XML 52 R37.htm IDEA: XBRL DOCUMENT

Timeshare Financing Receivables (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Financing Receivables

Timeshare financing receivables were as follows:

		December 31, 2020
($ in millions)		Securitized				Unsecuritized⁽¹⁾				Total
Timeshare financing receivables		$	805			$	380			$	1,185
Less: allowance for financing receivables losses			(63	)			(148	)			(211	)
		$	742			$	232			$	974

⁽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.

		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 upcoming securitization activities.

Schedule of Future Payments Due from Financing Receivables

Our timeshare financing receivables as of December 31, 2020 mature as follows:

($ in millions)		Securitized				Unsecuritized				Total
Year
2021		$	98			$	34			$	132
2022			101				35				136
2023			104				37				141
2024			107				38				145
2025			105				40				145
Thereafter			290				196				486
			805				380				1,185
Less: allowance for financing receivables losses			(63	)			(148	)			(211	)
		$	742			$	232			$	974

Schedule of Financing Receivables by Average FICO Score

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

		December 31,
($ in millions)		2020				2019
FICO score
700+		$	711			$	818
600-699			266				292
<600			36				39
No score⁽¹⁾			172				191
		$	1,185			$	1,340

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

Details the Gross Timeshare Financing Receivables by the Origination Year and Average FICO Score

The following table details our gross timeshare financing receivables by the origination year and average FICO score as of December 31, 2020:

($ in millions)		2020				2019				2018				2017				2016				Prior				Total
FICO score
700+		$	128			$	214			$	142			$	95			$	60			$	72			$	711
600-699			46				78				52				34				22				34				266
<600			7				11				6				4				3				5				36
No score⁽¹⁾			33				50				33				17				12				27				172
		$	214			$	353			$	233			$	150			$	97			$	138			$	1,185

Schedule of Past Due Financing Receivables

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

		December 31, 2020
($ in millions)		Securitized				Unsecuritized				Total
Current		$	783			$	265			$	1,048
31 - 90 days past due			11				9				20
91 - 120 days past due			5				3				8
121 days and greater past due			6				103				109
		$	805			$	380			$	1,185

		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:

($ in millions)		Securitized				Unsecuritized				Total
December 31, 2017		$	27			$	114			$	141
Write-offs			—				(38	)			(38	)
Securitizations			28				(28	)			—
Provision for financing receivables losses⁽¹⁾			(12	)			81				69
December 31, 2018			43				129				172
Write-offs			—				(62	)			(62	)
Securitizations			27				(27	)			—
Provision for financing receivables losses⁽¹⁾			(16	)			90				74
December 31, 2019			54				130				184
Write-offs			—				(48	)			(48	)
Securitizations			30				(30	)			—
Provision for financing receivables losses⁽¹⁾			(21	)			96				75
December 31, 2020		$	63			$	148			$	211

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