred Taxes The Company adopted the guidance on the balance sheet classification of deferred taxes on June 30, 2016. As a result, the Company retrospectively applied the guidance to its December 31, 2015 Consolidated Balance Sheet. See Note 1 - Basis of Presentation for additional information regarding the adoption of the new guidance.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2016
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 hotel group 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 destination network 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. 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 $31 million an d $29 million as of June 30, 2016 and December 31, 2015 , 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 June 30, 2016 , the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $71 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 Hotel Group 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 8 to 10 years and provide for early termination provisions under certain circumstances. As of June 30, 2016 , the maximum potential amount of future payments that may be made under these guarantees was $126 million with a combined annual cap of $45 million . These guarantees have a remaining weighted average life of approximately 7 years . As of June 30, 2016 , the Company also had a conditional guarantee with a hotel that will become effective if 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 . In connection with such performance guarantees, as of June 30, 2016 , the Company maintained a liability of $23 million , of which $18 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 June 30, 2016 , the Company also had a corresponding $33 million asset related to these guarantees, of which $29 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, 2015 , the Company maintained a liability of $25 million , of which $24 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, 2015 , the Company also had a corresponding $35 million asset related to the guarantees, of which $31 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. For the three and six months ended June 30, 2016 , and 2015 , the amortization expense for the performance guarantees noted above was $1 million and $2 million , respectively. For guarantees subject to recapture provisions, the Company had a receivable of $37 million as of June 30, 2016 , of which $3 million was included in other current assets and $34 million was included in other non-current assets on its Consolidated Balance Sheet. As of December 31, 2015 , the Company had a receivable of $32 million , of which $1 million was included in other current assets and $31 million 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 4 - 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 Separation. See Note 15 - 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	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income The components of AOCI are as follows: Foreign Unrealized Defined Currency (Losses)/Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2015 $ (139 ) $ — $ (9 ) $ (148 ) Period change (18 ) 1 (1 ) (18 ) Balance, June 30, 2016 $ (157 ) $ 1 $ (10 ) $ (166 ) Tax Balance, December 31, 2015 $ 70 $ 1 $ 3 $ 74 Period change 26 — — 26 Balance, June 30, 2016 $ 96 $ 1 $ 3 $ 100 Net of Tax Balance, December 31, 2015 $ (69 ) $ 1 $ (6 ) $ (74 ) Period change 8 1 (1 ) 8 Balance, June 30, 2016 $ (61 ) $ 2 $ (7 ) $ (66 ) Foreign Unrealized Defined Currency (Losses)/Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ (13 ) $ (8 ) $ (12 ) $ (33 ) Period change (56 ) 1 — (55 ) Balance, June 30, 2015 $ (69 ) $ (7 ) $ (12 ) $ (88 ) Tax Balance, December 31, 2014 $ 50 $ 4 $ 3 $ 57 Period change — (1 ) — (1 ) Balance, June 30, 2015 $ 50 $ 3 $ 3 $ 56 Net of Tax Balance, December 31, 2014 $ 37 $ (4 ) $ (9 ) $ 24 Period change (56 ) — — (56 ) Balance, June 30, 2015 $ (19 ) $ (4 ) $ (9 ) $ (32 ) 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	6 Months Ended
	Jun. 30, 2016
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-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 June 30, 2016 , 15.7 million shares remained available. Incentive Equity Awards Granted by the Company The activity related to incentive equity awards granted by the Company for the six months ended June 30, 2016 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, 2015 1.6 $ 73.75 0.6 $ 73.60 0.8 $ 46.45 Granted (a) 0.9 71.72 0.2 71.65 0.1 71.65 Vested / exercised (0.7 ) 72.82 (0.2 ) 72.84 (0.3 ) 27.84 Balance as of June 30, 2016 1.8 (b) (c) 75.85 0.6 (d) 77.84 0.6 (b) (e) 61.52 (a) Primarily represents awards granted by the Company on February 25, 2016 . (b) Aggregate unrecognized compensation expense related to RSUs and SSARs was $123 million as of June 30, 2016 , which is expected to be recognized over a weighted average period of 2.9 years . (c) Approximately 1.7 million RSUs outstanding as of June 30, 2016 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $29 million as of June 30, 2016 , which is expected to be recognized over a weighted average period of 2.1 years . (e) Approximately 0.4 million SSARs are exercisable as of June 30, 2016 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of June 30, 2016 had an intrinsic value of $9 million and have a weighted average remaining contractual life of 3.3 years . On February 25, 2016 , the Company granted incentive equity awards totaling $63 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 25, 2016 , the Company approved a grant of incentive equity awards totaling $17 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 25, 2016 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 25, 2016 Grant date fair value $ 13.70 Grant date strike price $ 71.65 Expected volatility 27.81 % Expected life 5.2 years Risk free interest rate 1.33 % Projected dividend yield 2.79 % Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $22 million and $36 million during the three and six months ended June 30, 2016 , respectively, and $14 million and $29 million during the three and six months ended June 30, 2015 , respectively, related to the incentive equity awards granted to key employees and senior officers by the Company. During the six months ended June 30, 2016 , the Company increased its pool of excess tax benefits available to absorb tax deficiencies (“APIC Pool”) by $8 million due to the vesting of RSUs and PSUs, as well as the exercise of SSARs. As of June 30, 2016 , the Company’s APIC Pool balance was $137 million . The Company paid $34 million and $41 million of taxes for the net share settlement of incentive equity awards during the six months ended June 30, 2016 and 2015 , respectively. Such amounts are included within financing activities on the Consolidated Statements of Cash Flows.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2016
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 believes that EBITDA is a useful measure of performance for its industry segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended June 30, 2016 2015 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 334 (b) $ 101 $ 334 (d) $ 96 Destination Network 384 (c) 85 383 84 Vacation Ownership 705 187 699 182 Total Reportable Segments 1,423 373 1,416 362 Corporate and Other (a) (20 ) (33 ) (18 ) (30 ) Total Company $ 1,403 $ 340 $ 1,398 $ 332 Reconciliation of EBITDA to Net income Three Months Ended June 30, 2016 2015 EBITDA $ 340 $ 332 Depreciation and amortization 63 58 Interest expense 34 30 Interest income (2 ) (2 ) Income before income taxes 245 246 Provision for income taxes 89 87 Net income $ 156 $ 159 (a) Includes the elimination of transactions between segments. (b) Includes $17 million of intercompany revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $1 million of room revenues at a Company owned hotel and (iii) $1 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. (c) Includes $2 million of intercompany revenues comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $19 million of intercompany revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $2 million of room revenues at a Company owned hotel and (iii) $2 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. Six Months Ended June 30, 2016 2015 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 629 (b) $ 185 $ 626 (d) $ 172 Destination Network 768 (c) 166 752 189 Vacation Ownership 1,345 323 1,316 313 Total Reportable Segments 2,742 674 2,694 674 Corporate and Other (a) (36 ) (67 ) (33 ) (65 ) Total Company $ 2,706 $ 607 $ 2,661 $ 609 Reconciliation of EBITDA to Net income Six Months Ended June 30, 2016 2015 EBITDA $ 607 $ 609 Depreciation and amortization 125 114 Interest expense 68 56 Early extinguishment of debt 11 — Interest income (4 ) (5 ) Income before income taxes 407 444 Provision for income taxes 156 162 Net income $ 251 $ 282 (a) Includes the elimination of transactions between segments. (b) Includes $34 million of intercompany revenues comprised of (i) $28 million of intersegment licensing fees for use of the Wyndham trade name, (ii) $4 million of other fees primarily associated with the Wyndham Rewards program and (iii) $2 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. (c) Includes $4 million of intercompany revenues comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $35 million of intercompany revenues comprised of (i) $27 million of intersegment licensing fees for use of the Wyndham trade name, (ii) $4 million of other fees primarily associated with the Wyndham Rewards program and (iii) $4 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment.

