Quarterly report pursuant to Section 13 or 15(d)

Vacation Ownership Contract Receivables (Tables)

v3.21.2
Vacation Ownership Contract Receivables (Tables)
6 Months Ended
Jun. 30, 2021
Vacation Ownership Contract Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] Vacation ownership contract receivables, net consisted of (in millions):
June 30,
2021
December 31,
2020
Vacation ownership contract receivables:
Securitized (a)
$ 2,158  $ 2,458 
Non-securitized (b)
734  717 
Vacation ownership contract receivables, gross 2,892  3,175 
Less: Allowance for loan losses 573  693 
Vacation ownership contract receivables, net $ 2,319  $ 2,482 
(a)Excludes $17 million and $23 million of accrued interest on securitized VOCRs as of June 30, 2021 and December 31, 2020, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
(b)Excludes $6 million and $9 million of accrued interest on non-securitized VOCRs as of June 30, 2021 and December 31, 2020, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
Financing Receivable, Allowance for Credit Loss [Table Text Block]
The activity in the allowance for loan losses on VOCRs was as follows (in millions):
Amount
Allowance for loan losses as of December 31, 2020 $ 693 
Provision for loan losses, net 71 
Contract receivables write-offs, net (191)
Allowance for loan losses as of June 30, 2021 $ 573 
Amount
Allowance for loan losses as of December 31, 2019 $ 747 
Provision for loan losses, net 345 
Contract receivables write-offs, net (246)
Allowance for loan losses as of June 30, 2020 $ 846 
Financing Receivable Credit Quality Indicators [Table Text Block]
The following table details an aging analysis of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions):
As of June 30, 2021
700+ 600-699 <600 No Score Asia Pacific Total
Current $ 1,624  $ 764  $ 129  $ 80  $ 197  $ 2,794 
31 - 60 days 15  16  10  44 
61 - 90 days 10  27 
91 - 120 days 10  27 
Total (a)
$ 1,655  $ 800  $ 153  $ 84  $ 200  $ 2,892 
As of December 31, 2020
700+ 600-699 <600 No Score Asia Pacific Total
Current $ 1,706  $ 835  $ 160  $ 96  $ 221  $ 3,018 
31 - 60 days 20  25  13  64 
61 - 90 days 13  18  12  47 
91 - 120 days 12  16  14  46 
Total (a)
$ 1,751  $ 894  $ 199  $ 106  $ 225  $ 3,175 
(a)Includes contracts under temporary deferment (up to 180 days). As of June 30, 2021 and December 31, 2020, contracts under deferment total $12 million and $37 million.
The following table details the year of origination of financing receivables using the most recently updated FICO scores, based on the policy described above (in millions):
As of June 30, 2021
700+ 600-699 <600 No Score Asia Pacific Total
2021 $ 262  $ 86  $ $ $ 29  $ 384 
2020 295  147  22  49  520 
2019 386  204  49  22  43  704 
2018 285  147  34  16  30  512 
2017 188  92  21  13  18  332 
Prior 239  124  26  20  31  440 
Total $ 1,655  $ 800  $ 153  $ 84  $ 200  $ 2,892 
As of December 31, 2020
700+ 600-699 <600 No Score Asia Pacific Total
2020 $ 424  $ 173  $ 11  $ 17  $ 55  $ 680 
2019 476  269  67  27  70  909 
2018 339  183  50  21  36  629 
2017 220  115  31  16  22  404 
2016 128  63  16  10  16  233 
Prior 164  91  24  15  26  320 
Total $ 1,751  $ 894  $ 199  $ 106  $ 225  $ 3,175