Quarterly report pursuant to Section 13 or 15(d)

Variable Interest Entities (Tables)

v3.21.2
Variable Interest Entities (Tables)
6 Months Ended
Jun. 30, 2021
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]  
Assets and Liabilities of SPEs
The assets and liabilities of these vacation ownership SPEs are as follows (in millions):
June 30,
2021
December 31,
2020
Securitized contract receivables, gross (a)
$ 2,158  $ 2,458 
Securitized restricted cash (b)
83  92 
Interest receivables on securitized contract receivables (c)
17  23 
Other assets (d)
Total SPE assets 2,263  2,578 
Non-recourse term notes (e) (f)
1,719  1,893 
Non-recourse conduit facilities (e)
299  341 
Other liabilities (g)
Total SPE liabilities 2,027  2,236 
SPE assets in excess of SPE liabilities $ 236  $ 342 
(a)The Company does not allocate allowance for loan losses to SPEs. This amount is included in Vacation ownership contract receivables, net on the Condensed Consolidated Balance Sheets.
(b)Included in Restricted cash on the Condensed Consolidated Balance Sheets.
(c)Included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
(d)Primarily includes deferred financing costs for the bank conduit facility and a security investment asset, which is included in Other assets on the Condensed Consolidated Balance Sheets.
(e)Included in Non-recourse vacation ownership debt on the Condensed Consolidated Balance Sheets.
(f)Includes deferred financing costs of $19 million and $21 million as of June 30, 2021 and December 31, 2020, related to non-recourse debt.
(g)Primarily includes accrued interest on non-recourse debt, which is included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
Summary Of Total Vacation Ownership Receivables And Other Securitized Assets, Net Of Securitized Liabilities And Allowance For Loan Losses A summary of total vacation ownership receivables and other securitized assets, net of securitized liabilities and the allowance for loan losses, is as follows (in millions):
June 30,
2021
December 31,
2020
SPE assets in excess of SPE liabilities $ 236  $ 342 
Non-securitized contract receivables 734  717 
Less: Allowance for loan losses 573  693 
Total, net $ 397  $ 366