Travel + Leisure (TNL) 10-Q 2 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
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	99,782,991

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net revenues
Service and membership fees	$ 487	$ 476
Vacation ownership interest sales	358	350
Franchise fees	151	140
Consumer financing	118	111
Other	76	77
Net revenues	1,190	1,154
Expenses
Operating	513	506
Cost of vacation ownership interests	31	36
Consumer financing interest	19	18
Marketing and reservation	188	174
General and administrative	173	172
Separation-related	51	0
Impairment	0	5
Restructuring	0	7
Depreciation and amortization	56	51
Total expenses	1,031	969
Operating income	159	185
Other income, net	(6)	(1)
Interest expense	45	34
Interest income	(1)	(1)
Income before income taxes	121	153
Provision for income taxes	40	26
Income from continuing operations	81	127
Loss from discontinued operations, net of income taxes	(47)	(37)
Net income	$ 34	$ 90
Basic earnings per share
Continuing operations (in dollars per share)	$ 0.81	$ 1.21
Discontinued operations (in dollars per share)	(0.47)	(0.35)
Basic (in dollars per share)	0.34	0.86
Diluted earnings per share
Continuing operations (in dollars per share)	0.80	1.20
Discontinued operations (in dollars per share)	(0.46)	(0.35)
Diluted (in dollars per share)	0.34	0.85
Cash dividends declared per share (in dollars per share)	$ 0.66	$ 0.58

Condensed Consolidated Stateme3

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 34	$ 90
Other comprehensive income, net of tax
Foreign currency translation adjustments	14	29
Unrealized losses on cash flow hedges	(1)	0
Defined benefit pension plans	1	0
Other comprehensive income, net of tax	14	29
Comprehensive income	$ 48	$ 119

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 291	$ 100
Trade receivables, net	450	389
Vacation ownership contract receivables, net	268	252
Inventory	337	340
Prepaid expenses	186	145
Other current assets	424	321
Assets held for sale	1,726	1,448
Total current assets	3,682	2,995
Long-term vacation ownership contract receivables, net	2,608	2,649
Non-current inventory	888	909
Property and equipment, net	1,112	1,081
Goodwill	1,330	1,336
Trademarks, net	741	736
Franchise agreements and other intangibles, net	344	348
Other non-current assets	394	396
Total assets	11,099	10,450
Current liabilities:
Securitized vacation ownership debt	198	217
Current portion of long-term debt	91	104
Accounts payable	245	256
Deferred income	566	524
Accrued expenses and other current liabilities	753	748
Liabilities held for sale	1,246	780
Total current liabilities	3,099	2,629
Long-term securitized vacation ownership debt	1,779	1,881
Long-term debt	4,193	3,805
Deferred income taxes	802	774
Deferred income	283	283
Other non-current liabilities	293	304
Total liabilities	10,449	9,676
Commitments and contingencies (Note 13)
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, 219,249,183 issued as of 2018 and 218,796,817 issued as of 2017	2	2
Treasury stock, at cost – 119,536,306 shares as of 2018 and 118,887,441 shares as of 2017	(5,795)	(5,719)
Additional paid-in capital	3,986	3,996
Retained earnings	2,449	2,501
Accumulated other comprehensive income/(loss)	3	(11)
Total stockholders’ equity	645	769
Noncontrolling interest	5	5
Total equity	650	774
Total liabilities and equity	$ 11,099	$ 10,450

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	219,249,183	218,796,817
Treasury stock, shares (in shares)	119,536,306	118,887,441

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net income	$ 34	$ 90
Loss from discontinued operations, net of tax	47	37
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	56	51
Provision for loan losses	92	85
Deferred income taxes	24	79
Stock-based compensation	21	15
Impairment	0	5
Non-cash interest	5	6
Net change in assets and liabilities, excluding the impact of acquisitions:
Trade receivables	(63)	(49)
Vacation ownership contract receivables	(71)	(55)
Inventory	(39)	(32)
Prepaid expenses	(41)	(32)
Other current assets	(76)	(97)
Accounts payable, accrued expenses and other current liabilities	1	(8)
Deferred income	38	32
Payments of development advance notes	(8)	(3)
Proceeds from development advance notes	8	2
Other, net	(27)	(3)
Cash provided by operating activities - continuing operations	1	123
Cash provided by operating activities - discontinued operations	132	115
Net cash provided by operating activities	133	238
Investing Activities
Property and equipment additions	(28)	(28)
Net assets acquired, net of cash acquired	(5)	0
Equity investments and loans	0	(2)
Other, net	11	0
Cash used in investing activities - continuing operations	(22)	(30)
Cash (used in)/provided by investing activities - discontinued operations	(8)	9
Net cash used in investing activities	(30)	(21)
Financing Activities
Proceeds from securitized borrowings	261	593
Principal payments on securitized borrowings	(384)	(596)
Proceeds from long-term debt	1,436	544
Principal payments on long-term debt	(576)	(575)
Repayments of commercial paper, net	(11)	(206)
Proceeds from notes issued and term loan	0	694
Repayment/repurchase of notes	(464)	(300)
Repayments of vacation ownership inventory arrangements	(7)	(22)
Dividends to shareholders	(70)	(64)
Repurchase of common stock	(76)	(147)
Debt issuance costs	0	(6)
Net share settlement of incentive equity awards	(32)	(30)
Other, net	(2)	1
Cash provided by/(used in) financing activities - continuing operations	75	(114)
Cash used in financing activities - discontinued operations	(6)	(9)
Net cash provided by/(used in) financing activities	69	(123)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash	1	3
Net increase in cash, cash equivalents and restricted cash	173	97
Cash, cash equivalents and restricted cash, beginning of period	416	333
Cash, cash equivalents and restricted cash, end of period	589	430
Less cash, cash equivalents and restricted cash of discontinued operations, end of period	102	157
Cash, cash equivalents and restricted cash of continuing operations, end of period	$ 487	$ 273

Condensed Consolidated Stateme7

Condensed Consolidated Statements Of Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive (Loss)/Income [Member]	Non-controlling Interest [Member]
Balance, shares at Dec. 31, 2016		106
Balance, value at Dec. 31, 2016	$ 634	$ 2	$ (5,118)	$ 3,966	$ 1,886	$ (106)	$ 4
Net income	90				90		0
Other comprehensive income	29					29
Net share settlement of incentive equity awards	(30)			(30)
Change in deferred compensation	15			15
Change in deferred compensation for Board of Directors	1			1
Repurchase of common stock (shares)		(2)
Repurchase of common stock	(150)		(150)
Dividends	(58)				(58)
Balance, shares at Mar. 31, 2017		104
Balance, value at Mar. 31, 2017	531	$ 2	(5,268)	3,952	1,918	(77)	4
Balance, shares at Dec. 31, 2016		106
Balance, value at Dec. 31, 2016	634	$ 2	(5,118)	3,966	1,886	(106)	4
Balance, shares at Dec. 31, 2017		100
Balance, value at Dec. 31, 2017	774	$ 2	(5,719)	3,996	2,501	(11)	5
Cumulative-effect of change in accounting standard	(19)				(19)
Net income	34				34		0
Other comprehensive income	14					14
Issuance of shares for RSU vesting		1
Net share settlement of incentive equity awards	(32)			(32)
Change in deferred compensation	21			21
Change in deferred compensation for Board of Directors	1			1
Repurchase of common stock (shares)		(1)
Repurchase of common stock	(76)		(76)
Dividends	(67)				(67)
Balance, shares at Mar. 31, 2018		100
Balance, value at Mar. 31, 2018	$ 650	$ 2	$ (5,795)	$ 3,986	$ 2,449	$ 3	$ 5

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2018
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 2017 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 16, 2018 . 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 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. In 2017, the Company announced its intent to spin-off the hotel group business, which will result in its operations being held by two separate, publicly traded companies. The two public companies intend to enter into long-term exclusive license agreements to retain their affiliation with the Company’s Wyndham Rewards loyalty program, as well as to continue to collaborate on inventory-sharing and customer cross-sell initiatives. The transaction is expected to result in enhanced strategic and management focus on the core business and growth of each company; more efficient capital allocation, direct access to capital and expanded growth opportunities for each company; the ability to implement a tailored approach to recruiting and retaining employees at each company; improved investor understanding of the business strategy and operating results of each company; and enhanced investor choice by offering investment opportunities in separate entities. The transaction will be effected through a pro rata distribution of the new hotel company’s stock to Wyndham’s shareholders and is expected to be completed in the second quarter of 2018. The new hotel company will be named Wyndham Hotels & Resorts, Inc. In January 2018, the Company entered into an agreement with La Quinta Holdings Inc. to acquire its hotel franchising and management businesses for $1.95 billion in cash. The acquisition is expected to close in the second quarter of 2018. Upon completion of an internal reorganization and the spin-off, La Quinta will be a wholly-owned subsidiary of Wyndham Hotels & Resorts, Inc. At the time that the Company entered into the agreement to purchase the La Quinta hotel franchising and management businesses, it obtained financing commitments of $2.0 billion in the form of a 364 -day senior unsecured bridge term loan facility (the ‘‘bridge term loan facility’’) to fund the La Quinta acquisition. The Company paid $8.5 million to obtain such financing commitments. In addition, during the third quarter of 2017, the Company decided to explore strategic alternatives for its European vacation rentals business, which was previously part of the Destination Network segment, and in the fourth quarter of 2017, the Company commenced activities to facilitate the sale of this business. As a result, for all periods presented, the Company has classified the results of operations for the European vacation rentals business as discontinued operations in the Condensed Consolidated Statements of Income and classified the related assets and liabilities associated with this business as held for sale in the Condensed Consolidated Balance Sheets. All results and information presented exclude the European vacation rentals business unless otherwise noted (see Note 5 - Discontinued Operations in the Notes to Condensed Consolidated Financial Statements). During the first quarter of 2018, the Company accepted a binding offer to sell its European vacation rentals business, subject to certain conditions.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (“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. 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 the 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. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities. In August 2017, the FASB issued guidance intended to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The guidance will expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. 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. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the FASB issued guidance on revenue from contracts with customers. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The guidance 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 adopted the guidance on January 1, 2018 utilizing the full retrospective transition method. This adoption primarily affected the accounting for initial fees, upfront costs and marketing and reservation expenses. Specifically, under the new guidance, initial fees are recognized ratably over the life of the noncancelable period of the franchise agreement and incremental upfront contract costs are deferred and expensed over the life of the noncancelable period of the franchise agreement. Loyalty revenues are deferred and primarily recognized over the loyalty points’ redemption pattern. Additionally, the Company no longer accrues a liability for future marketing and reservation costs when marketing and reservation revenues earned exceed costs incurred. Marketing and reservation costs incurred in excess of revenues earned will continue to be expensed as incurred. The tables below summarize the impact of the adoption of the new revenue standard on the Company’s Condensed Consolidated Income Statements: Three Months Ended March 31, 2017 Net revenues Previously Reported Balance Discontinued Operations * New Revenue Standard Adjustment Adjusted Balance Service and membership fees $ 636 $ (151 ) $ (9 ) $ 476 Vacation ownership interest sales 351 — (1 ) 350 Franchise fees 141 — (1 ) 140 Other 80 — (3 ) 77 Net revenues 1,319 (151 ) (14 ) 1,154 Expenses Operating 601 (72 ) (23 ) 506 Marketing and reservation 195 (31 ) 10 174 General and administrative 193 (23 ) 2 172 Total expenses 1,118 (138 ) (11 ) 969 Income/(loss) before income taxes 172 (16 ) (3 ) 153 Income/(loss) from discontinued operations, net of income taxes — 12 (49 ) (37 ) Net income/(loss) 141 (12 ) (39 ) 90 Basic earnings per share Continuing operations $ 1.34 $ (0.11 ) $ (0.02 ) $ 1.21 Discontinued operations — 0.11 (0.46 ) (0.35 ) $ 1.34 $ — $ (0.48 ) $ 0.86 Diluted earnings per share Continuing operations $ 1.33 $ (0.11 ) $ (0.02 ) $ 1.20 Discontinued operations — 0.11 (0.46 ) (0.35 ) $ 1.33 $ — $ (0.48 ) $ 0.85 * Excluding the impact of the new revenue standard. Year Ended December 31, 2017 Net revenues Previously Reported Balance New Revenue Standard Adjustment Adjusted Balance Service and membership fees $ 1,895 $ (27 ) $ 1,868 Vacation ownership interest sales 1,689 (5 ) 1,684 Franchise fees 695 (11 ) 684 Other 334 (28 ) 306 Net revenues 5,076 (72 ) 5,004 Expenses Operating 2,194 (101 ) 2,093 Marketing and reservation 773 30 803 General and administrative 648 10 658 Total expenses 4,364 (61 ) 4,303 Income before income taxes 590 (11 ) 579 (Benefit)/provision for income taxes (229 ) 5 * (224 ) Income/(loss) from continuing operations 819 (16 ) 803 Income/(loss) from discontinued operations, net of income taxes 53 (1 ) 52 Net income/(loss) 872 (17 ) 855 Net income/(loss) attributable to Wyndham shareholders 871 (17 ) 854 Basic earnings per share Continuing operations $ 7.94 $ (0.14 ) $ 7.80 Discontinued operations 0.52 (0.02 ) 0.50 $ 8.46 $ (0.16 ) $ 8.30 Diluted earnings per share Continuing operations $ 7.89 $ (0.15 ) $ 7.74 Discontinued operations 0.51 (0.01 ) 0.50 $ 8.40 $ (0.16 ) $ 8.24 * Includes an $8 million deferred tax provision resulting from a reduction in deferred tax assets recorded in connection with the retrospective adoption of the new revenue standard and the impact of the lower U.S. corporate income tax rate from the enactment of the U.S. Tax Cuts and Jobs Act . The table below summarizes the impact of the adoption of the new revenue standard on the Company’s Condensed Consolidated Balance Sheet: At December 31, 2017 Assets Previously Reported Balance New Revenue Standard Adjustment Adjusted Balance Trade receivables, net $ 385 $ 4 $ 389 Prepaid expenses 144 1 145 Other current assets 314 7 321 Assets held for sale 1,429 19 1,448 Total current assets 2,964 31 2,995 Other non-current assets 380 16 396 Total assets 10,403 47 10,450 Liabilities and Equity Deferred income 493 31 524 Accrued expenses and other current liabilities 753 (5 ) 748 Liabilities held for sale 716 64 780 Total current liabilities 2,539 90 2,629 Deferred income taxes 790 (16 ) 774 Deferred income 164 119 283 Other non-current liabilities 341 (37 ) 304 Total liabilities 9,520 156 9,676 Retained earnings 2,609 (108 ) 2,501 Accumulated other comprehensive loss (10 ) (1 ) (11 ) Total liabilities and equity 10,403 47 10,450 In addition, the cumulative impact to the Company’s retained earnings at January 1, 2016, was a decrease of $90 million . 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 adopted the guidance on January 1, 2018, as required, which resulted in a cumulative-effect benefit to retained earnings of $19 million . 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 adopted the guidance on January 1, 2018, as required. There was no material impact on its Condensed Consolidated 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 is effective for fiscal years beginning after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The Company adopted the guidance on January 1, 2018, as required. There was no material impact on its Condensed Consolidated 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 adopted the guidance on January 1, 2018, as required. The impact of this new guidance resulted in payments of, and proceeds from, development advance notes being recorded within operating activities on its Condensed Consolidated Statements of Cash Flows. Restricted Cash . In November 2016, the FASB issued guidance which requires amounts generally described as restricted cash 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 adopted the guidance on January 1, 2018, as required, using a retrospective transition method. The impact of this guidance resulted in escrow deposits and restricted cash being included with cash, cash equivalents and restricted cash on the Condensed Consolidated Statements 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: Three Months Ended March 31, 2017 Increase/(decrease): Previously Reported Balance Discontinued Operations New Restricted Cash Standard Adjustment Adjusted Balance Operating Activities $ 238 $ (115 ) $ — $ 123 Investing Activities (79 ) 9 40 (30 ) At March 31, 2017 Previously Reported Balance Discontinued Operations New Restricted Cash Standard Adjustment Adjusted Balance Cash, cash equivalents and restricted cash, beginning of period $ 185 $ — $ 148 $ 333 Cash, cash equivalents and restricted cash, end of period 222 20 188 430 The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that comprise the total of the cash, cash equivalents and restricted cash shown within the Condensed Consolidated Statements of Cash Flows: March 31, Cash and cash equivalents $ 291 Restricted cash included in other current assets 161 Restricted cash included in other non-current assets 35 Cash, cash equivalents and restricted cash included in assets held for sale 102 Total cash, cash equivalents and restricted cash $ 589 December 31, Cash and cash equivalents $ 100 Restricted cash included in other current assets 142 Restricted cash included in other non-current assets 31 Cash, cash equivalents and restricted cash included in assets held for sale 143 Total cash, cash equivalents and restricted cash $ 416

