Starwood 2010 Annual Report Download - page 138

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comprehensive income totaled a $3 million gain for the year ended December 31, 2009. Total other-than-temporary
impairments related to credit losses recorded in loss on asset dispositions and impairments totaled $22 million and
$23 million during 2009 and 2008, respectively.
Note 11. Notes Receivable
As discussed in Notes 2 and 10, beginning January 1, 2010, the Company was required to consolidate certain
entities associated with securitization transactions completed in prior years.
Notes receivable (net of reserves) related to the Company’s vacation ownership loans consist of the following
(in millions):
2010 2009
December 31,
Vacation ownership loans-securitized . ................................... $467 $ —
Vacation ownership loans-unsecuritized .................................. 152 242
619 242
Less: current portion
Vacation ownership loans-securitized .................................. (59) —
Vacation ownership loans-unsecuritized ................................. (20) (20)
$540 $222
The current and long-term maturities of unsecuritized VOI notes receivable are included in accounts receivable
and other assets, respectively, in the Company’s consolidated balance sheets.
The Company records interest income associated with VOI notes in its vacation ownership and residential sale
and services line item in its consolidated statements of income. Interest income related to the Company’s VOI notes
receivable was as follows (in millions):
2010 2009 2008
Year Ended
December 31,
Vacation ownership loans-securitized ................................ $66 $— $—
Vacation ownership loans-unsecuritized .............................. 21 48 57
$87 $48 $57
The following tables present future maturities of gross VOI notes receivable and interest rates (in millions):
Securitized Unsecuritized Total
2011 ........................................... $ 69 $ 30 $ 99
2012 ........................................... 72 21 93
2013 ........................................... 75 21 96
2014 ........................................... 75 20 95
Thereafter ....................................... 258 139 397
Balance at December 31, 2010........................ $ 549 $ 231 $ 780
Weighted Average Interest Rates ...................... 12.71% 12.07% 12.49%
Range of interest rates .............................. 6to18% 5to18% 5to18%
F-22
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)