Vacation Ownership Contract Receivables (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Vacation Ownership Contract Receivables [Abstract] |
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Current And Long-Term Vacation Ownership Contract Receivables |
Vacation ownership contract receivables, net consisted of the following (in millions): | | | | | | | | | | | | | As of December 31, | | 2022 | | 2021 | Vacation ownership contract receivables: | | | | Securitized (a) | $ | 2,164 | | | $ | 2,061 | | Non-securitized (b) | 747 | | | 758 | | Vacation ownership contract receivables, gross | 2,911 | | | 2,819 | | Less: allowance for loan losses | 541 | | | 510 | | Vacation ownership contract receivables, net | $ | 2,370 | | | $ | 2,309 | | (a)Excludes $17 million of accrued interest on VOCRs as of both December 31, 2022 and 2021, which are included in Trade receivables, net on the Consolidated Balance Sheets.(b)Excludes $7 million and $5 million of accrued interest on VOCRs as of December 31, 2022 and 2021, which are included in Trade receivables, net on the Consolidated Balance Sheets.
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Principal Payments Due On Vacation Ownership Contract Receivables |
Principal payments due on the Company’s VOCRs during each of the five years subsequent to December 31, 2022, and thereafter are as follows (in millions): | | | | | | | | | | | | | | | | | | | | | Securitized | | Non - Securitized | | Total | 2023 | | $ | 208 | | | $ | 80 | | | $ | 288 | | 2024 | | 222 | | | 81 | | | 303 | | 2025 | | 234 | | | 89 | | | 323 | | 2026 | | 244 | | | 94 | | | 338 | | 2027 | | 237 | | | 97 | | | 334 | | Thereafter | | 1,019 | | | 306 | | | 1,325 | | | | $ | 2,164 | | | $ | 747 | | | $ | 2,911 | |
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Allowance For Loan Losses On Vacation Ownership Contract Receivables |
The activity in the allowance for loan losses on VOCRs was as follows (in millions): | | | | | | | Amount | Allowance for loan losses as of December 31, 2019 | $ | 747 | | Provision for loan losses, net | 415 | | Contract receivables write-offs, net | (469) | | Allowance for loan losses as of December 31, 2020 | 693 | | Provision for loan losses, net | 129 | | Contract receivables write-offs, net | (312) | | Allowance for loan losses as of December 31, 2021 | 510 | | Provision for loan losses, net | 302 | | Contract receivables write-offs, net | (271) | | Allowance for loan losses as of December 31, 2022 | $ | 541 | |
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Aged Analysis Of Financing Receivables Using Updated FICO Scores |
The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | 700+ | | 600-699 | | <600 | | No Score | | Asia Pacific | | Total | Current | $ | 1,674 | | | $ | 700 | | | $ | 93 | | | $ | 142 | | | $ | 143 | | | $ | 2,752 | | 31 - 60 days | 24 | | | 32 | | | 11 | | | 5 | | | 1 | | | 73 | | 61 - 90 days | 16 | | | 20 | | | 7 | | | 2 | | | — | | | 45 | | 91 - 120 days | 12 | | | 17 | | | 10 | | | 2 | | | — | | | 41 | | Total (a) | $ | 1,726 | | | $ | 769 | | | $ | 121 | | | $ | 151 | | | $ | 144 | | | $ | 2,911 | | | | | | | | | | | | | | | As of December 31, 2021 | | 700+ | | 600-699 | | <600 | | No Score | | Asia Pacific | | Total | Current | $ | 1,630 | | | $ | 734 | | | $ | 98 | | | $ | 72 | | | $ | 169 | | | $ | 2,703 | | 31 - 60 days | 17 | | | 24 | | | 10 | | | 3 | | | 1 | | | 55 | | 61 - 90 days | 9 | | | 12 | | | 7 | | | 1 | | | — | | | 29 | | 91 - 120 days | 9 | | | 12 | | | 9 | | | 1 | | | 1 | | | 32 | | Total (a) | $ | 1,665 | | | $ | 782 | | | $ | 124 | | | $ | 77 | | | $ | 171 | | | $ | 2,819 | |
(a)Includes contracts under temporary deferment (up to 180 days) of $7 million as of December 31, 2021. There were no contracts under temporary deferment as of December 31, 2022. The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2022 | | 700+ | | 600-699 | | <600 | | No Score | | Asia Pacific | | Total | 2022 | $ | 745 | | | $ | 291 | | | $ | 19 | | | $ | 87 | | | $ | 52 | | | $ | 1,194 | | 2021 | 275 | | | 149 | | | 30 | | | 8 | | | 19 | | | 481 | | 2020 | 134 | | | 60 | | | 12 | | | 5 | | | 15 | | | 226 | | 2019 | 198 | | | 97 | | | 23 | | | 16 | | | 21 | | | 355 | | 2018 | 162 | | | 74 | | | 16 | | | 13 | | | 14 | | | 279 | | Prior | 212 | | | 98 | | | 21 | | | 22 | | | 23 | | | 376 | | Total | $ | 1,726 | | | $ | 769 | | | $ | 121 | | | $ | 151 | | | $ | 144 | | | $ | 2,911 | | | | | | | | | | | | | | | As of December 31, 2021 | | 700+ | | 600-699 | | <600 | | No Score | | Asia Pacific | | Total | 2021 | $ | 534 | | | $ | 221 | | | $ | 11 | | | $ | 11 | | | $ | 38 | | | $ | 815 | | 2020 | 224 | | | 105 | | | 17 | | | 6 | | | 38 | | | 390 | | 2019 | 324 | | | 168 | | | 37 | | | 19 | | | 33 | | | 581 | | 2018 | 234 | | | 117 | | | 25 | | | 14 | | | 24 | | | 414 | | 2017 | 157 | | | 76 | | | 15 | | | 11 | | | 14 | | | 273 | | Prior | 192 | | | 95 | | | 19 | | | 16 | | | 24 | | | 346 | | Total | $ | 1,665 | | | $ | 782 | | | $ | 124 | | | $ | 77 | | | $ | 171 | | | $ | 2,819 | |
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