Timeshare Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

Schedule of financing receivables

Timeshare financing receivables were as follows:

	March 31, 2019
($ in millions)	Securitized and Pledged			Unsecuritized(1)			Total
Timeshare financing receivables	$	618		$	662		$	1,280
Less: allowance for financing receivables losses		(39	)		(130	)		(169	)
	$	579		$	532		$	1,111

	December 31, 2018
($ in millions)	Securitized and Pledged			Unsecuritized(1)			Total
Timeshare financing receivables	$	660		$	632		$	1,292
Less: allowance for financing receivables losses		(43	)		(129	)		(172	)
	$	617		$	503		$	1,120

⁽¹⁾ Includes amounts used as collateral to secure a non-recourse revolving timeshare receivable credit facility ("Timeshare Facility") as well as amounts held as future collateral for upcoming securitization activities.

Schedule of future payments due from financing receivables

Our timeshare financing receivables as of March 31, 2019 mature as follows:

($ in millions)	Securitized and Pledged			Unsecuritized			Total
Year
2019 (remaining)	$	63		$	48		$	111
2020		84			55			139
2021		83			61			144
2022		80			66			146
2023		78			70			148
Thereafter		230			362			592
		618			662			1,280
Less: allowance for financing receivables losses		(39	)		(130	)		(169	)
	$	579		$	532		$	1,111

Schedule of financing receivables by FICO score

We recognize interest income on our timeshare financing receivables as earned. The interest rate charged on the notes correlates to the risk profile of the customer at the time of purchase and the percentage of the purchase that is financed, among other factors. As of March 31, 2019, our timeshare financing receivables had interest rates ranging from 5.25 percent to 20.50 percent, a weighted-average interest rate of 12.31 percent, a weighted-average remaining term of 7.7 years and maturities through 2031.

Our gross timeshare financing receivables balances by FICO score were as follows:

	March 31,		December 31,
($ in millions)	2019		2018
FICO score
700+	$	837	$	843
600-699		232		237
<600		27		27
No score(1)		184		185
	$	1,280	$	1,292

⁽¹⁾ Timeshare financing receivables without a FICO score are primarily related to foreign borrowers.

Schedule of past due financing receivables

The following tables detail an aged analysis of our gross timeshare financing receivables balance:

	March 31, 2019
($ in millions)	Securitized and Pledged		Unsecuritized		Total
Current	$	604	$	587	$	1,191
31 - 90 days past due		9		12		21
91 - 120 days past due		3		4		7
121 days and greater past due		2		59		61
	$	618	$	662	$	1,280

	December 31, 2018
($ in millions)	Securitized and Pledged		Unsecuritized		Total
Current	$	648	$	556	$	1,204
31 - 90 days past due		8		11		19
91 - 120 days past due		3		3		6
121 days and greater past due		1		62		63
	$	660	$	632	$	1,292

Schedule of Change in Allowance For Financing Receivables Losses

The changes in our allowance for financing receivables losses were as follows:

	March 31, 2019
($ in millions)	Securitized and Pledged			Unsecuritized			Total
Balance as of December 31, 2018	$	43		$	129		$	172
Write-offs		—			(17	)		(17	)
Provision for financing receivables losses(1)		(4	)		18			14
Balance as of March 31, 2019	$	39		$	130		$	169

	March 31, 2018
($ in millions)	Securitized and Pledged			Unsecuritized			Total
Balance as of December 31, 2017	$	27		$	114		$	141
Write-offs		—			(9	)		(9	)
Provision for financing receivables losses(1)		(5	)		17			12
Balance as of March 31, 2018	$	22		$	122		$	144

⁽¹⁾ Includes incremental provision for financing receivables losses, net of activity related to the repurchase of defaulted and upgraded securitized timeshare financing receivables.