Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2012

Notes Receivable (Net of Reserves) Related to Vacation Ownership Loans

Notes receivable (net of reserves) related to our vacation ownership loans consist of the following (in millions):

	December 31,
	2012			2011
Vacation ownership loans – securitized	$	503		$	510
Vacation ownership loans – unsecuritized		111			113
		614			623
Less: current portion
Vacation ownership loans – securitized		(65	)		(64	)
Vacation ownership loans – unsecuritized		(19	)		(20	)
	$	530		$	539

Interest Income Related to VOI Notes Receivable

Interest income related to our VOI notes receivable was as follows (in millions):

	Year Ended December 31,
	2012		2011		2010
Vacation ownership loans – securitized	$	69	$	64	$	66
Vacation ownership loans – unsecuritized		15		21		21
	$	84	$	85	$	87

Future Maturities of Gross VOI Notes Receivable and Interest Rates

The following tables present future maturities of gross VOI notes receivable (in millions) and interest rates:

	Securitized			Unsecuritized			Total
2013	$	74		$	28		$	102
2014		76			11			87
2015		77			12			89
2016		75			12			87
Thereafter		274			96			370
Balance at December 31, 2012	$	576		$	159		$	735
Weighted Average Interest Rates		12.97	%		12.13	%		12.75	%
Range of interest rates		5 to 17	%		6 to 17	%		5 to 17	%

Loan Loss Reserve

The activity and balances for our loan loss reserve are as follows (in millions):

	Securitized			Unsecuritized			Total
Balance at December 31, 2009	$	-		$	94		$	94
Provisions for loan losses		14			32			46
Write-offs		-			(52	)		(52	)
Adoption of ASU No. 2009-17		77			(4	)		73
Other		(9	)		9			-
Balance at December 31, 2010		82			79			161
Provisions for loan losses		2			27			29
Write-offs		-			(54	)		(54	)
Other		(4	)		4			-
Balance at December 31, 2011		80			56			136
Provisions for loan losses		-			26			26
Write-offs		-			(41	)		(41	)
Other		(7	)		7			-
Balance at December 31, 2012	$	73		$	48		$	121

Past Due Balances of VOI Notes Receivable by Credit Quality Indicators

Past due balances of VOI notes receivable by credit quality indicators are as follows (in millions):

	30-59 Days		60-89 Days		>90 Days		Total Past				Total
	Past Due		Past Due		Past Due		Due		Current		Receivables
As of December 31, 2012
Sheraton	$	4	$	3	$	20	$	27	$	331	$	358
Westin		3		2		10		15		334		349
Other		-		-		7		7		21		28
	$	7	$	5	$	37	$	49	$	686	$	735
As of December 31, 2011
Sheraton	$	5	$	3	$	26	$	34	$	321	$	355
Westin		3		2		17		22		345		367
Other		1		1		4		6		31		37
	$	9	$	6	$	47	$	62	$	697	$	759