WYNDHAM WORLDWIDE CORPORATION

The assets and debt of these vacation ownership SPEs are as follows:
December 31,
2010
December 31,
2009
Securitized contract receivables, gross (a)
Securitized restricted cash
$ 2,703 $ 2,591
(b)
Interest receivables on securitized contract receivables
138 133
(c)
Other assets
22 20
(d)
2 11
Total SPE assets (e)
2,865 2,755
Securitized term notes (f)
Securitized conduit facilities
1,498 1,112
(f)
Other liabilities
152 395
(g)
22 26
Total SPE liabilities 1,672 1,533
SPE assets in excess of SPE liabilities $ 1,193 $ 1,222
(a)
(b)
(c)
(d)
(e)
(f)
(g)
Included in current ($266 million and $244 million as of December 31, 2010 and 2009, respectively) and non-current ($2,437 million and
$2,347 million as of December 31, 2010 and 2009, respectively) vacation ownership contract receivables on the Company’s Consolidated Balance
Sheets.
Included in other current assets ($77 million and $69 million as of December 31, 2010 and 2009, respectively) and other non-current assets ($61 million
and $64 million as of December 31, 2010 and 2009, respectively) on the Company’s Consolidated Balance Sheets.
Included in trade receivables, net on the Company’s Consolidated Balance Sheets.
Primarily includes interest rate derivative contracts and related assets; included in other non-current assets on the Company’s Consolidated Balance
Sheets.
Excludes deferred financing costs of $22 million and $20 million as of December 31, 2010 and 2009, respectively, related to securitized debt.
Included in current ($223 million and $209 million as of December 31, 2010 and 2009, respectively) and long-term ($1,427 million and $1,298 million
as of December 31, 2010 and 2009, respectively) securitized vacation ownership debt on the Company’s Consolidated Balance Sheets.
Primarily includes interest rate derivative contracts and accrued interest on securitized debt; included in accrued expenses and other current liabilities
($3 million and $4 million as of December 31, 2010 and 2009, respectively) and other non-current liabilities ($19 million and $22 million as of
December 31, 2010 and 2009, respectively) on the Company’s 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 $641 million and $860 million as of December 31, 2010 and
2009, respectively. A summary of total vacation ownership receivables and other securitized assets, net of securitized
liabilities and the allowance for loan losses, is as follows:
December 31,
2010
December 31,
2009
SPE assets in excess of SPE liabilities $ 1,193 $ 1,222
Non-securitized contract receivables 641 598
Secured contract receivables (*)
— 262
Allowance for loan losses (362) (370)
Total, net $ 1,472 $ 1,712
(*)
As of December 31, 2009, such receivables collateralized the Company’s secured, revolving foreign credit
facility, which was paid down and terminated during March 2010.
9. Inventory
Inventory, as of December 31, consisted of:
2010 2009
Land held for VOI development $ 131 $ 119
VOI construction in process 229 352
Completed inventory and vacation credits 821 836
Total inventory 1,181 1,307
Less: Current portion 348 354
Non-current inventory $ 833 $ 953
Inventory that the Company expects to sell within the next twelve months is classified as current on the
Company’s Consolidated Balance Sheets.
F-25