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NOTES RECEIVABLE (Tables)
 12 Months Ended
Dec. 30, 2011
Composition of our Notes Receivable Balances (Net of Reserves and Unamortized Discounts)
We show the composition of our notes receivable balances (net of reserves and unamortized discounts) in the following table:
 
($ in millions)
At Year-End 2011
 
At Year-End 2010
Loans to timeshare owners – securitized
$
—

 
$
1,028

Loans to timeshare owners – non-securitized
—

 
225

Senior, mezzanine, and other loans – non-securitized
382

 
191

 
382

 
1,444

Less current portion
 
 
 
Loans to timeshare owners – securitized
—

 
(118
)
Loans to timeshare owners – non-securitized
—

 
(55
)
Senior, mezzanine, and other loans – non-securitized
(84
)
 
(7
)
 
$
298

 
$
1,264
Composition of our Long Term Notes Receivable Balances (Net of Reserves and Unamortized Discounts)
We show the composition of our long-term notes receivable balances (net of reserves and unamortized discounts) in the following table:
 
($ in millions)
At Year-End 2011
 
At Year-End 2010
Loans to timeshare owners
$
—

 
$
1,080

Loans to equity method investees
2

 
2

Other notes receivable
296

 
182

 
$
298

 
$
1,264
Notes Receivable Principal Payments (Net of Reserves and Unamortized Discounts) and Interest Rates
The following tables show future principal payments (net of reserves and unamortized discounts) as well as interest rates, reserves and unamortized discounts for our securitized and non-securitized notes receivable.

Notes Receivable Principal Payments (net of reserves and unamortized discounts) and Interest Rates
 
($ in millions)
Amount
2012
$
84

2013
50

2014
35

2015
23

2016
44

Thereafter
146

Balance at year-end 2011
$
382

Weighted average interest rate at year-end 2011
4.3
%
Range of stated interest rates at year-end 2011
0 to 12.9%
Notes Receivable Reserves
Notes Receivable Reserves
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
Balance at year-end 2010
$
203

 
$
89

 
$
292

Balance at year-end 2011
$
78

 
$
—

 
$
78
Notes Receivable Unamortized Discounts
Notes Receivable Unamortized Discounts (1) 
($ in millions)
Amount
Balance at year-end 2010
$
13

Balance at year-end 2011
$
12

 
(1) 
The discounts for both year-end 2011 and 2010 relate entirely to our Senior, Mezzanine, and Other Loans.
Senior, Mezzanine and Other Loans
  
Notes Receivable Reserves
The following table summarizes the activity related to our “Senior, mezzanine, and other loans” notes receivable reserve for 2009, 2010, and 2011:
($ in millions)
Notes  Receivable
Reserve
Balance at year-end 2008
$
113

Additions
84

Write-offs
(28
)
Transfers and other
14

Balance at year-end 2009
$
183

Additions
4

Write-offs
(120
)
Transfers and other
7

Balance at year-end 2010
$
74

Additions
2

Reversals
(7
)
Transfers and other
9

Balance at year-end 2011
$
78
Loans to timeshare owners
  
Notes Receivable Reserves
The following table summarizes the activity related to our “Loans to timeshare owners” notes receivable reserve for 2009, 2010, and 2011 prior to the spin-off date:
 
($ in millions)
Non-Securitized
Notes  Receivable
Reserve
 
Securitized
Notes  Receivable
Reserve
 
Total
Balance at year-end 2008
$
35

 
$
—

 
$
35

Additions for current year securitizations
5

 
—

 
5

Write-offs
(13
)
 
—

 
(13
)
Balance at year-end 2009
$
27

 
$
—

 
$
27

Additions for current year securitizations
32

 
—

 
32

Additions for new securitizations, net of clean-up call
(18
)
 
18

 
—

Write-offs
(79
)
 
—

 
(79
)
One-time impact of the new Transfers of Financial Assets and Consolidation standards (1)
84

 
135

 
219

Defaulted note repurchase activity(2)
68

 
(68
)
 
—

Other
15

 
4

 
19

Balance at year-end 2010
$
129

 
$
89

 
$
218

Additions for current year contract sales
26

 
—

 
26

Additions for new securitizations, net of unwind
(12
)
 
12

 
—

Write-offs
(67
)
 
—

 
(67
)
Defaulted note repurchase activity(2)
43

 
(43
)
 
—

Other(3)
(12
)
 
12

 
—

Transfer due to spin-off
(107
)
 
(70
)
 
(177
)
Balance at year-end 2011
$
—

 
$
—

 
$
—

 
(1) 
The non-securitized notes receivable reserve related to the implementation of the new Transfers of Financial Assets and Consolidation standards, which required us to establish reserves for certain previously securitized and subsequently repurchased notes held at January 2, 2010.
(2) 
Decrease in securitized reserve and increase in non-securitized reserve was attributable to the transfer of the reserve when we repurchased the notes.
(3) 
Consisted of static pool and default rate assumption changes.
Securitized and Non-Securitized Timeshare Notes Receivable, Loans on Nonaccrual Status
We show our recorded investment in nonaccrual “Loans to timeshare owners” loans at year-end 2010 (which were loans that were 90 days or more past due) as well as our average investment in these loans during 2010 in the following table:
 
($ in millions)
Non-Securitized
Notes  Receivable
 
Securitized
Notes  Receivable
 
Total
Investment in loans on nonaccrual status
$
113

 
$
15

 
$
128

Average investment in loans on nonaccrual status
$
113

 
$
8

 
$
121