Vacation Ownership Notes Receivable (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2013			December 31, 2012
Vacation ownership loans – securitized	$	407		$	503
Vacation ownership loans – unsecuritized		209			111
		616			614
Less: current portion
Vacation ownership loans – securitized		(60	)		(65	)
Vacation ownership loans – unsecuritized		(24	)		(19	)
	$	532		$	530

Interest Income Related to VOI Notes Receivable

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

	Three Months  Ended September 30,				Nine Months  Ended September 30,
	2013		2012		2013		2012
Vacation ownership loans – securitized	$	15	$	15	$	49	$	49
Vacation ownership loans – unsecuritized		6		6		14		14
	$	21	$	21	$	63	$	63

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	$	16		$	17		$	33
2014		67			19			86
2015		67			19			86
2016		65			21			86
Thereafter		241			190			431
Balance at September 30, 2013	$	456		$	266		$	722
Weighted Average Interest Rates		13.00	%		12.74	%		12.90	%
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 June 30, 2013	$	54		$	53		$	107
Provisions for loan losses		—			7			7
Write-offs		—			(8	)		(8	)
Other		(5	)		5			—
Balance at September 30, 2013	$	49		$	57		$	106
Balance at December 31, 2012	$	73		$	48		$	121
Provisions for loan losses		(9	)		18			9
Write-offs		—			(24	)		(24	)
Other		(15	)		15			—
Balance at September 30, 2013	$	49		$	57		$	106
Balance at June 30, 2012	$	66		$	63		$	129
Provisions for loan losses		2			8			10
Write-offs		—			(9	)		(9	)
Other		(6	)		6			—
Balance at September 30, 2012	$	62		$	68		$	130
Balance at December 31, 2011	$	80		$	56		$	136
Provisions for loan losses		2			20			22
Write-offs		—			(28	)		(28	)
Other		(20	)		20			—
Balance at September 30, 2012	$	62		$	68		$	130

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 September 30, 2013
	700+		600-699		<600		No Score		Total
Sheraton	$	156	$	130	$	20	$	57	$	363
Westin		201		92		7		36		336
Other		12		3		—		8		23
	$	369	$	225	$	27	$	101	$	722

	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 September 30, 2013	$	722	$	677	$	7	$	4	$	34	$	45
As of December 31, 2012	$	735	$	686	$	7	$	5	$	37	$	49