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Hotel Group The principal source of revenues from franchising hotels is ongoing royalty fees, which are typically a percentage of gross room revenues of each franchised hotel. The Company recognizes royalty fee revenues as and when the underlying sales occur. The Company also receives non-refundable initial franchise fees, which are recognized as revenues over the initial non-cancellable period of the franchise agreement, and commences when all material services or conditions have been substantially performed. This occurs when a franchised hotel opens for business or when a franchise agreement is terminated after it has been determined that the franchised hotel will not open. The Company’s franchise agreements also require the payment of marketing and reservation fees, which are intended to reimburse the Company for expenses associated with operating an international, centralized reservation system, e-commerce channels such as the Company’s brand.com websites, as well as access to third-party distribution channels, such as online travel agents, advertising and marketing programs, global sales efforts, operations support, training and other related services. Marketing and reservation fees are recognized as revenue when the underlying sales occur. Although the Company is generally contractually obligated to spend the marketing and reservation fees it collects from franchisees in accordance with the franchise agreements, marketing and reservations costs are expensed as incurred. The Company provides management services for hotels under management contracts, which offer hotel owners all the benefits of a global brand and a full range of management, marketing and reservation services. In addition to the standard franchise services described above, the Company’s hotel management business provides hotel owners with professional oversight and comprehensive operations support services. The Company’s standard management agreement typically has a term of up to 25 years. The Company’s management fees are comprised of base fees, which are typically a specified percentage of gross revenues from hotel operations, and incentive fees, which are typically a specified percentage of a hotel’s gross operating profit. The base fees are recognized when the underlying sales occur and the management services are performed. Incentive fees are recognized when determinable, which is when the Company has met hotel operating performance metrics and the Company has determined that a significant reversal of revenues recognized will not occur. The Company earns revenues from its Wyndham Rewards loyalty program when a member stays at a participating hotel. These revenues are derived from a fee the Company charges a franchised or managed hotel based upon a percentage of room revenues generated from a Wyndham Rewards member’s stay. These fees are to reimburse the Company for expenses associated with member redemptions and activities that are related to the overall administering and marketing of the program. Revenues related to the loyalty program represent variable consideration and are recognized net of redemptions over time based upon loyalty point redemption patterns, which include an estimate of loyalty points that will expire or will never be redeemed. The Company earns revenue from its Wyndham Rewards co-branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability. The program primarily contains two performance obligations: (i) brand performance services, for which revenue is recognized over the contract term on a straight-line basis, and (ii) issuance and redemption of loyalty points, for which revenue is recognized over time based upon the redemption patterns of the loyalty points earned under the program including an estimate of loyalty points that will expire or never be redeemed . The Company recognizes reimbursable payroll costs for operational employees at certain of the Company’s managed hotels as revenue. Although these costs are funded by hotel owners, accounting guidance requires the Company to report these fees on a gross basis as both revenues and expenses. The Company also earns revenues from its hotel ownership portfolio, which is limited to two hotels. Revenues earned from the Company’s owned hotels consist primarily of (i) gross room night rentals, (ii) food and beverage services and (iii) on-site spa, casino, golf and shop revenues. These revenues are recognized upon the completion of services. Destination Network As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange brands and, for some members, for other leisure-related services and products. Additionally, as a marketer of vacation rental properties, generally the Company enters into contracts for exclusive periods of time with property owners to market the rental of such properties to rental customers. The Company’s vacation exchange brands derive a majority of its revenues from membership dues and fees for facilitating members trading of their intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf. The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to other travel-related products and services. Consideration paid by affiliated clubs for memberships are recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in the actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. Fees for facilitating exchanges are recognized as revenue, net of expected cancellations, when these transactions have been confirmed to the member. The Company’s vacation exchange brands also derive revenues from: (i) additional services, programs with affiliated resorts, club servicing and loyalty programs and (ii) additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Other vacation exchange related product fees are deferred and recognized as revenue upon the occurrence of a future exchange or other related transaction or events. The Company earns revenue from its RCI Elite Rewards co–branded credit card program which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability. The program primarily contains two performance obligations: (i) brand performance services, for which revenue is recognized over the contract term on a straight-line basis, and (ii) issuance and redemption of loyalty points, for which revenue is recognized over time based upon the redemption pattern of the loyalty points earned under the program including an estimate of loyalty points that will expire or never be redeemed . The Company’s vacation rental brands derive revenue from fees associated with the rental of vacation rental properties on behalf of independent owners. The Company remits the rental fee received from the renter to the independent owner, net of the Company’s agreed-upon fee. The related revenue from such fees, net of expected refunds, is recognized over the renter’s stay. The Company’s vacation rental brands also derive revenues from additional services delivered to independent owners, vacation rental guests, and property owners’ associations that are generally recognized when the service is delivered. Vacation Ownership The Company develops, markets and sells VOIs to individual consumers, provides property management services at resorts and provides consumer financing in connection with the sale of VOIs. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remainder of the transaction price has occurred, the statutory rescission period has expired and the transaction price has been deemed to be collectible. For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class. In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company bifurcates the sale and allocates a portion of the sales price to the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of 18 months or less and are recognized at a point in time upon transfer of control. The Company provides day-to-day property management services including oversight of housekeeping services, maintenance and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less, and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing the management services (“reimbursable revenue”). The Company reduces its management fees for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer. Contract Liabilities Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities as of March 31, 2018 and December 31, 2017 are as follows: Contract Liabilities March 31, 2018 December 31, 2017 Deferred subscription revenue $ 242 $ 229 Deferred VOI trial package revenue 115 108 Deferred VOI incentive revenue 98 102 Deferred initial franchise fee revenue 98 98 Deferred exchange-related revenue 64 63 Deferred rental revenue 60 38 Deferred loyalty program revenue 53 54 Deferred co-branded credit card programs revenue 40 50 Deferred other revenue 19 11 Total $ 789 $ 753 In the Company’s hotel business, deferred initial franchise fees represent payments received in advance from prospective franchisees upon the signing of a franchise agreement and are generally recognized to revenue within 12 years. Deferred co-branded credit card program revenue represents payments received in advance from the Company’s co-branded credit card partners primarily for card member activity, which is typically recognized within one year. Deferred loyalty revenues represent the portion of loyalty program fees charged to franchisees net of redemption costs that have been deferred and will be recognized over time based upon the loyalty point redemption patterns. In the Company’s vacation exchange business, deferred subscription revenue represents billings and payments received in advance or deposits from members and affiliated clubs for memberships in the Company’s vacation exchange programs which are generally recognized as revenues within one year. Deferred exchange-related revenues primarily represents payments received in advance from members for the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and for other leisure-related services and products which are generally recognized as revenue within one year. In the Company's vacation rentals business, deferred rental revenue represents billings and payments received in advance of a customer’s rental stay which are generally recognized as revenue within one year. Within the Company’s vacation ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within one year of purchase. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within one year of the VOI sale. Capitalized Contract Costs The Company’s hotel business incurs certain direct and incremental sales commissions costs in order to obtain hotel franchise and management contracts. Such costs are capitalized and subsequently amortized upon hotel opening over the first non-cancellable period of the agreement. In the event that an agreement is terminated prior to the end of the first non-cancellable period, any unamortized cost is immediately expensed. As of March 31, 2018 and December 31, 2017, these capitalized costs were $25 million and $26 million , respectively. The Company’s vacation exchange and vacation rentals businesses incur certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues, exchange–related revenues, and vacation rental revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of March 31, 2018 and December 31, 2017, these capitalized costs were $13 million and $9 million , respectively. The Company’s vacation ownership business incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently amortized over the utilization period, which is typically within one year of the sale. As of March 31, 2018 and December 31, 2017, these capitalized costs were $46 million and $44 million , respectively. Practical Expedients The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company satisfied the performance obligation and when the customer paid for that good or service was one year or less. For contracts with customers that were modified before the beginning of the earliest reporting period presented, the Company did not retrospectively restate the revenue associated with the contract for those modifications. Instead, it reflected the aggregate effect of all prior modifications in determining (i) the performance obligations and transaction prices and (ii) the allocation of such transaction prices to the performance obligations. Performance Obligations A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. The following table summarizes the Company’s remaining performance obligations for the twelve month periods set forth below: 4/1/2018- 3/31/2019 4/1/2019- 3/31/2020 4/1/2020- 3/31/2021 Thereafter Total Subscription revenue $ 135 $ 55 $ 29 $ 23 $ 242 VOI trial package revenue 115 — — — 115 VOI incentive revenue 98 — — — 98 Initial franchise fee revenue 11 10 8 69 98 Exchange-related revenue 58 4 1 1 64 Rental revenue 60 — — — 60 Loyalty program revenue 34 13 5 1 53 Co-branded credit card programs revenue 27 7 4 2 40 Other revenue 13 1 1 4 19 Total $ 551 $ 90 $ 48 $ 100 $ 789 Disaggregation of Net Revenues The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments: Three Months Ended March 31, 2018 2017 Hotel Group Royalties and franchise fees $ 84 $ 78 Marketing, reservation and Wyndham Rewards revenues 83 77 Hotel management reimbursable revenues 66 66 Owned hotel revenues 23 23 Intersegment trademark fees 13 13 Ancillary revenues 33 32 Total Hotel Group 302 289 Destination Network Exchange revenues 188 187 North America rental revenues 38 38 Ancillary revenues 20 18 Total Destination Network 246 243 Vacation Ownership Vacation ownership interest sales 358 350 Property management fees and reimbursable revenues 164 163 Consumer financing 118 111 WAAM fee-for-service commissions 10 2 Ancillary revenues 11 13 Total Vacation Ownership 661 639 Corporate and Other Eliminations (19 ) (17 ) Net Revenues $ 1,190 $ 1,154

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per share (“EPS”) is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively. The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended March 31, 2018 2017 Income from continuing operations $ 81 $ 127 Loss from discontinued operations, net of income taxes (47 ) (37 ) Net income $ 34 $ 90 Basic earnings per share Continuing operations $ 0.81 $ 1.21 Discontinued operations (0.47 ) (0.35 ) $ 0.34 $ 0.86 Diluted earnings per share Continuing operations $ 0.80 $ 1.20 Discontinued operations (0.46 ) (0.35 ) $ 0.34 $ 0.85 Basic weighted average shares outstanding 100.1 105.2 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) 0.7 0.8 Diluted weighted average shares outstanding 100.8 106.0 Dividends: Aggregate dividends paid to shareholders $ 70 $ 64 (a) Excludes 0.5 million restricted stock units (“RSUs”) for the three months ended March 31, 2017 that would have been anti-dilutive to EPS. Includes unvested dilutive RSUs which are subject to future forfeiture. (b) Excludes 0.5 million and 0.4 million performance-vested restricted stock units (“PSUs”) for the three months ended March 31, 2018 and 2017 , respectively, 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 Repurchased Cost Average Price Per Share As of December 31, 2017 94.4 $ 4,938 $ 52.32 During the three months ended March 31, 2018 0.6 76 115.91 As of March 31, 2018 95.0 $ 5,014 52.75 The Company had $1.1 billion of remaining availability under its program as of March 31, 2018 .

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During the third quarter of 2017, the Company decided to explore strategic alternatives for its European vacation rentals business, which was previously part of the Destination Network segment, and in the fourth quarter of 2017, the Company commenced activities to facilitate the sale of this business. For all periods presented, the Company has classified the results of operations for its European vacation rentals business as discontinued operations in the Condensed Consolidated Statements of Income and classified the related assets and liabilities associated with this business as held for sale in the Condensed Consolidated Balance Sheets. All results and information presented exclude the European vacation rentals business unless otherwise noted. Discontinued operations includes direct expenses incurred by the European vacation rentals business and excludes the allocation of corporate overhead and interest. In the first quarter of 2018, the Company accepted a binding offer to sell its European vacation rentals business, subject to certain conditions. The Company will continue to have three reporting segments: Hotel Group, Destination Network and Vacation Ownership (see Note 16 - Segment Information, for more information on the Company’s operating segments). The following table presents the aggregate carrying amounts of the classes of assets and liabilities held for sale as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 84 $ 133 Trade receivables, net 505 299 Other current assets 146 78 Property and equipment, net 374 350 Goodwill 444 430 Trademarks, net 59 58 Franchise agreements and other intangibles, net 59 60 Other non-current assets 55 40 Total assets held for sale $ 1,726 $ 1,448 Liabilities Current portion of long-term debt $ 12 $ 11 Accounts payable 584 334 Deferred income 363 184 Accrued expenses and other current liabilities 146 126 Long-term debt 76 57 Other non-current liabilities 65 68 Total liabilities held for sale $ 1,246 $ 780 Under the new revenue recognition standard, the European vacation rentals business recognizes revenue over the renter’s stay, which is the period over which the service is rendered. As a result of the adoption, revenues from rentals are generally higher in the second and third quarters and lower in the first and fourth quarters, due to the seasonality of vacation arrivals. The following table below presents information regarding certain components of income from discontinued operations, net of income taxes: Three Months Ended March 31, 2018 2017 Net revenues $ 107 $ 79 Expenses: Operating 78 61 Marketing and reservation 40 33 General and administrative 36 21 Depreciation and amortization 15 12 Total expenses 169 127 Other income, net (1 ) (2 ) Benefit from income taxes (14 ) (9 ) Loss from discontinued operations, net of income taxes $ (47 ) $ (37 ) The following table presents information regarding certain components of cash flows from discontinued operations: Three Months Ended March 31, 2018 2017 Cash provided by operating activities $ 132 $ 115 Cash (used in)/provided by investing activities (8 ) 9 Cash used in financing activities (6 ) (9 ) Property and equipment additions (6 ) (7 ) Net assets acquired, net of cash acquired — (2 )

