Travel + Leisure (TNL) 10-Q 3 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
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	102,785,767

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net revenues
Service and membership fees	$ 653	$ 632	$ 1,289	$ 1,266
Vacation ownership interest sales	448	409	798	750
Franchise fees	177	172	318	310
Consumer financing	114	108	224	215
Other	87	82	169	165
Net revenues	1,479	1,403	2,798	2,706
Expenses
Operating	654	622	1,254	1,236
Cost of vacation ownership interests	38	32	75	68
Consumer financing interest	19	19	37	36
Marketing and reservation	231	211	426	403
General and administrative	191	185	383	372
Asset impairments	135	0	140	0
Restructuring	0	0	7	0
Depreciation and amortization	66	63	128	125
Total expenses	1,334	1,132	2,450	2,240
Operating income	145	271	348	466
Other (income)/expense, net	(3)	(6)	(4)	(16)
Interest expense	39	34	73	68
Early extinguishment of debt	0	0	0	11
Interest income	(2)	(2)	(4)	(4)
Income before income taxes	111	245	283	407
Provision for income taxes	33	89	64	156
Net income	$ 78	$ 156	$ 219	$ 251
Earnings per share
Basic (in dollars per share)	$ 0.75	$ 1.40	$ 2.10	$ 2.25
Diluted (in dollars per share)	0.75	1.39	2.09	2.23
Cash dividends declared per share (in dollars per share)	$ 0.58	$ 0.50	$ 1.16	$ 1

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income
Net income	$ 78	$ 156	$ 219	$ 251
Other comprehensive income/(loss), net of tax
Foreign currency translation adjustments	45	(28)	75	8
Unrealized gains/(losses) on cash flow hedges	0	0	(1)	1
Defined benefit pension plans	0	0	0	(1)
Other comprehensive income/(loss), net of tax	45	(28)	74	8
Comprehensive income	$ 123	$ 128	$ 293	$ 259

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 415	$ 185
Trade receivables, net	598	610
Vacation ownership contract receivables, net	257	262
Inventory	315	315
Prepaid expenses	187	144
Other current assets	486	296
Total current assets	2,258	1,812
Long-term vacation ownership contract receivables, net	2,535	2,515
Non-current inventory	1,010	1,035
Property and equipment, net	1,368	1,340
Goodwill	1,637	1,603
Trademarks, net	742	734
Franchise agreements and other intangibles, net	382	393
Other non-current assets	416	387
Total assets	10,348	9,819
Liabilities and Equity
Securitized vacation ownership debt	185	195
Current portion of long-term debt	41	34
Accounts payable	670	468
Deferred income	622	500
Accrued expenses and other current liabilities	866	835
Total current liabilities	2,384	2,032
Long-term securitized vacation ownership debt	1,867	1,946
Long-term debt	3,667	3,337
Deferred income taxes	1,255	1,214
Deferred income	196	197
Other non-current liabilities	387	375
Total liabilities	9,756	9,101
Commitments and contingencies (Note 11)
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, 218,748,902 issued as of 2017 and 218,198,050 shares in 2016	2	2
Treasury stock, at cost – 116,036,879 shares in 2017 and 112,617,112 shares in 2016	(5,418)	(5,118)
Additional paid-in capital	3,965	3,966
Retained earnings	2,077	1,977
Accumulated other comprehensive loss	(39)	(113)
Total stockholders’ equity	587	714
Noncontrolling interest	5	4
Total equity	592	718
Total liabilities and equity	$ 10,348	$ 9,819

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	218,748,902	218,198,050
Treasury Stock, Shares	116,036,879	112,617,112

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating Activities
Net income	$ 219	$ 251
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	128	125
Provision for loan losses	195	153
Deferred income taxes	29	67
Stock-based compensation	32	36
Excess tax benefits from stock-based compensation	0	(8)
Asset impairments	140	0
Loss on early extinguishment of debt	0	11
Non-cash interest	11	11
Net change in assets and liabilities, excluding the impact of acquisitions:
Trade receivables	42	14
Vacation ownership contract receivables	(197)	(150)
Inventory	(53)	(15)
Prepaid expenses	(41)	(33)
Other current assets	(116)	(20)
Accounts payable, accrued expenses and other current liabilities	155	169
Deferred income	98	99
Other, net	21	(4)
Net cash provided by operating activities	663	706
Investing Activities
Property and equipment additions	(82)	(90)
Net assets acquired, net of cash acquired	(15)	0
Payments of development advance notes	(5)	(3)
Proceeds from development advance notes	4	0
Equity investments and loans	(2)	(7)
Proceeds from asset sales	11	1
Increase in securitization restricted cash	(5)	0
Increase in escrow deposit restricted cash	(50)	(41)
Other, net	11	0
Net cash used in investing activities	(133)	(140)
Financing Activities
Proceeds from securitized borrowings	820	878
Principal payments on securitized borrowings	(912)	(954)
Proceeds from long-term debt	564	50
Principal payments on long-term debt	(611)	(67)
(Repayments of)/proceeds from commercial paper, net	(72)	299
Proceeds from notes issued and term loan	694	325
Repayment/repurchase of notes	(300)	(327)
Proceeds from vacation ownership inventory arrangements	0	20
Repayments of vacation ownership inventory arrangements	(22)	(5)
Dividends to shareholders	(125)	(115)
Repurchase of common stock	(299)	(320)
Excess tax benefits from stock-based compensation	0	8
Debt issuance costs	(7)	(8)
Net share settlement of incentive equity awards	(34)	(34)
Other, net	(5)	(1)
Net cash used in financing activities	(309)	(251)
Effect of changes in exchange rates on cash and cash equivalents	9	(8)
Net increase in cash and cash equivalents	230	307
Cash and cash equivalents, beginning of period	185	171
Cash and cash equivalents, end of period	$ 415	$ 478

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Equity (Unaudited) - 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, 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)
Changes 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
Balance, shares at Dec. 31, 2016		106
Balance, value at Dec. 31, 2016	718	$ 2	(5,118)	3,966	1,977	(113)	4
Net income	219				219
Other comprehensive income	74					74
Net share settlement of incentive equity awards	(34)			(34)
Change in deferred compensation	31			31
Change in deferred compensation for Board of Directors	1			1
Repurchase of common stock		(3)
Repurchase of common stock, value	(300)		(300)
Dividends	(119)				(119)
Other	2			1			1
Balance, shares at Jun. 30, 2017		103
Balance, value at Jun. 30, 2017	$ 592	$ 2	$ (5,418)	$ 3,965	$ 2,077	$ (39)	$ 5

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
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 Condensed 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 Condensed 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 Condensed Consolidated Financial Statements. In presenting the Condensed 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 Condensed 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 Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2016 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 17, 2017 . 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 also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the statement of financial position. The Company currently expects to adopt the new guidance utilizing the full retrospective transition method on its effective date of January 1, 2018. The Company’s analysis to identify the impact of the new guidance is substantially complete, with the exception of its Wyndham Rewards loyalty and co-branded credit card programs which the Company is still awaiting industry clarification. The Company estimates that its net revenues and net income for the year ended 2016 would be reduced by $5 million to $10 million , which would be recognized in future years. Additionally, the Company expects a change in the seasonality of its revenues and net income primarily reflecting a shift of revenues and net income from the first quarter to the third quarter. The Company believes the most significant impacts relating to its Hotel Group segment are the accounting for initial fees, upfront costs and marketing and reservation expenses. The Company expects royalty and marketing and reservation fees to remain substantially unchanged. Specifically, under the new guidance, the Company expects initial fees to be recognized ratably over the life of the noncancelable period of the franchise agreement and incremental upfront contract costs to be deferred and expensed over the life of the noncancelable period of the franchise agreement. Marketing and reservation revenues earned in excess of costs incurred will no longer be accrued as a liability for future marketing and reservation costs; marketing or reservation costs incurred in excess of revenues earned will continue to be expensed as incurred. The Company believes the most significant impacts relating to its Destination Network segment are the accounting for vacation rental revenues and other vacation exchange related product fees. Specifically, under the new guidance, the Company expects (i) approximately thirty percent of its vacation rental revenue will no longer be recognized in the period that the rental reservation is booked and, instead, will be recognized over the term of the guest stay and (ii) other vacation exchange related product fees to be deferred and recognized upon the occurrence of a future vacation exchange or other transaction. The Company expects vacation exchange transaction and membership fees to remain substantially unchanged. The Company expects the recognition of its Vacation Ownership segment revenues to remain substantially unchanged, with the exception of (i) revenue from certain travel packages utilized to market its VOI products which will be presented on a gross basis within other revenues and (ii) a reduction of property management revenues by the proportionate share of maintenance fees paid on its unsold inventory. 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 its financial statements and related disclosures. 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 its financial statements and related disclosures. Statement of Cash Flows . In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This guidance requires the retrospective transition method and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company believes the impact of this new guidance will result in development advance notes being recorded within operating activities on its Condensed Consolidated Statement of Cash Flows. Restricted Cash . In November 2016, the FASB issued guidance which requires amounts generally described as restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company will adopt this new guidance on January 1, 2018, using a retrospective transition method. The Company believes the impact of the new restricted cash guidance will result in escrow deposits and restricted cash being included with cash and cash equivalents on the statement of cash flows. The table below summarizes the effects of the new statement of cash flows and restricted cash guidance on the Company’s Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, Increase/(decrease): 2017 2016 Operating Activities $ (1 ) $ (3 ) Investing Activities 56 44 Cash and cash equivalents, beginning of period 149 152 Cash and cash equivalents, end of period 214 192 Intra-Entity Transfers of Assets Other Than Inventory . In October 2016, the FASB issued guidance which requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This guidance requires the modified retrospective approach and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Clarifying the Definition of a Business . In January 2017, the FASB issued guidance clarifying the definition of a business, which assists entities when evaluating whether transactions should be accounted for as acquisitions of businesses or assets. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Simplifying the Test for Goodwill Impairment . In January 2017, the FASB issued guidance which simplifies the current two-step goodwill impairment test by eliminating Step 2 of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Compensation - Stock Compensation. In May 2017, the FASB issued guidance which provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This guidance is effective for fiscal years beginning after December 15, 2017 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 its financial statements and related disclosures. Recently Adopted Accounting Pronouncements 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 adopted the guidance on January 1, 2017, as required. There was no material impact on its financial statements and related disclosures. 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 adopted the guidance on January 1, 2017, as required. The Company elected to use the prospective transition method and as such, the excess tax benefits from stock-based compensation were presented as part of operating activities within its current period Condensed Consolidated Statement of Cash Flows. In addition, the excess tax benefit of $2 million and $6 million has been recognized within the provision for income taxes for the three and six months ended June 30, 2017, respectively, on the Condensed Consolidated Statement of Income.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
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 share data): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income $ 78 $ 156 $ 219 $ 251 Basic weighted average shares outstanding 103.8 111.0 104.5 111.9 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) 0.6 0.5 0.6 0.6 Diluted weighted average shares outstanding 104.4 111.5 105.1 112.5 Earnings per share: Basic $ 0.75 $ 1.40 $ 2.10 $ 2.25 Diluted 0.75 1.39 2.09 2.23 Dividends: Aggregate dividends paid to shareholders $ 60 $ 55 $ 125 $ 115 (a) Excludes 1.1 million of restricted stock units (“RSUs”) for the three and six months ended June 30, 2016 , respectively, that would have been anti-dilutive to EPS. Includes unvested dilutive RSUs which are subject to future forfeiture. (b) Excludes 0.7 million and 0.6 million of performance vested restricted stock units (“PSUs”) for the three and six months ended June 30, 2017 , respectively, and 0.6 million for the three and six months ended June 30, 2016 , 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, 2016 88.1 $ 4,337 $ 49.22 For the six months ended June 30, 2017 3.4 300 87.75 As of June 30, 2017 91.5 $ 4,637 50.66 The Company had $440 million of remaining availability under its program as of June 30, 2017 .

