Timeshare Financing Receivables (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Schedule of financing receivables

Timeshare financing receivables were as follows:

	September 30, 2019
($ in millions)	Securitized and Pledged			Unsecuritized(1)			Total
Timeshare financing receivables	$	795		$	523		$	1,318
Less: allowance for financing receivables losses		(60	)		(119	)		(179	)
	$	735		$	404		$	1,139

	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 September 30, 2019 mature as follows:

($ in millions)	Securitized and Pledged			Unsecuritized			Total
Year
2019 (remaining)	$	22		$	22		$	44
2020		90			49			139
2021		94			50			144
2022		98			49			147
2023		101			50			151
Thereafter		390			303			693
		795			523			1,318
Less: allowance for financing receivables losses		(60	)		(119	)		(179	)
	$	735		$	404		$	1,139

Schedule of financing receivables by FICO score

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

	September 30,		December 31,
($ in millions)	2019		2018
FICO score
700+	$	802	$	790
600-699		289		280
<600		38		37
No score(1)		189		185
	$	1,318	$	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:

	September 30, 2019
($ in millions)	Securitized and Pledged		Unsecuritized		Total
Current	$	783	$	449	$	1,232
31 - 90 days past due		7		11		18
91 - 120 days past due		3		5		8
121 days and greater past due		2		58		60
	$	795	$	523	$	1,318

	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:

	September 30, 2019
($ in millions)	Securitized and Pledged			Unsecuritized			Total
Balance as of December 31, 2018	$	43		$	129		$	172
Write-offs		—			(53	)		(53	)
Securitizations		29			(29	)		—
Provision for financing receivables losses(1)		(12	)		72			60
Balance as of September 30, 2019	$	60		$	119		$	179

	September 30, 2018
($ in millions)	Securitized and Pledged			Unsecuritized			Total
Balance as of December 31, 2017	$	27		$	114		$	141
Write-offs		—			(22	)		(22	)
Securitization		30			(30	)		—
Provision for financing receivables losses(1)		(10	)		60			50
Balance as of September 30, 2018	$	47		$	122		$	169

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