Vacation Ownership Contract Rec

Vacation Ownership Contract Receivables	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, Current vacation ownership contract receivables: Securitized $ 224 $ 227 Non-securitized 109 88 Current vacation ownership contract receivables, gross 333 315 Less: Allowance for loan losses 65 63 Current vacation ownership contract receivables, net $ 268 $ 252 Long-term vacation ownership contract receivables: Securitized $ 2,289 $ 2,326 Non-securitized 939 951 Long-term vacation ownership contract receivables, gross 3,228 3,277 Less: Allowance for loan losses 620 628 Long-term vacation ownership contract receivables, net $ 2,608 $ 2,649 The Company’s securitized vacation ownership contract receivables generated interest income of $87 million and $82 million during the three months ended March 31, 2018 and March 31, 2017 , respectively. Such interest income is included within consumer financing revenue 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 three months ended March 31, 2018 and 2017 , the Company originated vacation ownership contract receivables of $297 million and $280 million , respectively, and received principal collections of $226 million and $225 million , respectively. The weighted average interest rate on outstanding vacation ownership contract receivables was 14.0% and 13.9% as of March 31, 2018 and December 31, 2017 , respectively. The activity in the allowance for loan losses on vacation ownership contract receivables was as follows: Amount Allowance for loan losses as of December 31, 2017 $ 691 Provision for loan losses 92 Contract receivables write-offs, net (98 ) Allowance for loan losses as of March 31, 2018 $ 685 Amount Allowance for loan losses as of December 31, 2016 $ 621 Provision for loan losses 85 Contract receivables write-offs, net (87 ) Allowance for loan losses as of March 31, 2017 $ 619 In accordance with the guidance for accounting for real estate time-sharing transactions, the Company recorded a provision for loan losses of $92 million and $85 million as a reduction of net revenues during the three months ended March 31, 2018 and 2017 , 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 in the United States by the largest banks and lending institutions. FICO scores range from 300 to 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, ranging from 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 aging analysis of financing receivables using the most recently updated FICO scores (based on the policy described above): As of March 31, 2018 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,821 $ 1,009 $ 176 $ 138 $ 262 $ 3,406 31 - 60 days 17 27 15 5 3 67 61 - 90 days 13 18 11 3 1 46 91 - 120 days 9 16 15 2 — 42 Total $ 1,860 $ 1,070 $ 217 $ 148 $ 266 $ 3,561 As of December 31, 2017 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,849 $ 1,021 $ 166 $ 133 $ 262 $ 3,431 31 - 60 days 19 32 17 5 2 75 61 - 90 days 9 18 13 3 1 44 91 - 120 days 9 16 15 2 — 42 Total $ 1,886 $ 1,087 $ 211 $ 143 $ 265 $ 3,592 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	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory	Inventory Inventory consisted of: March 31, December 31, Land held for VOI development $ 4 $ 4 VOI construction in process 31 25 Inventory sold subject to conditional repurchase 43 43 Completed VOI inventory 812 841 Estimated VOI recoveries 277 279 Destination Network vacation credits and other 58 57 Total inventory 1,225 1,249 Less: Current portion (*) 337 340 Non-current inventory $ 888 $ 909 (*) Represents inventory that the Company expects to sell within the next 12 months. During the three months ended March 31, 2018 and 2017 , the Company transferred $48 million and $17 million , respectively, of VOI inventory to property and equipment. In addition to the inventory obligations listed below, the Company had $7 million and $6 million of inventory accruals included within accounts payable on the Condensed Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 , respectively. Inventory Sale Transactions 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. During 2015, the Company sold real property located in Saint Thomas, U.S. Virgin Islands to a third-party developer, consisting of $80 million of vacation ownership inventory, in exchange for $80 million in cash consideration. 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 did not account for these transactions as a sale. During 2017, the Company acquired property located in Austin, Texas from a third-party developer for vacation ownership inventory and property and equipment. The following table summarizes the activity related to the Company’s inventory obligations: Avon Las Vegas Saint Thomas (*) Austin Total December 31, 2016 $ 32 $ 68 $ 98 $ — $ 198 Purchases — 1 1 — 2 Payments (11 ) (15 ) (40 ) — (66 ) March 31, 2017 $ 21 $ 54 $ 59 $ — $ 134 December 31, 2017 $ 22 $ 60 $ — $ 62 $ 144 Purchases — — — — — Payments (11 ) (16 ) — — (27 ) March 31, 2018 $ 11 $ 44 $ — $ 62 $ 117 Reported in December 2017: Accrued expenses and other current liabilities $ 11 $ 22 $ — $ 31 $ 64 Other non-current liabilities 11 38 — 31 80 Total inventory obligations $ 22 $ 60 $ — $ 62 $ 144 Reported in March 2018: Accrued expenses and other current liabilities $ 11 $ 10 $ — $ 31 $ 52 Other non-current liabilities — 34 — 31 65 Total inventory obligations $ 11 $ 44 $ — $ 62 $ 117 (* ) As a result of consolidating the Saint Thomas special purpose entity (“SPE”) in the fourth quarter of 2017, the inventory obligation is presented within long-term debt on the Condensed Consolidated Balance Sheet. The Company has committed to repurchase the completed property located in Las Vegas, Nevada from a third-party developer subject to the property meeting the Company’s vacation ownership resort standards and provided that the third-party developer has not sold the property to another party. The maximum potential future payments that the Company may be required to make under these commitments was $133 million as of March 31, 2018.

Long-Term Debt And Borrowing Ar

Long-Term Debt And Borrowing Arrangements	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Long-Term Debt And Borrowing Arrangements	Long-Term Debt and Borrowing Arrangements The Company’s indebtedness consisted of: March 31, December 31, Securitized vacation ownership debt : (a) Term notes (b) $ 1,028 $ 1,219 $650 million bank conduit facility (due August 2018) (c) 418 333 $750 million bank conduit facility (due January 2019) (d) 531 546 Total securitized vacation ownership debt 1,977 2,098 Less: Current portion of securitized vacation ownership debt 198 217 Long-term securitized vacation ownership debt $ 1,779 $ 1,881 Long-term debt : (e) $400 million revolving credit facility (due November 2018) (f) $ 400 $ — $1.5 billion revolving credit facility (due July 2020) (g) 902 395 Commercial paper 136 147 Term loan (due March 2021) 324 324 $450 million 2.50% senior unsecured notes (due March 2018) — 450 $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) (h) 649 648 $400 million 3.90% senior unsecured notes (due March 2023) (i) 405 406 $300 million 4.15% senior unsecured notes (due April 2024) 297 297 $350 million 5.10% senior unsecured notes (due October 2025) (j) 340 340 $400 million 4.50% senior unsecured notes (due April 2027) (k) 385 396 Capital leases 74 73 Other 84 145 Total long-term debt 4,284 3,909 Less: Current portion of long-term debt 91 104 Long-term debt $ 4,193 $ 3,805 (a) Represents non-recourse debt that is securitized through bankruptcy-remote 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 $2,650 million and $2,680 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of March 31, 2018 and December 31, 2017 , respectively. (b) The carrying amounts of the term notes are net of debt issuance costs aggregating $13 million and $15 million as of March 31, 2018 and December 31, 2017 , respectively. (c) The Company has borrowing capability under this bank conduit facility through August 2018. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than September 2019. (d) The Company has borrowing capability under this bank conduit facility through January 2019. Outstanding borrowings under this facility as of January 2019 are required to be repaid as the collateralized receivables amortize but not later than January 2020. (e) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $13 million and $14 million as of March 31, 2018 and December 31, 2017 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $4 million and $5 million as of March 31, 2018 and December 31, 2017 , respectively. (f) As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.10% (g) As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.01% (h) Includes $2 million of unamortized gains from the settlement of a derivative as of both March 31, 2018 and December 31, 2017 . (i) Includes $7 million and $8 million of unamortized gains from the settlement of a derivative as of March 31, 2018 and December 31, 2017 , respectively. (j) Includes $8 million of unamortized losses from the settlement of a derivative as of both March 31, 2018 and December 31, 2017 . (k) Includes a $10 million decrease and $1 million increase in the carrying value resulting from a fair value hedge derivative as of March 31, 2018 and December 31, 2017, respectively. Commercial Paper The Company maintains a U.S. commercial paper program with a total capacity of $750 million . As of March 31, 2018 , the Company had outstanding borrowings of $136 million at a weighted average interest rate of 2.65% under this program. During the first quarter of 2018, the Company terminated its European commercial paper program. As of December 31, 2017 , the Company had outstanding borrowings of $147 million at a weighted average interest rate of 2.34% , under its U.S. commercial paper program. The Company considers outstanding borrowings under its commercial paper program 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 on its 4.50% senior unsecured notes with notional amounts of $400 million . The fixed interest rate on these notes was effectively modified to a variable LIBOR-based index. As of March 31, 2018 , the variable interest rate on the notional portion of the 4.50% senior unsecured notes was 3.85% . The aggregate fair value of the swap agreements resulted in $12 million of liabilities as of March 31, 2018 , which were included within other non-current liabilities 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 swap agreements 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 has $9 million of deferred gains as of both March 31, 2018 and December 31, 2017 , which are included within long-term debt on the Condensed Consolidated Balance Sheets. Maturities and Capacity The Company’s outstanding debt as of March 31, 2018 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 198 $ 91 $ 289 Between 1 and 2 years 965 46 1,011 Between 2 and 3 years 126 2,015 2,141 Between 3 and 4 years 127 654 781 Between 4 and 5 years 140 411 551 Thereafter 421 1,067 1,488 $ 1,977 $ 4,284 $ 6,261 Required principal payments on the securitized vacation ownership debt are based on the contractual repayment terms of the underlying vacation ownership contract receivables. Actual maturities may differ as a result of prepayments by the vacation ownership contract receivable obligors. As of March 31, 2018 , available capacity under the Company’s borrowing arrangements was as follows: Securitized Bank (a) Revolving Credit Facilities (b) Total capacity $ 1,400 $ 1,900 Less: Outstanding borrowings 949 1,302 Commercial paper borrowings — 136 (c) Available capacity $ 451 $ 462 (a) Consists of the Company’s Sierra Receivable Funding Conduit II 2008-A and Sierra Receivable Funding Conduit III 2017-A facilities. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings. (b) Consists of the Company’s $1.5 billion and $400 million revolving credit facilities. (c) The Company considers outstanding borrowings under its commercial paper program to be a reduction of the available capacity of its revolving credit facilities. Interest Expense During the three months ended March 31, 2018 , the Company incurred non-securitized interest expense of $45 million , consisting primarily of interest on long-term debt, partially offset by less than $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 $50 million during the three months ended March 31, 2018 . During the three months ended March 31, 2017 , the Company incurred non-securitized interest expense of $34 million , consisting primarily of interest on long-term debt, partially offset by $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 $52 million during the three months ended March 31, 2017 . Interest expense incurred in connection with the Company’s securitized vacation ownership debt during the three months ended March 31, 2018 and 2017 was $ 19 million and $ 18 million , respectively, and is recorded within consumer financing interest on the Condensed Consolidated Statements of Income. Cash paid related to such interest was $11 million and $12 million for the three months ended March 31, 2018 and 2017 , respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
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 the Company’s 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 arm’s-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: March 31, December 31, Securitized contract receivables, gross (a) $ 2,513 $ 2,553 Securitized restricted cash (b) 116 106 Interest receivables on securitized contract receivables (c) 21 22 Other assets (d) 4 4 Total SPE assets 2,654 2,685 Securitized term notes (e) (f) 1,028 1,219 Securitized conduit facilities (e) 949 879 Other liabilities (g) 2 2 Total SPE liabilities 1,979 2,100 SPE assets in excess of SPE liabilities $ 675 $ 585 (a) Included in current ( $224 million and $227 million as of March 31, 2018 and December 31, 2017 , respectively) and non-current ( $2,289 million and $2,326 million as of March 31, 2018 and December 31, 2017 , respectively) vacation ownership contract receivables on the Condensed Consolidated Balance Sheets. (b) Included in other current assets ( $81 million and $75 million as of March 31, 2018 and December 31, 2017 , respectively) and other non-current assets ( $35 million and $31 million as of March 31, 2018 and December 31, 2017 , 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 ( $198 million and $217 million as of March 31, 2018 and December 31, 2017 , respectively) and long-term ( $1,779 million and $1,881 million as of March 31, 2018 and December 31, 2017 , respectively) securitized vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $13 million and $15 million as of March 31, 2018 and December 31, 2017 , 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 $1,048 million and $1,039 million as of March 31, 2018 and December 31, 2017 , 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: March 31, December 31, SPE assets in excess of SPE liabilities $ 675 $ 585 Non-securitized contract receivables 1,048 1,039 Less: Allowance for loan losses 685 691 Total, net $ 1,038 $ 933 In addition to restricted cash related to securitizations, the Company had $80 million and $67 million of restricted cash related to escrow deposits as of March 31, 2018 and December 31, 2017 , respectively, which are recorded within other current assets on the Condensed Consolidated Balance Sheets. 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 its mortgage notes related to the property. The Company is considered to be the primary beneficiary for specified assets and liabilities of the SPE and, therefore, the Company consolidated $51 million of both property and equipment and long-term debt on its Condensed Consolidated Balance Sheet. Saint Thomas, U.S. Virgin Islands Property During 2015, the Company sold real property located in Saint Thomas, U.S. Virgin Islands to a third-party developer to construct VOI inventory through an SPE. In accordance with the agreements with the third-party developer, the Company has conditional rights and conditional obligations to repurchase the completed property from the developer subject to the property conforming to the Company's vacation ownership resort standards and provided that the third-party developer has not sold the property to another party. During the fourth quarter of 2017, the Company became the primary beneficiary for specified assets and liabilities of the SPE, and therefore consolidated $64 million of property and equipment and $104 million of long-term debt on its Condensed Consolidated Balance Sheet. As a result of this consolidation, the Company incurred a non-cash $37 million loss due to a write-down of property and equipment to fair value. The assets and liabilities of the Clearwater, FL Property and Saint Thomas Property SPEs are as follows: March 31, December 31, Property and equipment, net $ 62 $ 90 Total SPE assets 62 90 Long-term debt (*) 83 131 Total SPE liabilities 83 131 SPE deficit $ (21 ) $ (41 ) (*) As of March 31, 2018 , included $83 million relating to mortgage notes, which were included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. As of December 31, 2017 , included $131 million relating to mortgage notes, of which, $98 million was included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. During the three months ended March 31, 2018 and 2017 , the SPE conveyed $8 million and $22 million , respectively, of property and equipment to the Company.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , the Company had interest rate swap contracts resulting in $12 million of liabilities which are included within other non-current liabilities and foreign exchange contracts resulting in $4 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: March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,876 $ 3,463 $ 2,901 $ 3,489 Debt Total debt 6,261 6,303 6,007 6,085 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	3 Months Ended
	Mar. 31, 2018
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, the 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 reduce its 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 $7 million of losses and $ 2 million of gains during the three months ended March 31, 2018 and 2017 , 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 months ended March 31, 2018 and 2017 were not material.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
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 2014. In addition, with few exceptions, the Company is no longer subject to state, local or foreign income tax examinations for years prior to 2009. The Company’s effective tax rates were 33.1% and 17.0% during the three months ended March 31, 2018 and 2017 , respectively. The increase was principally due to (i) the absence of a one-time tax benefit on foreign currency losses recognized from an internal restructuring undertaken to realign the organizational and capital structure of certain foreign operations during 2017 and (ii) one-time non-cash tax charges from certain internal restructurings associated with the sale of its European vacation rentals business during 2018, partially offset by the tax benefit from the corporate income tax rate reduction resulting from the enactment of the U.S. Tax Cuts and Jobs Act. The Company made cash income tax payments, net of refunds, of $72 million and $75 million during the three months ended March 31, 2018 and 2017 , respectively. In addition, the Company made cash income tax payments, net of refunds, of $ 3 million and $ 2 million during the three months ended March 31, 2018 and 2017 , respectively, related to discontinued operations. The Company has not made any additional measurement-period adjustments related to the impact from the U.S. Tax Cuts and Jobs Act recorded for 2017 during this quarter, because none of its estimates have changed from year-end. However, the Company is continuing to gather additional information to complete its accounting by December 31, 2018.