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions Assets acquired and liabilities assumed in business combinations were recorded on the Condensed Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to goodwill. In certain circumstances, the allocations of the excess purchase price are based upon preliminary estimates and assumptions. Accordingly, the allocations may be subject to revision when the Company receives final information, including appraisals and other analyses. Any revisions to the fair values during the allocation period will be recorded by the Company as further adjustments to the purchase price allocations. Although, in certain circumstances, the Company has substantially integrated the operations of its acquired businesses, additional future costs relating to such integration may occur. These costs may result from integrating operating systems, relocating employees, closing facilities, reducing duplicative efforts and exiting and consolidating other activities. These costs will be recorded on the Condensed Consolidated Statements of Income as expenses. During the six months ended June 30, 2017, the Company completed three acquisitions at its Destination Network segment for $15 million in cash, net of cash acquired and $1 million of contingent consideration. The preliminary purchase price allocations resulted primarily in the recognition of (i) $20 million of other assets, (ii) $8 million of goodwill, of which is $4 million is expected to be deductible for tax purposes, (iii) $4 million of definite-lived intangible assets with a weighted average life of 7 years, (iv) $3 million of trademarks and (v) $19 million of liabilities. These acquisitions were not material to the Company’s results of operations, financial position or cash flows.

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	6 Months Ended
	Jun. 30, 2017
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 $ 226 $ 235 Non-securitized 89 84 Current vacation ownership contract receivables, gross 315 319 Less: Allowance for loan losses 58 57 Current vacation ownership contract receivables, net $ 257 $ 262 Long-term vacation ownership contract receivables: Securitized $ 2,218 $ 2,254 Non-securitized 902 825 Long-term vacation ownership contract receivables, gross 3,120 3,079 Less: Allowance for loan losses 585 564 Long-term vacation ownership contract receivables, net $ 2,535 $ 2,515 The Company’s securitized vacation ownership contract receivables generated interest income of $83 million and $166 million during the three and six months ended June 30, 2017 , respectively, and $81 million and $164 million during the three and six months ended June 30, 2016 , respectively. Such interest income is included within consumer financing on the Condensed 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 Condensed Consolidated Balance Sheets. During the six months ended June 30, 2017 and 2016 , the Company originated vacation ownership contract receivables of $640 million and $556 million , respectively, and received principal collections of $443 million and $406 million , respectively. The weighted average interest rate on outstanding vacation ownership contract receivables was 13.9% as of both June 30, 2017 and December 31, 2016 . 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, 2016 $ 621 Provision for loan losses 195 Contract receivables write-offs, net (173 ) Allowance for loan losses as of June 30, 2017 $ 643 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 In accordance with the guidance for accounting for real estate time-sharing transactions, the Company recorded a provision for loan losses of $110 million and $195 million as a reduction of net revenues during the three and six months ended June 30, 2017 , respectively, and $90 million and $153 million for the three and six months ended June 30, 2016 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, 2017 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,747 $ 1,017 $ 166 $ 124 $ 254 $ 3,308 31 - 60 days 14 23 16 4 2 59 61 - 90 days 9 12 10 2 1 34 91 - 120 days 7 12 12 2 1 34 Total $ 1,777 $ 1,064 $ 204 $ 132 $ 258 $ 3,435 As of December 31, 2016 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,733 $ 1,010 $ 149 $ 120 $ 232 $ 3,244 31 - 60 days 19 32 17 4 2 74 61 - 90 days 11 16 11 3 1 42 91 - 120 days 8 14 13 2 1 38 Total $ 1,771 $ 1,072 $ 190 $ 129 $ 236 $ 3,398 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, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of: June 30, December 31, Land held for VOI development $ 4 $ 146 VOI construction in process 11 59 Inventory sold subject to conditional repurchase 92 163 Completed VOI inventory 893 667 Estimated VOI recoveries 265 256 Destination network vacation credits and other 60 59 Total inventory 1,325 1,350 Less: Current portion (*) 315 315 Non-current inventory $ 1,010 $ 1,035 (*) Represents inventory that the Company expects to sell within the next 12 months. During the six months ended June 30, 2017 and 2016 , the Company transferred $28 million and $26 million , respectively, from property and equipment to VOI inventory. In addition to the inventory obligations listed below, the Company had $5 million and $8 million of inventory accruals as of June 30, 2017 and December 31, 2016 , respectively, included within accounts payable on the Condensed Consolidated Balance Sheets. During May 2017, the Company’s new leadership at its vacation ownership business performed an in-depth review of its operations, including its current development pipeline and long-term development plan. In connection with this review, the Company made a decision to no longer pursue future development at certain locations and thus performed a fair value assessment on these locations. As a result, the Company recorded a $135 million non-cash impairment charge primarily related to the write-down of land held for VOI development (see Note 15 - Asset Impairments and Other Charges for further details). Inventory Sale Transactions During 2015 and 2016 , the Company sold real property located in St. Thomas, U.S. Virgin Islands (“St. Thomas”) to a third-party developer, consisting of vacation ownership inventory. 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 $21 million as of June 30, 2017 , of which $11 million was included within accrued expenses and other current liabilities and $10 million was included within other non-current liabilities on the Condensed Consolidated Balance Sheet. During the six months ended June 30, 2017, the Company paid $11 million to the third-party developer, of which $9 million was for vacation ownership inventory and $2 million was to satisfy a portion of its inventory obligation. As of December 31, 2016 , the Company had an outstanding obligation of $32 million , 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 Condensed Consolidated Balance Sheet. In connection with the Las Vegas, Nevada and St. Thomas properties, the Company had outstanding obligations of $144 million as of June 30, 2017 , of which $71 million was included within accrued expenses and other current liabilities and $73 million was included within other non-current liabilities on the Condensed Consolidated Balance Sheet. During the six months ended June 30, 2017 , the Company paid $54 million to the third-party developer, of which $32 million was for vacation ownership inventory located in Las Vegas, Nevada and St. Thomas, $20 million was for its obligation under the vacation ownership inventory arrangements and $2 million was for accrued interest. In connection with these transactions, the Company acquired $32 million of inventory developed by the third-party developer during the second quarter of 2017 which will be paid during the third quarter of 2017. As of December 31, 2016 , the Company had an outstanding obligation related to the Las Vegas, Nevada and St. Thomas properties of $166 million , of which $74 million was included within accrued expenses and other current liabilities and $92 million was included within other non-current liabilities on the Condensed 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 $206 million as of June 30, 2017 . During the second quarter of 2017, the Company acquired property located in Austin, Texas from a third-party developer. In connection with this acquisition, the Company had an outstanding obligation of $61 million as of June 30, 2017, of which $30 million was included within accrued expenses and other current liabilities and $31 million was included within other non-current liabilities on the Condensed Consolidated Balance Sheet.

Long-Term Debt And Borrowing Ar

Long-Term Debt And Borrowing Arrangements	6 Months Ended
	Jun. 30, 2017
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) $ 1,648 $ 1,857 Bank conduit facility (due August 2018) 404 284 Total securitized vacation ownership debt 2,052 2,141 Less: Current portion of securitized vacation ownership debt 185 195 Long-term securitized vacation ownership debt $ 1,867 $ 1,946 Long-term debt : (c) Revolving credit facility (due July 2020) $ 9 $ 14 Commercial paper 355 427 Term loan (due March 2021) 324 323 $300 million 2.95% senior unsecured notes (due March 2017) — 300 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 449 449 $40 million 7.375% senior unsecured notes (due March 2020) 40 40 $250 million 5.625% senior unsecured notes (due March 2021) 248 248 $650 million 4.25% senior unsecured notes (due March 2022) (d) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (e) 406 407 $300 million 4.15% senior unsecured notes (due April 2024) 297 — $350 million 5.10% senior unsecured notes (due October 2025) (f) 339 338 $400 million 4.50% senior unsecured notes (due April 2027) (g) 400 — Capital leases 144 143 Other 35 20 Total long-term debt 3,708 3,371 Less: Current portion of long-term debt 41 34 Long-term debt $ 3,667 $ 3,337 (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 $2,558 million and $2,601 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of June 30, 2017 and December 31, 2016 , 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, 2017 and December 31, 2016 , respectively. (c) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $15 million and $11 million as of June 30, 2017 and December 31, 2016 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $5 million and $4 million as of June 30, 2017 and December 31, 2016 , respectively. (d) Includes $2 million of unamortized gains from the settlement of a derivative as of both June 30, 2017 and December 31, 2016 , respectively. (e) Includes $8 million and $9 million of unamortized gains from the settlement of a derivative as of June 30, 2017 and December 31, 2016 , respectively. (f) Includes $8 million and $9 million of unamortized losses from the settlement of a derivative as of June 30, 2017 and December 31, 2016 , respectively. (g) Includes a $4 million increase in the carrying value resulting from a fair value hedge derivative as of June 30, 2017 . Long-Term Debt The Company’s $14 million 5.75% senior unsecured notes due February 2018 and $450 million 2.50% senior unsecured notes due March 2018 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 available capacity under its revolving credit facility. Debt Issuances Sierra Timeshare 2017-1 Receivables Funding, LLC. During March 2017, the Company closed a series of term notes payable, Sierra Timeshare 2017-1 Receivables Funding, LLC, with an initial principal amount of $350 million , which are secured by vacation ownership contract receivables and bear interest at a weighted average coupon rate of 2.97% . The advance rate for this transaction was 90% . As of June 30, 2017 , the Company had outstanding borrowings under these term notes of $294 million , net of debt issuance costs. 4.15% Senior Unsecured Notes . During March 2017, the Company issued senior unsecured notes, with face value of $300 million and bearing interest at a rate of 4.15% , for net proceeds of $297 million . The interest on the senior unsecured notes will be subject to adjustments from time to time if there are downgrades to the credit ratings assigned to the notes. Interest began accruing on March 21, 2017 and is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2017. The notes will mature on April 1, 2024 and are redeemable at the Company’s option at any time, in whole or in part, at the stated redemption prices plus accrued interest through the redemption date. These notes rank equally in right of payment with all of the Company’s other senior unsecured indebtedness. 4.50% Senior Unsecured Notes. During March 2017, the Company issued senior unsecured notes, with face value of $400 million and bearing interest at a rate of 4.50% , for net proceeds of $397 million . The interest on the senior unsecured notes will be subject to adjustments from time to time if there are downgrades to the credit ratings assigned to the notes. Interest began accruing on March 21, 2017 and is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on October 1, 2017. The notes will mature on April 1, 2027 and are redeemable at the Company’s option at any time, in whole or in part, at the stated redemption prices plus accrued interest through the redemption date. These notes rank equally in right of payment with all of the Company’s other senior unsecured indebtedness. Other. During 2015, the Company entered into an agreement with a third-party partner whereby the partner would develop and construct VOI inventory through an SPE. The SPE financed the development and construction with a four-year bank mortgage note. During the first quarter of 2017, the third-party partner met certain conditions of the agreement, which resulted in the Company committing to purchase $51 million of VOI inventory located in Clearwater, Florida, from the SPE over a two-year period. Such proceeds from the purchase will be used by the SPE to repay the mortgage notes. The Company is considered to be the primary beneficiary for specified assets and liabilities of the SPE and, therefore, the Company consolidated such assets and liabilities within its financial statements. As of June 30, 2017, the Company’s obligation under the notes was $35 million , with principal and interest payable tri-annually (see Note 7 - Variable Interest Entities for further details). 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, 2017 , the Company had outstanding borrowings of $355 million at a weighted average interest rate of 1.72% , all of which were under its U.S. commercial paper program. As of December 31, 2016 , the Company had outstanding borrowings of $427 million at a weighted average interest rate of 1.36% , 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 the first quarter of 2017, the Company entered into pay-variable/receive-fixed interest rate swap agreements (the “Swaps”) on its 4.50% senior unsecured notes with notional amounts of $400 million . The fixed interest rates on these notes were effectively modified to a variable LIBOR-based index. As of June 30, 2017 , the variable interest rates on the notional portion of the 4.50% senior unsecured notes were 3.39% . The aggregate fair value of the Swaps resulted in $3 million of assets as of June 30, 2017 , which were included within other non-current assets on the Condensed Consolidated Balance Sheet. During 2013, the Company entered into pay-variable/receive-fixed interest rate swap agreements 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 resulting in a gain of $17 million , which is being amortized over the remaining life of the senior unsecured notes as a reduction to interest expense on the Condensed Consolidated Statements of Income. The Company had $10 million and $11 million of deferred gains as of June 30, 2017 and December 31, 2016 , respectively, which are included within long-term debt on the Condensed Consolidated Balance Sheets. Maturities and Capacity The Company’s outstanding debt as of June 30, 2017 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 185 $ 504 (*) $ 689 Between 1 and 2 years 259 34 293 Between 2 and 3 years 440 79 519 Between 3 and 4 years 187 916 1,103 Between 4 and 5 years 201 659 860 Thereafter 780 1,516 2,296 $ 2,052 $ 3,708 $ 5,760 (*) Includes $463 million of senior unsecured notes that are classified as long-term debt as the Company has the intent to refinance such debt on a long-term basis and the ability to do so with available capacity under its revolving credit facility. 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, 2017 , 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 404 9 Letters of credit — 1 Commercial paper borrowings — 355 (b) Available Capacity $ 246 $ 1,135 (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 Condensed Consolidated Statement of Income. Interest Expense During the three and six months ended June 30, 2017 , the Company incurred non-securitized interest expense of $39 million and $73 million , respectively, which primarily consisted of $39 million and $74 million of interest on long-term debt, partially offset by less than $1 million and $1 million of capitalized interest. Such amounts are included within interest expense on the Condensed Consolidated Statements of Income. Cash paid related to interest on the Company’s non-securitized debt was $69 million during the six months ended June 30, 2017 . During the three and six months ended June 30, 2016 , the Company incurred non-securitized interest expense of $34 million and $68 million , respectfully, 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 Condensed Consolidated Statements 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 . Interest expense incurred in connection with the Company’s securitized vacation ownership debt during the three and six months ended June 30, 2017 was $ 19 million and $ 37 million , respectively, and $ 19 million and $ 36 million during the three and six months ended June 30, 2016 , respectively, and is recorded within consumer financing interest on the Condensed Consolidated Statements of Income. Cash paid related to such interest was $25 million for the six months ended June 30, 2017 and 2016 .

