Annual report pursuant to Section 13 and 15(d)

Vacation Ownership Contract Receivables (Tables)

v3.22.4
Vacation Ownership Contract Receivables (Tables)
 12 Months Ended
Dec. 31, 2022
Vacation Ownership Contract Receivables [Abstract]  
Current And Long-Term Vacation Ownership Contract Receivables Vacation ownership contract receivables, net consisted of the following (in millions):
As of December 31,
2022 2021
Vacation ownership contract receivables:
Securitized (a)
$ 2,164  $ 2,061 
Non-securitized (b)
747  758 
Vacation ownership contract receivables, gross 2,911  2,819 
Less: allowance for loan losses 541  510 
Vacation ownership contract receivables, net $ 2,370  $ 2,309 
(a)Excludes $17 million of accrued interest on VOCRs as of both December 31, 2022 and 2021, which are included in Trade receivables, net on the Consolidated Balance Sheets.(b)Excludes $7 million and $5 million of accrued interest on VOCRs as of December 31, 2022 and 2021, which are included in Trade receivables, net on the Consolidated Balance Sheets.
Principal Payments Due On Vacation Ownership Contract Receivables Principal payments due on the Company’s VOCRs during each of the five years subsequent to December 31, 2022, and thereafter are as follows (in millions):
Securitized Non -
Securitized		 Total
2023 $ 208  $ 80  $ 288 
2024 222  81  303 
2025 234  89  323 
2026 244  94  338 
2027 237  97  334 
Thereafter 1,019  306  1,325 
$ 2,164  $ 747  $ 2,911 
Allowance For Loan Losses On Vacation Ownership Contract Receivables The activity in the allowance for loan losses on VOCRs was as follows (in millions):
  Amount
Allowance for loan losses as of December 31, 2019 $ 747 
Provision for loan losses, net 415 
Contract receivables write-offs, net (469)
Allowance for loan losses as of December 31, 2020 693 
Provision for loan losses, net 129 
Contract receivables write-offs, net (312)
Allowance for loan losses as of December 31, 2021 510 
Provision for loan losses, net 302 
Contract receivables write-offs, net (271)
Allowance for loan losses as of December 31, 2022 $ 541 
Aged Analysis Of Financing Receivables Using Updated FICO Scores
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 December 31, 2022
700+ 600-699 <600 No Score Asia Pacific Total
Current $ 1,674  $ 700  $ 93  $ 142  $ 143  $ 2,752 
31 - 60 days 24  32  11  5  1  73 
61 - 90 days 16  20  7  2  —  45 
91 - 120 days 12  17  10  2  —  41 
Total (a)
$ 1,726  $ 769  $ 121  $ 151  $ 144  $ 2,911 
As of December 31, 2021
700+ 600-699 <600 No Score Asia Pacific Total
Current $ 1,630  $ 734  $ 98  $ 72  $ 169  $ 2,703 
31 - 60 days 17  24  10  3  1  55 
61 - 90 days 9  12  7  1  —  29 
91 - 120 days 9  12  9  1  1  32 
Total (a)
$ 1,665  $ 782  $ 124  $ 77  $ 171  $ 2,819 
(a)Includes contracts under temporary deferment (up to 180 days) of $7 million as of December 31, 2021. There were no contracts under temporary deferment as of December 31, 2022.
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 December 31, 2022
700+ 600-699 <600 No Score Asia Pacific Total
2022 $ 745  $ 291  $ 19  $ 87  $ 52  $ 1,194 
2021 275  149  30  8  19  481 
2020 134  60  12  5  15  226 
2019 198  97  23  16  21  355 
2018 162  74  16  13  14  279 
Prior 212  98  21  22  23  376 
Total $ 1,726  $ 769  $ 121  $ 151  $ 144  $ 2,911 
As of December 31, 2021
700+ 600-699 <600 No Score Asia Pacific Total
2021 $ 534  $ 221  $ 11  $ 11  $ 38  $ 815 
2020 224  105  17  6  38  390 
2019 324  168  37  19  33  581 
2018 234  117  25  14  24  414 
2017 157  76  15  11  14  273 
Prior 192  95  19  16  24  346 
Total $ 1,665  $ 782  $ 124  $ 77  $ 171  $ 2,819