Commitments And Contingencies

Commitments And Contingencies	3 Months Ended
	Mar. 31, 2018
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, guests and other consumers for alleged injuries sustained at or acts or occurrences related to affiliated resorts and vacation rental properties, or in relation to guest reservations and bookings; 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 or in relation to guest reservations and bookings; and negligence, breach of contract, fraud, consumer protection and other statutory claims by guests and other consumers for alleged injuries sustained at or acts or occurrences related to vacation ownership units or resorts or in relation to guest reservations and bookings; and for each of its businesses, bankruptcy proceedings involving efforts to collect receivables from a debtor in bankruptcy, employment matters including but not limited to, 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 $22 million an d $28 million as of March 31, 2018 and December 31, 2017 , respectively. Such reserves are exclusive of matters relating to the Company’s separation from Cendant. 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 $1 million as of March 31, 2018 , for certain matters which are covered by insurance and were included in other current assets on its Condensed Consolidated Balance Sheet. As of March 31, 2018 , the potential exposure resulting from adverse outcomes of such legal proceedings could, in the aggregate, range up to $64 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 and/or liquidity. Other Guarantees/Indemnifications Hotel Group The Company has entered into hotel management agreements that provide the hotel owner with a guarantee of a certain level of profitability based upon various metrics. Under such agreements, the Company would be required to compensate the hotel owner for any profitability shortfall over the life of the management agreement up to a specified aggregate amount. For certain agreements, the Company may be able to recapture all or a portion of the shortfall payments in the event that future operating results exceed targets. The original terms of the Company’s existing guarantees range from 8 to 10 years. As of March 31, 2018 , the maximum potential amount of future payments that may be made under these guarantees was $110 million with a combined annual cap of $27 million . These guarantees have a remaining life of approximately 5 to 7 years with a weighted average life of approximately 5 years . In connection with such performance guarantees, as of March 31, 2018 , the Company maintained a liability of $21 million , of which $16 million was included in other non-current liabilities and $5 million was included in accrued expenses and other current liabilities on its Condensed Consolidated Balance Sheet. As of March 31, 2018 , the Company also had a corresponding $11 million asset related to these guarantees, of which $10 million was included in other non-current assets and $1 million was included in other current assets on its Condensed Consolidated Balance Sheet. As of December 31, 2017 , the Company maintained a liability of $23 million , of which $16 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, 2017 , the Company also had a corresponding $12 million asset related to the guarantees, of which $1 million was included in other non-current assets and $11 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 less than $1 million and $ 1 million for the three months ended March 31, 2018 and 2017 , respectively. For guarantees subject to recapture provisions, the Company had a receivable of $46 million as of March 31, 2018, of which $43 million was included in other non-current assets and $3 million was included in other current assets on its Condensed Consolidated Balance Sheet. As of December 31, 2017, the Company had a receivable of $41 million 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. Vacation Ownership The Company has committed 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 7 - Inventory). In connection with the Company’s vacation ownership inventory sale transactions, for which it has conditional rights and conditional obligations to repurchase the completed properties, the Company was required to maintain an investment-grade credit rating from at least one rating agency. If at any time the Company failed to maintain such rating, it would have been required to post collateral in favor of the development partner in an amount equal to the remaining obligation under the agreements. In January 2018, the Company amended the agreement to remove the requirement to post collateral for failure to maintain an investment-grade credit rating. Cendant Litigation Under the Cendant 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 Cendant’s separation, Cendant settled the majority of the lawsuits pending on the date of the separation. See Note 19 - Cendant Separation and Transactions with Former Parent and Subsidiaries regarding contingent litigation liabilities resulting from the separation.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss)/Income	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive (Loss)/Income	Accumulated Other Comprehensive (Loss)/Income The components of Accumulated Other Comprehensive (Loss)/Income are as follows: Foreign Unrealized Defined Accumulated Currency Gains /(Losses) Benefit Other Translation on Cash Flow Pension Comprehensive Pretax Adjustments Hedges Plans (Loss)/Income Balance, December 31, 2017 $ (96 ) $ (1 ) $ (6 ) $ (103 ) Period change 14 (1 ) — 13 Balance, March 31, 2018 $ (82 ) $ (2 ) $ (6 ) $ (90 ) Tax Balance, December 31, 2017 $ 89 $ 1 $ 2 $ 92 Period change — — 1 1 Balance, March 31, 2018 $ 89 $ 1 $ 3 $ 93 Net of Tax Balance, December 31, 2017 $ (7 ) $ — $ (4 ) $ (11 ) Period change 14 (1 ) 1 14 Balance, March 31, 2018 $ 7 $ (1 ) $ (3 ) $ 3 Foreign Unrealized Defined Accumulated Currency Gains /(Losses) Benefit Other Translation on Cash Flow Pension Comprehensive Pretax Adjustments Hedges Plans (Loss)/Income Balance, December 31, 2016 $ (218 ) $ — $ (7 ) $ (225 ) Period change 32 — — 32 Balance, March 31, 2017 $ (186 ) $ — $ (7 ) $ (193 ) Tax Balance, December 31, 2016 $ 116 $ 1 $ 2 $ 119 Period change (3 ) — — (3 ) Balance, March 31, 2017 $ 113 $ 1 $ 2 $ 116 Net of Tax Balance, December 31, 2016 $ (102 ) $ 1 $ (5 ) $ (106 ) Period change 29 — — 29 Balance, March 31, 2017 $ (73 ) $ 1 $ (5 ) $ (77 ) 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	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 15.7 million shares remained available. Incentive Equity Awards Granted by the Company During the three months ended March 31, 2018 , the Company granted incentive equity awards totaling $22 million to key employees and senior officers in the form of RSUs. These awards will vest ratably over a period of 16 months . The activity related to incentive equity awards granted by the Company for the three months ended March 31, 2018 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, 2017 1.6 $ 81.18 0.7 $ 81.77 0.2 $ 77.40 Granted (a) 0.2 115.61 — — Vested / exercised (0.6 ) 79.22 (0.2 ) 91.81 — Balance as of March 31, 2018 1.2 (b) (c) 87.46 0.5 (d) 78.34 0.2 (e) (f) 77.40 (a) Primarily represents awards granted by the Company on March 1, 2018 . (b) Aggregate unrecognized compensation expense related to RSUs was $96 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 2.2 years . (c) Approximately 1.2 million RSUs outstanding as of March 31, 2018 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $23 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 1.7 years . (e) Aggregate unrecognized compensation expense related to SSARs was $1 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 1.6 years . (f) Approximately 0.1 million SSARs were exercisable as of March 31, 2018 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of March 31, 2018 had an intrinsic value of $7 million and a weighted average remaining contractual life of 3.3 years . In August 2017, in conjunction with the proposed spin-off of the hotel group business, the Board of Directors approved certain modifications to the incentive equity awards granted by the Company which are contingent upon the completion of the proposed spin-off. Stock-Based Compensation Expense The Company recorded stock-based compensation expense of $21 million and $15 million during the three months ended March 31, 2018 and 2017 , 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 $1 million and less than $1 million during the three months ended March 31, 2018 and 2017 , respectively. The Company paid $32 million and $ 30 million of taxes for the net share settlement of incentive equity awards that vested during the three months ended March 31, 2018 and 2017 , respectively. Such amounts are included within financing activities on the Condensed Consolidated Statements of Cash Flows.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 302 (b) $ 83 $ 289 (d) $ 83 Destination Network 246 (c) 66 243 (c) 75 Vacation Ownership 661 124 639 117 Total Reportable Segments 1,209 273 1,171 275 Corporate and Other (a) (19 ) (52 ) (17 ) (38 ) Total Company $ 1,190 $ 221 $ 1,154 $ 237 Reconciliation of Net income to EBITDA Three Months Ended March 31, 2018 2017 Net income $ 34 $ 90 Loss from discontinued operations, net of tax 47 37 Provision for income taxes 40 26 Depreciation and amortization 56 51 Interest expense 45 34 Interest income (1 ) (1 ) EBITDA $ 221 $ 237 (a) Includes the elimination of transactions between segments. (b) Includes $18 million of intersegment revenues comprised of $13 million of licensing fees for use of the Wyndham trade name and $5 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses primarily at the Company’s Vacation Ownership segment. (c) Includes $2 million of intersegment revenues during the three months ended March 31, 2018 and 2017 , primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. Such revenues are offset in expenses primarily at the Company’s Hotel Group segment. (d) Includes $16 million of intersegment revenues comprised of (i) $13 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.

Separation-Related and Transact

Separation-Related and Transaction-Related Costs	3 Months Ended
	Mar. 31, 2018
Separation and Related Costs [Abstract]
Separation-Related and Transaction-Related Costs	Separation-Related and Transaction-Related Costs In 2017, the Company announced plans to spin-off its hotel group business, which will result in its operations being held by two separate, publicly traded companies (see Note 1 - Basis of Presentation for further details). During the first quarter of 2018, the Company incurred $51 million of expenses associated with the planned spin-off of its hotel group business. In addition, the Company incurred $11 million of expenses in connection with the sale of its European vacation rentals business which is reflected within discontinued operations. These costs include legal, consulting and auditing fees, severance and other employee-related costs. During the first quarter of 2018, the Company also incurred $7 million of transaction-related and integration costs primarily associated with the planned acquisition of La Quinta’s hotel franchising and management businesses. These costs are included in operating expenses on the Condensed Consolidated Statement of Income. Cendant Separation 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 and certain of its former subsidiaries 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 Cendant’s former subsidiary Realogy is responsible for the remaining 62.5% . As of March 31, 2018 , the Cendant separation-related liabilities of $16 million are comprised of $13 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 March 31, 2018 , $3 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, 2017 , the Company had $16 million of Cendant separation-related liabilities, of which $3 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.

Restructuring and Impairments

Restructuring and Impairments	3 Months Ended
	Mar. 31, 2018
Restructuring Charges [Abstract]
Restructuring and Impairments	Restructuring and Impairments 2017 Restructuring Plans During 2017, the Company recorded $15 million of restructuring charges, all of which were personnel-related and consisted of (i) $8 million at its Destination Network segment which primarily focused on enhancing organizational efficiency and rationalizing its operations, (ii) $6 million at its corporate operations which focused on rationalizing its sourcing function and outsourcing certain information technology functions and (iii) $1 million at its Hotel Group segment which primarily focused on realigning its brand operations. During 2018, the Company reduced its restructuring liability with $1 million of cash payments. The remaining liability of $3 million , as of March 31, 2018, is expected to be paid by the end of 2018. The Company has additional restructuring plans which were implemented prior to 2017. The remaining liabilities of $1 million as of March 31, 2018 , all of which is related to leased facilities, are expected to be paid in 2020. The activity associated with all of the Company’s restructuring plans is summarized by category as follows: Liability as of Liability as of December 31, 2017 Cash Payments March 31, 2018 Personnel-related $ 4 $ (1 ) $ 3 Facility-related 1 — 1 $ 5 $ (1 ) $ 4 Impairments During the first quarter of 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 impairment expense on the Condensed Consolidated Statement of Income.

Cendant Separation and Transact

Cendant Separation and Transactions with Former Parent and Subsidiaries	3 Months Ended
	Mar. 31, 2018
Related Party Transaction, Due from (to) Related Party [Abstract]
Cendant Separation and Transactions with Former Parent and Subsidiaries	Separation-Related and Transaction-Related Costs In 2017, the Company announced plans to spin-off its hotel group business, which will result in its operations being held by two separate, publicly traded companies (see Note 1 - Basis of Presentation for further details). During the first quarter of 2018, the Company incurred $51 million of expenses associated with the planned spin-off of its hotel group business. In addition, the Company incurred $11 million of expenses in connection with the sale of its European vacation rentals business which is reflected within discontinued operations. These costs include legal, consulting and auditing fees, severance and other employee-related costs. During the first quarter of 2018, the Company also incurred $7 million of transaction-related and integration costs primarily associated with the planned acquisition of La Quinta’s hotel franchising and management businesses. These costs are included in operating expenses on the Condensed Consolidated Statement of Income. Cendant Separation 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 and certain of its former subsidiaries 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 Cendant’s former subsidiary Realogy is responsible for the remaining 62.5% . As of March 31, 2018 , the Cendant separation-related liabilities of $16 million are comprised of $13 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 March 31, 2018 , $3 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, 2017 , the Company had $16 million of Cendant separation-related liabilities, of which $3 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sierra Timeshare Conduit Renewal On April 6, 2018, the Company renewed its securitized timeshare receivables conduit facility for a two -year period through April 2020 and increased the capacity to $800 million . Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than May 2021. Senior Unsecured Notes On April 13, 2018, Wyndham Hotels & Resorts, Inc. issued $500 million senior unsecured notes through a private placement transaction, which mature in April 2026 and bear interest at a rate of 5.375% per year. The notes are guaranteed by the Company on a senior unsecured basis and, immediately prior to the consummation of the spin-off, the Company’s guarantee of the notes will be released. The Company replaced a portion of the bridge term loan facility with the net cash proceeds of the notes, reducing its outstanding bridge term loan facility commitments to approximately $1.5 billion . Sierra Timeshare 2018-1 Receivables Funding, LLC On April 18, 2018, the Company closed on a private placement of a series of term notes payable, issued by Sierra Timeshare 2018-1 Receivables Fundings, 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 3.73% . The advance rate for this transaction was 90% .

New Accounting Pronouncements N

New Accounting Pronouncements New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [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 2017 Consolidated Financial Statements included in its Annual Report filed on Form 10-K with the Securities and Exchange Commission on February 16, 2018 .
Recently Issued and Adopted Accounting Pronouncements	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 adopted the guidance on January 1, 2018, as required, which resulted in a cumulative-effect benefit to retained earnings of $19 million . 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 adopted the guidance on January 1, 2018, as required. There was no material impact on its Condensed Consolidated 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 is effective for fiscal years beginning after December 15, 2017 and for interim periods within those fiscal years, with early adoption permitted. The Company adopted the guidance on January 1, 2018, as required. There was no material impact on its Condensed Consolidated 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 adopted the guidance on January 1, 2018, as required. The impact of this new guidance resulted in payments of, and proceeds from, development advance notes being recorded within operating activities on its Condensed Consolidated Statements of Cash Flows. Restricted Cash . In November 2016, the FASB issued guidance which requires amounts generally described as restricted cash 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 adopted the guidance on January 1, 2018, as required, using a retrospective transition method. The impact of this guidance resulted in escrow deposits and restricted cash being included with cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows. Recently Issued Accounting Pronouncements Leases. In February 2016, the Financial Accounting Standards Board (“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. 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 the 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. Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities. In August 2017, the FASB issued guidance intended to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. The guidance will expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. 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. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers. In May 2014, the FASB issued guidance on revenue from contracts with customers. The guidance outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The guidance 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 adopted the guidance on January 1, 2018 utilizing the full retrospective transition method. This adoption primarily affected the accounting for initial fees, upfront costs and marketing and reservation expenses. Specifically, under the new guidance, initial fees are recognized ratably over the life of the noncancelable period of the franchise agreement and incremental upfront contract costs are deferred and expensed over the life of the noncancelable period of the franchise agreement. Loyalty revenues are deferred and primarily recognized over the loyalty points’ redemption pattern. Additionally, the Company no longer accrues a liability for future marketing and reservation costs when marketing and reservation revenues earned exceed costs incurred. Marketing and reservation costs incurred in excess of revenues earned will continue to be expensed as incurred.

New Accounting Pronouncements (

New Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]
Schedule of Impact of Adoption	The tables below summarize the impact of the adoption of the new revenue standard on the Company’s Condensed Consolidated Income Statements: Three Months Ended March 31, 2017 Net revenues Previously Reported Balance Discontinued Operations * New Revenue Standard Adjustment Adjusted Balance Service and membership fees $ 636 $ (151 ) $ (9 ) $ 476 Vacation ownership interest sales 351 — (1 ) 350 Franchise fees 141 — (1 ) 140 Other 80 — (3 ) 77 Net revenues 1,319 (151 ) (14 ) 1,154 Expenses Operating 601 (72 ) (23 ) 506 Marketing and reservation 195 (31 ) 10 174 General and administrative 193 (23 ) 2 172 Total expenses 1,118 (138 ) (11 ) 969 Income/(loss) before income taxes 172 (16 ) (3 ) 153 Income/(loss) from discontinued operations, net of income taxes — 12 (49 ) (37 ) Net income/(loss) 141 (12 ) (39 ) 90 Basic earnings per share Continuing operations $ 1.34 $ (0.11 ) $ (0.02 ) $ 1.21 Discontinued operations — 0.11 (0.46 ) (0.35 ) $ 1.34 $ — $ (0.48 ) $ 0.86 Diluted earnings per share Continuing operations $ 1.33 $ (0.11 ) $ (0.02 ) $ 1.20 Discontinued operations — 0.11 (0.46 ) (0.35 ) $ 1.33 $ — $ (0.48 ) $ 0.85 * Excluding the impact of the new revenue standard. Year Ended December 31, 2017 Net revenues Previously Reported Balance New Revenue Standard Adjustment Adjusted Balance Service and membership fees $ 1,895 $ (27 ) $ 1,868 Vacation ownership interest sales 1,689 (5 ) 1,684 Franchise fees 695 (11 ) 684 Other 334 (28 ) 306 Net revenues 5,076 (72 ) 5,004 Expenses Operating 2,194 (101 ) 2,093 Marketing and reservation 773 30 803 General and administrative 648 10 658 Total expenses 4,364 (61 ) 4,303 Income before income taxes 590 (11 ) 579 (Benefit)/provision for income taxes (229 ) 5 * (224 ) Income/(loss) from continuing operations 819 (16 ) 803 Income/(loss) from discontinued operations, net of income taxes 53 (1 ) 52 Net income/(loss) 872 (17 ) 855 Net income/(loss) attributable to Wyndham shareholders 871 (17 ) 854 Basic earnings per share Continuing operations $ 7.94 $ (0.14 ) $ 7.80 Discontinued operations 0.52 (0.02 ) 0.50 $ 8.46 $ (0.16 ) $ 8.30 Diluted earnings per share Continuing operations $ 7.89 $ (0.15 ) $ 7.74 Discontinued operations 0.51 (0.01 ) 0.50 $ 8.40 $ (0.16 ) $ 8.24 * Includes an $8 million deferred tax provision resulting from a reduction in deferred tax assets recorded in connection with the retrospective adoption of the new revenue standard and the impact of the lower U.S. corporate income tax rate from the enactment of the U.S. Tax Cuts and Jobs Act . The table below summarizes the impact of the adoption of the new revenue standard on the Company’s Condensed Consolidated Balance Sheet: At December 31, 2017 Assets Previously Reported Balance New Revenue Standard Adjustment Adjusted Balance Trade receivables, net $ 385 $ 4 $ 389 Prepaid expenses 144 1 145 Other current assets 314 7 321 Assets held for sale 1,429 19 1,448 Total current assets 2,964 31 2,995 Other non-current assets 380 16 396 Total assets 10,403 47 10,450 Liabilities and Equity Deferred income 493 31 524 Accrued expenses and other current liabilities 753 (5 ) 748 Liabilities held for sale 716 64 780 Total current liabilities 2,539 90 2,629 Deferred income taxes 790 (16 ) 774 Deferred income 164 119 283 Other non-current liabilities 341 (37 ) 304 Total liabilities 9,520 156 9,676 Retained earnings 2,609 (108 ) 2,501 Accumulated other comprehensive loss (10 ) (1 ) (11 ) Total liabilities and equity 10,403 47 10,450
Schedule of Effects of New Statements of Cash Flows and Restricted Cash Guidance	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: Three Months Ended March 31, 2017 Increase/(decrease): Previously Reported Balance Discontinued Operations New Restricted Cash Standard Adjustment Adjusted Balance Operating Activities $ 238 $ (115 ) $ — $ 123 Investing Activities (79 ) 9 40 (30 ) At March 31, 2017 Previously Reported Balance Discontinued Operations New Restricted Cash Standard Adjustment Adjusted Balance Cash, cash equivalents and restricted cash, beginning of period $ 185 $ — $ 148 $ 333 Cash, cash equivalents and restricted cash, end of period 222 20 188 430
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that comprise the total of the cash, cash equivalents and restricted cash shown within the Condensed Consolidated Statements of Cash Flows: March 31, Cash and cash equivalents $ 291 Restricted cash included in other current assets 161 Restricted cash included in other non-current assets 35 Cash, cash equivalents and restricted cash included in assets held for sale 102 Total cash, cash equivalents and restricted cash $ 589 December 31, Cash and cash equivalents $ 100 Restricted cash included in other current assets 142 Restricted cash included in other non-current assets 31 Cash, cash equivalents and restricted cash included in assets held for sale 143 Total cash, cash equivalents and restricted cash $ 416