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Variable Interest Entity, Consolidated, 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 its 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) $ 2,444 $ 2,489 Securitized restricted cash (b) 95 90 Interest receivables on securitized contract receivables (c) 19 21 Other assets (d) 2 4 Total SPE assets 2,560 2,604 Securitized term notes (e) (f) 1,648 1,857 Securitized conduit facilities (e) 404 284 Other liabilities (g) 1 2 Total SPE liabilities 2,053 2,143 SPE assets in excess of SPE liabilities $ 507 $ 461 (a) Included in current ( $226 million and $235 million as of June 30, 2017 and December 31, 2016 , respectively) and non-current ( $2,218 million and $2,254 million as of June 30, 2017 and December 31, 2016 , respectively) vacation ownership contract receivables on the Condensed Consolidated Balance Sheets. (b) Included in other current assets ( $78 million and $75 million as of June 30, 2017 and December 31, 2016 , respectively) and other non-current assets ( $17 million and $15 million as of June 30, 2017 and December 31, 2016 , respectively) on the Condensed Consolidated Balance Sheets. (c) Included in trade receivables, net on the Condensed Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which are included in other non-current assets on the Condensed Consolidated Balance Sheets. (e) Included in current ( $185 million and $195 million as of June 30, 2017 and December 31, 2016 , respectively) and long-term ( $1,867 million and $1,946 million as of June 30, 2017 and December 31, 2016 , respectively) securitized vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $22 million and $24 million as of June 30, 2017 and December 31, 2016 , 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 Condensed 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 $991 million and $909 million as of June 30, 2017 and December 31, 2016 , respectively. A summary of total vacation ownership contract 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 $ 507 $ 461 Non-securitized contract receivables 991 909 Less: Allowance for loan losses 643 621 Total, net $ 855 $ 749 In addition to restricted cash related to securitizations, the Company had $120 million and $59 million of restricted cash related to escrow deposits as of June 30, 2017 and December 31, 2016 , respectively, which are recorded within other current assets on the Condensed 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. Such proceeds from the purchase were used by the SPE to repay the four-year mortgage note and the mandatorily redeemable equity. The Company is considered to be the primary beneficiary of the SPE and therefore, the Company consolidated the SPE within its financial statements. During the first quarter of 2017, the Company made its final purchase of VOI inventory from the SPE. Clearwater, FL Property During 2015, the Company entered into an agreement with a third-party partner whereby the partner would develop and construct VOI inventory through an SPE. During the first quarter of 2017, the third-party partner met certain conditions of the agreement, which resulted in the Company committing to purchase $51 million of VOI inventory from the SPE over a two-year period. Such proceeds from the purchase will be used by the SPE to repay the mortgage notes. The Company is considered to be the primary beneficiary for specified assets and liabilities of the SPE and, therefore, the Company consolidated (non-cash) $51 million of both property and equipment and long-term debt on its Condensed Consolidated Balance Sheet. The assets and liabilities of the Clearwater, FL Property and the Midtown 45, NYC Property SPEs are as follows: June 30, December 31, Receivable for leased property and equipment (a) $ — $ 16 Property and equipment, net 35 — Total SPE assets 35 16 Long-term debt (b) 35 17 Total SPE liabilities 35 17 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 Condensed Consolidated Balance Sheet. (b) As of June 30, 2017 , included $35 million relating to a two-year mortgage note, of which $25 million was included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. As of December 31, 2016 , included $15 million relating to a four-year mortgage note due in 2017 and $2 million of mandatorily redeemable equity, both of which were included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. During the six months ended June 30, 2017 and 2016 , the SPE conveyed $30 million and $15 million , respectively, of property and equipment to the Company.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2017
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, 2017 , the Company had interest rate swap contracts resulting in $3 million of assets which are included within other non-current assets and foreign exchange contracts resulting in $2 million of assets which are included within other current assets and $1 million of liabilities which are included within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheet. As of December 31, 2016 , the Company had foreign exchange contracts resulting in $1 million of assets which are included within other current assets and $1 million of liabilities which are included within accrued expenses and other current liabilities on the Condensed 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 are 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, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,792 $ 3,392 $ 2,777 $ 3,344 Debt Total debt 5,760 5,905 5,512 5,579 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 estimates 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, 2017
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 and the Canadian and Australian dollars. 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, forecasted earnings of foreign subsidiaries and intercompany borrowings that are denominated in currencies other than the Company’s underlying functional currency. During the first quarter of 2017, the Company undertook an internal restructuring to realign the capital structure of certain subsidiaries to minimize the exposure to changes in foreign currency exchange on certain intercompany borrowings. 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 Condensed 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 $1 million of gains and $6 million of losses during the three months ended June 30, 2017 and 2016 , respectively. The freestanding foreign currency contracts resulted in $2 million of gains and $10 million of losses during the six months ended June 30, 2017 and 2016 , 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 the three and six months ended June 30, 2017 and 2016 were not material.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Income Taxes	Income Taxes The Company files income tax returns in the 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 2013. In addition, with few exceptions, the Company is no longer subject to state and local, or foreign income tax examinations for years prior to 2009. The Company’s effective tax rates were 29.7% and 36.3% during the three months ended June 30, 2017 and 2016 , respectively. The decrease was principally due to (i) the impact of non-cash impairment charges primarily related to the write-down of undeveloped VOI land, (ii) a tax benefit recognized from an internal restructuring undertaken to realign the organizational and capital structure of certain foreign operations, and (iii) a tax benefit associated with the recently adopted stock-based compensation pronouncement during 2017. The Company’s effective tax rates were 22.6% and 38.3% during the six months ended June 30, 2017 and 2016 , respectively. The decrease was principally due to (i) a tax benefit on foreign currency losses recognized from an internal restructuring undertaken to realign the organizational and capital structure of certain foreign operations, (ii) the impact of non-cash impairment charges primarily related to the write-down of undeveloped VOI land, and (iii) a tax benefit associated with the recently adopted stock-based compensation pronouncement during 2017. The Company made cash income tax payments, net of refunds, of $155 million and $65 million during the six months ended June 30, 2017 and 2016 , respectively.

