Vacation Ownership Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2013

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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):

	March 31, 2013			December 31, 2012
Vacation ownership loans – securitized	$	473		$	503
Vacation ownership loans – unsecuritized		146			111
		619			614
Less: current portion
Vacation ownership loans – securitized		(63	)		(65	)
Vacation ownership loans – unsecuritized		(21	)		(19	)
	$	535		$	530

Interest Income Related to VOI Notes Receivable

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

	Three Months Ended March 31,
	2013		2012
Vacation ownership loans – securitized	$	17	$	18
Vacation ownership loans – unsecuritized		4		4
	$	21	$	22

Future Maturities of Gross VOI Notes Receivable and Interest Rates

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

	Securitized			Unsecuritized			Total
2013	$	53		$	26		$	79
2014		72			14			86
2015		73			14			87
2016		71			15			86
Thereafter		263			127			390
Balance at March 31, 2013	$	532		$	196		$	728
Weighted Average Interest Rates		12.97	%		12.31	%		12.77	%
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, 2011	$	80		$	56		$	136
Provisions for loan losses		—			7			7
Write-offs		—			(11	)		(11	)
Other		(7	)		7			—
Balance at March 31, 2012	$	73		$	59		$	132
Balance at December 31, 2012	$	73		$	48		$	121
Provisions for loan losses		(9	)		6			(3	)
Write-offs		—			(9	)		(9	)
Other		(5	)		5			—
Balance at March 31, 2013	$	59		$	50		$	109

Balances of VOI Notes Receivable by Brand and by FICO Score

Balances of our VOI notes receivable by brand and by FICO score were as follows (in millions):

	As of March 31, 2013
	700+		600-699		<600		No Score		Total
Sheraton	$	151	$	121	$	22	$	61	$	355
Westin		203		91		8		44		346
Other		15		3		—		9		27
	$	369	$	215	$	30	$	114	$	728

	As of December 31, 2012
	700+		600-699		<600		No Score		Total
Sheraton	$	153	$	123	$	23	$	59	$	358
Westin		208		91		8		42		349
Other		16		4		—		8		28
	$	377	$	218	$	31	$	109	$	735

Past Due Balances of VOI Notes Receivable

Past due balances of VOI notes receivable were as follows (in millions):

	Total Receivables		Current		Delinquent
					30-59 Days		60-89 Days		>90 Days		Total
As of March 31, 2013	$	728	$	677	$	9	$	7	$	35	$	51
As of December 31, 2012	$	735	$	686	$	7	$	5	$	37	$	49