Timeshare Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Financing Receivables

Timeshare financing receivables were as follows:

	March 31, 2021
($ in millions)	Securitized			Unsecuritized(1)			Total
Timeshare financing receivables	$	730		$	417		$	1,147
Less: allowance for financing receivables losses		(54	)		(153	)		(207	)
	$	676		$	264		$	940

	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 securitization activities.

Schedule of Future Payments Due from Financing Receivables

Our timeshare financing receivables as of March 31, 2021 mature as follows:

($ in millions)	Securitized			Unsecuritized			Total
Year
2021 (remaining)	$	70		$	28		$	98
2022		95			37			132
2023		98			40			138
2024		100			42			142
2025		98			44			142
Thereafter		269			226			495
		730			417			1,147
Less: allowance for financing receivables losses		(54	)		(153	)		(207	)
	$	676		$	264		$	940

Schedule of Financing Receivables by Average FICO Score

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

	March 31,		December 31,
($ in millions)	2021		2020
FICO score
700+	$	685	$	711
600-699		256		266
<600		35		36
No score(1)		171		172
	$	1,147	$	1,185

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

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

The following table details the origination year of our gross timeshare financing receivables by the origination year and average FICO score as of March 31, 2021:

($ in millions)	2021		2020		2019		2018		2017		Prior		Total
FICO score
700+	$	42	$	114	$	196	$	130	$	85	$	118	$	685
600-699		13		43		72		48		30		50		256
<600		2		6		10		6		4		7		35
No score(1)		13		32		45		30		16		35		171
	$	70	$	195	$	323	$	214	$	135	$	210	$	1,147

⁽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:

	March 31, 2021
($ in millions)	Securitized		Unsecuritized		Total
Current	$	710	$	307	$	1,017
31 - 90 days past due		11		8		19
91 - 120 days past due		4		2		6
121 days and greater past due		5		100		105
	$	730	$	417	$	1,147

	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

Schedule of Change in Allowance for Financing Receivables Losses

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

	March 31, 2021
($ in millions)	Securitized			Unsecuritized			Total
Balance as of December 31, 2020	$	63		$	148		$	211
Provision for financing receivables losses(1)		(9	)		25			16
Write-offs		—			(20	)		(20	)
Balance as of March 31, 2021	$	54		$	153		$	207

	March 31, 2020
($ in millions)	Securitized			Unsecuritized			Total
Balance as of December 31, 2019	$	54		$	130		$	184
Provision for financing receivables losses(1)		(6	)		43			37
Write-offs		—			(9	)		(9	)
Balance as of March 31, 2020	$	48		$	164		$	212

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