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Schedule of Contract Liabilities	Contract liabilities as of March 31, 2018 and December 31, 2017 are as follows: Contract Liabilities March 31, 2018 December 31, 2017 Deferred subscription revenue $ 242 $ 229 Deferred VOI trial package revenue 115 108 Deferred VOI incentive revenue 98 102 Deferred initial franchise fee revenue 98 98 Deferred exchange-related revenue 64 63 Deferred rental revenue 60 38 Deferred loyalty program revenue 53 54 Deferred co-branded credit card programs revenue 40 50 Deferred other revenue 19 11 Total $ 789 $ 753
Schedule of Performance Obligations	The following table summarizes the Company’s remaining performance obligations for the twelve month periods set forth below: 4/1/2018- 3/31/2019 4/1/2019- 3/31/2020 4/1/2020- 3/31/2021 Thereafter Total Subscription revenue $ 135 $ 55 $ 29 $ 23 $ 242 VOI trial package revenue 115 — — — 115 VOI incentive revenue 98 — — — 98 Initial franchise fee revenue 11 10 8 69 98 Exchange-related revenue 58 4 1 1 64 Rental revenue 60 — — — 60 Loyalty program revenue 34 13 5 1 53 Co-branded credit card programs revenue 27 7 4 2 40 Other revenue 13 1 1 4 19 Total $ 551 $ 90 $ 48 $ 100 $ 789
Schedule of Disaggregation of Net Revenues	The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments: Three Months Ended March 31, 2018 2017 Hotel Group Royalties and franchise fees $ 84 $ 78 Marketing, reservation and Wyndham Rewards revenues 83 77 Hotel management reimbursable revenues 66 66 Owned hotel revenues 23 23 Intersegment trademark fees 13 13 Ancillary revenues 33 32 Total Hotel Group 302 289 Destination Network Exchange revenues 188 187 North America rental revenues 38 38 Ancillary revenues 20 18 Total Destination Network 246 243 Vacation Ownership Vacation ownership interest sales 358 350 Property management fees and reimbursable revenues 164 163 Consumer financing 118 111 WAAM fee-for-service commissions 10 2 Ancillary revenues 11 13 Total Vacation Ownership 661 639 Corporate and Other Eliminations (19 ) (17 ) Net Revenues $ 1,190 $ 1,154

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share Reconciliation [Abstract]
Computation Of Basic And Diluted EPS	The following table sets forth the computation of basic and diluted EPS (in millions, except per share data): Three Months Ended March 31, 2018 2017 Income from continuing operations $ 81 $ 127 Loss from discontinued operations, net of income taxes (47 ) (37 ) Net income $ 34 $ 90 Basic earnings per share Continuing operations $ 0.81 $ 1.21 Discontinued operations (0.47 ) (0.35 ) $ 0.34 $ 0.86 Diluted earnings per share Continuing operations $ 0.80 $ 1.20 Discontinued operations (0.46 ) (0.35 ) $ 0.34 $ 0.85 Basic weighted average shares outstanding 100.1 105.2 Stock-settled appreciation rights (“SSARs”), RSUs (a) and PSUs (b) 0.7 0.8 Diluted weighted average shares outstanding 100.8 106.0 Dividends: Aggregate dividends paid to shareholders $ 70 $ 64 (a) Excludes 0.5 million restricted stock units (“RSUs”) for the three months ended March 31, 2017 that would have been anti-dilutive to EPS. Includes unvested dilutive RSUs which are subject to future forfeiture. (b) Excludes 0.5 million and 0.4 million performance-vested restricted stock units (“PSUs”) for the three months ended March 31, 2018 and 2017 , respectively, 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 Repurchased Cost Average Price Per Share As of December 31, 2017 94.4 $ 4,938 $ 52.32 During the three months ended March 31, 2018 0.6 76 115.91 As of March 31, 2018 95.0 $ 5,014 52.75

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations	The following table presents the aggregate carrying amounts of the classes of assets and liabilities held for sale as of March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 84 $ 133 Trade receivables, net 505 299 Other current assets 146 78 Property and equipment, net 374 350 Goodwill 444 430 Trademarks, net 59 58 Franchise agreements and other intangibles, net 59 60 Other non-current assets 55 40 Total assets held for sale $ 1,726 $ 1,448 Liabilities Current portion of long-term debt $ 12 $ 11 Accounts payable 584 334 Deferred income 363 184 Accrued expenses and other current liabilities 146 126 Long-term debt 76 57 Other non-current liabilities 65 68 Total liabilities held for sale $ 1,246 $ 780 Under the new revenue recognition standard, the European vacation rentals business recognizes revenue over the renter’s stay, which is the period over which the service is rendered. As a result of the adoption, revenues from rentals are generally higher in the second and third quarters and lower in the first and fourth quarters, due to the seasonality of vacation arrivals. The following table below presents information regarding certain components of income from discontinued operations, net of income taxes: Three Months Ended March 31, 2018 2017 Net revenues $ 107 $ 79 Expenses: Operating 78 61 Marketing and reservation 40 33 General and administrative 36 21 Depreciation and amortization 15 12 Total expenses 169 127 Other income, net (1 ) (2 ) Benefit from income taxes (14 ) (9 ) Loss from discontinued operations, net of income taxes $ (47 ) $ (37 ) The following table presents information regarding certain components of cash flows from discontinued operations: Three Months Ended March 31, 2018 2017 Cash provided by operating activities $ 132 $ 115 Cash (used in)/provided by investing activities (8 ) 9 Cash used in financing activities (6 ) (9 ) Property and equipment additions (6 ) (7 ) Net assets acquired, net of cash acquired — (2 )

Vacation Ownership Contract R33

Vacation Ownership Contract Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
Vacation Ownership Contract Receivables [Abstract]
Current And Long-Term Vacation Ownership Contract Receivables	Current and long-term vacation ownership contract receivables, net consisted of: March 31, December 31, Current vacation ownership contract receivables: Securitized $ 224 $ 227 Non-securitized 109 88 Current vacation ownership contract receivables, gross 333 315 Less: Allowance for loan losses 65 63 Current vacation ownership contract receivables, net $ 268 $ 252 Long-term vacation ownership contract receivables: Securitized $ 2,289 $ 2,326 Non-securitized 939 951 Long-term vacation ownership contract receivables, gross 3,228 3,277 Less: Allowance for loan losses 620 628 Long-term vacation ownership contract receivables, net $ 2,608 $ 2,649
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, 2017 $ 691 Provision for loan losses 92 Contract receivables write-offs, net (98 ) Allowance for loan losses as of March 31, 2018 $ 685 Amount Allowance for loan losses as of December 31, 2016 $ 621 Provision for loan losses 85 Contract receivables write-offs, net (87 ) Allowance for loan losses as of March 31, 2017 $ 619
Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores	The following table details an aging analysis of financing receivables using the most recently updated FICO scores (based on the policy described above): As of March 31, 2018 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,821 $ 1,009 $ 176 $ 138 $ 262 $ 3,406 31 - 60 days 17 27 15 5 3 67 61 - 90 days 13 18 11 3 1 46 91 - 120 days 9 16 15 2 — 42 Total $ 1,860 $ 1,070 $ 217 $ 148 $ 266 $ 3,561 As of December 31, 2017 700+ 600-699 <600 No Score Asia Pacific Total Current $ 1,849 $ 1,021 $ 166 $ 133 $ 262 $ 3,431 31 - 60 days 19 32 17 5 2 75 61 - 90 days 9 18 13 3 1 44 91 - 120 days 9 16 15 2 — 42 Total $ 1,886 $ 1,087 $ 211 $ 143 $ 265 $ 3,592

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Inventory	Inventory consisted of: March 31, December 31, Land held for VOI development $ 4 $ 4 VOI construction in process 31 25 Inventory sold subject to conditional repurchase 43 43 Completed VOI inventory 812 841 Estimated VOI recoveries 277 279 Destination Network vacation credits and other 58 57 Total inventory 1,225 1,249 Less: Current portion (*) 337 340 Non-current inventory $ 888 $ 909 (*) Represents inventory that the Company expects to sell within the next 12 months.
Activity Related to Inventory Obligations	he following table summarizes the activity related to the Company’s inventory obligations: Avon Las Vegas Saint Thomas (*) Austin Total December 31, 2016 $ 32 $ 68 $ 98 $ — $ 198 Purchases — 1 1 — 2 Payments (11 ) (15 ) (40 ) — (66 ) March 31, 2017 $ 21 $ 54 $ 59 $ — $ 134 December 31, 2017 $ 22 $ 60 $ — $ 62 $ 144 Purchases — — — — — Payments (11 ) (16 ) — — (27 ) March 31, 2018 $ 11 $ 44 $ — $ 62 $ 117 Reported in December 2017: Accrued expenses and other current liabilities $ 11 $ 22 $ — $ 31 $ 64 Other non-current liabilities 11 38 — 31 80 Total inventory obligations $ 22 $ 60 $ — $ 62 $ 144 Reported in March 2018: Accrued expenses and other current liabilities $ 11 $ 10 $ — $ 31 $ 52 Other non-current liabilities — 34 — 31 65 Total inventory obligations $ 11 $ 44 $ — $ 62 $ 117 (* ) As a result of consolidating the Saint Thomas special purpose entity (“SPE”) in the fourth quarter of 2017, the inventory obligation is presented within long-term debt on the Condensed Consolidated Balance Sheet.

Long-Term Debt And Borrowing 35

Long-Term Debt And Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s indebtedness consisted of: March 31, December 31, Securitized vacation ownership debt : (a) Term notes (b) $ 1,028 $ 1,219 $650 million bank conduit facility (due August 2018) (c) 418 333 $750 million bank conduit facility (due January 2019) (d) 531 546 Total securitized vacation ownership debt 1,977 2,098 Less: Current portion of securitized vacation ownership debt 198 217 Long-term securitized vacation ownership debt $ 1,779 $ 1,881 Long-term debt : (e) $400 million revolving credit facility (due November 2018) (f) $ 400 $ — $1.5 billion revolving credit facility (due July 2020) (g) 902 395 Commercial paper 136 147 Term loan (due March 2021) 324 324 $450 million 2.50% senior unsecured notes (due March 2018) — 450 $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) (h) 649 648 $400 million 3.90% senior unsecured notes (due March 2023) (i) 405 406 $300 million 4.15% senior unsecured notes (due April 2024) 297 297 $350 million 5.10% senior unsecured notes (due October 2025) (j) 340 340 $400 million 4.50% senior unsecured notes (due April 2027) (k) 385 396 Capital leases 74 73 Other 84 145 Total long-term debt 4,284 3,909 Less: Current portion of long-term debt 91 104 Long-term debt $ 4,193 $ 3,805 (a) Represents non-recourse debt that is securitized through bankruptcy-remote 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 $2,650 million and $2,680 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of March 31, 2018 and December 31, 2017 , respectively. (b) The carrying amounts of the term notes are net of debt issuance costs aggregating $13 million and $15 million as of March 31, 2018 and December 31, 2017 , respectively. (c) The Company has borrowing capability under this bank conduit facility through August 2018. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than September 2019. (d) The Company has borrowing capability under this bank conduit facility through January 2019. Outstanding borrowings under this facility as of January 2019 are required to be repaid as the collateralized receivables amortize but not later than January 2020. (e) The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $13 million and $14 million as of March 31, 2018 and December 31, 2017 , respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $4 million and $5 million as of March 31, 2018 and December 31, 2017 , respectively. (f) As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.10% (g) As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.01% (h) Includes $2 million of unamortized gains from the settlement of a derivative as of both March 31, 2018 and December 31, 2017 . (i) Includes $7 million and $8 million of unamortized gains from the settlement of a derivative as of March 31, 2018 and December 31, 2017 , respectively. (j) Includes $8 million of unamortized losses from the settlement of a derivative as of both March 31, 2018 and December 31, 2017 . (k) Includes a $10 million decrease and $1 million increase in the carrying value resulting from a fair value hedge derivative as of March 31, 2018 and December 31, 2017, respectively.
Summary Of Outstanding Debt Maturities	The Company’s outstanding debt as of March 31, 2018 matures as follows: Securitized Vacation Ownership Debt Long-Term Debt Total Within 1 year $ 198 $ 91 $ 289 Between 1 and 2 years 965 46 1,011 Between 2 and 3 years 126 2,015 2,141 Between 3 and 4 years 127 654 781 Between 4 and 5 years 140 411 551 Thereafter 421 1,067 1,488 $ 1,977 $ 4,284 $ 6,261
Summary Of Available Capacity Under Borrowing Arrangements	As of March 31, 2018 , available capacity under the Company’s borrowing arrangements was as follows: Securitized Bank (a) Revolving Credit Facilities (b) Total capacity $ 1,400 $ 1,900 Less: Outstanding borrowings 949 1,302 Commercial paper borrowings — 136 (c) Available capacity $ 451 $ 462 (a) Consists of the Company’s Sierra Receivable Funding Conduit II 2008-A and Sierra Receivable Funding Conduit III 2017-A facilities. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings. (b) Consists of the Company’s $1.5 billion and $400 million revolving credit facilities. (c) The Company considers outstanding borrowings under its commercial paper program to be a reduction of the available capacity of its revolving credit facilities.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Assets and Liabilities of SPEs	The assets and liabilities of the Clearwater, FL Property and Saint Thomas Property SPEs are as follows: March 31, December 31, Property and equipment, net $ 62 $ 90 Total SPE assets 62 90 Long-term debt (*) 83 131 Total SPE liabilities 83 131 SPE deficit $ (21 ) $ (41 ) (*) As of March 31, 2018 , included $83 million relating to mortgage notes, which were included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. As of December 31, 2017 , included $131 million relating to mortgage notes, of which, $98 million was included in current portion of long-term debt on the Condensed Consolidated Balance Sheet. The assets and liabilities of these vacation ownership SPEs are as follows: March 31, December 31, Securitized contract receivables, gross (a) $ 2,513 $ 2,553 Securitized restricted cash (b) 116 106 Interest receivables on securitized contract receivables (c) 21 22 Other assets (d) 4 4 Total SPE assets 2,654 2,685 Securitized term notes (e) (f) 1,028 1,219 Securitized conduit facilities (e) 949 879 Other liabilities (g) 2 2 Total SPE liabilities 1,979 2,100 SPE assets in excess of SPE liabilities $ 675 $ 585 (a) Included in current ( $224 million and $227 million as of March 31, 2018 and December 31, 2017 , respectively) and non-current ( $2,289 million and $2,326 million as of March 31, 2018 and December 31, 2017 , respectively) vacation ownership contract receivables on the Condensed Consolidated Balance Sheets. (b) Included in other current assets ( $81 million and $75 million as of March 31, 2018 and December 31, 2017 , respectively) and other non-current assets ( $35 million and $31 million as of March 31, 2018 and December 31, 2017 , 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 ( $198 million and $217 million as of March 31, 2018 and December 31, 2017 , respectively) and long-term ( $1,779 million and $1,881 million as of March 31, 2018 and December 31, 2017 , respectively) securitized vacation ownership debt on the Condensed Consolidated Balance Sheets. (f) Includes deferred financing costs of $13 million and $15 million as of March 31, 2018 and December 31, 2017 , 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.
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: March 31, December 31, SPE assets in excess of SPE liabilities $ 675 $ 585 Non-securitized contract receivables 1,048 1,039 Less: Allowance for loan losses 685 691 Total, net $ 1,038 $ 933

