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VACATION OWNERSHIP NOTES RECEIVABLE (Tables)
 3 Months Ended
Mar. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Composition of vacation ownership notes receivable balances, net of reserves
The following table shows the composition of our vacation ownership notes receivable balances, net of reserves.
March 31, 2024December 31, 2023
($ in millions)OriginatedAcquiredTotalOriginatedAcquiredTotal
Securitized$1,785 $129 $1,914 $1,764 $148 $1,912 
Eligible for securitization(1)
51 2 53 51 1 52 
Not eligible for securitization(1)
351 18 369 363 16 379 
Non-securitized402 20 422 414 17 431 
Total
$2,187 $149 $2,336 $2,178 $165 $2,343 
(1)Refer to Footnote 7 “Financial Instruments” for discussion of eligibility of our vacation ownership notes receivable for securitization.
Interest income associated with vacation ownership notes receivable The following table summarizes interest income associated with vacation ownership notes receivable.
Three Months Ended
($ in millions)March 31, 2024March 31, 2023
Interest income associated with securitized vacation ownership notes receivable
$71 $67 
Interest income associated with non-securitized vacation ownership notes receivable
10 9 
Total interest income associated with vacation ownership notes receivable$81 $76 
Financing receivable, nonaccrual
The following table shows our recorded investment in non-accrual vacation ownership notes receivable, which are vacation ownership notes receivable that are 90 days or more past due.
Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
Investment in vacation ownership notes receivable on non-accrual status at March 31, 2024
$153 $27 $180 
Investment in vacation ownership notes receivable on non-accrual status at December 31, 2023
$141 $27 $168 
Aging of recorded investment in principal, before reserves, in vacation ownership notes receivable
The following table shows the aging of the recorded investment in principal, before reserves, in vacation ownership notes receivable as of March 31, 2024 and December 31, 2023.
As of March 31, 2024As of December 31, 2023
($ in millions)Non-SecuritizedSecuritizedTotalNon-SecuritizedSecuritizedTotal
31 – 90 days past due$32 $68 $100 $31 $72 $103 
91 – 120 days past due12 15 27 7 19 26 
Greater than 120 days past due141 12 153 134 8 142 
Total past due185 95 280 172 99 271 
Current444 2,078 2,522 460 2,082 2,542 
Total vacation ownership notes receivable$629 $2,173 $2,802 $632 $2,181 $2,813 
Acquired  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable The following table shows future contractual principal payments, net of a $14 million reserve, and interest rates for our acquired vacation ownership notes receivable at March 31, 2024.
Acquired Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
2024, remaining$4 $21 $25 
20253 27 30 
20263 24 27 
20273 19 22 
20282 13 15 
Thereafter5 25 30 
Balance at March 31, 2024$20 $129 $149 
Weighted average stated interest rate13.8%14.2%14.1%
Range of stated interest rates
0.0% to 21.9%
0.0% to 21.9%
0.0% to 21.9%
Financing receivable credit quality indicators
The following tables show the acquired vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Acquired Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)700+600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$42 $28 $4 $8 $82 
Hyatt Vacation Ownership48 31 1 1 81 
$90 $59 $5 $9 $163 
Acquired Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)700+600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$46 $32 $4 $9 $91 
Hyatt Vacation Ownership53 34 1 1 89 
$99 $66 $5 $10 $180 
Originated  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Future principal payments, net of reserves, and interest rates of vacation ownership notes receivable The following table shows future principal payments, net of reserves, and interest rates for our originated vacation ownership notes receivable at March 31, 2024.
Originated Vacation Ownership Notes Receivable
($ in millions)Non-SecuritizedSecuritizedTotal
2024, remaining$51 $105 $156 
202548 146 194 
202643 155 198 
202740 162 202 
202833 168 201 
Thereafter187 1,049 1,236 
Balance at March 31, 2024$402 $1,785 $2,187 
Weighted average stated interest rate11.9%13.3%13.0%
Range of stated interest rates
0.0% to 20.9%
0.0% to 20.9%
0.0% to 20.9%
Notes receivable reserves
The following table summarizes the activity related to our originated vacation ownership notes receivable reserve.
Originated Vacation Ownership Notes Receivable Reserve
($ in millions)Non-SecuritizedSecuritizedTotal
Balance at December 31, 2023$195 $260 $455 
Increase (decrease) in vacation ownership notes receivable reserve
47 (5)42 
Securitizations(63)63 — 
Clean-up call34 (34)— 
Write-offs(45)— (45)
Defaulted vacation ownership notes receivable repurchase activity(1)
33 (33)— 
Balance at March 31, 2024$201 $251 $452 
(1)Reflects the change attributable to the transfer of the reserve from the securitized vacation ownership notes receivable reserve to the non-securitized vacation ownership notes receivable reserve when we voluntarily repurchased securitized vacation ownership notes receivable.
Financing receivable credit quality indicators
The following tables show originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination.
Originated Vacation Ownership Notes Receivable as of March 31, 2024
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,381 $608 $57 $327 $2,373 
Hyatt Vacation Ownership191 70 2 3 266 
$1,572 $678 $59 $330 $2,639 
Originated Vacation Ownership Notes Receivable as of December 31, 2023
($ in millions)700 +600 - 699< 600No ScoreTotal
Marriott Vacation Ownership$1,381 $609 $57 $323 2,370 
Hyatt Vacation Ownership188 70 2 3 263 
$1,569 $679 $59 $326 $2,633 
The following tables detail the origination year of our originated vacation ownership notes receivable, before reserves, by brand and borrower FICO score at origination as of March 31, 2024, and gross write-offs by brand for the first quarter of 2024.
Originated Vacation Ownership Notes Receivable - Marriott Vacation Ownership
($ in millions)20242023202220212020 & PriorTotal
700 +$98 $470 $353 $191 $269 $1,381 
600 - 69930 183 155 98 142 608 
< 6003 17 14 9 14 57 
No Score39 138 59 23 68 327 
$170 $808 $581 $321 $493 $2,373 
Gross write-offs$— $7 $12 $8 $12 $39 
Originated Vacation Ownership Notes Receivable - Hyatt Vacation Ownership
($ in millions)20242023202220212020 & PriorTotal
700 +$27 $79 $56 $25 $4 $191 
600 - 6998 27 23 10 2 70 
< 600— 1 — 1 — 2 
No Score— 2 1 — — 3 
$35 $109 $80 $36 $6 $266 
Gross write-offs$— $2 $3 $1 $— $6