Annual report pursuant to Section 13 and 15(d)

Variable Interest Entities (Tables)

v3.22.4
Variable Interest Entities (Tables)
12 Months Ended
Dec. 31, 2022
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]  
Assets And Liabilities Of Vacation Ownership SPEs
The assets and liabilities of these vacation ownership SPEs are as follows (in millions):
As of December 31,
2022 2021
Securitized contract receivables, gross (a)
$ 2,164  $ 2,061 
Securitized restricted cash (b)
83  84 
Interest receivables on securitized contract receivables (c)
17  17 
Other assets (d)
25 
Total SPE assets 2,289  2,166 
Non-recourse term notes (e)(f)
1,545  1,614 
Non-recourse conduit facilities (e)
428  320 
Other liabilities (g)
Total SPE liabilities 1,978  1,936 
SPE assets in excess of SPE liabilities $ 311  $ 230 
(a)Included in Vacation ownership contract receivables, net on the Consolidated Balance Sheets.
(b)Included in Restricted cash on the Consolidated Balance Sheets.
(c)Included in Trade receivables, net on the 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 Consolidated Balance Sheets.
(e)Included in Non-recourse vacation ownership debt on the Consolidated Balance Sheets.
(f)Includes deferred financing costs of $18 million as of both December 31, 2022 and 2021, 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 Consolidated Balance Sheets.
Summary Of 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):
As of December 31,
2022 2021
SPE assets in excess of SPE liabilities $ 311  $ 230 
Non-securitized contract receivables 747  758 
Less: allowance for loan losses 541  510 
Total, net $ 517  $ 478