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Vacation ownership contract receivables, net $ 2,876 $ 3,463 $ 2,901 $ 3,489 Debt Total debt 6,261 6,303 6,007 6,085

Accumulated Other Comprehensi38

Accumulated Other Comprehensive (Loss)/Income (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Components Of Accumulated Other Comprehensive (Loss)/Income	The components of Accumulated Other Comprehensive (Loss)/Income are as follows: Foreign Unrealized Defined Accumulated Currency Gains /(Losses) Benefit Other Translation on Cash Flow Pension Comprehensive Pretax Adjustments Hedges Plans (Loss)/Income Balance, December 31, 2017 $ (96 ) $ (1 ) $ (6 ) $ (103 ) Period change 14 (1 ) — 13 Balance, March 31, 2018 $ (82 ) $ (2 ) $ (6 ) $ (90 ) Tax Balance, December 31, 2017 $ 89 $ 1 $ 2 $ 92 Period change — — 1 1 Balance, March 31, 2018 $ 89 $ 1 $ 3 $ 93 Net of Tax Balance, December 31, 2017 $ (7 ) $ — $ (4 ) $ (11 ) Period change 14 (1 ) 1 14 Balance, March 31, 2018 $ 7 $ (1 ) $ (3 ) $ 3 Foreign Unrealized Defined Accumulated Currency Gains /(Losses) Benefit Other Translation on Cash Flow Pension Comprehensive Pretax Adjustments Hedges Plans (Loss)/Income Balance, December 31, 2016 $ (218 ) $ — $ (7 ) $ (225 ) Period change 32 — — 32 Balance, March 31, 2017 $ (186 ) $ — $ (7 ) $ (193 ) Tax Balance, December 31, 2016 $ 116 $ 1 $ 2 $ 119 Period change (3 ) — — (3 ) Balance, March 31, 2017 $ 113 $ 1 $ 2 $ 116 Net of Tax Balance, December 31, 2016 $ (102 ) $ 1 $ (5 ) $ (106 ) Period change 29 — — 29 Balance, March 31, 2017 $ (73 ) $ 1 $ (5 ) $ (77 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Share-based Compensation [Abstract]
Incentive Equity Awards Granted By The Company	The activity related to incentive equity awards granted by the Company for the three months ended March 31, 2018 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, 2017 1.6 $ 81.18 0.7 $ 81.77 0.2 $ 77.40 Granted (a) 0.2 115.61 — — Vested / exercised (0.6 ) 79.22 (0.2 ) 91.81 — Balance as of March 31, 2018 1.2 (b) (c) 87.46 0.5 (d) 78.34 0.2 (e) (f) 77.40 (a) Primarily represents awards granted by the Company on March 1, 2018 . (b) Aggregate unrecognized compensation expense related to RSUs was $96 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 2.2 years . (c) Approximately 1.2 million RSUs outstanding as of March 31, 2018 are expected to vest over time. (d) Maximum aggregate unrecognized compensation expense was $23 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 1.7 years . (e) Aggregate unrecognized compensation expense related to SSARs was $1 million as of March 31, 2018 , which is expected to be recognized over a weighted average period of 1.6 years . (f) Approximately 0.1 million SSARs were exercisable as of March 31, 2018 . The Company assumes that all unvested SSARs are expected to vest over time. SSARs outstanding as of March 31, 2018 had an intrinsic value of $7 million and a weighted average remaining contractual life of 3.3 years .

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary Of Segment Information	Three Months Ended March 31, 2018 2017 Net Revenues EBITDA Net Revenues EBITDA Hotel Group $ 302 (b) $ 83 $ 289 (d) $ 83 Destination Network 246 (c) 66 243 (c) 75 Vacation Ownership 661 124 639 117 Total Reportable Segments 1,209 273 1,171 275 Corporate and Other (a) (19 ) (52 ) (17 ) (38 ) Total Company $ 1,190 $ 221 $ 1,154 $ 237 Reconciliation of Net income to EBITDA Three Months Ended March 31, 2018 2017 Net income $ 34 $ 90 Loss from discontinued operations, net of tax 47 37 Provision for income taxes 40 26 Depreciation and amortization 56 51 Interest expense 45 34 Interest income (1 ) (1 ) EBITDA $ 221 $ 237 (a) Includes the elimination of transactions between segments. (b) Includes $18 million of intersegment revenues comprised of $13 million of licensing fees for use of the Wyndham trade name and $5 million of other fees primarily associated with the Wyndham Rewards program. Such revenues are offset in expenses primarily at the Company’s Vacation Ownership segment. (c) Includes $2 million of intersegment revenues during the three months ended March 31, 2018 and 2017 , primarily comprised of call center operations and support services provided to the Company’s Hotel Group segment. Such revenues are offset in expenses primarily at the Company’s Hotel Group segment. (d) Includes $16 million of intersegment revenues comprised of (i) $13 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.

Restructuring and Impairments (

Restructuring and Impairments (Tables)	3 Months Ended
	Mar. 31, 2018
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 Liability as of December 31, 2017 Cash Payments March 31, 2018 Personnel-related $ 4 $ (1 ) $ 3 Facility-related 1 — 1 $ 5 $ (1 ) $ 4

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncement, Early Adoption [Line Items]
Debt issuance costs		$ 0	$ 6
La Quinta Holdings Inc. [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Payments to acquire businesses	$ 1,950
Funding commitment amount available	$ 2,000
Debt instrument, term	364 days
Debt issuance costs	$ 8.5

New Accounting Pronouncements43

New Accounting Pronouncements (Impact of Adoption on Condensed Consolidated Income Statement) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Net revenues
Service and membership fees	$ 487	$ 476
Vacation ownership interest sales	358	350
Franchise fees	151	140
Other	76	77
Net revenues	1,190	1,154
Expenses
Operating	513	506
Marketing and reservation	188	174
General and administrative	173	172
Total expenses	1,031	969
Income/(loss) before income taxes	121	153
Provision for income taxes	40	26
Income/(loss) from continuing operations	81	127
Loss from discontinued operations, net of income taxes	(47)	(37)
Net income	34	90
Net income/(loss) attributable to Wyndham shareholders	$ 34	$ 90
Basic earnings per share
Continuing operations (in dollars per share)	$ 0.81	$ 1.21
Discontinued operations (in dollars per share)	(0.47)	(0.35)
Basic (in dollars per share)	0.34	0.86
Diluted earnings per share
Continuing operations (in dollars per share)	0.80	1.20
Discontinued operations (in dollars per share)	(0.46)	(0.35)
Diluted (in dollars per share)	$ 0.34	$ 0.85
Deferred tax provision			$ 8
Adjusted Balance [Member]
Net revenues
Service and membership fees		$ 476	1,868
Vacation ownership interest sales		350	1,684
Franchise fees		140	684
Other		77	306
Net revenues		1,154	5,004
Expenses
Operating		506	2,093
Marketing and reservation		174	803
General and administrative		172	658
Total expenses		969	4,303
Income/(loss) before income taxes		153	579
Provision for income taxes			(224)
Loss from discontinued operations, net of income taxes		(37)	52
Net income		$ 90	855
Net income/(loss) attributable to Wyndham shareholders			$ 854
Basic earnings per share
Continuing operations (in dollars per share)		$ 1.21	$ 7.8
Discontinued operations (in dollars per share)		(0.35)	0.5
Basic (in dollars per share)		0.86	8.3
Diluted earnings per share
Continuing operations (in dollars per share)		1.2	7.74
Discontinued operations (in dollars per share)		(0.35)	0.5
Diluted (in dollars per share)		$ 0.85	$ 8.24
Adjusted Balance [Member] | Continuing Operations [Member]
Expenses
Income/(loss) from continuing operations			$ 803
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Net revenues
Service and membership fees		$ 636	1,895
Vacation ownership interest sales		351	1,689
Franchise fees		141	695
Other		80	334
Net revenues		1,319	5,076
Expenses
Operating		601	2,194
Marketing and reservation		195	773
General and administrative		193	648
Total expenses		1,118	4,364
Income/(loss) before income taxes		172	590
Provision for income taxes			(229)
Loss from discontinued operations, net of income taxes		0	53
Net income		$ 141	872
Net income/(loss) attributable to Wyndham shareholders			$ 871
Basic earnings per share
Continuing operations (in dollars per share)		$ 1.34	$ 7.94
Discontinued operations (in dollars per share)		0	0.52
Basic (in dollars per share)		1.34	8.46
Diluted earnings per share
Continuing operations (in dollars per share)		1.33	7.89
Discontinued operations (in dollars per share)		0	0.51
Diluted (in dollars per share)		$ 1.33	$ 8.40
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Discontinued Operations [Member]
Net revenues
Service and membership fees		$ (151)
Vacation ownership interest sales		0
Franchise fees		0
Other		0
Net revenues		(151)
Expenses
Operating		(72)
Marketing and reservation		(31)
General and administrative		(23)
Total expenses		(138)
Income/(loss) before income taxes		(16)
Loss from discontinued operations, net of income taxes		12
Net income		$ (12)
Basic earnings per share
Continuing operations (in dollars per share)		$ (0.11)
Discontinued operations (in dollars per share)		0.11
Basic (in dollars per share)		0
Diluted earnings per share
Continuing operations (in dollars per share)		(0.11)
Discontinued operations (in dollars per share)		0.11
Diluted (in dollars per share)		$ 0
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Continuing Operations [Member]
Expenses
Income/(loss) from continuing operations			$ 819
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Net revenues
Service and membership fees		$ (9)	(27)
Vacation ownership interest sales		(1)	(5)
Franchise fees		(1)	(11)
Other		(3)	(28)
Net revenues		(14)	(72)
Expenses
Operating		(23)	(101)
Marketing and reservation		10	30
General and administrative		2	10
Total expenses		(11)	(61)
Income/(loss) before income taxes		(3)	(11)
Provision for income taxes			5
Loss from discontinued operations, net of income taxes		(49)	(1)
Net income		$ (39)	(17)
Net income/(loss) attributable to Wyndham shareholders			$ (17)
Basic earnings per share
Continuing operations (in dollars per share)		$ (0.02)	$ (0.14)
Discontinued operations (in dollars per share)		(0.46)	(0.02)
Basic (in dollars per share)		(0.48)	(0.16)
Diluted earnings per share
Continuing operations (in dollars per share)		(0.02)	(0.15)
Discontinued operations (in dollars per share)		(0.46)	(0.01)
Diluted (in dollars per share)		$ (0.48)	$ (0.16)
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Continuing Operations [Member]
Expenses
Income/(loss) from continuing operations			$ (16)

New Accounting Pronouncements44

New Accounting Pronouncements (Impact of Adoption on Condensed Consolidated Balance Sheet) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Trade receivables, net	$ 450		$ 389
Prepaid expenses	186		145
Other current assets	424		321
Assets held for sale	1,726		1,448
Total current assets	3,682		2,995
Other non-current assets	394		396
Total assets	11,099		10,450
Liabilities and Equity
Deferred income	566		524
Accrued expenses and other current liabilities	753		748
Liabilities held for sale	1,246		780
Total current liabilities	3,099		2,629
Deferred income taxes	802		774
Deferred income	283		283
Other non-current liabilities	293		304
Total liabilities	10,449		9,676
Retained earnings	2,449		2,501
Accumulated other comprehensive loss	3		(11)
Total liabilities and equity	$ 11,099		10,450
Cumulative impact of adoption		$ 90	(19)
Adjusted Balance [Member]
Assets
Trade receivables, net			389
Prepaid expenses			145
Other current assets			321
Assets held for sale			1,448
Total current assets			2,995
Other non-current assets			396
Total assets			10,450
Liabilities and Equity
Deferred income			524
Accrued expenses and other current liabilities			748
Liabilities held for sale			780
Total current liabilities			2,629
Deferred income taxes			774
Deferred income			283
Other non-current liabilities			304
Total liabilities			9,676
Retained earnings			2,501
Accumulated other comprehensive loss			(11)
Total liabilities and equity			10,450
Calculated under Revenue Guidance in Effect before Topic 606 [Member]
Assets
Trade receivables, net			385
Prepaid expenses			144
Other current assets			314
Assets held for sale			1,429
Total current assets			2,964
Other non-current assets			380
Total assets			10,403
Liabilities and Equity
Deferred income			493
Accrued expenses and other current liabilities			753
Liabilities held for sale			716
Total current liabilities			2,539
Deferred income taxes			790
Deferred income			164
Other non-current liabilities			341
Total liabilities			9,520
Retained earnings			2,609
Accumulated other comprehensive loss			(10)
Total liabilities and equity			10,403
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member]
Assets
Trade receivables, net			4
Prepaid expenses			1
Other current assets			7
Assets held for sale			19
Total current assets			31
Other non-current assets			16
Total assets			47
Liabilities and Equity
Deferred income			31
Accrued expenses and other current liabilities			(5)
Liabilities held for sale			64
Total current liabilities			90
Deferred income taxes			(16)
Deferred income			119
Other non-current liabilities			(37)
Total liabilities			156
Retained earnings			(108)
Accumulated other comprehensive loss			(1)
Total liabilities and equity			$ 47

New Accounting Pronouncements45

New Accounting Pronouncements (Schedule of Statement of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities	$ 1	$ 123
Investing Activities	(22)	(30)
Cash, cash equivalents and restricted cash	$ 589	430	$ 416	$ 333
Discontinued Operations [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities		(115)
Investing Activities		9
Cash, cash equivalents and restricted cash		20		0
Accounting Standards Update 2016-18 [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities		0
Investing Activities		40
Cash, cash equivalents and restricted cash		188		148
Scenario, Previously Reported [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Operating Activities		238
Investing Activities		(79)
Cash, cash equivalents and restricted cash		$ 222		$ 185

New Accounting Pronouncements46

New Accounting Pronouncements (Reconciliation of Cash and Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
New Accounting Pronouncement, Early Adoption [Line Items]
Cash and cash equivalents	$ 291	$ 100
Cash, cash equivalents and restricted cash	589	416	$ 430	$ 333
Other Current Assets [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Restricted Cash	161	142
Other Non Current Assets [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Restricted Cash	35	31
Held-for-sale [Member]
New Accounting Pronouncement, Early Adoption [Line Items]
Cash, cash equivalents and restricted cash	$ 102	$ 143

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details)	3 Months Ended
	Mar. 31, 2018hotel
Revenue from Contract with Customer [Abstract]
Number of hotels from hotel ownership portfolio earning revenue (limited to)	2
Expiration periods for non-cash incentives	18 months
Term of management services agreements (or less)	1 year
Deferred rental revenue, term of recognition	1 year

Revenue Recognition (Capitalize

Revenue Recognition (Capitalized Contract Costs) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Hotel Business [Member]
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 25	$ 26
Vacation Exchange Business [Member]
Capitalized Contract Cost [Line Items]
Capitalized contract costs	13	9
Vacation Ownership Business [Member]
Capitalized Contract Cost [Line Items]
Capitalized contract costs	$ 46	$ 44

