Vacation Ownership Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2015

Receivables [Abstract]

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):

	September 30,			December 31,
	2015			2014
Vacation ownership loans – securitized	$	187		$	274
Vacation ownership loans – unsecuritized		415			331
		602			605
Less: current portion
Vacation ownership loans – securitized		(33	)		(47	)
Vacation ownership loans – unsecuritized		(49	)		(36	)
	$	520		$	522

Interest Income Related to VOI Notes Receivable

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Vacation ownership loans – securitized	$	7	$	11	$	25	$	35
Vacation ownership loans – unsecuritized		13		10		36		27
	$	20	$	21	$	61	$	62

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
2015	$	9		$	26		$	35
2016		36			43			79
2017		35			45			80
2018		31			45			76
2019		29			45			74
Thereafter		63			286			349
Balance at September 30, 2015	$	203		$	490		$	693
Weighted average interest rates at September 30, 2015		13.18	%		13.01	%		13.06	%
Range of interest rates	6.0% to 17.0%			5.0% to 17.0%			5.0% to 17.0%

Loan Loss Reserve

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

	Securitized			Unsecuritized			Total
Balance at June 30, 2015	$	21		$	69		$	90
Provisions for loan losses		(1	)		9			8
Write-offs		—			(7	)		(7	)
Other		(4	)		4			—
Balance at September 30, 2015	$	16		$	75		$	91
Balance at December 31, 2014	$	28		$	68		$	96
Provisions for loan losses		(2	)		18			16
Write-offs		—			(21	)		(21	)
Other		(10	)		10			—
Balance at September 30, 2015	$	16		$	75		$	91
Balance at June 30, 2014	$	33		$	67		$	100
Provisions for loan losses		1			8			9
Write-offs		—			(8	)		(8	)
Other		(3	)		3			—
Balance at September 30, 2014	$	31		$	70		$	101
Balance at December 31, 2013	$	43		$	60		$	103
Provisions for loan losses		(1	)		18			17
Write-offs		—			(19	)		(19	)
Other		(11	)		11			—
Balance at September 30, 2014	$	31		$	70		$	101

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, 2015
	700+		600-699		<600		No Score		Total
Sheraton	$	161	$	142	$	14	$	59	$	376
Westin		178		89		5		31		303
Other		8		2		—		4		14
	$	347	$	233	$	19	$	94	$	693
	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

Past Due Balances of VOI Notes Receivable

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

	Total				Delinquent
	Receivables		Current		30-59 Days		60-89 Days		>90 Days		Total
As of September 30, 2015	$	693	$	652	$	10	$	5	$	26	$	41
As of December 31, 2014	$	701	$	659	$	9	$	4	$	29	$	42