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Jun. 30, 2016
Restructuring Charges [Abstract]
Restructuring and Other Charge	Restructuring and Other Charge 2015 Restructuring Plans During 2015 , the Company recorded $8 million of restructuring charges resulting from a realignment of brand services and call center operations within its hotel group business, a rationalization of international operations within its destination network 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 Company subsequently reversed $2 million of previously recorded personnel-related costs and reduced its liability with $2 million of cash payments. During the six months ended June 30, 2016 , the Company paid its remaining liability with $3 million of cash payments. The Company has additional restructuring plans which were implemented prior to 2015 . The remaining liability of $2 million as of June 30, 2016 , all of 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 Cash Liability as of December 31, 2015 Payments June 30, 2016 Personnel-related $ 3 $ (3 ) $ — Facility-related 2 — 2 $ 5 $ (3 ) $ 2 Other Charge During the six months ended June 30, 2016 , the Company incurred a $24 million foreign exchange loss, primarily impacting cash, resulting from the Venezuelan government’s decision to devalue the exchange rate of its currency. Such loss is recorded within operating expenses on the Consolidated Statement of Income.

Separation Adjustments and Tran

Separation Adjustments and Transactions with Former Parent and Subsidiaries	6 Months Ended
	Jun. 30, 2016
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 $34 million as of both June 30, 2016 and December 31, 2015 . 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 June 30, 2016 , the letter of credit was $53 million . As of June 30, 2016 , the $34 million of Separation related liabilities is comprised of $31 million for tax liabilities, $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 June 30, 2016 , $4 million is recorded in accrued expenses and other current liabilities and $30 million is recorded in other non-current liabilities on the Consolidated Balance Sheet. As of December 31, 2015 , the Company had $34 million of Separation related liabilities of which $19 million was recorded in accrued expenses and other current liabilities and $15 million was 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 June 30, 2016 and December 31, 2015 , which is included within other current assets on the Consolidated Balance Sheets.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event [Text Block]	Subsequent Event Securitization Term Transaction On July 20, 2016, the Company closed a series of term notes payable, Sierra Timeshare 2016-2 Receivables Funding, LLC, with an initial principal amount of $375 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 2.42% . The advance rate for this transaction was 90% .

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
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 2015 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission (“SEC”) on February 12, 2016 .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers . In May 2014, the Financial Accounting Standards Board (“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 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. Simplifying the Measurement of Inventory. In July 2015, the FASB issued guidance related to simplifying the measurement of inventory. This guidance requires an entity to measure inventory at the lower of cost or net realizable value, which consists of the estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. This guidance is effective prospectively for fiscal years beginning after December 15, 2016 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. Leases. In February 2016, the FASB issued guidance which requires companies generally to recognize on the balance sheet operating and financing lease liabilities and corresponding right-of-use assets. This guidance is effective for fiscal years beginning after December 15, 2018 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 . Compensation - Stock Compensation. In March 2016, the FASB issued guidance which is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2016 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 . Financial Instruments - Credit Losses . In June 2016, the FASB issued guidance which amends the guidance on measuring credit losses on financial assets held at amortized cost. The guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements. Recently Adopted Accounting Pronouncements Consolidation. In February 2015, the FASB issued guidance related to management’s evaluation of consolidation for certain legal entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. The Company adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. 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 adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. Simplifying the Presentation of Debt Issuance Costs. In April 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. In August 2015, the FASB further clarified its issued guidance by stating that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred issuance costs ratably over the term of the line-of-credit arrangements. This guidance required 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 adopted the guidance on January 1, 2016, as required. Refer to the table below for the retrospective effect on the December 31, 2015 Consolidated Balance Sheet. Simplifying the Accounting for Measurement-Period Adjustments. In September 2015, the 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. 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 adopted the guidance on January 1, 2016, as required. There was no material impact on the Consolidated Financial Statements resulting from the adoption. Income Taxes. In November 2015, the FASB issued guidance on the balance sheet classification of deferred taxes. The guidance requires deferred tax assets and liabilities to be classified as non-current in the Consolidated Balance Sheet. The guidance is effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. This guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company early adopted the guidance on a retrospective basis on June 30, 2016. Refer to the table below for the retrospective effect on the December 31, 2015 Consolidated Balance Sheet. The table below summarizes the changes to the Company’s December 31, 2015 Consolidated Balance Sheet as a result of the adoption of the following Accounting Standards Updates: December 31, 2015 Previously Reported Balance Simplifying the Presentation of Debt Issuance Costs Balance Sheet Classification of Deferred Taxes Adjusted Balance Assets Current assets: Deferred income taxes $ 126 $ — $ (126 ) $ — Total current assets 1,869 — (126 ) 1,743 Other non-current assets 360 (27 ) 28 361 Total assets 9,716 (27 ) (98 ) 9,591 Liabilities and Equity Long-term securitized vacation ownership debt $ 1,921 $ (24 ) $ — $ 1,897 Long-term debt 3,034 (3 ) — 3,031 Deferred income taxes 1,252 — (98 ) 1,154 Total liabilities 8,763 (27 ) (98 ) 8,638 Total liabilities and equity 9,716 (27 ) (98 ) 9,591

