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Financial Information

Jump to a Section: Risk Factors Management’s Discussion and Analysis of Financial Condition and Results of Operations Quantitative and Qualitative Disclosures About Market Risk Financial Statements Notes to Consolidated Financial Statements Shareholder Return Performance Graph Quarterly Financial Data Selected Historical Financial Data Non-GAAP Financial Measures Reconciliations Management’s Reports Reports of Independent Registered Public Accounting Firm

CONSOLIDATED RESULTS

As noted in the preceding “Business and Overview” section, we completed the spin-off of our timeshare operations and timeshare development business in late 2011. Accordingly, we no longer have a Timeshare segment and instead now earn license fees that we do not allocate to any of our segments and include in “other unallocated corporate.” The following tables detail the components of our former Timeshare segment revenues and results for 2011, as well as certain items that we did not allocate to our Timeshare segment for 2011 and also shows the components of revenue, interest income and interest expense we received from MVW for 2012.

 

⁽¹⁾ Timeshare segment results for year-end 2011 totaled a segment loss of $217 million and consisted of $177 million of operating losses, $43 million of interest expense, and $3 million of gains and other income.

The following discussion presents an analysis of results of our operations for 2012, 2011, and 2010. The results for 2011 included the results of the former Timeshare segment before the spin-off date while 2010 included the former Timeshare segment for the entire fiscal year. See “BUSINESS SEGMENTS: Timeshare” later in this report for more information.

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