Vacation Ownership Notes Receivable (Tables)

6 Months Ended

Jun. 30, 2013

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Notes Receivable (Net of Reserves) Related to Vacation Ownership Loans

Notes receivable (net of reserves) related to our vacation ownership loans consist of the following (in millions):

	June 30, 2013			December 31, 2012
Vacation ownership loans – securitized	$	440		$	503
Vacation ownership loans – unsecuritized		172			111
		612			614
Less: current portion
Vacation ownership loans – securitized		(61	)		(65	)
Vacation ownership loans – unsecuritized		(20	)		(19	)
	$	531		$	530

Interest Income Related to VOI Notes Receivable

Interest income related to our VOI notes receivable was as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Vacation ownership loans – securitized	$	17	$	16	$	34	$	34
Vacation ownership loans – unsecuritized		4		4		8		8
	$	21	$	20	$	42	$	42

Future Maturities of Gross VOI Notes Receivable and Interest Rates

The following table presents future maturities of gross VOI notes receivable (in millions) and interest rates:

	Securitized			Unsecuritized			Total
2013	$	34		$	19		$	53
2014		70			16			86
2015		70			17			87
2016		68			18			86
Thereafter		252			155			407
Balance at June 30, 2013	$	494		$	225		$	719
Weighted Average Interest Rates		12.99	%		12.64	%		12.87	%
Range of interest rates		5% to 17%			6% to 17%			5% to 17%

Loan Loss Reserve

The activity and balances for our loan loss reserve are as follows (in millions):

	Securitized			Unsecuritized			Total
Balance at March 31, 2013	$	59		$	50		$	109
Provisions for loan losses		—			5			5
Write-offs		—			(7	)		(7	)
Other		(5	)		5			—
Balance at June 30, 2013	$	54		$	53		$	107
Balance at December 31, 2012	$	73		$	48		$	121
Provisions for loan losses		(9	)		11			2
Write-offs		—			(16	)		(16	)
Other		(10	)		10			—
Balance at June 30, 2013	$	54		$	53		$	107
Balance at March 31, 2012	$	73		$	59		$	132
Provisions for loan losses		—			5			5
Write-offs		—			(8	)		(8	)
Other		(7	)		7			—
Balance at June 30, 2012	$	66		$	63		$	129
Balance at December 31, 2011	$	80		$	56		$	136
Provisions for loan losses		—			12			12
Write-offs		—			(19	)		(19	)
Other		(14	)		14			—
Balance at June 30, 2012	$	66		$	63		$	129

Balances of VOI Notes Receivable by Brand and by FICO Score

Balances of our VOI notes receivable by brand and by FICO score were as follows (in millions):

	As of June 30 2013
	700+		600-699		<600		No Score		Total
Sheraton	$	153	$	125	$	20	$	57	$	355
Westin		202		91		8		39		340
Other		13		3		—		8		24
	$	368	$	219	$	28	$	104	$	719
	As of December 31, 2012
	700+		600-699		<600		No Score		Total
Sheraton	$	153	$	123	$	23	$	59	$	358
Westin		208		91		8		42		349
Other		16		4		—		8		28
	$	377	$	218	$	31	$	109	$	735

Past Due Balances of VOI Notes Receivable

Past due balances of VOI notes receivable were as follows (in millions):

	Total Receivables		Current		Delinquent
					30-59 Days		60-89 Days		>90 Days		Total
As of June 30, 2013	$	719	$	673	$	6	$	5	$	35	$	46
As of December 31, 2012	$	735	$	686	$	7	$	5	$	37	$	49