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The table below summarizes the changes to the Company’s December 31, 2015 Consolidated Balance Sheet as a result of the adoption of the following Accounting Standards Updates: December 31, 2015 Previously Reported Balance Simplifying the Presentation of Debt Issuance Costs Balance Sheet Classification of Deferred Taxes Adjusted Balance Assets Current assets: Deferred income taxes $ 126 $ — $ (126 ) $ — Total current assets 1,869 — (126 ) 1,743 Other non-current assets 360 (27 ) 28 361 Total assets 9,716 (27 ) (98 ) 9,591 Liabilities and Equity Long-term securitized vacation ownership debt $ 1,921 $ (24 ) $ — $ 1,897 Long-term debt 3,034 (3 ) — 3,031 Deferred income taxes 1,252 — (98 ) 1,154 Total liabilities 8,763 (27 ) (98 ) 8,638 Total liabilities and equity 9,716 (27 ) (98 ) 9,591

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Net income $ 156 $ 159 $ 251 $ 282 Basic weighted average shares outstanding 111 119 112 120 SSARs (a) , RSUs (b) and PSUs (c) 1 1 1 1 Diluted weighted average shares outstanding 112 120 113 121 Earnings per share: Basic $ 1.40 $ 1.34 $ 2.25 $ 2.35 Diluted 1.39 1.33 2.23 2.33 Dividends: Aggregate dividends paid to shareholders $ 55 $ 50 $ 115 $ 104 (a) Excludes stock-settled appreciation rights (“SSARs”) that would have been anti-dilutive to EPS. (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 six months ended June 30, 2016 and 2015 , 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, 2015 79.2 $ 3,712 $ 46.85 For the six months ended June 30, 2016 4.6 325 70.20 As of June 30, 2016 83.8 $ 4,037 48.14

Vacation Ownership Contract R27

Vacation Ownership Contract Receivables (Tables)	6 Months Ended
	Jun. 30, 2016
Vacation Ownership Contract Receivables [Abstract]
Current And Long-Term Vacation Ownership Contract Receivables	Current and long-term vacation ownership contract receivables, net consisted of: June 30, December 31, Current vacation ownership contract receivables: Securitized $ 239 $ 248 Non-securitized 84 81 Current vacation ownership receivables, gross 323 329 Less: Allowance for loan losses 56 57 Current vacation ownership contract receivables, net $ 267 $ 272 Long-term vacation ownership contract receivables: Securitized $ 2,176 $ 2,214 Non-securitized 799 748 Long-term vacation ownership receivables, gross 2,975 2,962 Less: Allowance for loan losses 530 524 Long-term vacation ownership contract receivables, net $ 2,445 $ 2,438
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, 2015 $ 581 Provision for loan losses 153 Contract receivables write-offs, net (148 ) Allowance for loan losses as of June 30, 2016 $ 586 Amount Allowance for loan losses as of December 31, 2014 $ 581 Provision for loan losses 106 Contract receivables write-offs, net (122 ) Allowance for loan losses as of June 30, 2015 $ 565
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 June 30, 2016 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,657 $ 1,007 $ 162 $ 114 $ 236 $ 3,176 31 - 60 days 12 23 15 5 2 57 61 - 90 days 8 13 11 3 1 36 91 - 120 days 6 10 9 3 1 29 Total $ 1,683 $ 1,053 $ 197 $ 125 $ 240 $ 3,298 As of December 31, 2015 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,623 $ 1,023 $ 163 $ 115 $ 231 $ 3,155 31 - 60 days 16 25 17 5 2 65 61 - 90 days 10 14 11 3 1 39 91 - 120 days 7 11 11 2 1 32 Total $ 1,656 $ 1,073 $ 202 $ 125 $ 235 $ 3,291

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2016
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of: June 30, December 31, Land held for VOI development $ 143 $ 136 VOI construction in process 57 62 Inventory sold subject to conditional repurchase 153 155 Completed VOI inventory 636 604 Estimated recoveries 243 242 Destination network vacation credits and other 59 60 Total inventory 1,291 1,259 Less: Current portion (*) 286 295 Non-current inventory $ 1,005 $ 964 (*) Represents inventory that the Company expects to sell within the next 12 months.

