Accounts Receivable and Finance Receivables (Tables)

6 Months Ended

Jul. 02, 2011

Accounts Receivable and Finance Receivables [Abstract]

Accounts Receivable

	July 2,			January 1,
(In millions)	2011			2011
Commercial	$	572		$	496
U.S. Government contracts		320			416
		892			912
Allowance for doubtful accounts		(18	)		(20	)
	$	874		$	892

Finance Receivables

(Dollars in millions)	July 2, 2011				January 1, 2011
Aviation	$	1,985	52	%	$	2,120	46	%
Golf equipment		167	4			212	5
Golf mortgage		746	20			876	19
Timeshare		543	14			894	19
Structured capital		281	7			317	7
Other liquidating		102	3			207	4
Total finance receivables		3,824	100	%		4,626	100	%
Less: Allowance for losses		299				342
Less: Finance receivables held for sale		180				413
Total finance receivables held for investment, net	$	3,345			$	3,871

Finance receivables held for investment based on the internally assigned credit quality

	July 2, 2011											January 1, 2011
(In millions)	Performing			Watchlist			Nonaccrual			Total		Performing			Watchlist			Nonaccrual			Total
Aviation	$	1,640		$	203		$	142		$	1,985	$	1,713		$	238		$	169		$	2,120
Golf equipment		110			42			15			167		138			51			23			212
Golf mortgage		192			201			226			619		163			303			219			685
Timeshare		206			27			277			510		222			77			382			681
Structured capital		255			26			—			281		290			27			—			317
Other liquidating		44			2			36			82		130			11			57			198
Total	$	2,447		$	501		$	696		$	3,644	$	2,656		$	707		$	850		$	4,213
% of Total		67.2	%		13.7	%		19.1	%				63.0	%		16.8	%		20.2	%

Finance receivables held for investment by delinquency aging

	Less Than						Greater Than
	31 Days		31-60 Days		61-90 Days		90 Days
(In millions)	Past Due		Past Due		Past Due		Past Due		Total
July 2, 2011
Aviation	$	1,842	$	44	$	38	$	61	$	1,985
Golf equipment		144		11		3		9		167
Golf mortgage		522		12		—		85		619
Timeshare		425		—		—		85		510
Structured capital		281		—		—		—		281
Other liquidating		59		2		1		20		82
Total	$	3,273	$	69	$	42	$	260	$	3,644
January 1, 2011
Aviation	$	1,964	$	67	$	41	$	48	$	2,120
Golf equipment		171		13		9		19		212
Golf mortgage		543		12		7		123		685
Timeshare		533		14		6		128		681
Structured capital		317		—		—		—		317
Other liquidating		166		2		1		29		198
Total	$	3,694	$	108	$	64	$	347	$	4,213

Summary of impaired finance receivables, excluding leveraged leases, and related allowance for losses

			Golf		Golf				Other
(In millions)	Aviation		Equipment		Mortgage		Timeshare		Liquidating		Total
For the six months ended July 2, 2011
Impaired loans with a related allowance for losses recorded	$	136	$	4	$	193	$	309	$	18	$	660
Impaired loans with no related allowance for losses recorded		20		—		92		48		18		178
Total	$	156	$	4	$	285	$	357	$	36	$	838
For the six months ended July 3, 2010
Impaired loans with a related allowance for losses recorded	$	210	$	4	$	183	$	357	$	24	$	778
Impaired loans with no related allowance for losses recorded		12		2		116		63		69		262
Total	$	222	$	6	$	299	$	420	$	93	$	1,040

Average recorded investment in impaired loans

			Golf		Golf				Other
(In millions)	Aviation		Equipment		Mortgage		Timeshare		Liquidating		Total
July 2, 2011
Impaired loans with a related allowance for losses recorded:
Recorded investment	$	118	$	3	$	198	$	245	$	18	$	582
Unpaid principal balance		120		3		208		281		24		636
Related allowance		43		1		44		86		9		183
Impaired loans with no related allowance for losses recorded:
Recorded investment		22		—		96		77		10		205
Unpaid principal balance		22		—		102		77		51		252
Total impaired loans:
Recorded investment		140		3		294		322		28		787
Unpaid principal balance		142		3		310		358		75		888
Related allowance		43		1		44		86		9		183
January 1, 2011
Impaired loans with a related allowance for losses recorded:
Recorded investment	$	147	$	4	$	175	$	355	$	16	$	697
Unpaid principal balance		144		5		178		385		15		727
Related allowance		45		2		39		102		3		191
Impaired loans with no related allowance for losses recorded:
Recorded investment		17		—		138		69		30		254
Unpaid principal balance		21		—		146		74		89		330
Total impaired loans:
Recorded investment		164		4		313		424		46		951
Unpaid principal balance		165		5		324		459		104		1,057
Related allowance		45		2		39		102		3		191

Allowance for Losses

													Structured
													Capital and
				Golf			Golf						Other
(In millions)	Aviation			Equipment			Mortgage			Timeshare			Liquidating			Total
For the six months ended July 2, 2011
Allowance for losses
Beginning balance	$	107		$	16		$	79		$	106		$	34		$	342
Provision for losses		16			(2	)		(1	)		10			1			24
Net charge-offs and transfers		(17	)		(3	)		(4	)		(28	)		(15	)		(67	)
Ending balance	$	106		$	11		$	74		$	88		$	20		$	299
Ending balance based on individual evaluations		43			1			44			86			9			183
Ending balance based on collective evaluation		63			10			30			2			11			116
Finance receivables
Individually evaluated for impairment	$	140		$	3		$	294		$	322		$	28		$	787
Collectively evaluated for impairment		1,845			164			325			188			54			2,576
Balance at end of period	$	1,985		$	167		$	619		$	510		$	82		$	3,363
For the six months ended July 3, 2010
Allowance for losses
Beginning balance	$	114		$	9		$	65		$	79		$	74		$	341
Provision for losses		16			7			51			32			(7	)		99
Net charge-offs		(30	)		(3	)		(41	)		(1	)		(13	)		(88	)
Ending balance	$	100		$	13		$	75		$	110		$	54		$	352
Ending balance based on individual evaluations		39			1			40			99			2			181
Ending balance based on collective evaluation		61			12			35			11			52			171
Finance receivables
Individually evaluated for impairment	$	163		$	7		$	304		$	448		$	85		$	1,007
Collectively evaluated for impairment		2,081			227			484			634			363			3,789
Balance at end of period	$	2,244		$	234		$	788		$	1,082		$	448		$	4,796