Revenue Obligations (Contract L

Revenue Obligations (Contract Liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 789	$ 753
Subscription Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	242	229
VOI Trial Package Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	115	108
VOI Incentive Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	98	102
Initial Franchise Fee Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	98	98
Other Exchange-Related Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	64	63
Rental Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	60	38
Loyalty Program Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	53	54
Co-Branded Credit Card Programs Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	40	50
Other Revenue [Member]
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 19	$ 11

Revenue Recognition (Performanc

Revenue Recognition (Performance Obligations) (Details) $ in Millions	Mar. 31, 2018USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 551
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Subscription Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	135
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | VOI Trial Package Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	115
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | VOI Incentive Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Initial Franchise Fee Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	11
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Other Exchange-Related Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	58
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Rental Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	60
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Loyalty Program Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	34
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Co-Branded Credit Card Programs Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-01 | Other Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	13
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	90
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Subscription Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	55
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | VOI Trial Package Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | VOI Incentive Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Initial Franchise Fee Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	10
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Other Exchange-Related Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Rental Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Loyalty Program Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	13
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Co-Branded Credit Card Programs Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | Other Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	48
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Subscription Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | VOI Trial Package Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | VOI Incentive Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Initial Franchise Fee Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Other Exchange-Related Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Rental Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Loyalty Program Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Co-Branded Credit Card Programs Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | Other Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Subscription Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	23
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | VOI Trial Package Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | VOI Incentive Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Initial Franchise Fee Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	69
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Other Exchange-Related Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Rental Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Loyalty Program Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Co-Branded Credit Card Programs Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01 | Other Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	789
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Subscription Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	242
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | VOI Trial Package Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	115
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | VOI Incentive Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Initial Franchise Fee Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	98
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Other Exchange-Related Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	64
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Rental Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	60
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Loyalty Program Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	53
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Co-Branded Credit Card Programs Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	40
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | Other Revenue [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 19

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition (Disaggregation of Net Revenues) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	$ 1,190	$ 1,154
Operating Segments [Member] | Hotel Group [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	302	289
Operating Segments [Member] | Hotel Group [Member] | Royalties and Franchise Fees [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	84	78
Operating Segments [Member] | Hotel Group [Member] | Marketing, Reservation and Wyndham Rewards Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	83	77
Operating Segments [Member] | Hotel Group [Member] | Hotel Management Reimbursable Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	66	66
Operating Segments [Member] | Hotel Group [Member] | Owned Hotel Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	23	23
Operating Segments [Member] | Hotel Group [Member] | Intersegment Trademark Fees [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	13	13
Operating Segments [Member] | Hotel Group [Member] | Ancillary Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	33	32
Operating Segments [Member] | Destination Network [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	246	243
Operating Segments [Member] | Destination Network [Member] | Exchange Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	188	187
Operating Segments [Member] | Destination Network [Member] | North America Rental Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	38	38
Operating Segments [Member] | Destination Network [Member] | Ancillary Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	20	18
Operating Segments [Member] | Vacation Ownership [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	661	639
Operating Segments [Member] | Vacation Ownership [Member] | Vacation Ownership Interest Sales [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	358	350
Operating Segments [Member] | Vacation Ownership [Member] | Property Management Fees and Reimbursable Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	164	163
Operating Segments [Member] | Vacation Ownership [Member] | Consumer Financing [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	118	111
Operating Segments [Member] | Vacation Ownership [Member] | WAAM Fee-for-service Commissions [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	10	2
Operating Segments [Member] | Vacation Ownership [Member] | Ancillary Revenues [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	11	13
Corporate and Other [Member]
Disaggregation of Revenue [Line Items]
Net revenues from contracts with customers	$ (19)	$ (17)

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
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income/(loss) from continuing operations	$ 81	$ 127
Loss from discontinued operations, net of income taxes	(47)	(37)
Net income	$ 34	$ 90
Basic earnings per share
Continuing operations (in dollars per share)	$ 0.81	$ 1.21
Discontinued operations (in dollars per share)	(0.47)	(0.35)
Basic (in dollars per share)	0.34	0.86
Diluted earnings per share
Continuing operations (in dollars per share)	0.80	1.20
Discontinued operations (in dollars per share)	(0.46)	(0.35)
Diluted (in dollars per share)	$ 0.34	$ 0.85
Basic weighted average shares outstanding (in shares)	100.1	105.2
Stock-settled appreciation rights (“SSARs”), RSUs and PSUs (in shares)	0.7	0.8
Diluted weighted average shares outstanding (in shares)	100.8	106
Aggregate dividends paid to shareholders	$ 70	$ 64
Restricted Stock Units (RSUs) [Member]
Diluted earnings per share
Shares excluded from computation of diluted EPS (in shares)		0.5
Performance-Based Stock Units [Member]
Diluted earnings per share
Shares excluded from computation of diluted EPS (in shares)	0.5	0.4

Earnings Per Share (Current Sto

Earnings Per Share (Current Stock Repurchase Program) (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Stock Repurchase Activity [Roll Forward]
As of December 31, 2017 (in shares)	118,887,441
As of March 31, 2018 (in shares)	119,536,306
Stock Repurchase Program [Member]
Stock Repurchase Activity [Roll Forward]
As of December 31, 2017 (in shares)	94,400,000
As of December 31, 2017, Cost | $	$ 4,938
As of December 31, 2017, Average Price Per Share (in dollars per share) | $ / shares	$ 52.32
During the three months ended March 31, 2018 (in shares)	600,000
During the three months ended March 31, 2018, Cost | $	$ 76
During the three months ended March 31, 2018, Average Price Per Share (in dollars per share) | $ / shares	$ 115.91
As of March 31, 2018 (in shares)	95,000,000
As of March 31, 2018, Cost | $	$ 5,014
As of March 31, 2018, Average Price Per Share (in dollars per share) | $ / shares	$ 52.75

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) $ in Billions	Mar. 31, 2018USD ($)
Earnings Per Share Reconciliation [Abstract]
Remaining authorized amount under share repurchases	$ 1.1

Discontinued Operations (Aggreg

Discontinued Operations (Aggregate Carrying Amount of Assets and Liabilities) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)segment	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reportable segments | segment	3
Assets
Cash and cash equivalents	$ 102		$ 157
Goodwill	1,330	$ 1,336
Discontinued Operations, Held-for-sale [Member]
Assets
Cash and cash equivalents	84	133
Trade receivables, net	505	299
Other current assets	146	78
Property and equipment, net	374	350
Goodwill	444	430
Other non-current assets	55	40
Total assets held for sale	1,726	1,448
Liabilities
Current portion of long-term debt	12	11
Accounts payable	584	334
Deferred income	363	184
Accrued expenses and other current liabilities	146	126
Long-term debt	76	57
Other non-current liabilities	65	68
Total liabilities held for sale	1,246	780
Discontinued Operations, Held-for-sale [Member] | Trademarks [Member]
Assets
Intangible assets, noncurrent	59	58
Discontinued Operations, Held-for-sale [Member] | Franchise Rights And Other Intangible Assets [Member]
Assets
Intangible assets, noncurrent	$ 59	$ 60

Discontinued Operations (Compon

Discontinued Operations (Components of Income) (Details) - Discontinued Operations [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Net revenues	$ 107	$ 79
Operating	78	61
Marketing and reservation	40	33
General and administrative	36	21
Depreciation and amortization	15	12
Total expenses	169	127
Other income, net	(1)	(2)
Benefit from income taxes	(14)	(9)
Loss from discontinued operations, net of income taxes	$ (47)	$ (37)

Discontinued Operations (Comp57

Discontinued Operations (Components of Cash Flows) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Cash provided by operating activities	$ (132)	$ (115)
Cash (used in)/provided by investing activities	(8)	9
Cash used in financing activities	(6)	(9)
Discontinued Operations [Member]
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Cash provided by operating activities		(115)
Cash (used in)/provided by investing activities	(8)	9
Cash used in financing activities	(6)	(9)
Property and equipment additions	(6)	(7)
Net assets acquired, net of cash acquired	$ 0	$ (2)

Vacation Ownership Contract R58

Vacation Ownership Contract Receivables (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Vacation Ownership Contract Receivables [Abstract]
Interest income on securitized receivables	$ 87	$ 82
Originated vacation ownership contract receivables	297	280
Vacation ownership contract principal collections	$ 226	225
Weighted average interest rate	14.00%		13.90%
Provision for loan losses	$ 92	$ 85
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 R59

Vacation Ownership Contract Receivables (Current And Long-Term Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	$ 333	$ 315
Less: Allowance for loan losses	65	63
Current vacation ownership contract receivables, net	268	252
Long-term vacation ownership contract receivables	3,228	3,277
Less: Allowance for loan losses	620	628
Long-term vacation ownership contract receivables, net	2,608	2,649
Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	224	227
Long-term vacation ownership contract receivables	2,289	2,326
Non-Securitized [Member]
Accounts, Notes, Loans and Financing Receivables [Line Items]
Current vacation ownership contract receivables	109	88
Long-term vacation ownership contract receivables	$ 939	$ 951

Vacation Ownership Contract R60

Vacation Ownership Contract Receivables (Allowance For Loan Losses On Vacation Ownership Contract Receivables) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Loan Losses [Roll Forward]
Allowance for loan losses, beginning balance	$ 691	$ 621
Provision for loan losses	92	85
Contract receivables write-offs, net	(98)	(87)
Allowance for loan losses, ending balance	$ 685	$ 619

Vacation Ownership Contract R61

Vacation Ownership Contract Receivables (Summary Of The Aged Analysis Of Financing Receivables Using The Most Recently Updated FICO Scores) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	$ 3,561	$ 3,592
700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,860	1,886
600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,070	1,087
Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	217	211
No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	148	143
Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	266	265
Current [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3,406	3,431
Current [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,821	1,849
Current [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1,009	1,021
Current [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	176	166
Current [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	138	133
Current [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	262	262
31 - 60 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	67	75
31 - 60 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	17	19
31 - 60 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	27	32
31 - 60 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	15	17
31 - 60 Days [Member] | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	5	5
31 - 60 Days [Member] | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3	2
61 - 90 Days [Member
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	46	44
61 - 90 Days [Member | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	13	9
61 - 90 Days [Member | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	18	18
61 - 90 Days [Member | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	11	13
61 - 90 Days [Member | No Score [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	3	3
61 - 90 Days [Member | Asia Pacific [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	1	1
91 - 120 Days [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	42	42
91 - 120 Days [Member] | 700+ [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	9	9
91 - 120 Days [Member] | 600-699 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	16	16
91 - 120 Days [Member] | Less Than 600 [Member]
Financing Receivables, Recorded Investment [Line Items]
Financing receivables	15	15
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	$ 0	$ 0

Inventory (Summary of Inventory

Inventory (Summary of Inventory) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Land held for VOI development	$ 4	$ 4
VOI construction in process	31	25
Inventory sold subject to conditional repurchase	43	43
Completed VOI inventory	812	841
Estimated VOI recoveries	277	279
Destination Network vacation credits and other	58	57
Total inventory	1,225	1,249
Less: Current portion	337	340
Non-current inventory	$ 888	$ 909

Inventory (Narrative) (Details)

Inventory (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2017
Real Estate, Inventory [Line Items]
Transferred property and equipment to VOI inventory	$ 48,000,000	$ 17,000,000
Inventory accruals	7,000,000			$ 6,000,000
Inventory sold subject to conditional repurchase	43,000,000			$ 43,000,000
St. Thomas [Member]
Real Estate, Inventory [Line Items]
Inventory sold subject to conditional repurchase			$ 80,000,000
Proceeds from the sale of assets			80,000,000
Las Vegas, Nevada and St. Thomas, U.S. Virgin Island Inventory Sales [Member]
Real Estate, Inventory [Line Items]
Maximum potential future payments	$ 133,000,000
Vacation Ownership Inventory Sales [Member]
Real Estate, Inventory [Line Items]
No gain or loss on sales transactions			$ 0

Inventory (Activity Related to

Inventory (Activity Related to Inventory Obligations) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Inventory sold, outstanding obligation	$ 117	$ 134	$ 144	$ 198
Purchases	0	2
Payments	(27)	(66)
Accrued expenses and other current liabilities	52		64
Other non-current liabilities	65		80
Avon [Member]
Inventory [Line Items]
Inventory sold, outstanding obligation	11	21	22	32
Purchases	0	0
Payments	(11)	(11)
Accrued expenses and other current liabilities	11		11
Other non-current liabilities	0		11
Las Vegas [Member]
Inventory [Line Items]
Inventory sold, outstanding obligation	44	54	60	68
Purchases	0	1
Payments	(16)	(15)
Accrued expenses and other current liabilities	10		22
Other non-current liabilities	34		38
St. Thomas [Member]
Inventory [Line Items]
Inventory sold, outstanding obligation	0	59	0	98
Purchases	0	1
Payments	0	(40)
Accrued expenses and other current liabilities	0		0
Other non-current liabilities	0		0
Austin [Member]
Inventory [Line Items]
Inventory sold, outstanding obligation	62	0	62	$ 0
Purchases	0	0
Payments	0	$ 0
Accrued expenses and other current liabilities	31		31
Other non-current liabilities	$ 31		$ 31

Long-Term Debt And Borrowing 65

Long-Term Debt And Borrowing Arrangements (Summary Of Indebtedness-Long-Term Debt) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Less: Current portion of securitized vacation ownership debt	$ 198,000,000	$ 217,000,000
Long-term securitized vacation ownership debt	1,779,000,000	1,881,000,000
Less: Current portion of long-term debt	91,000,000	104,000,000
Long-term vacation ownership contract receivables	$ 3,228,000,000	3,277,000,000
2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.50%
5.625% Senior Unsecured Notes (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.375%
4.25% Senior Unsecured Notes (Due March 2022) [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	$ 1,028,000,000	1,219,000,000
Debt Issuance Cost	13,000,000	15,000,000
Bank Conduit Facility (Due August 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	650,000,000
Secured Debt	418,000,000	333,000,000
Bank Conduit Facility Due Jan19 [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	750,000,000
Secured Debt	531,000,000	546,000,000
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Secured Debt	1,977,000,000	2,098,000,000
Less: Current portion of securitized vacation ownership debt	198,000,000	217,000,000
Long-term securitized vacation ownership debt	1,779,000,000	1,881,000,000
Long-term vacation ownership contract receivables	2,650,000,000	2,680,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving credit facility	1,302,000,000
Commercial paper	136,000,000
Revolving Credit Facility [Member] | Revolving Credit Facility (Due November 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400,000,000
Revolving credit facility	$ 400,000,000	0
Weighted average coupon rate	3.10%
Revolving Credit Facility [Member] | Revolving Credit Facility (Due July 2020) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 1,500,000,000
Revolving credit facility	$ 902,000,000	395,000,000
Weighted average coupon rate	3.01%
Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper	$ 136,000,000	147,000,000
Long-term Debt [Member]
Debt Instrument [Line Items]
Other	84,000,000	145,000,000
Capital leases	74,000,000	73,000,000
Total long-term debt	4,284,000,000	3,909,000,000
Less: Current portion of long-term debt	91,000,000	104,000,000
Long-term debt	4,193,000,000	3,805,000,000
Long-term Debt [Member] | Term Loan (Due March 2021) [Member]
Debt Instrument [Line Items]
Other	324,000,000	324,000,000
Long-term Debt [Member] | 2.50% Senior Unsecured Notes (Due March 2018) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	450,000,000
Senior notes	0	450,000,000
Long-term Debt [Member] | 5.625% Senior Unsecured Notes (Due March 2021) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	40,000,000
Senior notes	40,000,000	40,000,000
Long-term Debt [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	250,000,000
Senior notes	248,000,000	248,000,000
Long-term Debt [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	650,000,000
Senior notes	649,000,000	648,000,000
Unamortized (gains)/losses from the settlement of a derivative	2,000,000	2,000,000
Long-term Debt [Member] | 3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400,000,000
Senior notes	405,000,000	406,000,000
Unamortized (gains)/losses from the settlement of a derivative	7,000,000	8,000,000
Long-term Debt [Member] | 4.15% Senior Unsecured Notes (Due April 2024) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	300,000,000
Senior notes	297,000,000	297,000,000
Long-term Debt [Member] | 5.10% Senior Unsecured Notes (Due October 2025) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	350,000,000
Senior notes	340,000,000	340,000,000
Unamortized (gains)/losses from the settlement of a derivative	(8,000,000)	(8,000,000)
Long-term Debt [Member] | 4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	400,000,000
Senior notes	385,000,000	396,000,000
Derivative, Amount of Hedged Item	10,000,000	1,000,000
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Issuance Cost	4,000,000	5,000,000
Unamortized discount	$ 13,000,000	$ 14,000,000