Long-Term Debt And Borrowing 29

Long-Term Debt And Borrowing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s indebtedness consisted of: June 30, December 31, Securitized vacation ownership debt : (a) Term notes (b) $ 1,717 $ 1,867 Bank conduit facility (due August 2017) 315 239 Total securitized vacation ownership debt 2,032 2,106 Less: Current portion of securitized vacation ownership debt 198 209 Long-term securitized vacation ownership debt $ 1,834 $ 1,897 Long-term debt : (c) Revolving credit facility (due July 2020) $ 16 $ 7 Commercial paper 408 109 Term loan (due March 2021) 323 — $315 million 6.00% senior unsecured notes (due December 2016) (d) — 316 $300 million 2.95% senior unsecured notes (due March 2017) 300 299 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 449 448 $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) (e) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (f) 407 408 $350 million 5.10% senior unsecured notes (due October 2025) (g) 338 337 Capital leases 152 153 Other 32 49 Total long-term debt 3,374 3,075 Less: Current portion of long-term debt 46 44 Long-term debt $ 3,328 $ 3,031 (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 $2,526 million and $2,576 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of June 30, 2016 and December 31, 2015 , respectively. (b) The carrying amounts of the term notes are net of debt issuance costs aggregating $22 million and $24 million as of June 30, 2016 and December 31, 2015 , respectively. (c) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $12 million and $14 million as of June 30, 2016 and December 31, 2015 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $4 million and $3 million as of June 30, 2016 and December 31, 2015 , respectively. (d) Includes $1 million of unamortized gains from the settlement of a derivative as of December 31, 2015 . (e) Includes $2 million of unamortized gains from the settlement of a derivative as of both June 30, 2016 and December 31, 2015 . (f) Includes $10 million and $11 million of unamortized gains from the settlement of a derivative as of June 30, 2016 and December 31, 2015 , respectively. (g) Includes $9 million and $10 million of unamortized losses from the settlement of a derivative as of June 30, 2016 and December 31, 2015 , respectively.
Summary Of Outstanding Debt Maturities	The Company’s outstanding debt as of June 30, 2016 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 198 $ 346 (*) $ 544 Between 1 and 2 years 251 478 729 Between 2 and 3 years 391 22 413 Between 3 and 4 years 189 77 266 Between 4 and 5 years 202 975 1,177 Thereafter 801 1,476 2,277 $ 2,032 $ 3,374 $ 5,406 (*) Includes $300 million of senior unsecured notes that the Company classified as long-term debt as it has the intent to refinance such debt on a long-term basis and the ability to do so with its available capacity under the Company’s revolving credit facility.
Summary Of Available Capacity Under Borrowing Arrangements	As of June 30, 2016 , 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 315 16 Letters of credit — 1 Commercial paper borrowings — 408 (b) Available Capacity $ 335 $ 1,075 (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)	6 Months Ended
	Jun. 30, 2016
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: June 30, December 31, SPE assets in excess of SPE liabilities $ 495 $ 471 Non-securitized contract receivables 883 829 Less: Allowance for loan losses 586 581 Total, net $ 792 $ 719
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: June 30, December 31, Securitized contract receivables, gross (a) $ 2,415 $ 2,462 Securitized restricted cash (b) 91 92 Interest receivables on securitized contract receivables (c) 19 20 Other assets (d) 3 5 Total SPE assets 2,528 2,579 Securitized term notes (e) (f) 1,717 1,867 Securitized conduit facilities (e) 315 239 Other liabilities (g) 1 2 Total SPE liabilities 2,033 2,108 SPE assets in excess of SPE liabilities $ 495 $ 471 (a) Included in current ( $239 million and $248 million as of June 30, 2016 and December 31, 2015 , respectively) and non-current ( $2,176 million and $2,214 million as of June 30, 2016 and December 31, 2015 , respectively) vacation ownership contract receivables on the Consolidated Balance Sheets. (b) Included in other current assets ( $75 million and $73 million as of June 30, 2016 and December 31, 2015 , respectively) and other non-current assets ( $16 million and $19 million as of June 30, 2016 and December 31, 2015 , respectively) on the Consolidated Balance Sheets. (c) Included in trade receivables, net on the Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets. (e) Included in current ( $198 million and $209 million as of June 30, 2016 and December 31, 2015 , respectively) and long-term ( $1,834 million and $1,897 million as of June 30, 2016 and December 31, 2015 , respectively) securitized vacation ownership debt on the Consolidated Balance Sheets. (f) Includes deferred financing costs of $22 million and $24 million as of June 30, 2016 and December 31, 2015 , respectively, related to securitized debt. (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: June 30, December 31, Receivable for leased property and equipment (a) $ 30 $ 47 Total SPE assets 30 47 Accrued expenses and other current liabilities 1 1 Long-term debt (b) 30 46 Total SPE liabilities 31 47 SPE deficit $ (1 ) $ — (a) Represents a receivable for assets leased to the Company which are reported within property and equipment, net on the Company’s Consolidated Balance Sheets. (b) As of June 30, 2016 , included $27 million relating to a mortgage note due in 2017 and $3 million of mandatorily redeemable equity both of which are included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2015 , included $42 million relating to a mortgage note due in 2017 and $4 million of mandatorily redeemable equity; $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Carrying Amounts and Estimated Fair Values of Financial Instruments	The carrying amounts and estimated fair values of all other financial instruments are as follows: June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,712 $ 3,289 $ 2,710 $ 3,272 Debt Total debt 5,406 5,523 5,181 5,234

Accumulated Other Comprehensi32

Accumulated Other Comprehensive (Loss)/Income (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Components Of Accumulated Other Comprehensive (Loss)/Income	The components of AOCI are as follows: Foreign Unrealized Defined Currency (Losses)/Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2015 $ (139 ) $ — $ (9 ) $ (148 ) Period change (18 ) 1 (1 ) (18 ) Balance, June 30, 2016 $ (157 ) $ 1 $ (10 ) $ (166 ) Tax Balance, December 31, 2015 $ 70 $ 1 $ 3 $ 74 Period change 26 — — 26 Balance, June 30, 2016 $ 96 $ 1 $ 3 $ 100 Net of Tax Balance, December 31, 2015 $ (69 ) $ 1 $ (6 ) $ (74 ) Period change 8 1 (1 ) 8 Balance, June 30, 2016 $ (61 ) $ 2 $ (7 ) $ (66 ) Foreign Unrealized Defined Currency (Losses)/Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2014 $ (13 ) $ (8 ) $ (12 ) $ (33 ) Period change (56 ) 1 — (55 ) Balance, June 30, 2015 $ (69 ) $ (7 ) $ (12 ) $ (88 ) Tax Balance, December 31, 2014 $ 50 $ 4 $ 3 $ 57 Period change — (1 ) — (1 ) Balance, June 30, 2015 $ 50 $ 3 $ 3 $ 56 Net of Tax Balance, December 31, 2014 $ 37 $ (4 ) $ (9 ) $ 24 Period change (56 ) — — (56 ) Balance, June 30, 2015 $ (19 ) $ (4 ) $ (9 ) $ (32 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Share-based Compensation [Abstract]
Incentive Equity Awards Granted By The Company	The activity related to incentive equity awards granted by the Company for the six months ended June 30, 2016 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, 2015 1.6 $ 73.75 0.6 $ 73.60 0.8 $ 46.45 Granted (a) 0.9 71.72 0.2 71.65 0.1 71.65 Vested / exercised (0.7 ) 72.82 (0.2 ) 72.84 (0.3 ) 27.84 Balance as of June 30, 2016 1.8 (b) (c) 75.85 0.6 (d) 77.84 0.6 (b) (e) 61.52 (a) Primarily represents awards granted by the Company on February 25, 2016 . (b) Aggregate unrecognized compensation expense related to RSUs and SSARs was $123 million as of June 30, 2016 , which is expected to be recognized over a weighted average period of 2.9 years . (c) Approximately 1.7 million RSUs outstanding as of June 30, 2016 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $29 million as of June 30, 2016 , which is expected to be recognized over a weighted average period of 2.1 years . (e) Approximately 0.4 million SSARs are exercisable as of June 30, 2016 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of June 30, 2016 had an intrinsic value of $9 million and have a weighted average remaining contractual life of 3.3 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 25, 2016 Grant date fair value $ 13.70 Grant date strike price $ 71.65 Expected volatility 27.81 % Expected life 5.2 years Risk free interest rate 1.33 % Projected dividend yield 2.79 %