Commitments And Contingencies

Commitments And Contingencies	6 Months Ended
	Jun. 30, 2017
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 wrongful termination, 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, fiduciary duty/trust claims, tax claims, environmental claims and landlord/tenant disputes. 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 $45 million an d $40 million as of June 30, 2017 and December 31, 2016 , 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. The Company had receivables of $16 million and $20 million as of June 30, 2017 and December 31, 2016 , respectively, for certain matters which are covered by insurance and were included in other current assets on its Condensed Consolidated Balance Sheets. As of June 30, 2017 , the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $63 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 term of the guarantee and/or 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 original terms of the Company’s existing guarantees range from 8 to 10 years. As of June 30, 2017, the Company had three guarantees for which the maximum potential amount of future payments that the Company may be required to fund was $114 million with a combined annual cap of $27 million . These guarantees have a remaining life of approximately 6 to 8 years with a weighted average life of approximately 6 years. One of the guarantees has a recapture provision and, as such, the Company had receivables of $5 million and $4 million as of June 30, 2017 and December 31, 2016 , respectively, which were included within other non-current assets on its Condensed Consolidated Balance Sheets. Such receivables were the result of payments made to date that are subject to recapture and which the Company believes will be recoverable from future operating performance. As of June 30, 2017 , the Company has an additional guarantee with a recapture provision under which the Company may be required to fund a maximum of $36 million . Such guarantee terminates in July 2020. The related hotel management agreement, which terminates in July 2038, also provides that the Company may have to fund future operating profitability shortfalls in excess of the maximum guarantee through the term of the management agreement. In the event the Company chooses not to fund any future operating profitability shortfalls, the hotel owner may terminate the hotel management agreement without penalty and the Company would be required to pay liquidated damages. The Company had a $38 million receivable related to this guarantee as of June 30, 2017 , of which $5 million was included in other current assets and $33 million was included in other non-current assets on its Condensed Consolidated Balance Sheet. As of December 31, 2016 , the Company had a $32 million receivable related to this guarantee which was included in other non-current assets on its Condensed Consolidated Balance Sheet. Such receivables were the result of payments made to date that are subject to recapture and which the Company believes will be recoverable from future operating performance. In connection with such performance guarantees, as of June 30, 2017 , the Company maintained a liability of $20 million , of which $16 million was included in other non-current liabilities and $4 million was included in accrued expenses and other current liabilities on its Condensed Consolidated Balance Sheet. As of June 30, 2017 , the Company also had a corresponding $30 million asset related to these guarantees, of which $26 million was included in other non-current assets and $4 million was included in other current assets on its Condensed Consolidated Balance Sheet. As of December 31, 2016 , the Company maintained a liability of $24 million , of which $17 million was included in other non-current liabilities and $7 million was included in accrued expenses and other current liabilities on its Condensed Consolidated Balance Sheet. As of December 31, 2016 , the Company also had a corresponding $32 million asset related to the guarantees, of which $28 million was included in other non-current assets and $4 million was included in other current assets on its Condensed Consolidated Balance Sheet. Such assets are being amortized on a straight-line basis over the life of the agreements. The amortization expense for the performance guarantees noted above was $1 million for the three months ended June 30, 2017 and 2016 , respectively, and $2 million for the six months ended June 30, 2017 and 2016 , respectively. Vacation Ownership The Company has guaranteed to repurchase completed properties located in Las Vegas, Nevada and St. Thomas from third-party developers subject to such properties meeting the Company’s vacation ownership resort standards and provided that the third-party developers have not sold such properties to another party (see Note 5 - 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 17 - Separation Adjustments and Transactions with Former Parent and Subsidiaries regarding contingent litigation liabilities resulting from the Separation.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss)/Income	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income The components of AOCI are as follows: Foreign Unrealized Defined Currency Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2016 $ (225 ) $ — $ (7 ) $ (232 ) Period change 83 — — 83 Balance, June 30, 2017 $ (142 ) $ — $ (7 ) $ (149 ) Tax Balance, December 31, 2016 $ 116 $ 1 $ 2 $ 119 Period change (8 ) (1 ) — (9 ) Balance, June 30, 2017 $ 108 $ — $ 2 $ 110 Net of Tax Balance, December 31, 2016 $ (109 ) $ 1 $ (5 ) $ (113 ) Period change 75 (1 ) — 74 Balance, June 30, 2017 $ (34 ) $ — $ (5 ) $ (39 ) Foreign Unrealized Defined Currency 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 ) 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, 2017
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, 2017 , 15.4 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, 2017 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, 2016 1.7 $ 75.81 0.6 $ 77.84 0.5 $ 68.78 Granted (a) 0.7 84.18 0.3 83.86 — — Vested / exercised (0.7 ) 73.75 (0.2 ) 72.97 (0.1 ) 44.57 Canceled (0.1 ) 77.89 — — — — Balance as of June 30, 2017 1.6 (b) (c) 80.20 0.7 (d) 81.77 0.4 (e) (f) 74.37 (a) Primarily represents awards granted by the Company on February 28, 2017 . (b) Aggregate unrecognized compensation expense related to RSUs was $115 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.9 years . (c) Approximately 1.5 million RSUs outstanding as of June 30, 2017 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $41 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.1 years . (e) Aggregate unrecognized compensation expense related to SSARs was $2 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.1 years . (f) Approximately 0.2 million SSARs were exercisable as of June 30, 2017 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of June 30, 2017 had an intrinsic value of $7 million and have a weighted average remaining contractual life of 2.8 years . During the six months ended June 30, 2017 , the Company granted incentive equity awards totaling $59 million to key employees and senior officers in the form of RSUs. These awards will vest ratably over a period of four years. In addition, during the six months ended June 30, 2017 , the Company granted incentive equity awards totaling $22 million to key employees and senior officers 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. Stock-Based Compensation Expense The Company adopted the stock compensation guidance on January 1, 2017, as required. The Company elected to use the prospective transition method and as such, the excess tax benefits from stock-based compensation was presented as part of operating activities within its current period Condensed Consolidated Statement of Cash Flows. In addition during the three and six months ended June 30, 2017, the Company included a net benefit of $2 million and $6 million , respectively, within provision for income taxes on the Condensed Consolidated Statements of Income. The Company recorded stock-based compensation expense of $15 million and $30 million during the three and six months ended June 30, 2017 , respectively, and $22 million and $36 million during the three and six months ended June 30, 2016, respectively, related to incentive equity awards granted to key employees and senior officers. The Company also recorded stock-based compensation expense for non-employee directors of less than $1 million during the three months ended June 30, 2017 and 2016 and $1 million during the six months ended June 30, 2017 and 2016. Additionally, $1 million of stock-based compensation expense was recorded within restructuring expense during the six months ended June 30, 2017 . The Company paid $34 million of taxes for the net share settlement of incentive equity awards during the six months ended June 30, 2017 and 2016 . Such amounts are included within financing activities on the Condensed Consolidated Statements of Cash Flows.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
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 Condensed 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, 2017 2016 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 345 (b) $ 106 $ 334 (d) $ 101 Destination Network 405 (c) 89 384 (c) 85 Vacation Ownership 750 47 705 187 Total Reportable Segments 1,500 242 1,423 373 Corporate and Other (a) (21 ) (28 ) (20 ) (33 ) Total Company $ 1,479 $ 214 $ 1,403 $ 340 Reconciliation of Net income to EBITDA Three Months Ended June 30, 2017 2016 Net income $ 78 $ 156 Provision for income taxes 33 89 Depreciation and amortization 66 63 Interest expense 39 34 Interest income (2 ) (2 ) EBITDA $ 214 $ 340 (a) Includes the elimination of transactions between segments. (b) Includes $18 million of intersegment revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name and (ii) $3 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 $3 million and $2 million of intersegment revenues during the three months ended June 30, 2017 and 2016 , primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $17 million of intersegment revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $1 million of other fees primarily associated with the Wyndham Rewards program and (iii) $1 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. Six Months Ended June 30, 2017 2016 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 643 (b) $ 191 $ 629 (d) $ 185 Destination Network 797 (c) 191 768 (c) 166 Vacation Ownership 1,399 166 1,345 323 Total Reportable Segments 2,839 548 2,742 674 Corporate and Other (a) (41 ) (68 ) (36 ) (67 ) Total Company $ 2,798 $ 480 $ 2,706 $ 607 Reconciliation of Net income to EBITDA Six Months Ended June 30, 2017 2016 Net income $ 219 $ 251 Provision for income taxes 64 156 Depreciation and amortization 128 125 Interest expense 73 68 Early extinguishment of debt — 11 Interest income (4 ) (4 ) EBITDA $ 480 $ 607 (a) Includes the elimination of transactions between segments. (b) Includes $35 million of intersegment revenues comprised of (i) $28 million of licensing fees for use of the Wyndham trade name and (ii) $7 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 $6 million and $4 million of intersegment revenues during the six months ended June 30, 2017 and 2016 , respectively, primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $34 million of intersegment revenues comprised of (i) $28 million of 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.

Asset Impairments and Other Cha

Asset Impairments and Other Charges	6 Months Ended
	Jun. 30, 2017
Impairment Effects on Earnings Per Share [Line Items]
Asset Impairment Charges [Text Block]	Asset Impairments and Other Charges Asset Impairments During May 2017, the Company’s new leadership at its vacation ownership business performed an in-depth review of its operations, including its current development pipeline and long-term development plan. In connection with such review, the Company updated its current and long-term development plan to focus on (i) selling existing finished inventory and (ii) procuring inventory from efficient sources such as just-in-time inventory in new markets and reclaiming inventory from owners’ associations or owners. As a result, the Company’s management performed a review of its land held for vacation ownership interests (“VOI”) development. Such review consisted of an assessment on 19 locations to determine its plan for future VOI development at those sites. As a result of this assessment, the Company concluded that no future development would occur at 17 locations, of which 16 were deemed to be impaired. The Company performed a fair value assessment on the land held for VOI development which resulted in a $121 million non-cash impairment charge during the second quarter of 2017. In addition, the Company also recorded a $14 million non-cash impairment charge relating to the write-off of construction in process costs at 6 of the 16 impaired locations. As a result, the Company reported a total non-cash impairment charge of $135 million , which is included within asset impairments and other charges on the Condensed Consolidated Statements of Income. In conjunction with this review and impairment, in May 2017, the Company sold 3 of the 17 locations, as well as non-core revenue generating assets to a former executive of the Company for $2 million of cash consideration which resulted in a $7 million loss. The Company also has an agreement with the former executive to sell an additional 2 of the 17 locations for $2 million resulting in a $13 million non-cash impairment charge. Such transaction is to be completed no later than December 31, 2017. The $7 million loss and $13 million non-cash impairment charge on the expected sale were included within the total non-cash impairment charge of $135 million . The Company had $19 million of land classified as assets held for sale as of June 30, 2017 which was included within other current assets on the Company’s Consolidated Condensed Balance Sheet. The fair value of the land held for sale was determined by reviewing prices of comparable assets which were recently sold and by actual purchase and sale agreements for the assets to be sold which represents level 3 fair value measurements. The land held for sale locations are currently being actively marketed at estimated fair value and are expected to be sold within a year. The Company has entered into a three year agreement with the former executive whereby such executive may assist the Company in selling the land held for sale. As part of such agreement, the former executive will be entitled to receive brokerage commissions upon the sale of land classified as assets held for sale. During the six months ended June 30, 2017 , the Company incurred a $5 million non-cash impairment charge related to the write-down of assets resulting from the decision to abandon a new product initiative at the Company’s vacation ownership business. Such charge is recorded within asset impairments on the Condensed Consolidated Statement of Income. Other Charges 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 Condensed Consolidated Statement of Income.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2017
Restructuring Charges [Abstract]
Restructuring	Restructuring 2017 Restructuring Plans During the first quarter of 2017, the Company recorded $7 million of restructuring charges, all of which were personnel-related and consisted of (i) $6 million at its corporate operations which focused on rationalizing its sourcing function and outsourcing certain information technology functions and (ii) $1 million at its Hotel Group segment which primarily focused on realigning its brand operations. During the six months ended June 30, 2017 , the Company reduced its liability by $5 million , of which $4 million was in cash payments and $1 million was through the issuance of Wyndham stock. The remaining liability of $2 million , as of June 30, 2017 , is expected to be paid by the end of 2017. 2016 Restructuring Plans During 2016, the Company recorded $15 million of charges related to restructuring initiatives, primarily focused on enhancing organizational efficiency and rationalizing existing facilities which included the closure of four vacation ownership sales offices. In connection with these initiatives, the Company initially recorded $12 million of personnel-related costs, a $2 million non-cash charge and $2 million of facility-related expenses. In 2016, the Company subsequently reversed $1 million of previously recorded personnel-related costs and reduced its liability with $5 million of cash payments. During the six months ended June 30, 2017 , the Company reduced its liability with $5 million of cash payments. The remaining liability of $3 million , as of June 30, 2017 , is primarily related to leased facilities, and is expected to be paid by the end of 2019. The Company has additional restructuring plans which were implemented prior to 2016. The remaining liability of $1 million as of June 30, 2017 , all of which is related to leased facilities, is expected to be paid by 2020. The activity associated with all of the Company’s restructuring plans is summarized by category as follows: Liability as of Costs Cash Liability as of December 31, 2016 Recognized Payments Other June 30, 2017 Personnel-related $ 6 $ 7 (a) $ (9 ) $ (1 ) (b) $ 3 Facility-related 3 — — — 3 $ 9 $ 7 $ (9 ) $ (1 ) $ 6 (a) Represents severance costs resulting from a reduction of 80 employees. (b) Represents the issuance of Wyndham stock.

