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Timeshare Financing Receivables (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Schedule of financing receivables

Timeshare financing receivables were as follows:

		September 30, 2020
($ in millions)		Securitized				Unsecuritized⁽¹⁾				Total
Timeshare financing receivables		$	879			$	350			$	1,229
Less: allowance for financing receivables losses			(70	)			(147	)			(217	)
		$	809			$	203			$	1,012

		December 31, 2019
($ in millions)		Securitized				Unsecuritized⁽¹⁾				Total
Timeshare financing receivables		$	758			$	582			$	1,340
Less: allowance for financing receivables losses			(54	)			(130	)			(184	)
		$	704			$	452			$	1,156

⁽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 securitization activities.

Schedule of future payments due from financing receivables

Our timeshare financing receivables as of September 30, 2020 mature as follows:

($ in millions)	Securitized				Unsecuritized				Total
Year
2020 (remaining)	$	25			$	9			$	34
2021		103				32				135
2022		107				33				140
2023		110				35				145
2024		113				36				149
Thereafter		421				205				626
		879				350				1,229
Less: allowance for financing receivables losses		(70	)			(147	)			(217	)
	$	809			$	203			$	1,012

Schedule of financing receivables by average FICO score

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

		September 30,				December 31,
($ in millions)		2020				2019
FICO score
700+		$	669			$	818
600-699			291				292
<600			51				39
No score⁽¹⁾			218				191
		$	1,229			$	1,340

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

Details the origination year of gross timeshare financing receivables by average FICO score

The following table details the origination year of our gross timeshare financing receivables by average FICO score as of September 30, 2020:

($ in millions)		2020				2019				2018				2017				2016				Prior				Total
FICO score
700+		$	86			$	209			$	142			$	91			$	61			$	80			$	669
600-699			40				91				62				39				23				36				291
<600			7				16				11				6				4				7				51
No score⁽¹⁾			34				67				40				27				18				32				218
		$	167			$	383			$	255			$	163			$	106			$	155			$	1,229

⁽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 receivables balance:

		September 30, 2020
($ in millions)		Securitized				Unsecuritized				Total
Current		$	858			$	230			$	1,088
31 - 90 days past due			12				12				24
91 - 120 days past due			5				3				8
121 days and greater past due			4				105				109
		$	879			$	350			$	1,229

		December 31, 2019
($ in millions)		Securitized				Unsecuritized				Total
Current		$	743			$	502			$	1,245
31 - 90 days past due			9				12				21
91 - 120 days past due			3				4				7
121 days and greater past due			3				64				67
		$	758			$	582			$	1,340

Schedule of Change in Allowance For Financing Receivables Losses

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

		September 30, 2020
($ in millions)		Securitized				Unsecuritized				Total
Balance as of December 31, 2019		$	54			$	130			$	184
Provision for financing receivables losses⁽¹⁾			(17	)			74				57
Write-offs			—				(24	)			(24	)
Securitization			33				(33	)			—
Balance as of September 30, 2020		$	70			$	147			$	217

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

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