Vacation Ownership Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2014

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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 consisted of the following (in millions):

	June 30, 2014			December 31, 2013
Vacation ownership loans – securitized	$	321		$	369
Vacation ownership loans – unsecuritized		284			247
		605			616
Less: current portion
Vacation ownership loans – securitized		(51	)		(54	)
Vacation ownership loans – unsecuritized		(29	)		(30	)
	$	525		$	532

Interest Income Related to VOI Notes Receivable

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Vacation ownership loans – securitized	$	11	$	17	$	24	$	34
Vacation ownership loans – unsecuritized		9		4		17		8
	$	20	$	21	$	41	$	42

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
2014	$	28		$	24		$	52
2015		56			28			84
2016		56			30			86
2017		53			30			83
2018		45			31			76
Thereafter		116			208			324
Balance at June 30, 2014	$	354		$	351		$	705
Weighted Average Interest Rates		13.00	%		13.01	%		13.01	%
Range of interest rates		6% to 17%			5% to 17%			5% to 17%

Loan Loss Reserve

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

	Securitized			Unsecuritized			Total
Balance at March 31, 2014	$	38		$	63		$	101
Provisions for loan losses		—			5			5
Write-offs		—			(6	)		(6	)
Other		(5	)		5			—
Balance at June 30, 2014	$	33		$	67		$	100
Balance at December 31, 2013	$	43		$	60		$	103
Provisions for loan losses		(2	)		10			8
Write-offs		—			(11	)		(11	)
Other		(8	)		8			—
Balance at June 30, 2014	$	33		$	67		$	100
Balance at March 31, 2013	$	59		$	50		$	109
Provisions for loan losses		—			5			5
Write-offs		—			(7	)		(7	)
Other		(5	)		5			—
Balance at June 30, 2013	$	54		$	53		$	107
Balance at December 31, 2012	$	73		$	48		$	121
Provisions for loan losses		(9	)		11			2
Write-offs		—			(16	)		(16	)
Other		(10	)		10			—
Balance at June 30, 2013	$	54		$	53		$	107

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 June 30, 2014
	700+		600-699		<600		No Score		Total
Sheraton	$	154	$	132	$	17	$	59	$	362
Westin		191		89		6		35		321
Other		12		3		—		7		22
	$	357	$	224	$	23	$	101	$	705

	As of December 31, 2013
	700+		600-699		<600		No Score		Total
Sheraton	$	156	$	130	$	19	$	59	$	364
Westin		199		91		7		37		334
Other		11		3		—		7		21
	$	366	$	224	$	26	$	103	$	719

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 June 30, 2014	$	705	$	656	$	9	$	5	$	35	$	49
As of December 31, 2013	$	719	$	671	$	9	$	5	$	34	$	48