Long-Term Debt And Borrowing 66

Long-Term Debt And Borrowing Arrangements (Narrative) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	May 31, 2015	Dec. 31, 2013
4.50% Senior Unsecured Notes (Due April 2027) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.50%
3.90% Senior Unsecured Notes (Due March 2023) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.90%
4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Variable interest rate	3.85%
Derivative asset	$ 12,000,000
Deferred gains on terminated interest rate swaps	9,000,000	$ 9,000,000		$ 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%
Derivative, notional amount			$ 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%
Derivative, notional amount					$ 400,000,000
Interest Rate Swap [Member] | 4.25% Senior Unsecured Notes (Due March 2022) [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					4.25%
Derivative, notional amount					$ 100,000,000
Domestic Commercial Paper [Member]
Debt Instrument [Line Items]
Commercial paper maximum borrowing capacity	750,000,000
Commercial paper	$ 136,000,000	$ 147,000,000
Commercial paper, weighted average interest rate	2.65%	2.34%

Long-Term Debt And Borrowing 67

Long-Term Debt And Borrowing Arrangements (Interest Expense Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Capitalized interest (less than $1 million for the three months ended March 31, 2018 and March 31, 2017)	$ 1	$ 1
Long-Term Debt Borrowings And Capitalized Interest [Member]
Debt Instrument [Line Items]
Interest expense incurred	45	34
Cash paid for interest	50	52
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Interest expense incurred	19	18
Consumer Finance [Member]
Debt Instrument [Line Items]
Cash paid for interest	$ 11	$ 12

Long-Term Debt And Borrowing 68

Long-Term Debt And Borrowing Arrangements (Summary Of Outstanding Debt Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Within 1 year	$ 289
Between 1 and 2 years	1,011
Between 2 and 3 years	2,141
Between 3 and 4 years	781
Between 4 and 5 years	551
Thereafter	1,488
Long-term debt outstanding	6,261
Securitized Vacation Ownership Debt [Member]
Debt Instrument [Line Items]
Within 1 year	198
Between 1 and 2 years	965
Between 2 and 3 years	126
Between 3 and 4 years	127
Between 4 and 5 years	140
Thereafter	421
Secured Debt	1,977	$ 2,098
Long-term Debt [Member]
Debt Instrument [Line Items]
Within 1 year	91
Between 1 and 2 years	46
Between 2 and 3 years	2,015
Between 3 and 4 years	654
Between 4 and 5 years	411
Thereafter	1,067
Total long-term debt	$ 4,284	$ 3,909

Long-Term Debt And Borrowing 69

Long-Term Debt And Borrowing Arrangements (Summary Of Available Capacity Under Borrowing Arrangements) (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Securitized Bank Conduit Facility [Member]
Debt Instrument [Line Items]
Total capacity	$ 1,400,000,000
Revolving credit facility	949,000,000
Available capacity	451,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total capacity	1,900,000,000
Revolving credit facility	1,302,000,000
Commercial paper borrowings	136,000,000
Available capacity	462,000,000
Revolving Credit Facility [Member] | Revolving Credit Facility (Due July 2020) [Member]
Debt Instrument [Line Items]
Revolving credit facility	902,000,000	$ 395,000,000
Debt instrument, face amount	1,500,000,000
Revolving Credit Facility [Member] | Revolving Credit Facility (Due November 2018) [Member]
Debt Instrument [Line Items]
Revolving credit facility	400,000,000	$ 0
Debt instrument, face amount	$ 400,000,000

Variable Interest Entities (Ass

Variable Interest Entities (Assets And Liabilities Of Vacation Ownership SPEs) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Schedule Of Transfer And Financial Assets [Line Items]
Total assets	$ 11,099	$ 10,450
Total liabilities	10,449	9,676
SPE assets in excess of SPE liabilities	675	585
Securitized contract receivables, net, current	268	252
Securitized contract receivables, net, non-current	2,608	2,649
Vacation Ownership SPEs [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Securitized contract receivables, gross	2,513	2,553
Securitized restricted cash	116	106
Interest receivables on securitized contract receivables	21	22
Other assets	4	4
Total assets	2,654	2,685
Securitized term notes	1,028	1,219
Securitized conduit facilities	949	879
Other liabilities	2	2
Total liabilities	1,979	2,100
SPE assets in excess of SPE liabilities	675	585
Securitized contract receivables, net, current	224	227
Securitized contract receivables, net, non-current	2,289	2,326
Securitized restricted cash, current	81	75
Securitized restricted cash, non-current	35	31
Securitized conduit facilities, current	198	217
Securitized conduit facilities, long-term	1,779	1,881
Deferred financing cost related to securitized debt	$ 13	$ 15

Variable Interest Entities (Nar

Variable Interest Entities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Schedule Of Transfer And Financial Assets [Line Items]
Restricted cash and cash equivalents	$ 80	$ 67
Property and equipment, net	1,112	1,081
Write-down of property and equipment to fair value		37
Purchased property and equipment	28		$ 28
VIO Saint Thomas [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Property and equipment, net		64
Long-term debt		104
Clearwater FL Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Noncash transaction for property and equipment and long-term debt	51
Long-term debt	83
Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Long-term debt		131
Purchased property and equipment	8		22
Mortgage Note - SPE [Member] | Clearwater FL Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Debt instrument, face amount	83		$ 51
Inventory Purchase, Period			2 years
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Debt instrument, face amount		131
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 1,048	$ 1,039

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	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Transfer And Financial Assets [Line Items]
SPE assets in excess of SPE liabilities	$ 675	$ 585
Less: Allowance for loan losses	685	691	$ 619	$ 621
Total, net	1,038	933
Non Securitized Receivable [Member]
Schedule Of Transfer And Financial Assets [Line Items]
Non-securitized contract receivables	$ 1,048	$ 1,039

Variable Interest Entities (A73

Variable Interest Entities (Assets and Liabilities of the SPE) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Variable Interest Entity [Line Items]
Total assets	$ 11,099	$ 10,450
Total liabilities	10,449	9,676
SPE assets in excess of SPE liabilities	675	585
Clearwater FL Property [Member]
Variable Interest Entity [Line Items]
Property and equipment, net	62
Total assets	62
Long-term debt	83
Total liabilities	83
SPE assets in excess of SPE liabilities	(21)
Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Property and equipment, net		90
Total assets		90
Long-term debt		131
Total liabilities		131
SPE assets in excess of SPE liabilities		(41)
Mortgage Note - SPE [Member] | Clearwater FL Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount	$ 83		$ 51
Mortgage Note - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount		131
Mandatorily Redeemable Equity - SPE [Member] | Midtown 45, NYC Property [Member]
Variable Interest Entity [Line Items]
Debt instrument, face amount		$ 98

Fair Value (Narrative) (Details

Fair Value (Narrative) (Details) - Recurring Basis [Member] - Fair Value [Member] - Level 2 [Member] - Foreign Exchange Contracts [Member] $ in Millions	Mar. 31, 2018USD ($)
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis [Line Items]
Derivative asset	$ 12
Derivative asset	4
Derivative liabilities	$ 1

Fair Value (Carrying Amounts An

Fair Value (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	$ 1
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	2,876	$ 2,901
Total debt	6,261	6,007
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vacation ownership contract receivables, net	3,463	3,489
Total debt	$ 6,303	$ 6,085

Derivative Instruments And He76

Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Losses on freestanding foreign currency contracts	$ (7)	$ 2

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Effective income tax rate	33.10%	17.00%
Income tax payments, net of refunds	$ 72	$ 75
Income tax payments, net of refunds, discontinued operations	$ 3	$ 2

Commitments And Contingencies (

Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Loss Contingencies [Line Items]
Litigation reserves	$ 22		$ 28
Receivables	1
Range of possible loss up to, portion not accrued	$ 64
Percentage of Cendant's contingent and other corporate liabilities and associated costs	37.50%
Hotel Group [Member]
Loss Contingencies [Line Items]
Annual cap	$ 27
Amount of liability in guarantees	21		23
Guarantor offsetting asset carrying value	11		12
Amortization expense, contingent asset (less than)	1	$ 1
Guarantees subject to recapture provisions	46		41
Hotel Group [Member] | Other Non Current Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	16		16
Hotel Group [Member] | Accrued Liabilities [Member]
Loss Contingencies [Line Items]
Amount of liability in guarantees	5		7
Hotel Group [Member] | Other Non Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	10		1
Guarantees subject to recapture provisions	43
Hotel Group [Member] | Other Current Assets [Member]
Loss Contingencies [Line Items]
Guarantor offsetting asset carrying value	1		$ 11
Guarantees subject to recapture provisions	$ 3
Hotel Group [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term	8 years
Guarantees, remaining life (in years)	5 years
Hotel Group [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term	10 years
Annual cap	$ 110
Guarantees, remaining life (in years)	7 years
Hotel Group [Member] | Weighted Average [Member]
Loss Contingencies [Line Items]
Guarantor obligations, term	5 years

Accumulated Other Comprehensi79

Accumulated Other Comprehensive (Loss)/Income (Components Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	$ 774	$ 634
Period change	14	29
Balance, value	650	531
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(96)	(218)
Period change	14	32
AOCI, Pretax, Ending Balance	(82)	(186)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	89	116
Period change	0	(3)
AOCI, Tax, Ending Balance	89	113
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(7)	(102)
Period change	14	29
Balance, value	7	(73)
Unrealized Gains/(Losses) on Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(1)	0
Period change	(1)	0
AOCI, Pretax, Ending Balance	(2)	0
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	1	1
Period change	0	0
AOCI, Tax, Ending Balance	1	1
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	0	1
Period change	(1)	0
Balance, value	(1)	1
Defined Benefit Pension Plans [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(6)	(7)
Period change	0	0
AOCI, Pretax, Ending Balance	(6)	(7)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	2	2
Period change	1	0
AOCI, Tax, Ending Balance	3	2
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(4)	(5)
Period change	1	0
Balance, value	(3)	(5)
Accumulated Other Comprehensive (Loss)/Income [Member]
Accumulated Other Comprehensive Income, Before Tax
AOCI, Pretax, Beginning Balance	(103)	(225)
Period change	13	32
AOCI, Pretax, Ending Balance	(90)	(193)
Accumulated Other Comprehensive Income, Tax
AOCI, Tax, Beginning Balance	92	119
Period change	1	(3)
AOCI, Tax, Ending Balance	93	116
Accumulated Other Comprehensive Income, Net Of Tax
Balance, value	(11)	(106)
Period change	14	29
Balance, value	$ 3	$ (77)

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum shares of common stock to be awarded	36.7
Remaining shares available	15.7
Stock-based compensation	$ 21	$ 15
Stock-based compensation expense for non-employee directors (less than $1 million for three months ended September 30, 2016)	1	1
Payment of taxes for net share settlement	32	$ 30
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Approved grants of incentive equity awards	$ 22
Vesting terms, in years	16 months

Stock-Based Compensation (Incen

Stock-Based Compensation (Incentive Equity Awards Granted By The Company) (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)	1.6
Number of Units, Granted (shares)	0.2
Number of Units, Vested/exercised (shares)	(0.6)
Number of Units, Ending Balance (shares)	1.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 81.18
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares	115.61
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	79.22
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 87.46
Unrecognized compensation expense, maximum | $	$ 96
Incentive equity awards vesting ratably over a period, in years	2 years 2 months
Shares outstanding, expected to vest	1.2
PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Number of Units, Beginning Balance (shares)	0.7
Number of Units, Granted (shares)	0
Number of Units, Vested/exercised (shares)	(0.2)
Number of Units, Ending Balance (shares)	0.5
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Price, Beginning Balance (in dollars per share) | $ / shares	$ 81.77
Weighted Average Grant Price, Granted (in dollars per share) | $ / shares
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares	91.81
Weighted Average Grant Price, Ending Balance (in dollars per share) | $ / shares	$ 78.34
Unrecognized compensation expense, maximum | $	$ 23
Incentive equity awards vesting ratably over a period, in years	1 year 8 months
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)	0.2
Number of Units, Granted (shares)	0
Number of Units, Vested/exercised (shares)	0
Number of Units, Ending Balance (shares)	0.2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Price, Vested/exercised (in dollars per share) | $ / shares
Weighted Average Exercise Price, Beginning Balance (in dollars per share) | $ / shares	77.40
Weighted Average Exercise Price, Granted (in dollars per share) | $ / shares
Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares	$ 77.40
Unrecognized compensation expense, maximum | $	$ 1
Incentive equity awards vesting ratably over a period, in years	1 year 7 months
Shares outstanding, expected to vest	0.1
Shares, intrinsic value | $	$ 7
Weighted average remaining contractual life, years	3 years 4 months

Segment Information (Summary Of

Segment Information (Summary Of Segment Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Net revenues	$ 1,190	$ 1,154
EBITDA	221	237
Net income	34	90
Loss from discontinued operations, net of income taxes	(47)	(37)
Provision for income taxes	40	26
Depreciation and amortization	56	51
Interest expense	45	34
Interest income	(1)	(1)
Other	76	77
Separation-related	51	0
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	1,209	1,171
EBITDA	273	275
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Net revenues	(19)	(17)
EBITDA	(52)	(38)
Hotel Group [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	18	16
Intersegment Licensing Fee	13	13
Other	5	3
Hotel Group [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	302	289
EBITDA	83	83
Destination Network [Member]
Segment Reporting Information [Line Items]
Intersegment trademark fees	2	2
Destination Network [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	246	243
EBITDA	66	75
Vacation Ownership [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net revenues	661	639
EBITDA	$ 124	$ 117

Separartion-Related and Transac

Separartion-Related and Transaction-Related Costs (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Aug. 02, 2017company
Related Party Transaction [Line Items]
Number of companies | company			2
Separation-related	$ 51	$ 0
La Quinta Hotel Franchising and Management Business [Member]
Related Party Transaction [Line Items]
Separation-related	7
Spin-Off, Hotel Group Business [Member]
Related Party Transaction [Line Items]
Separation-related	51
European vacation rentals business [Member]
Related Party Transaction [Line Items]
Separation-related	$ 11

Restructuring and Impairments84

Restructuring and Impairments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 7
Restructuring liability	4		$ 5
Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	3		4
Facility-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	1		1
Vacation Ownership [Member]
Restructuring Cost and Reserve [Line Items]
Impairment charges related to abandonment of new product initiative		$ 5
Restructuring Plan 2017 [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			15
Restructuring Plan 2017 [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability	3
Restructuring liability expected to be paid	1
Restructuring Plan 2017 [Member] | Destination Network [Member] | Personnel-Related [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			8
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 Plans, Additional [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring liability expected to be paid	$ 1

Restructuring and Impairments85

Restructuring and Impairments (Activity Related To The Restructuring Costs) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2017	$ 5
Cash payments	(1)
Liability as of March 31, 2018	4
Personnel-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2017	4
Cash payments	(1)
Liability as of March 31, 2018	3
Facility-Related [Member]
Restructuring Cost and Reserve [Roll Forward]
Liability as of December 31, 2017	1
Cash payments	0
Liability as of March 31, 2018	$ 1

Cendant Separation and Transa86

Cendant Separation and Transactions with Former Parent and Subsidiaries (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Separation Adjustments And Transactions With Former Parent And Subsidiaries [Line Items]
Liabilities assumed	$ 16	$ 16
Tax liabilities assumed	13
Other contingent and corporate liabilities assumed	1
Guarantee amount over contingent liability assumed	2
Separation liabilities, current	3	3
Separation liabilities, non-current	$ 13	$ 13
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%

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member] - USD ($)	Apr. 06, 2018	Apr. 18, 2018	Apr. 13, 2018
Subsequent Event [Line Items]
Outstanding bridge loan			$ 1,500,000,000
Sierra Timeshare Conduit [Member]
Subsequent Event [Line Items]
Debt instrument, term	2 years
Total capacity	$ 800,000,000
Sierra Timeshare 2018-01 Receivables Funding, LLC [Member]
Subsequent Event [Line Items]
Debt instrument, face amount		$ 350,000,000
Weighted average coupon rate		3.73%
Advance rate		90.00%
Long-term Debt [Member] | Senior Unsecured Notes Maturing April 2026 [Member]
Subsequent Event [Line Items]
Debt instrument, face amount			$ 500,000,000
Debt instrument, interest rate, stated percentage			5.375%