Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2016

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 receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows:



	September 30, 2016		December 31, 2015
SPE assets in excess of SPE liabilities	$	464	$	471
Non-securitized contract receivables	927		829
Less: Allowance for loan losses	619		581
Total, net	$	772	$	719

Vacation Ownership SPEs [Member]

Assets and Liabilities of SPEs

The assets and liabilities of these vacation ownership SPEs are as follows:



	September 30, 2016		December 31, 2015
Securitized contract receivables, gross ^(a)	$	2,452	$	2,462
Securitized restricted cash ^(b)	88		92
Interest receivables on securitized contract receivables ^(c)	20		20
Other assets ^(d)	4		5
Total SPE assets	2,564		2,579
Securitized term notes ^{(e) (f)}	1,818		1,867
Securitized conduit facilities ^(e)	280		239
Other liabilities ^(g)	2		2
Total SPE liabilities	2,100		2,108
SPE assets in excess of SPE liabilities	$	464	$	471


^(a)	Included in current ($238 million and $248 million as of September 30, 2016 and December 31, 2015, respectively) and non-current ($2,214 million as of both September 30, 2016 and December 31, 2015) vacation ownership contract receivables on the Consolidated Balance Sheets.


^(b)	Included in other current assets ($73 million as of both September 30, 2016 and December 31, 2015) and other non-current assets ($15 million and $19 million as of September 30, 2016 and December 31, 2015, respectively) on the Consolidated Balance Sheets.


^(c)	Included in trade receivables, net on the Consolidated Balance Sheets.


^(d)	Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in other non-current assets on the Consolidated Balance Sheets.


^(e)	Included in current ($200 million and $209 million as of September 30, 2016 and December 31, 2015, respectively) and long-term ($1,898 million and $1,897 million as of September 30, 2016 and December 31, 2015, respectively) securitized vacation ownership debt on the Consolidated Balance Sheets.


^(f)	Includes deferred financing costs of $24 million as of both September 30, 2016 and December 31, 2015, related to securitized debt.


^(g)	Primarily includes accrued interest on securitized debt, which is included in accrued expenses and other current liabilities on the Consolidated Balance Sheets.

Midtown 45, NYC Property [Member]

Assets and Liabilities of SPEs

The assets and liabilities of the SPE are as follows:



	September 30, 2016			December 31, 2015
Receivable for leased property and equipment ^(a)	$	16		$	47
Total SPE assets	16			47
Accrued expenses and other current liabilities	—			1
Long-term debt ^(b)	17			46
Total SPE liabilities	17			47
SPE deficit	$	(1	)	$	—


^(a)	Represents a receivable for assets leased to the Company which are reported within property and equipment, net on the Company’s Consolidated Balance Sheets.

^(b)

As of September 30, 2016, included $15 million relating to a mortgage note due in 2017 and $2 million of mandatorily redeemable equity both of which are included in current portion of long-term debt on the Consolidated Balance Sheet. As of December 31, 2015, included $42 million relating to a mortgage note due in 2017 and $4 million of mandatorily redeemable equity; $29 million was included in current portion of long-term debt on the Consolidated Balance Sheet.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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