Separation Adjustments and Tran

Separation Adjustments and Transactions with Former Parent and Subsidiaries	6 Months Ended
	Jun. 30, 2017
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 $23 million as of both June 30, 2017 and December 31, 2016 . 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 Condensed 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, 2017 , the letter of credit was $53 million . As of June 30, 2017 , the Separation related liabilities of $23 million is comprised of $20 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, 2017 , $10 million was recorded within accrued expenses and other current liabilities and $13 million was recorded within other non-current liabilities on the Condensed Consolidated Balance Sheet. As of December 31, 2016 , the Company had $23 million of Separation related liabilities of which $10 million was recorded within accrued expenses and other current liabilities and $13 million was recorded within other non-current liabilities on the Condensed 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, 2017 and December 31, 2016 , which were included within other current assets on the Condensed Consolidated Balance Sheets.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Event AmericInn Acquisition On July 18, 2017, the Company announced its plan to acquire the AmericInn hotel brand and its management company, Three Rivers Hospitality, from Northcott Hospitality for $170 million . AmericInn’s portfolio consists of 200 primarily franchised hotels predominately in the Midwestern United States. The Company intends to explore options to divest the owned portfolio, which consists of 10 hotels. The transaction is subject to regulatory and government approval and the satisfaction of customary closing conditions. Spin-Off Transaction On August 2, 2017, the Company announced plans to spin-off its hotel business thus creating two separate, publicly traded companies. As a result of the proposed transaction, Wyndham Hotel Group, with headquarters in Parsippany, NJ, will be a new, publicly traded pure-play hotel franchise company with a portfolio of renowned brands. Wyndham Vacation Ownership, with headquarters in Orlando, Florida, will be the largest publicly traded timeshare company and will include Wyndham Destination Network, home to RCI, the world’s largest timeshare exchange company. The Company will also explore strategic alternatives for its European rental brands. The transaction, which is expected to be tax-free to Wyndham Worldwide and its shareholders, will be effected through a pro-rata distribution of the new hotel entity’s stock to existing Wyndham Worldwide shareholders. Wyndham Worldwide expects the transaction to be completed in the first half of 2018.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
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 Condensed 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 Condensed 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 Condensed Consolidated Financial Statements. In presenting the Condensed 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 Condensed 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 Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2016 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 17, 2017 .
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 also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Entities have the option to apply the new guidance under a retrospective approach to each prior reporting period presented or a modified retrospective approach with the cumulative effect of initially applying the new guidance recognized at the date of initial application within the statement of financial position. The Company currently expects to adopt the new guidance utilizing the full retrospective transition method on its effective date of January 1, 2018. The Company’s analysis to identify the impact of the new guidance is substantially complete, with the exception of its Wyndham Rewards loyalty and co-branded credit card programs which the Company is still awaiting industry clarification. The Company estimates that its net revenues and net income for the year ended 2016 would be reduced by $5 million to $10 million , which would be recognized in future years. Additionally, the Company expects a change in the seasonality of its revenues and net income primarily reflecting a shift of revenues and net income from the first quarter to the third quarter. The Company believes the most significant impacts relating to its Hotel Group segment are the accounting for initial fees, upfront costs and marketing and reservation expenses. The Company expects royalty and marketing and reservation fees to remain substantially unchanged. Specifically, under the new guidance, the Company expects initial fees to be recognized ratably over the life of the noncancelable period of the franchise agreement and incremental upfront contract costs to be deferred and expensed over the life of the noncancelable period of the franchise agreement. Marketing and reservation revenues earned in excess of costs incurred will no longer be accrued as a liability for future marketing and reservation costs; marketing or reservation costs incurred in excess of revenues earned will continue to be expensed as incurred. The Company believes the most significant impacts relating to its Destination Network segment are the accounting for vacation rental revenues and other vacation exchange related product fees. Specifically, under the new guidance, the Company expects (i) approximately thirty percent of its vacation rental revenue will no longer be recognized in the period that the rental reservation is booked and, instead, will be recognized over the term of the guest stay and (ii) other vacation exchange related product fees to be deferred and recognized upon the occurrence of a future vacation exchange or other transaction. The Company expects vacation exchange transaction and membership fees to remain substantially unchanged. The Company expects the recognition of its Vacation Ownership segment revenues to remain substantially unchanged, with the exception of (i) revenue from certain travel packages utilized to market its VOI products which will be presented on a gross basis within other revenues and (ii) a reduction of property management revenues by the proportionate share of maintenance fees paid on its unsold inventory. 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 its financial statements and related disclosures. 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 its financial statements and related disclosures. Statement of Cash Flows . In August 2016, the FASB issued guidance intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This guidance requires the retrospective transition method and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company believes the impact of this new guidance will result in development advance notes being recorded within operating activities on its Condensed Consolidated Statement of Cash Flows. Restricted Cash . In November 2016, the FASB issued guidance which requires amounts generally described as restricted cash and cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company will adopt this new guidance on January 1, 2018, using a retrospective transition method. The Company believes the impact of the new restricted cash guidance will result in escrow deposits and restricted cash being included with cash and cash equivalents on the statement of cash flows. The table below summarizes the effects of the new statement of cash flows and restricted cash guidance on the Company’s Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, Increase/(decrease): 2017 2016 Operating Activities $ (1 ) $ (3 ) Investing Activities 56 44 Cash and cash equivalents, beginning of period 149 152 Cash and cash equivalents, end of period 214 192 Intra-Entity Transfers of Assets Other Than Inventory . In October 2016, the FASB issued guidance which requires companies to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This guidance requires the modified retrospective approach and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Clarifying the Definition of a Business . In January 2017, the FASB issued guidance clarifying the definition of a business, which assists entities when evaluating whether transactions should be accounted for as acquisitions of businesses or assets. This guidance is effective on a prospective basis for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Simplifying the Test for Goodwill Impairment . In January 2017, the FASB issued guidance which simplifies the current two-step goodwill impairment test by eliminating Step 2 of the test. The guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. This guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance on its financial statements and related disclosures. Compensation - Stock Compensation. In May 2017, the FASB issued guidance which provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This guidance does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. This guidance is effective for fiscal years beginning after December 15, 2017 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 its financial statements and related disclosures. Recently Adopted Accounting Pronouncements 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 adopted the guidance on January 1, 2017, as required. There was no material impact on its financial statements and related disclosures. 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 adopted the guidance on January 1, 2017, as required. The Company elected to use the prospective transition method and as such, the excess tax benefits from stock-based compensation were presented as part of operating activities within its current period Condensed Consolidated Statement of Cash Flows. In addition, the excess tax benefit of $2 million and $6 million has been recognized within the provision for income taxes for the three and six months ended June 30, 2017, respectively, on the Condensed Consolidated Statement of Income.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncement, Early Adoption	The table below summarizes the effects of the new statement of cash flows and restricted cash guidance on the Company’s Condensed Consolidated Statements of Cash Flows Six Months Ended June 30, Increase/(decrease): 2017 2016 Operating Activities $ (1 ) $ (3 ) Investing Activities 56 44 Cash and cash equivalents, beginning of period 149 152 Cash and cash equivalents, end of period 214 192

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
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 share data): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income $ 78 $ 156 $ 219 $ 251 Basic weighted average shares outstanding 103.8 111.0 104.5 111.9 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) 0.6 0.5 0.6 0.6 Diluted weighted average shares outstanding 104.4 111.5 105.1 112.5 Earnings per share: Basic $ 0.75 $ 1.40 $ 2.10 $ 2.25 Diluted 0.75 1.39 2.09 2.23 Dividends: Aggregate dividends paid to shareholders $ 60 $ 55 $ 125 $ 115 (a) Excludes 1.1 million of restricted stock units (“RSUs”) for the three and six months ended June 30, 2016 , respectively, that would have been anti-dilutive to EPS. Includes unvested dilutive RSUs which are subject to future forfeiture. (b) Excludes 0.7 million and 0.6 million of performance vested restricted stock units (“PSUs”) for the three and six months ended June 30, 2017 , respectively, and 0.6 million for the three and six months ended June 30, 2016 , 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, 2016 88.1 $ 4,337 $ 49.22 For the six months ended June 30, 2017 3.4 300 87.75 As of June 30, 2017 91.5 $ 4,637 50.66

Vacation Ownership Contract R29

Vacation Ownership Contract Receivables (Tables)	6 Months Ended
	Jun. 30, 2017
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 $ 226 $ 235 Non-securitized 89 84 Current vacation ownership contract receivables, gross 315 319 Less: Allowance for loan losses 58 57 Current vacation ownership contract receivables, net $ 257 $ 262 Long-term vacation ownership contract receivables: Securitized $ 2,218 $ 2,254 Non-securitized 902 825 Long-term vacation ownership contract receivables, gross 3,120 3,079 Less: Allowance for loan losses 585 564 Long-term vacation ownership contract receivables, net $ 2,535 $ 2,515
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, 2016 $ 621 Provision for loan losses 195 Contract receivables write-offs, net (173 ) Allowance for loan losses as of June 30, 2017 $ 643 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
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, 2017 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,747 $ 1,017 $ 166 $ 124 $ 254 $ 3,308 31 - 60 days 14 23 16 4 2 59 61 - 90 days 9 12 10 2 1 34 91 - 120 days 7 12 12 2 1 34 Total $ 1,777 $ 1,064 $ 204 $ 132 $ 258 $ 3,435 As of December 31, 2016 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,733 $ 1,010 $ 149 $ 120 $ 232 $ 3,244 31 - 60 days 19 32 17 4 2 74 61 - 90 days 11 16 11 3 1 42 91 - 120 days 8 14 13 2 1 38 Total $ 1,771 $ 1,072 $ 190 $ 129 $ 236 $ 3,398

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of: June 30, December 31, Land held for VOI development $ 4 $ 146 VOI construction in process 11 59 Inventory sold subject to conditional repurchase 92 163 Completed VOI inventory 893 667 Estimated VOI recoveries 265 256 Destination network vacation credits and other 60 59 Total inventory 1,325 1,350 Less: Current portion (*) 315 315 Non-current inventory $ 1,010 $ 1,035 (*) Represents inventory that the Company expects to sell within the next 12 months.