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Summary Of Segment Information	The Company believes that EBITDA is a useful measure of performance for its industry segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies. Three Months Ended June 30, 2016 2015 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 334 (b) $ 101 $ 334 (d) $ 96 Destination Network 384 (c) 85 383 84 Vacation Ownership 705 187 699 182 Total Reportable Segments 1,423 373 1,416 362 Corporate and Other (a) (20 ) (33 ) (18 ) (30 ) Total Company $ 1,403 $ 340 $ 1,398 $ 332 Reconciliation of EBITDA to Net income Three Months Ended June 30, 2016 2015 EBITDA $ 340 $ 332 Depreciation and amortization 63 58 Interest expense 34 30 Interest income (2 ) (2 ) Income before income taxes 245 246 Provision for income taxes 89 87 Net income $ 156 $ 159 (a) Includes the elimination of transactions between segments. (b) Includes $17 million of intercompany revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $1 million of room revenues at a Company owned hotel and (iii) $1 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. (c) Includes $2 million of intercompany revenues comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $19 million of intercompany revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $2 million of room revenues at a Company owned hotel and (iii) $2 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. Six Months Ended June 30, 2016 2015 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 629 (b) $ 185 $ 626 (d) $ 172 Destination Network 768 (c) 166 752 189 Vacation Ownership 1,345 323 1,316 313 Total Reportable Segments 2,742 674 2,694 674 Corporate and Other (a) (36 ) (67 ) (33 ) (65 ) Total Company $ 2,706 $ 607 $ 2,661 $ 609 Reconciliation of EBITDA to Net income Six Months Ended June 30, 2016 2015 EBITDA $ 607 $ 609 Depreciation and amortization 125 114 Interest expense 68 56 Early extinguishment of debt 11 — Interest income (4 ) (5 ) Income before income taxes 407 444 Provision for income taxes 156 162 Net income $ 251 $ 282 (a) Includes the elimination of transactions between segments. (b) Includes $34 million of intercompany revenues comprised of (i) $28 million of intersegment licensing fees for use of the Wyndham trade name, (ii) $4 million of other fees primarily associated with the Wyndham Rewards program and (iii) $2 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. (c) Includes $4 million of intercompany revenues comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $35 million of intercompany revenues comprised of (i) $27 million of intersegment licensing fees for use of the Wyndham trade name, (ii) $4 million of other fees primarily associated with the Wyndham Rewards program and (iii) $4 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment.

Restructuring and Other Charge

Restructuring and Other Charge (Tables)	6 Months Ended
	Jun. 30, 2016
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 Cash Liability as of December 31, 2015 Payments June 30, 2016 Personnel-related $ 3 $ (3 ) $ — Facility-related 2 — 2 $ 5 $ (3 ) $ 2

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Recently Issued Accounting Pronouncements) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Deferred income taxes		$ 0
Total current assets	$ 2,127	1,743
Other non-current assets	361	361
Total assets	9,942	9,591
Liabilities and Equity
Long-term securitized vacation ownership debt	1,834	1,897
Long-term debt	3,328	3,031
Deferred income taxes	1,195	1,154
Total liabilities	9,161	8,638
Total liabilities and equity	$ 9,942	9,591
Scenario, Previously Reported [Member]
Current assets:
Other non-current assets		360
Total assets		9,716
Liabilities and Equity
Long-term securitized vacation ownership debt		1,921
Long-term debt		3,034
Deferred income taxes		1,252
Total liabilities		8,763
Total liabilities and equity		9,716
Scenario, Previously Reported [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Current assets:
Deferred income taxes		126
Scenario, Adjustment [Member]
Current assets:
Total current assets		1,869
Accounting Standards Update 2015-17 [Member] | Scenario, Adjustment [Member]
Current assets:
Total current assets		(126)
Total assets		(98)
Liabilities and Equity
Total liabilities		(98)
Total liabilities and equity		(98)
Accounting Standards Update 2015-17 [Member] | Scenario, Adjustment [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Current assets:
Deferred income taxes		(126)
Other non-current assets		28
Liabilities and Equity
Deferred income taxes		(98)
Accounting Standards Update 2015-03 [Member] | Scenario, Adjustment [Member]
Current assets:
Other non-current assets		(27)
Total assets		(27)
Liabilities and Equity
Long-term securitized vacation ownership debt		(24)
Long-term debt		(3)
Total liabilities		(27)
Total liabilities and equity		$ (27)

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Billions	Jun. 30, 2016USD ($)
Earnings Per Share Reconciliation [Abstract]
Remaining authorized amount under share repurchases	$ 1

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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 156	$ 159	$ 251	$ 282
Basic weighted average shares outstanding	111	119	112	120
SSARs (a), RSUs (b) and PSUs (c)	1	1	1	1
Diluted weighted average shares outstanding	112	120	113	121
Basic (in dollars per share)	$ 1.40	$ 1.34	$ 2.25	$ 2.35
Diluted (in dollars per share)	$ 1.39	$ 1.33	$ 2.23	$ 2.33
Aggregate dividends paid to shareholders	$ 55	$ 50	$ 115	$ 104
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	0.6	0.6	0.6

Earnings Per Share (Current Sto

Earnings Per Share (Current Stock Repurchase Program) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2015	103,730,568
Shares, As of June 30 2016	108,358,821
Stock Repurchase Program [Member]
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2015	79,200,000
Cost, As of December 31, 2015 | $	$ 3,712
Average Price, As of December 31, 2015 (in dollars per share) | $ / shares	$ 46.85
Shares, For the six months ended June 30, 2016	4,600,000
Cost, For the six months ended June 30, 2016 | $	$ 325
Average Price, For the six months ended June 30, 2016 (in dollars per share) | $ / shares	$ 70.20
Shares, As of June 30 2016	83,800,000
Cost, As of June 30, 2016 | $	$ 4,037
Average Price, As of June 30, 2016 (in dollars per share) | $ / shares	$ 48.14

Vacation Ownership Contract R40

Vacation Ownership Contract Receivables (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)fico_score	Jun. 30, 2015USD ($)	Dec. 31, 2015
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables	$ 81	$ 82	$ 164	$ 165
Originated vacation ownership contract receivables			556	506
Vacation ownership contract principal collections			$ 406	409
Weighted average interest rate	13.80%		13.80%		13.80%
Provision for loan losses	$ 90	$ 60	$ 153	$ 106
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 R41

