Vacation Ownership Notes Receivable (Tables)

12 Months Ended

Dec. 31, 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 consist of the following (in millions):

	December 31,
	2014			2013
Vacation ownership loans – securitized	$	274		$	369
Vacation ownership loans – unsecuritized		331			247
		605			616
Less: current portion
Vacation ownership loans – securitized		(47	)		(54	)
Vacation ownership loans – unsecuritized		(36	)		(30	)
	$	522		$	532

Interest Income Related to VOI Notes Receivable

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

	Year Ended December 31,
	2014		2013		2012
Vacation ownership loans – securitized	$	45	$	63	$	69
Vacation ownership loans – unsecuritized		38		21		15
	$	83	$	84	$	84

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
2015	$	51		$	43		$	94
2016		52			31			83
2017		49			33			82
2018		41			35			76
2019		35			38			73
Thereafter		74			219			293
Balance at December 31, 2014	$	302		$	399		$	701
Weighted average interest rates		13.04	%		12.99	%		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 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
Provisions for loan losses		(10	)		21			11
Write-offs		—			(29	)		(29	)
Other		(20	)		20			—
Balance at December 31, 2013		43			60			103
Provisions for loan losses		(2	)		24			22
Write-offs		—			(29	)		(29	)
Other		(13	)		13			—
Balance at December 31, 2014	$	28		$	68		$	96

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 December 31, 2014
	700+		600-699		<600		No Score		Total
Sheraton	$	157	$	134	$	15	$	62	$	368
Westin		186		88		6		36		316
Other		9		2		—		6		17
	$	352	$	224	$	21	$	104	$	701

	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 December 31, 2014	$	701	$	659	$	9	$	4	$	29	$	42
As of December 31, 2013	$	719	$	671	$	9	$	5	$	34	$	48