Long-Term Debt And Borrowing 31

Long-Term Debt And Borrowing Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
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) $ 1,648 $ 1,857 Bank conduit facility (due August 2018) 404 284 Total securitized vacation ownership debt 2,052 2,141 Less: Current portion of securitized vacation ownership debt 185 195 Long-term securitized vacation ownership debt $ 1,867 $ 1,946 Long-term debt : (c) Revolving credit facility (due July 2020) $ 9 $ 14 Commercial paper 355 427 Term loan (due March 2021) 324 323 $300 million 2.95% senior unsecured notes (due March 2017) — 300 $14 million 5.75% senior unsecured notes (due February 2018) 14 14 $450 million 2.50% senior unsecured notes (due March 2018) 449 449 $40 million 7.375% senior unsecured notes (due March 2020) 40 40 $250 million 5.625% senior unsecured notes (due March 2021) 248 248 $650 million 4.25% senior unsecured notes (due March 2022) (d) 648 648 $400 million 3.90% senior unsecured notes (due March 2023) (e) 406 407 $300 million 4.15% senior unsecured notes (due April 2024) 297 — $350 million 5.10% senior unsecured notes (due October 2025) (f) 339 338 $400 million 4.50% senior unsecured notes (due April 2027) (g) 400 — Capital leases 144 143 Other 35 20 Total long-term debt 3,708 3,371 Less: Current portion of long-term debt 41 34 Long-term debt $ 3,667 $ 3,337 (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 $2,558 million and $2,601 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of June 30, 2017 and December 31, 2016 , 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, 2017 and December 31, 2016 , respectively. (c) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $15 million and $11 million as of June 30, 2017 and December 31, 2016 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $5 million and $4 million as of June 30, 2017 and December 31, 2016 , respectively. (d) Includes $2 million of unamortized gains from the settlement of a derivative as of both June 30, 2017 and December 31, 2016 , respectively. (e) Includes $8 million and $9 million of unamortized gains from the settlement of a derivative as of June 30, 2017 and December 31, 2016 , respectively. (f) Includes $8 million and $9 million of unamortized losses from the settlement of a derivative as of June 30, 2017 and December 31, 2016 , respectively. (g) Includes a $4 million increase in the carrying value resulting from a fair value hedge derivative as of June 30, 2017 .
Summary Of Outstanding Debt Maturities	The Company’s outstanding debt as of June 30, 2017 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 185 $ 504 (*) $ 689 Between 1 and 2 years 259 34 293 Between 2 and 3 years 440 79 519 Between 3 and 4 years 187 916 1,103 Between 4 and 5 years 201 659 860 Thereafter 780 1,516 2,296 $ 2,052 $ 3,708 $ 5,760 (*) Includes $463 million of senior unsecured notes that are classified as long-term debt as the Company has the intent to refinance such debt on a long-term basis and the ability to do so with available capacity under its revolving credit facility.
Summary Of Available Capacity Under Borrowing Arrangements	As of June 30, 2017 , 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 404 9 Letters of credit — 1 Commercial paper borrowings — 355 (b) Available Capacity $ 246 $ 1,135 (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, 2017
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 contract 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 $ 507 $ 461 Non-securitized contract receivables 991 909 Less: Allowance for loan losses 643 621 Total, net $ 855 $ 749
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) $ 2,444 $ 2,489 Securitized restricted cash (b) 95 90 Interest receivables on securitized contract receivables (c) 19 21 Other assets (d) 2 4 Total SPE assets 2,560 2,604 Securitized term notes (e) (f) 1,648 1,857 Securitized conduit facilities (e) 404 284 Other liabilities (g) 1 2 Total SPE liabilities 2,053 2,143 SPE assets in excess of SPE liabilities $ 507 $ 461 (a) Included in current ( $226 million and $235 million as of June 30, 2017 and December 31, 2016 , respectively) and non-current ( $2,218 million and $2,254 million as of June 30, 2017 and December 31, 2016 , respectively) vacation ownership contract receivables on the Condensed Consolidated Balance Sheets. (b) Included in other current assets ( $78 million and $75 million as of June 30, 2017 and December 31, 2016 , respectively) and other non-current assets ( $17 million and $15 million as of June 30, 2017 and December 31, 2016 , respectively) on the Condensed Consolidated Balance Sheets. (c) Included in trade receivables, net on the Condensed Consolidated Balance Sheets. (d) Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which are included in other non-current assets on the Condensed Consolidated Balance Sheets. (e) Included in current ( $185 million and $195 million as of June 30, 2017 and December 31, 2016 , respectively) and long-term ( $1,867 million and $1,946 million as of June 30, 2017 and December 31, 2016 , respectively) securitized vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $22 million and $24 million as of June 30, 2017 and December 31, 2016 , 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 Condensed Consolidated Balance Sheets.
Midtown 45, NYC and Clearwater, FL Properties [Member]
Related Party Transaction [Line Items]
Assets and Liabilities of SPEs	The assets and liabilities of the Clearwater, FL Property and the Midtown 45, NYC Property SPEs are as follows: June 30, December 31, Receivable for leased property and equipment (a) $ — $ 16 Property and equipment, net 35 — Total SPE assets 35 16 Long-term debt (b) 35 17 Total SPE liabilities 35 17 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 Condensed Consolidated Balance Sheet. (b) As of June 30, 2017 , included $35 million relating to a two-year mortgage note, of which $25 million was included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. As of December 31, 2016 , included $15 million relating to a four-year mortgage note due in 2017 and $2 million of mandatorily redeemable equity, both of which were included in current portion of long-term debt on the Condensed Consolidated Balance Sheet.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,792 $ 3,392 $ 2,777 $ 3,344 Debt Total debt 5,760 5,905 5,512 5,579

Accumulated Other Comprehensi34

Accumulated Other Comprehensive (Loss)/Income (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Components Of Accumulated Other Comprehensive (Loss)/Income	The components of AOCI are as follows: Foreign Unrealized Defined Currency Gains Benefit Translation on Cash Flow Pension Pretax Adjustments Hedges Plans AOCI Balance, December 31, 2016 $ (225 ) $ — $ (7 ) $ (232 ) Period change 83 — — 83 Balance, June 30, 2017 $ (142 ) $ — $ (7 ) $ (149 ) Tax Balance, December 31, 2016 $ 116 $ 1 $ 2 $ 119 Period change (8 ) (1 ) — (9 ) Balance, June 30, 2017 $ 108 $ — $ 2 $ 110 Net of Tax Balance, December 31, 2016 $ (109 ) $ 1 $ (5 ) $ (113 ) Period change 75 (1 ) — 74 Balance, June 30, 2017 $ (34 ) $ — $ (5 ) $ (39 ) Foreign Unrealized Defined Currency 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 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 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, 2016 1.7 $ 75.81 0.6 $ 77.84 0.5 $ 68.78 Granted (a) 0.7 84.18 0.3 83.86 — — Vested / exercised (0.7 ) 73.75 (0.2 ) 72.97 (0.1 ) 44.57 Canceled (0.1 ) 77.89 — — — — Balance as of June 30, 2017 1.6 (b) (c) 80.20 0.7 (d) 81.77 0.4 (e) (f) 74.37 (a) Primarily represents awards granted by the Company on February 28, 2017 . (b) Aggregate unrecognized compensation expense related to RSUs was $115 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.9 years . (c) Approximately 1.5 million RSUs outstanding as of June 30, 2017 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $41 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.1 years . (e) Aggregate unrecognized compensation expense related to SSARs was $2 million as of June 30, 2017 , which is expected to be recognized over a weighted average period of 2.1 years . (f) Approximately 0.2 million SSARs were exercisable as of June 30, 2017 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of June 30, 2017 had an intrinsic value of $7 million and have a weighted average remaining contractual life of 2.8 years .

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 2016 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 345 (b) $ 106 $ 334 (d) $ 101 Destination Network 405 (c) 89 384 (c) 85 Vacation Ownership 750 47 705 187 Total Reportable Segments 1,500 242 1,423 373 Corporate and Other (a) (21 ) (28 ) (20 ) (33 ) Total Company $ 1,479 $ 214 $ 1,403 $ 340 Reconciliation of Net income to EBITDA Three Months Ended June 30, 2017 2016 Net income $ 78 $ 156 Provision for income taxes 33 89 Depreciation and amortization 66 63 Interest expense 39 34 Interest income (2 ) (2 ) EBITDA $ 214 $ 340 (a) Includes the elimination of transactions between segments. (b) Includes $18 million of intersegment revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name and (ii) $3 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 $3 million and $2 million of intersegment revenues during the three months ended June 30, 2017 and 2016 , primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $17 million of intersegment revenues comprised of (i) $15 million of licensing fees for use of the Wyndham trade name, (ii) $1 million of other fees primarily associated with the Wyndham Rewards program and (iii) $1 million of room revenues at a Company owned hotel. Such revenues are offset in expenses at the Company’s Vacation Ownership segment. Six Months Ended June 30, 2017 2016 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 643 (b) $ 191 $ 629 (d) $ 185 Destination Network 797 (c) 191 768 (c) 166 Vacation Ownership 1,399 166 1,345 323 Total Reportable Segments 2,839 548 2,742 674 Corporate and Other (a) (41 ) (68 ) (36 ) (67 ) Total Company $ 2,798 $ 480 $ 2,706 $ 607 Reconciliation of Net income to EBITDA Six Months Ended June 30, 2017 2016 Net income $ 219 $ 251 Provision for income taxes 64 156 Depreciation and amortization 128 125 Interest expense 73 68 Early extinguishment of debt — 11 Interest income (4 ) (4 ) EBITDA $ 480 $ 607 (a) Includes the elimination of transactions between segments. (b) Includes $35 million of intersegment revenues comprised of (i) $28 million of licensing fees for use of the Wyndham trade name and (ii) $7 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 $6 million and $4 million of intersegment revenues during the six months ended June 30, 2017 and 2016 , respectively, primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. (d) Includes $34 million of intersegment revenues comprised of (i) $28 million of 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.

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2017
Restructuring Charges [Abstract]
Activity Related To The Restructuring Costs	The activity associated with all of the Company’s restructuring plans is summarized by category as follows: Liability as of Costs Cash Liability as of December 31, 2016 Recognized Payments Other June 30, 2017 Personnel-related $ 6 $ 7 (a) $ (9 ) $ (1 ) (b) $ 3 Facility-related 3 — — — 3 $ 9 $ 7 $ (9 ) $ (1 ) $ 6 (a) Represents severance costs resulting from a reduction of 80 employees.

Basis of Presentation Basis of

Basis of Presentation Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax benefit	$ 2	$ 6
Minimum [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated impact on net revenues and net income from new guidance			$ (5)
Maximum [Member] | Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated impact on net revenues and net income from new guidance			$ (10)

Basis of Presentation Basis o39

Basis of Presentation Basis of Presentation (Schedule of Statement of Cash Flows) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities	$ 663	$ 706
Investing Activities	(133)	(140)
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities	(1)	(3)
Investing Activities	56	44
Accounting Standards Update 2015-16 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Total Restricted Cash	$ 214	$ 192	$ 149	$ 152

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Millions	Jun. 30, 2017USD ($)
Earnings Per Share Reconciliation [Abstract]
Remaining authorized amount under share repurchases	$ 440

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 78	$ 156	$ 219	$ 251
Basic weighted average shares outstanding	103.8	111	104.5	111.9
Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b)	0.6	0.5	0.6	0.6
Diluted weighted average shares outstanding	104.4	111.5	105.1	112.5
Basic (in dollars per share)	$ 0.75	$ 1.40	$ 2.10	$ 2.25
Diluted (in dollars per share)	$ 0.75	$ 1.39	$ 2.09	$ 2.23
Aggregate dividends paid to shareholders	$ 60	$ 55	$ 125	$ 115
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted EPS		1.1		1.1
Performance-Based Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from computation of diluted EPS	0.7	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, 2017USD ($)$ / sharesshares
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2016	112,617,112
Shares, As of March 31, 2017	116,036,879
Stock Repurchase Program [Member]
Stock Repurchase Activity [Roll Forward]
Shares, As of December 31, 2016	88,100,000
Cost, As of December 31, 2016 | $	$ 4,337
Average Price, As of December 31, 2016 (in dollars per share) | $ / shares	$ 49.22
Shares, For the three months ended March 31, 2017	3,400,000
Cost, For the three months ended March 31, 2017 | $	$ 300
Average Price, For the three months ended March 31, 2017 (in dollars per share) | $ / shares	$ 87.75
Shares, As of March 31, 2017	91,500,000
Cost, As of March 31, 2017 | $	$ 4,637
Average Price, As of March 31, 2017 (in dollars per share) | $ / shares	$ 50.66

Acquisitions (Details)

Acquisitions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)Acquisition	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Amount to acquire hotel portfolio	$ 15	$ 0
Other Acquisitions [Member] | Destination Network [Member]
Business Acquisition [Line Items]
Businesses acquired | Acquisition	3
Amount to acquire hotel portfolio	$ 15
Contingent consideration	1
Other assets	20
Goodwill acquired	8
Intangibles	$ 4
Weighted average useful life	7 years
Liabilities	$ 19
Trademarks [Member] | Other Acquisitions [Member]
Business Acquisition [Line Items]
Intangibles	$ 3

Vacation Ownership Contract R44

Vacation Ownership Contract Receivables (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)fico_score	Jun. 30, 2016USD ($)
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables	$ 83	$ 81	$ 166	$ 164
Originated vacation ownership contract receivables			640	556
Vacation ownership contract principal collections			$ 443	406
Weighted average interest rate	13.90%		13.90%
Provision for loan losses	$ 110	$ 90	$ 195	$ 153
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 R45

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	$ 315	$ 319
Less: Allowance for loan losses	58	57
Current vacation ownership contract receivables, net	257	262
Long-term vacation ownership contract receivables	3,120	3,079
Less: Allowance for loan losses	585	564
Long-term vacation ownership contract receivables, net	2,535	2,515
Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	226	235
Long-term vacation ownership contract receivables	2,218	2,254
Non-Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	89	84
Long-term vacation ownership contract receivables	$ 902	$ 825