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	$ 323	$ 329
Less: Allowance for loan losses	56	57
Current vacation ownership contract receivables, net	267	272
Long-term vacation ownership contract receivables	2,975	2,962
Less: Allowance for loan losses	530	524
Long-term vacation ownership contract receivables, net	2,445	2,438
Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	239	248
Long-term vacation ownership contract receivables	2,176	2,214
Non-Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	84	81
Long-term vacation ownership contract receivables	$ 799	$ 748

Vacation Ownership Contract R42

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Allowance for Loan Losses [Roll Forward]
Allowance for loan losses, beginning balance			$ 581	$ 581
Provision for loan losses	$ 90	$ 60	153	106
Contract receivables write-offs, net			(148)	(122)
Allowance for loan losses, ending balance	$ 586	$ 565	$ 586	$ 565

Vacation Ownership Contract R43

Vacation Ownership Contract Receivables (Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	$ 3,298	$ 3,291
700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,683	1,656
600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,053	1,073
Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	197	202
No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	125	125
Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	240	235
Current [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3,176	3,155
Current [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,657	1,623
Current [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,007	1,023
Current [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	162	163
Current [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	114	115
Current [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	236	231
31 - 60 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	57	65
31 - 60 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	12	16
31 - 60 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	23	25
31 - 60 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	15	17
31 - 60 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	5	5
31 - 60 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	2
61 - 90 Days [Member
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	36	39
61 - 90 Days [Member | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	8	10
61 - 90 Days [Member | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	13	14
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	3	3
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	32
91 - 120 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	6	7
91 - 120 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	10	11
91 - 120 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	9	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	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Real Estate, Inventory [Line Items]
Transferred property and equipment to VOI inventory	$ 26	$ 58
Other Inventory, Purchased Goods, Gross	14		$ 27
Inventory sold subject to conditional repurchase	153		155
Cash consideration received	20	0
Vacation ownership inventory	57		62
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			80
Cash consideration received	10		80
Avon, Colorado Inventory [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	32		32
Outstanding obligation within accrued expenses and other current liabilities	11		11
Outstanding obligation within other non-current liabilities	21		21
Las Vegas, Nevada and St. Thomas, U.S. Virgin Island Inventory Sales [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	163		157
Outstanding obligation within accrued expenses and other current liabilities	52		33
Outstanding obligation within other non-current liabilities	111		124
Maximum potential future payments	278
Las Vegas, Nevada Inventory [Member]
Real Estate, Inventory [Line Items]
Paid to third-party developer	13
Vacation ownership inventory	6
Repayments of vacation ownership inventory arrangements	5
Interest paid	2
Current [Member]
Real Estate, Inventory [Line Items]
Other Inventory, Purchased Goods, Gross	4		20
Accounts Payable [Member]
Real Estate, Inventory [Line Items]
Other Inventory, Purchased Goods, Gross	10		7
Additional [Member] | Las Vegas, Nevada Inventory [Member]
Real Estate, Inventory [Line Items]
Vacation ownership inventory	7
2015 [Member] | St. Thomas, U.S. Virgin Island Inventory Sale [Member]
Real Estate, Inventory [Line Items]
Cash consideration received			$ 70
2016 [Member] | St. Thomas, U.S. Virgin Island Inventory Sale [Member]
Real Estate, Inventory [Line Items]
Cash consideration received	$ 10

Inventory (Summary of Inventory

Inventory (Summary of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Land held for VOI development	$ 143	$ 136
VOI construction in process	57	62
Inventory sold subject to conditional repurchase	153	155
Completed VOI inventory	636	604
Estimated recoveries	243	242
Destination network vacation credits and other	59	60
Total inventory	1,291	1,259
Less: Current portion ()	286	295
Non-current inventory	$ 1,005	$ 964

Long-Term Debt And Borrowing 46

Long-Term Debt And Borrowing Arrangements (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Debt Instrument [Line Items]
Total debt, carrying amount	$ 5,406,000,000			$ 5,406,000,000
Gains (Losses) on Extinguishment of Debt	0		$ 0	(11,000,000)	$ 0
Domestic Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity	750,000,000			750,000,000
Commercial paper	$ 408,000,000			$ 408,000,000		$ 109,000,000
Commercial paper, weighted average interest rate	1.12%			1.12%		1.07%
European Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity	$ 500,000,000			$ 500,000,000
2.95% Senior Unsecured Notes (Due March 2017) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.95%			2.95%
Sierra Timeshare 2016-1 Receivables Funding LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 425,000,000
Weighted average interest rate		3.20%
Advance rate on securitized debt		88.85%
Total debt, carrying amount	$ 361,000,000			$ 361,000,000
Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 325,000,000
Debt instrument, interest rate, stated percentage	1.95%			1.95%
3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.90%			3.90%
4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%			4.25%
6.00% Senior Unsecured Notes (Due December 2016) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage		6.00%
Redeemed portion of senior unsecured notes		$ 327,000,000
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	$ 12,000,000			$ 12,000,000		$ 13,000,000
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%			3.90%
Derivative, notional amount	$ 400,000,000			$ 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%			4.25%
Derivative, notional amount	$ 100,000,000			$ 100,000,000

Long-Term Debt And Borrowing 47

Long-Term Debt And Borrowing Arrangements (Interest Expense Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Interest on long-term debt	$ 36	$ 32	$ 71	$ 60
Capitalized interest	2	2	3	4
Long-Term Debt Borrowings And Capitalized Interest [Member]
Debt Instrument [Line Items]
Interest expense incurred	34	30	68	56
Cash paid for interest			70	53
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 19	$ 19	36	36
Consumer Finance [Member]
Debt Instrument [Line Items]
Cash paid for interest			$ 25	$ 28

