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Notes Receivable (Tables)
 9 Months Ended
Sep. 09, 2011
Composition of our Notes Receivable Balances (Net of Reserves and Unamortized Discounts)
We show the composition of our notes receivable balances (net of reserves and unamortized discounts) in the following table:
 
($ in millions)
September 9,

2011
 
December 31,

2010
Loans to timeshare owners – securitized
$
864


 
$
1,028


Loans to timeshare owners – non-securitized
314


 
225


Senior, mezzanine, and other loans – non-securitized
109


 
191


 
1,287


 
1,444


Less current portion
 
 
 
Loans to timeshare owners – securitized
(113
)
 
(118
)
Loans to timeshare owners – non-securitized
(63
)
 
(55
)
Senior, mezzanine, and other loans – non-securitized
(9
)
 
(7
)
 
$
1,102


 
$
1,264
Composition of our Long Term Notes Receivable Balances (Net of Reserves and Unamortized Discounts)
We show the composition of our long-term notes receivable balances (net of reserves and unamortized discounts) in the following table:
 
($ in millions)
September 9,

2011
 
December 31,

2010
Loans to timeshare owners
$
1,002


 
$
1,080


Loans to equity method investees
2


 
2


Other notes receivable
98


 
182


 
$
1,102


 
$
1,264
Notes Receivable Principal Payments (Net of Reserves and Unamortized Discounts) and Interest Rates
The following tables show future principal payments (net of reserves and unamortized discounts) as well as interest rates, reserves and unamortized discounts for our securitized and non-securitized notes receivable.
Notes Receivable Principal Payments (net of reserves and unamortized discounts) and Interest Rates
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
2011
$
38


 
$
37


 
$
75


2012
46


 
113


 
159


2013
38


 
118


 
156


2014
32


 
120


 
152


2015
28


 
115


 
143


Thereafter
241


 
361


 
602


Balance at September 9, 2011
$
423


 
$
864


 
$
1,287


Weighted average interest rate at September 9, 2011
9.6
%
 
13.1
%
 
12.0
%
Range of stated interest rates at September 9, 2011
0 to 19.5%


 
5.2 to 19.5%


 
0 to 19.5%
Notes Receivable Reserves
Notes Receivable Reserves
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
Balance at year-end 2010
$
203


 
$
89


 
$
292


Balance at September 9, 2011
$
200


 
$
63


 
$
263
Notes Receivable Unamortized Discounts
Notes Receivable Unamortized Discounts (1) 
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
Balance at year-end 2010
$
13


 
$
—


 
$
13


Balance at September 9, 2011
$
13


 
$
—


 
$
13


 
(1) 
The discounts for both September 9, 2011 and year-end 2010 relate entirely to our Senior, Mezzanine, and Other Loans.
Aging of the Recorded Investment in Loans to Timeshare Owners
We show the aging of the recorded investment (before reserves) in “Loans to timeshare owners” in the following table:
 
($ in millions)
September 9,

2011
31 – 90 days past due
$
34


91 – 150 days past due
19


Greater than 150 days past due
96


Total past due
149


Current
1,214


Total loans to timeshare owners
$
1,363
Senior, Mezzanine and Other Loans
  
Notes Receivable Reserves
The following table summarizes the activity related to our “Senior, mezzanine, and other loans” notes receivable reserve for the first three quarters of 2011:
 
($ in millions)
Notes  Receivable
Reserve
Balance at year-end 2010
$
74


Additions
1


Reversals
(6
)
Transfers and other
9


Balance at September 9, 2011
$
78
Loans to Timeshare Owners
  
Notes Receivable Reserves
The following table summarizes the activity related to our “Loans to timeshare owners” notes receivable reserve for the first three quarters of 2011:
 
($ in millions)
Non-Securitized
Notes  Receivable
Reserve
 
Securitized
Notes  Receivable
Reserve
 
Total
Balance at year-end 2010
$
129


 
$
89


 
$
218


Additions for current year contract sales
21


 
—


 
21


Write-offs
(54
)
 
—


 
(54
)
Defaulted note repurchase activity(1)
36


 
(36
)
 
—


Other(2)
(10
)
 
10


 
—


Balance at September 9, 2011
$
122


 
$
63


 
$
185


 
(1) 
Decrease in securitized reserve and increase in non-securitized reserve was attributable to the transfer of the reserve when we repurchased the notes.
(2) 
Consists of static pool and default rate assumption changes.
Securitized and Non-Securitized Timeshare Notes Receivable, Loans on Nonaccrual Status
We show our recorded investment in nonaccrual “Loans to timeshare owners” loans in the following table:
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
Investment in loans on nonaccrual status at September 9, 2011
$
102


 
$
14


 
$
116


Investment in loans on nonaccrual status at year-end 2010
$
113


 
$
15


 
$
128


Average investment in loans on non-accrual status during the first three quarters of 2011
$
108


 
$
14


 
$
122


Average investment in loans on non-accrual status during the first three quarters of 2010
$
116


 
$
8


 
$
124