Vacation Ownership Contract R46

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, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Allowance for Loan Losses [Roll Forward]
Allowance for loan losses, beginning balance			$ 621	$ 581
Provision for loan losses	$ 110	$ 90	195	153
Contract receivables write-offs, net			(173)	(148)
Allowance for loan losses, ending balance	$ 643	$ 586	$ 643	$ 586

Vacation Ownership Contract R47

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, 2017	Dec. 31, 2016
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	$ 3,435	$ 3,398
700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,777	1,771
600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,064	1,072
Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	204	190
No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	132	129
Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	258	236
Current [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3,308	3,244
Current [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,747	1,733
Current [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,017	1,010
Current [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	166	149
Current [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	124	120
Current [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	254	232
31 - 60 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	59	74
31 - 60 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	14	19
31 - 60 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	23	32
31 - 60 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	16	17
31 - 60 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	4	4
31 - 60 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	2
61 - 90 Days [Member
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	34	42
61 - 90 Days [Member | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	9	11
61 - 90 Days [Member | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	12	16
61 - 90 Days [Member | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	10	11
61 - 90 Days [Member | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	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	34	38
91 - 120 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	7	8
91 - 120 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	12	14
91 - 120 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	12	13
91 - 120 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	2	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 ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Real Estate, Inventory [Line Items]
Transferred property and equipment to VOI inventory		$ 28,000,000	$ 26,000,000
Inventory accruals	$ 5,000,000	5,000,000		$ 8,000,000
Asset impairments	135,000,000
Vacation ownership inventory	11,000,000	11,000,000		59,000,000
Repayments of vacation ownership inventory arrangements		22,000,000	$ 5,000,000
Avon, Colorado Inventory [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	21,000,000	21,000,000		32,000,000
Outstanding obligation within accrued expenses and other current liabilities	11,000,000	11,000,000		11,000,000
Outstanding obligation within other non-current liabilities	10,000,000	10,000,000		21,000,000
Paid to third-party developer		11,000,000
Vacation ownership inventory	9,000,000	9,000,000
Repayments of vacation ownership inventory arrangements		2,000,000
Las Vegas, Nevada and St. Thomas, U.S. Virgin Island Inventory Sales [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	144,000,000	144,000,000		166,000,000
Outstanding obligation within accrued expenses and other current liabilities	71,000,000	71,000,000		74,000,000
Outstanding obligation within other non-current liabilities	73,000,000	73,000,000		92,000,000
Paid to third-party developer		54,000,000
Vacation ownership inventory	32,000,000	32,000,000
Repayments of vacation ownership inventory arrangements		20,000,000
Interest Paid		2,000,000
Maximum potential future payments		206,000,000
Austin, Texas [Member]
Real Estate, Inventory [Line Items]
Outstanding obligation	61,000,000	61,000,000
Outstanding obligation within accrued expenses and other current liabilities	30,000,000	30,000,000
Outstanding obligation within other non-current liabilities	$ 31,000,000	$ 31,000,000
Vacation Ownership Inventory Sales [Member]
Real Estate, Inventory [Line Items]
No gain or loss on sales transactions				$ 0

Inventory (Summary of Inventory

Inventory (Summary of Inventory) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Land held for VOI development	$ 4	$ 146
VOI construction in process	11	59
Inventory sold subject to conditional repurchase	92	163
Completed VOI inventory	893	667
Estimated VOI recoveries	265	256
Destination network vacation credits and other	60	59
Total inventory	1,325	1,350
Less: Current portion	315	315
Non-current inventory	$ 1,010	$ 1,035

Long-Term Debt And Borrowing 50

Long-Term Debt And Borrowing Arrangements (Narrative) (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Feb. 28, 2017	Dec. 31, 2016	May 31, 2015
Debt Instrument [Line Items]
Total debt, carrying amount	$ 5,760,000,000			$ 5,760,000,000
Loss on early extinguishment of debt	0	$ 0		0	$ (11,000,000)
Domestic Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity	750,000,000			750,000,000
Commercial paper	$ 355,000,000			$ 355,000,000			$ 427,000,000
Commercial paper, weighted average interest rate	1.72%			1.72%			1.36%
European Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity	$ 500,000,000			$ 500,000,000
5.75% Senior Unsecured Notes (Due February 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.75%			5.75%
5.75% Senior Unsecured Notes (Due February 2018) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 14,000,000			$ 14,000,000
2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.50%			2.50%
2.50% Senior Unsecured Notes (Due March 2018) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450,000,000			$ 450,000,000
Sierra Timeshare 2017-1 Receivables Funding LLC [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000			$ 350,000,000
Weighted average interest rate	2.97%			2.97%
Advance rate on securitized debt	90.00%			90.00%
Total debt, carrying amount	$ 294,000,000			$ 294,000,000
4.15% Senior Unsecured Notes (Due April 2024) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.15%			4.15%
4.15% Senior Unsecured Notes (Due April 2024) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000			$ 300,000,000
Proceeds from Issuance of Debt				$ 297,000,000
4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%			4.50%
4.50% Senior Unsecured Notes (Due April 2027) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000			$ 400,000,000
Proceeds from Issuance of Debt				$ 397,000,000
3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.90%			3.90%
3.90% Senior Unsecured Notes (Due March 2023) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000			$ 400,000,000
4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%			4.25%
4.25% Senior Unsecured Notes (Due March 2022) [Member] | Long-term Debt [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650,000,000			$ 650,000,000
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]
Derivative, Variable Interest Rate	3.39%			3.39%
Derivative asset	$ 3,000,000			$ 3,000,000
Deferred gains on terminated interest rate swaps	$ 10,000,000			$ 10,000,000			$ 11,000,000	$ 17,000,000
Interest Rate Swap [Member] | 4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%			4.50%
Derivative, notional amount	$ 400,000,000			$ 400,000,000
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
Clearwater FL Property [Member] | Mortgage Note - SPE [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 35,000,000			$ 35,000,000		$ 51,000,000

Long-Term Debt And Borrowing 51

Long-Term Debt And Borrowing Arrangements (Interest Expense Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Interest on long-term debt	$ 39	$ 36	$ 74	$ 71
Capitalized interest (less than $1 million for the three months ended June 30, 2017)	1	2	1	3
Long-Term Debt Borrowings And Capitalized Interest [Member]
Debt Instrument [Line Items]
Interest expense incurred	39	34	73	68
Cash paid for interest			69	70
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Interest expense incurred	$ 19	$ 19	37	36
Consumer Finance [Member]
Debt Instrument [Line Items]
Cash paid for interest			$ 25	$ 25

Long-Term Debt And Borrowing 52

Long-Term Debt And Borrowing Arrangements (Summary Of Indebtedness-Long-Term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	May 31, 2015
Debt Instrument [Line Items]
Less: Current portion of securitized vacation ownership debt	$ 185	$ 195
Long-term securitized vacation ownership debt	1,867	1,946
Less: Current portion of long-term debt	41	34
Long-term vacation ownership contract receivables	$ 3,120	3,079
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%
4.15% Senior Unsecured Notes (Due April 2024) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.15%
5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	5.10%
4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
Term Notes [Member]
Debt Instrument [Line Items]
Secured Debt	$ 1,648	1,857
Debt Issuance Cost	22	24
Bank Conduit Facility (Due August 2018) [Member]
Debt Instrument [Line Items]
Secured Debt	404	284
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Secured Debt	2,052	2,141
Less: Current portion of securitized vacation ownership debt	185	195
Long-term securitized vacation ownership debt	1,867	1,946
Long-term vacation ownership contract receivables	2,558	2,601
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	9
Commercial paper	355
Revolving Credit Facility [Member] | Revolving Credit Facility (Due July 2020) [Member]
Debt Instrument [Line Items]
Revolving credit facility	9	14
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper	355	427
Other [Member]
Debt Instrument [Line Items]
Capital leases	144	143
Other	35	20
Total long-term debt	3,708	3,371
Less: Current portion of long-term debt	41	34
Long-term debt	3,667	3,337
Other [Member] | Term Loan (Due March 2021) [Member]
Debt Instrument [Line Items]
Other	324	323
Other [Member] | 2.95% Senior Unsecured Notes (Due March 2017) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	300
Senior notes	0	300
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	449
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	248	248
Other [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	650
Senior notes	648	648
Unamortized (gains)/losses from the settlement of a derivative	2	(2)
Other [Member] | 3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400
Senior notes	406	407
Unamortized (gains)/losses from the settlement of a derivative	8	9
Other [Member] | 4.15% Senior Unsecured Notes (Due April 2024) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	300
Senior notes	297	0
Other [Member] | 5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	350
Senior notes	339	338
Unamortized (gains)/losses from the settlement of a derivative	(8)	(9)
Other [Member] | 4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400
Senior notes	400	0
Derivative, Amount of Hedged Item	4
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Cost	5	4
Unamortized discount	15	11
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	$ 10	$ 11	$ 17
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%
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%
Interest Rate Swap [Member] | 4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%

Long-Term Debt And Borrowing 53

Long-Term Debt And Borrowing Arrangements (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Within 1 year	$ 689
Between 1 and 2 years	293
Between 2 and 3 years	519
Between 3 and 4 years	1,103
Between 4 and 5 years	860
Thereafter	2,296
Long-term debt outstanding	5,760
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Within 1 year	185
Between 1 and 2 years	259
Between 2 and 3 years	440
Between 3 and 4 years	187
Between 4 and 5 years	201
Thereafter	780
Secured Debt	2,052	$ 2,141
Other [Member]
Debt Instrument [Line Items]
Within 1 year	504
Between 1 and 2 years	34
Between 2 and 3 years	79
Between 3 and 4 years	916
Between 4 and 5 years	659
Thereafter	1,516
Total long-term debt	3,708	$ 3,371
5.75% and 2.50% Senior Unsecured Notes [Member] | Other [Member]
Debt Instrument [Line Items]
Senior notes	$ 463

Long-Term Debt And Borrowing 54

Long-Term Debt And Borrowing Arrangements (Summary Of Available Capacity Under Borrowing Arrangements) (Details) $ in Millions	Jun. 30, 2017USD ($)
Securitized Bank Conduit Facility [Member]
Debt Instrument [Line Items]
Total capacity	$ 650
Revolving credit facility	404
Available Capacity	246
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total capacity	1,500
Revolving credit facility	9
Letters of Credit Outstanding, Amount	1
Commercial paper borrowings	355
Line of Credit Facility, Remaining Borrowing Capacity	$ 1,135

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Feb. 28, 2017	Dec. 31, 2016
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash and cash equivalents	$ 120			$ 59
Purchased property and equipment	82	$ 90
Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Purchased property and equipment		$ 15
Clearwater FL Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Noncash transaction for property and equipment and long-term debt	51
Midtown 45, NYC and Clearwater, FL Properties [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Purchased property and equipment	30
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	991			909
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Debt instrument, face amount				$ 15
Mortgage Note - SPE [Member] | Clearwater FL Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Debt instrument, face amount	$ 35		$ 51

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Transfer And Financial Assets [Line Items]
Total assets	$ 10,348	$ 9,819
Total liabilities	9,756	9,101
SPE assets in excess of SPE liabilities	507	461
Securitized contract receivables, net, current	257	262
Securitized contract receivables, net, non-current	2,535	2,515
Vacation Ownership SPEs [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	2,444	2,489
Securitized restricted cash	95	90
Interest receivables on securitized contract receivables	19	21
Other assets	2	4
Total assets	2,560	2,604
Securitized term notes	1,648	1,857
Securitized conduit facilities	404	284
Other liabilities	1	2
Total liabilities	2,053	2,143
SPE assets in excess of SPE liabilities	507	461
Securitized contract receivables, net, current	226	235
Securitized contract receivables, net, non-current	2,218	2,254
Securitized restricted cash, current	78	75
Securitized restricted cash, non-current	17	15
Securitized conduit facilities, current	185	195
Securitized conduit facilities, long-term	1,867	1,946
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, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Schedule Of Transfer And Financial Assets [Line Items]
SPE assets in excess of SPE liabilities	$ 507	$ 461
Less: Allowance for loan losses	643	621	$ 586	$ 581
Total, net	855	749
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 991	$ 909