Long-Term Debt And Borrowing 48

Long-Term Debt And Borrowing Arrangements (Summary Of Indebtedness-Long-Term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Less: Current portion of securitized vacation ownership debt	$ 198		$ 209
Long-term securitized vacation ownership debt	1,834		1,897
Less: Current portion of long-term debt	46		44
Long-term vacation ownership contract receivables	$ 2,975		2,962
Term Loan (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	1.95%
Debt instrument, face amount		$ 325
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%
Term Notes [Member]
Debt Instrument [Line Items]
Secured Debt	$ 1,717		1,867
Debt Issuance Cost	22		24
Bank Conduit Facility (Due August 2016) [Member]
Debt Instrument [Line Items]
Secured Debt	315		239
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Secured Debt	2,032		2,106
Less: Current portion of securitized vacation ownership debt	198		209
Long-term securitized vacation ownership debt	1,834		1,897
Long-term vacation ownership contract receivables	2,526		2,576
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	16
Commercial paper	408
Revolving Credit Facility [Member] | Revolving Credit Facility (Due July 2020) [Member]
Debt Instrument [Line Items]
Revolving credit facility	16		7
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper	408		109
Other [Member]
Debt Instrument [Line Items]
Capital leases	152		153
Other	32		49
Total long-term debt	3,374		3,075
Less: Current portion of long-term debt	46		44
Long-term debt	3,328		3,031
Other [Member] | Term Loan (Due March 2021) [Member]
Debt Instrument [Line Items]
Other	323		0
Other [Member] | 6.00% Senior Unsecured Notes (Due December 2016) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 315
Senior notes	0		316
Unamortized (gains)/losses from the settlement of a derivative			1
Other [Member] | 2.95% Senior Unsecured Notes (Due March 2017) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	300
Senior notes	300		299
Other [Member] | 5.75% Senior Unsecured Notes (Due February 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	14
Senior notes	14		14
Other [Member] | 2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	450
Senior notes	449		448
Other [Member] | 7.375% Senior Unsecured Notes (Due March 2020) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	40
Senior notes	40		40
Other [Member] | 5.625% Senior Unsecured Notes (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	250
Senior notes	247		247
Other [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	650
Senior notes	648		648
Derivative, additional amount to hedge item	2		2
Other [Member] | 3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400
Senior notes	407		408
Unamortized (gains)/losses from the settlement of a derivative	10		11
Other [Member] | 5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	350
Senior notes	338		337
Unamortized (gains)/losses from the settlement of a derivative	(9)		(10)
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Cost	4		3
Unamortized discount	$ 12		$ 14

Long-Term Debt And Borrowing 49

Long-Term Debt And Borrowing Arrangements (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Within 1 year	$ 544
Between 1 and 2 years	729
Between 2 and 3 years	413
Between 3 and 4 years	266
Between 4 and 5 years	1,177
Thereafter	2,277
Long-term debt outstanding	5,406
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Within 1 year	198
Between 1 and 2 years	251
Between 2 and 3 years	391
Between 3 and 4 years	189
Between 4 and 5 years	202
Thereafter	801
Secured Debt	2,032	$ 2,106
Other [Member]
Debt Instrument [Line Items]
Within 1 year	346
Between 1 and 2 years	478
Between 2 and 3 years	22
Between 3 and 4 years	77
Between 4 and 5 years	975
Thereafter	1,476
Total long-term debt	3,374	3,075
2.95% Senior Unsecured Notes (Due March 2017) [Member] | Other [Member]
Debt Instrument [Line Items]
Senior notes	$ 300	$ 299

Long-Term Debt And Borrowing 50

Long-Term Debt And Borrowing Arrangements (Summary Of Available Capacity Under Borrowing Arrangements) (Details) $ in Millions	Jun. 30, 2016USD ($)
Securitized Bank Conduit Facility [Member]
Debt Instrument [Line Items]
Total capacity	$ 650
Revolving credit facility	315
Available Capacity	335
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total capacity	1,500
Revolving credit facility	16
Letters of Credit Outstanding, Amount	1
Commercial paper borrowings	408
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,075

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash and cash equivalents	$ 100		$ 59
Purchased property and equipment	90	$ 112
Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Purchased property and equipment	15	$ 10
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 883		$ 829

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Transfer And Financial Assets [Line Items]
Total assets	$ 9,942	$ 9,591
Total liabilities	9,161	8,638
SPE assets in excess of SPE liabilities	495	471
Securitized contract receivables, net, current	267	272
Securitized contract receivables, net, non-current	2,445	2,438
Vacation Ownership SPEs [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	2,415	2,462
Securitized restricted cash	91	92
Interest receivables on securitized contract receivables	19	20
Other assets	3	5
Total assets	2,528	2,579
Securitized term notes	1,717	1,867
Securitized conduit facilities	315	239
Other liabilities	1	2
Total liabilities	2,033	2,108
SPE assets in excess of SPE liabilities	495	471
Securitized contract receivables, net, current	239	248
Securitized contract receivables, net, non-current	2,176	2,214
Securitized restricted cash, current	75	73
Securitized restricted cash, non-current	16	19
Securitized conduit facilities, current	198	209
Securitized conduit facilities, long-term	1,834	1,897
Deferred financing cost related to securitized debt	$ 22	$ 24

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	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule Of Transfer And Financial Assets [Line Items]
SPE assets in excess of SPE liabilities	$ 495	$ 471
Less: Allowance for loan losses	(586)	(581)	$ (565)	$ (581)
Total, net	792	719
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 883	$ 829

Variable Interest Entities (A54

Variable Interest Entities (Assets and Liabilities of the SPE) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Property and equipment, net	$ 1,361	$ 1,399
Total assets	9,942	9,591
Accrued expenses and other current liabilities	787	827
Total liabilities	9,161	8,638
SPE assets in excess of SPE liabilities	495	471
Current portion of long-term debt	46	44
Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	30	47
Total assets	30	47
Accrued expenses and other current liabilities	1	1
Long-term Debt	30	46
Total liabilities	31	47
SPE assets in excess of SPE liabilities	(1)	0
Current portion of long-term debt		29
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount	27	42
Mandatorily Redeemable Equity - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 3	$ 4

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - Recurring Basis [Member] - Fair Value [Member] - Level 2 [Member] - Foreign Exchange Contracts [Member] - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative asset	$ 6	$ 2
Derivative liabilities	$ 7	$ 3

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	$ 2,712	$ 2,710
Total debt	5,406	5,181
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	3,289	3,272
Total debt	$ 5,523	$ 5,234

Derivative Instruments And He57

Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Gain (loss) on freestanding foreign currency contracts	$ (6)	$ 6	$ (10)	$ (6)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Effective income tax rate	36.30%	35.40%	38.30%	36.50%
Income taxes payments, net of refunds			$ 65	$ 125
Operating Expense [Member]
Foreign exchange loss, primarily impacting cash			$ 24

