Quarterly report pursuant to Section 13 or 15(d)

Vacation Ownership Contract Receivables (Tables)

v3.21.2
Vacation Ownership Contract Receivables (Tables)
9 Months Ended
Sep. 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):
September 30,
2021
December 31,
2020
Vacation ownership contract receivables:
Securitized (a)
$ 2,136  $ 2,458 
Non-securitized (b)
721  717 
Vacation ownership contract receivables, gross 2,857  3,175 
Less: Allowance for loan losses 565  693 
Vacation ownership contract receivables, net $ 2,292  $ 2,482 
(a)Excludes $17 million and $23 million of accrued interest on securitized VOCRs as of September 30, 2021 and December 31, 2020, which are included in Trade receivables, net on the Condensed Consolidated Balance Sheets.
(b)Excludes $5 million and $9 million of accrued interest on non-securitized VOCRs as of September 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 120 
Contract receivables write-offs, net (248)
Allowance for loan losses as of September 30, 2021 $ 565 
Amount
Allowance for loan losses as of December 31, 2019 $ 747 
Provision for loan losses, net 391 
Contract receivables write-offs, net (350)
Allowance for loan losses as of September 30, 2020 $ 788 
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 September 30, 2021
700+ 600-699 <600 No Score Asia Pacific Total
Current $ 1,639  $ 756  $ 108  $ 75  $ 176  $ 2,754 
31 - 60 days 16  20  10  49 
61 - 90 days 11  27 
91 - 120 days —  27 
Total (a)
$ 1,671  $ 796  $ 133  $ 79  $ 178  $ 2,857 
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 September 30, 2021 and December 31, 2020, contracts under deferment total $9 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 September 30, 2021
700+ 600-699 <600 No Score Asia Pacific Total
2021 $ 406  $ 157  $ $ $ 29  $ 604 
2020 259  125  19  42  451 
2019 363  190  41  21  37  652 
2018 257  129  29  15  26  456 
2017 172  85  17  12  16  302 
Prior 214  110  22  18  28  392 
Total $ 1,671  $ 796  $ 133  $ 79  $ 178  $ 2,857 
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