Variable Interest Entities (A58

Variable Interest Entities (Assets and Liabilities of the SPE) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Feb. 28, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Property and equipment, net	$ 1,368		$ 1,340
Total assets	10,348		9,819
Total liabilities	9,756		9,101
SPE assets in excess of SPE liabilities	507		461
Current portion of long-term debt	41		34
Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Receivable for Leased Property and Equipment			16
Property and equipment, net			0
Total assets			16
Long-term debt			17
Total liabilities			17
SPE assets in excess of SPE liabilities			(1)
Clearwater FL Property [Member]
Variable Interest Entity [Line Items]
Receivable for Leased Property and Equipment	0
Property and equipment, net	35
Total assets	35
Long-term debt	35
Total liabilities	35
SPE assets in excess of SPE liabilities	0
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount			15
Mortgage Note - SPE [Member] | Clearwater FL Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount	35	$ 51
Current portion of long-term debt	$ 25
Mandatorily Redeemable Equity - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount			$ 2

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, 2017	Dec. 31, 2016
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative asset	$ 3
Derivative asset	2	$ 1
Derivative liabilities	$ 1	$ 1

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	$ 16	$ 20
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	2,792	2,777
Total debt	5,760	5,512
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	3,392	3,344
Total debt	$ 5,905	$ 5,579

Derivative Instruments And He61

Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Losses on freestanding foreign currency contracts	$ 1	$ 6	$ 2	$ 10

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Effective income tax rate	29.70%	36.30%	22.60%	38.30%
Income taxes payments, net of refunds			$ 155	$ 65

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Loss Contingencies [Line Items]
Litigation reserves	$ 45		$ 45		$ 40
Receivables, Fair Value Disclosure	16		16		20
Range of possible loss up to, portion not accrued	63		$ 63
Number of Guarantees			3
Percentage of Cendant's contingent and other corporate liabilities and associated costs			37.50%
Hotel Group [Member]
Loss Contingencies [Line Items]
Annual cap	27		$ 27
Amount of liability in guarantees	20		20		24
Guarantor offsetting asset carrying value	30		30		32
Amortization expense, contingent asset	1	$ 1	2	$ 2
Hotel Group [Member] | Other Non Current Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	16		16		17
Hotel Group [Member] | Accrued Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	4		4		7
Hotel Group [Member] | Other Non Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	26		26		28
Guarantor obligation recourse receivable	5		5		4
Hotel Group [Member] | Other Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	4		4		4
Hotel Group [Member] | Additional Guarantee [Member]
Loss Contingencies [Line Items]
Guarantor obligation recourse receivable	38		38		$ 32
Hotel Group [Member] | Additional Guarantee [Member] | Other Non Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor obligation recourse receivable	33		33
Hotel Group [Member] | Additional Guarantee [Member] | Other Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor obligation recourse receivable	5		$ 5
Hotel Group [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			8 years
Guarantor Obligations Remaining Life, Term			6 years
Hotel Group [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			10 years
Annual cap	114		$ 114
Guarantor Obligations Remaining Life, Term			8 years
Hotel Group [Member] | Maximum [Member] | Additional Guarantee [Member]
Loss Contingencies [Line Items]
Annual cap	$ 36		$ 36
Hotel Group [Member] | Weighted Average [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term			6 years

Accumulated Other Comprehensi64

Accumulated Other Comprehensive (Loss)/Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	$ 718	$ 953
Period change	74	8
Balance, value	592	781
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(225)	(139)
Period change	83	(18)
AOCI, Pretax, Ending Balance	(142)	(157)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	116	70
Period change	(8)	26
AOCI, Tax, Ending Balance	108	96
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(109)	(69)
Period change	75	8
Balance, value	(34)	(61)
Unrealized Gains/(Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	0	0
Period change	0	1
AOCI, Pretax, Ending Balance	0	1
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	1	1
Period change	(1)	0
AOCI, Tax, Ending Balance	0	1
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	1	1
Period change	(1)	1
Balance, value	0	2
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(7)	(9)
Period change	0	(1)
AOCI, Pretax, Ending Balance	(7)	(10)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	2	3
Period change	0	0
AOCI, Tax, Ending Balance	2	3
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(5)	(6)
Period change	0	(1)
Balance, value	(5)	(7)
AOCI [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(232)	(148)
Period change	83	(18)
AOCI, Pretax, Ending Balance	(149)	(166)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	119	74
Period change	(9)	26
AOCI, Tax, Ending Balance	110	100
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(113)	(74)
Period change	74	8
Balance, value	$ (39)	$ (66)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
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	15.4		15.4
Tax benefit	$ 2		$ 6
Stock-based compensation	15	$ 22	30	$ 36
Issuance of Stock and Warrants for Services or Claims	$ 1		1
Payment of taxes for net share settlement			34	$ 34
Restructuring Charges [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			1
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards			$ 59
Vesting terms, in years			4 years
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards			$ 22

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, 2017USD ($)$ / 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)	1.7
Number of Units, Granted (shares)	0.7
Number of Units, Vested/exercised (shares)	(0.7)
Number of Units, Canceled (shares)	(0.1)
Number of Units, Ending Balance (shares)	1.6
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 75.81
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	84.18
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	73.75
Weighted Average Grant Price, Canceled (in dollars per share) | $ / shares	77.89
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 80.20
Unrecognized compensation expense, maximum | $	$ 115
Incentive equity awards vesting ratably over a period, in years	2 years 11 months
Shares outstanding, expected to vest	1.5
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)	0.3
Number of Units, Vested/exercised (shares)	(0.2)
Number of Units, Ending Balance (shares)	0.7
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 77.84
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	83.86
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	72.97
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 81.77
Unrecognized compensation expense, maximum | $	$ 41
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)	0.5
Number of Units, Granted (shares)	0
Number of Units, Vested/exercised (shares)	(0.1)
Number of Units, Ending Balance (shares)	0.4
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	$ 44.57
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	68.78
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares	$ 0
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	74.37
Unrecognized compensation expense, maximum | $	$ 2
Incentive equity awards vesting ratably over a period, in years	2 years 1 month
Shares outstanding, expected to vest	0.2
Shares, intrinsic value | $	$ 7
Weighted average remaining contractual life, years	2 years 10 months

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Net revenues	$ 1,479	$ 1,403	$ 2,798	$ 2,706
EBITDA	214	340	480	607
Net income	78	156	219	251
Provision for income taxes	33	89	64	156
Depreciation and amortization	66	63	128	125
Interest expense	39	34	73	68
Early extinguishment of debt	0	0	0	11
Interest income	(2)	(2)	(4)	(4)
Other	87	82	169	165
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	1,500	1,423	2,839	2,742
EBITDA	242	373	548	674
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net revenues	(21)	(20)	(41)	(36)
EBITDA	(28)	(33)	(68)	(67)
Hotel Group [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	18	17	35	34
Intersegment Licensing Fee	15	15	28	28
Other	3	1		4
Revenue from Owned Hotels		1		2
Hotel Group [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	345	334	643	629
EBITDA	106	101	191	185
Destination Network [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	2	3	6	4
Other			7
Destination Network [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	405	384	797	768
EBITDA	89	85	191	166
Vacation Ownership [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	750	705	1,399	1,345
EBITDA	$ 47	$ 187	$ 166	$ 323

Asset Impairments and Other C68

Asset Impairments and Other Charges Asset Impairments and Other Charges Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		7 Months Ended
	May 31, 2017location	Jun. 30, 2017USD ($)location	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2017USD ($)location
Number of properties assessed for future development | location	19
Number of properties deemed to have no future development | location	17
Number of properties deemed impaired | location	16
Total non-cash impairment charges		$ 135	$ 0	$ 140	$ 0
Number of properties with construction in process write-offs | location		6
Number of properties sold | location	3
Cash consideration from sale of locations		$ 2
Gain (loss) on sale of locations		(7)
Land held-for-sale		19		19
Impairment charges related to abandonment of new product initiative		135
Vacation Ownership [Member]
Impairment charges related to abandonment of new product initiative				$ 5
Scenario, Forecast [Member]
Impairment of land held for vacation ownership interests						$ 13
Number of properties sold | location						2
Cash consideration from sale of locations						$ 2
Land [Member] | Vacation Ownership [Member]
Impairment of land held for vacation ownership interests		121
Construction in Progress [Member] | Vacation Ownership [Member]
Impairment of land held for vacation ownership interests		$ 14

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)location
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0		$ 0	$ 7	$ 0
Decrease in restructuring liability				5
Vacation Ownership sales offices closed | location						4
Reversed previously recorded costs				(1)
Cash payments				9
Asset impairments	135
Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				7		$ 12
Reversed previously recorded costs				(1)
Cash payments				9
Facility-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges						2
Operating Expense [Member]
Restructuring Cost and Reserve [Line Items]
Foreign exchange loss, primarily impacting cash					$ 24
Restructuring Plan 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 7
Restructuring liability expected to be paid				2
Cash payments				4
Restructuring Plan 2017 [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges				1
Restructuring Plan 2017 [Member] | Corporate and Other [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		6
Restructuring Plan 2017 [Member] | Hotel Group [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1
Restructuring Plan 2016 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges						15
Non-cash charges						2
Restructuring liability expected to be paid				3
Cash payments				$ 5		5
Restructuring Plan 2016 [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Reversed previously recorded costs						$ (1)
Restructuring Plan 2015 [Member] | Restructuring Plans, Additional [Member]
Restructuring Cost and Reserve [Line Items]
Non-cash charges	$ 1

Restructuring (Activity Related

Restructuring (Activity Related To The Restructuring Costs) (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2016		$ 9		$ 9
Restructuring charges	$ 0		$ 0	7	$ 0
Cash payments				(9)
Reversed previously recorded costs				(1)
Liability as of June 30, 2017	6			6		$ 9
Personnel-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2016		6		6
Restructuring charges				7		12
Cash payments				(9)
Reversed previously recorded costs				(1)
Liability as of June 30, 2017	3			3		6
Facility-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2016		3		3
Restructuring charges						2
Liability as of June 30, 2017	$ 3			$ 3		$ 3
Restructuring Plan 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Number of Positions Eliminated				80
Restructuring Cost and Reserve [Roll Forward]
Restructuring charges		$ 7
Cash payments				$ (4)

Separation Adjustments and Tr71

Separation Adjustments and Transactions with Former Parent and Subsidiaries (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2017
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed	$ 23	$ 23	$ 23
Tax liabilities assumed		20
Other contingent and corporate liabilities assumed		1
Guarantee amount over contingent liability assumed			2
Separation liabilities, current	10	10	10
Separation liabilities, non-current	13	13	$ 13
Receivables due from former Parent and subsidiaries	$ 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 Subsequent Eve

Subsequent Event Subsequent Event (Narrative) (Details)	Jul. 18, 2017USD ($)hotel	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Subsequent Event [Line Items]
Amount to acquire hotel portfolio		$ 15,000,000	$ 0
Subsequent Event [Member] | AmericInn Hotel [Member]
Subsequent Event [Line Items]
Amount to acquire hotel portfolio	$ 170,000,000
Subsequent Event [Member] | AmericInn Hotel [Member] | Franchised Units [Member]
Subsequent Event [Line Items]
Number of properties | hotel	200
Subsequent Event [Member] | AmericInn Hotel [Member] | Entity Operated Units [Member]
Subsequent Event [Line Items]
Amount to acquire hotel portfolio	$ 10