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Loss Contingencies [Line Items]
Litigation reserves	$ 31		$ 31		$ 29
Range of possible loss up to, portion not accrued	71		$ 71
Percentage of Cendant's contingent and other corporate liabilities and associated costs			37.50%
Hotel Group [Member]
Loss Contingencies [Line Items]
Maximum potential future payment	126		$ 126
Annual cap	45		45
Amount of liability in guarantees	23		23		25
Guarantor offsetting asset carrying value	33		33		35
Amortization expense, contingent asset	1	$ 1	2	$ 2
Guarantor obligation recourse receivable	37		37		32
Hotel Group [Member] | Other Non Current Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	18		18		24
Hotel Group [Member] | Accrued Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	5		5		1
Hotel Group [Member] | Other Non Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	29		29		31
Guarantor obligation recourse receivable	34		34		31
Hotel Group [Member] | Other Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	4		4		4
Guarantor obligation recourse receivable	3		3		$ 1
Hotel Group [Member] | Conditional Guarantee [Member]
Loss Contingencies [Line Items]
Maximum potential future payment	$ 45		$ 45
Hotel Group [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			8 years
Hotel Group [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			10 years
Hotel Group [Member] | Weighted Average [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			7 years

Accumulated Other Comprehensi60

Accumulated Other Comprehensive (Loss)/Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	$ (953)	$ (1,257)
Period change	8	(56)
Balance, value	(781)	(1,069)
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	139	13
Period change	(18)	(56)
AOCI, Pretax, Ending Balance	157	69
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	(70)	(50)
Period change	26	0
AOCI, Tax, Ending Balance	(96)	(50)
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	69	(37)
Period change	8	(56)
Balance, value	61	19
Unrealized Gains/(Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	0	8
Period change	1	1
AOCI, Pretax, Ending Balance	(1)	7
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	(1)	(4)
Period change	0	(1)
AOCI, Tax, Ending Balance	(1)	(3)
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(1)	4
Period change	1	0
Balance, value	(2)	4
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(9)	(12)
Period change	1	0
AOCI, Pretax, Ending Balance	(10)	(12)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	3	3
Period change	0	0
AOCI, Tax, Ending Balance	3	3
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(6)	(9)
Period change	1	0
Balance, value	(7)	(9)
AOCI [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	148	33
Period change	(18)	(55)
AOCI, Pretax, Ending Balance	166	88
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	(74)	(57)
Period change	26	(1)
AOCI, Tax, Ending Balance	(100)	(56)
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	74	(24)
Period change	8	(56)
Balance, value	$ 66	$ 32

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	Feb. 25, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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		15.7		15.7
Stock-based compensation				$ 36	$ 29
Excess tax benefits available to absorb tax deficiencies				8
Employee service share-based compensation, APIC pool balance				137
Payment of taxes for net share settlement				34	41
RSUs and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards	$ 63
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	$ 17
RSUs, PSUs and SSARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 22	$ 14	$ 36	$ 29

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Granted By The Company) (Details) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / 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)	1.6
Number of Units, Granted (shares)	0.9
Number of Units, Vested/exercised (shares)	(0.7)
Number of Units, Ending Balance (shares)	1.8
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 73.75
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	71.72
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	72.82
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 75.85
Shares outstanding, expected to vest	1.7
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)	0.6
Number of Units, Granted (shares)	0.2
Number of Units, Vested/exercised (shares)	(0.2)
Number of Units, Ending Balance (shares)	0.6
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 73.60
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	71.65
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	72.84
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 77.84
Unrecognized compensation expense, maximum | $	$ 29
Incentive equity awards vesting ratably over a period, in years	2 years 1 month
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)	0.8
Number of Units, Granted (shares)	0.1
Number of Units, Vested/exercised (shares)	(0.3)
Number of Units, Ending Balance (shares)	0.6
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	$ 27.84
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	46.45
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares	$ 71.65
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	61.52
Shares outstanding, expected to vest	0.4
Shares, intrinsic value | $	$ 9
Weighted average remaining contractual life, years	3 years 4 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 | $	$ 123
Incentive equity awards vesting ratably over a period, in years	2 years 11 months

Stock-Based Compensation (Weigh

Stock-Based Compensation (Weighted Average Grant Date Fair Value Assumptions) (Details) - Stock Settled Stock Appreciation Rights [Member]	Feb. 25, 2016$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value (in dollars per share)	$ 13.70
Grant date strike price (in dollars per share)	$ 71.65
Expected volatility	27.81%
Expected life (years)	5 years 2 months
Risk free interest rate	1.33%
Projected dividend yield	2.79%

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Net revenues	$ 1,403	$ 1,398	$ 2,706	$ 2,661
EBITDA	340	332	607	609
Depreciation and amortization	63	58	125	114
Interest expense	34	30	68	56
Early extinguishment of debt	0	0	11	0
Interest income	(2)	(2)	(4)	(5)
Income before income taxes	245	246	407	444
Provision for income taxes	89	87	156	162
Net income	156	159	251	282
Other	82	75	165	150
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	1,423	1,416	2,742	2,694
EBITDA	373	362	674	674
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net revenues	(20)	(18)	(36)	(33)
EBITDA	(33)	(30)	(67)	(65)
Lodging [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	17	19	34	35
Intersegment Licensing Fee	15	15	28	27
Revenue from Owned Hotels	1	2	2	4
Other	1	2	4	4
Lodging [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	334	334	629	626
EBITDA	101	96	185	172
Vacation Exchange And Rentals [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	2		4
Vacation Exchange And Rentals [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	384	383	768	752
EBITDA	85	84	166	189
Vacation Ownership [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	705	699	1,345	1,316
EBITDA	$ 187	$ 182	$ 323	$ 313

Restructuring and Other Charg65

Restructuring and Other Charge (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	$ 3
Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	3
Facility-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability expected to be paid	2
Restructuring Plan 2015 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 8
Non-cash asset impairment charge		1
Payments for Restructuring	3	2
Restructuring Plan 2015 [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		7
Restructuring Reserve, Accrual Adjustment		$ 2
Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Foreign exchange loss, primarily impacting cash	$ 24

Restructuring and Other Charg66

Restructuring and Other Charge (Activity Related To The Restructuring Costs) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2015	$ 5
Cash payments	(3)
Liability as of June 30, 2016	2
Personnel-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2015	3
Cash payments	(3)
Liability as of June 30, 2016	0
Facility-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2015	2
Liability as of June 30, 2016	$ 2

Separation Adjustments and Tr67

Separation Adjustments and Transactions with Former Parent and Subsidiaries (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2016
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed	$ 34	$ 34
Tax liabilities assumed	31
Other contingent and corporate liabilities assumed	1
Guarantee amount over contingent liability assumed	2
Separation liabilities, current	4	19	$ 4
Separation liabilities, non-current	30	15	30
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%
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	Jul. 20, 2016USD ($)
Subsequent Event [Line Items]
Debt instrument, face amount	$ 375
Weighted average interest rate	2.42%
Advance rate on securitized debt	90.00%