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This excerpt taken from the WYN 10-K filed Feb 27, 2009. Commitments
Leases
The Company is committed to making rental payments under
noncancelable operating leases covering various facilities and
equipment. Future minimum lease payments required under
noncancelable operating leases as of December 31, 2008 are
as follows:
During 2008, 2007 and 2006, the Company incurred total rental
expense of $93 million, $79 million and
$65 million, respectively.
Purchase
Commitments
In the normal course of business, the Company makes various
commitments to purchase goods or services from specific
suppliers, including those related to vacation ownership resort
development and other capital expenditures. Purchase commitments
made by the Company as of December 31, 2008 aggregated
$778 million. Individually, such commitments range as high
as $100 million related to the development of a vacation
ownership resort. The majority of the commitments relate to the
development of vacation ownership properties (aggregating
$512 million; $236 million of which relates to 2009).
Letters
of Credit
As of December 31, 2008 and December 31, 2007, the
Company had $33 million and $53 million, respectively,
of irrevocable letters of credit outstanding, which mainly
support development activity at the Company’s vacation
ownership business.
Surety
Bonds
Some of the Company’s vacation ownership developments are
supported by surety bonds provided by affiliates of certain
insurance companies in order to meet regulatory requirements of
certain states. In the ordinary course of the Company’s
business, it has assembled commitments from thirteen surety
providers in the amount of $1.5 billion, of which the
Company had $759 million outstanding as of
December 31, 2008. The availability, terms and conditions,
and pricing of such bonding capacity is dependent on, among
other things, continued financial strength and stability of the
insurance company affiliates providing such bonding capacity,
the general availability of such capacity and the Company’s
corporate credit rating. If such bonding capacity is unavailable
or, alternatively, the terms and conditions and pricing of such
bonding capacity may be unacceptable to the Company, the cost of
development of the Company’s vacation ownership units could
be negatively impacted.
Table of Contents
This excerpt taken from the WYN 10-K filed Feb 29, 2008. Commitments
Leases
The Company is committed to making rental payments under
noncancelable operating leases covering various facilities and
equipment. Future minimum lease payments required under
noncancelable operating leases as of December 31, 2007 are
as follows:
During 2007, 2006 and 2005, the Company incurred total rental
expense of $79 million, $65 million and
$55 million, respectively.
Purchase
Commitments
In the normal course of business, the Company makes various
commitments to purchase goods or services from specific
suppliers, including those related to vacation ownership resort
development and other capital expenditures. Purchase commitments
made by the Company as of December 31, 2007 aggregated
$570 million. Individually, such commitments range as high
as $73 million related to the development of a vacation
ownership resort. The majority of the commitments relate to the
development of vacation ownership properties (aggregating
$331 million; $218 million of which relates to 2008
and $113 million of which relates to 2009).
Letters
of Credit
As of December 31, 2007 and December 31, 2006, the
Company had $53 million and $30 million, respectively,
of irrevocable letters of credit outstanding, which mainly
support development activity at the Company’s vacation
ownership business.
This excerpt taken from the WYN 10-K filed Mar 7, 2007. Commitments
Leases
The Company is committed to making rental payments under
noncancelable operating leases covering various facilities and
equipment. Future minimum lease payments required under
noncancelable operating leases as of December 31, 2006 are
as follows:
During 2006, 2005 and 2004, the Company incurred total rental
expense of $65 million, $55 million and
$48 million, respectively.
Purchase
Commitments
In the normal course of business, the Company makes various
commitments to purchase goods or services from specific
suppliers, including those related to vacation ownership resort
development and other capital expenditures. None of the purchase
commitments made by the Company as of December 31, 2006
(aggregating $531 million) were individually significant;
the majority relate to commitments for the development of
vacation ownership properties (aggregating $323 million,
all of which relates to 2007).
Letters
of Credit
As of December 31, 2006 and December 31, 2005, the
Company had $30 million and $44 million, respectively,
of irrevocable letters of credit outstanding, which mainly
support development activity at the Company’s vacation
ownership business.
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