Starwood 2012 Annual Report Download - page 180
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
See Note 11 for disclosures and amounts related to the securitized vacation ownership notes receivable
consolidated on our balance sheets as of December 31, 2012 and 2011.
Note 11. Notes Receivable
Notes receivable (net of reserves) related to our vacation ownership loans consist of the following (in
millions):
December 31,
2012 2011
Vacation ownership loans – securitized ..................................... $503 $510
Vacation ownership loans – unsecuritized ................................... 111 113
614 623
Less: current portion
Vacation ownership loans – securitized ................................... (65) (64)
Vacation ownership loans – unsecuritized ................................. (19) (20)
$530 $539
We include the current and long-term maturities of unsecuritized VOI notes receivable in accounts
receivable and other assets, respectively, in our consolidated balance sheets.
We record interest income associated with VOI notes in our vacation ownership and residential sale and
services line item in our consolidated statements of income. Interest income related to our VOI notes receivable
was as follows (in millions):
Year Ended
December 31,
2012 2011 2010
Vacation ownership loans – securitized ................................. $69 $64 $66
Vacation ownership loans – unsecuritized ............................... 15 21 21
$84 $85 $87
The following tables present future maturities of gross VOI notes receivable (in millions) and interest rates:
Securitized Unsecuritized Total
2013 .............................................. $ 74 $ 28 $ 102
2014 .............................................. 76 11 87
2015 .............................................. 77 12 89
2016 .............................................. 75 12 87
Thereafter .......................................... 274 96 370
Balance at December 31, 2012 ......................... $ 576 $ 159 $ 735
Weighted Average Interest Rates ........................ 12.97% 12.13% 12.75%
Range of interest rates ................................ 5to17% 6to17% 5to17%
F-23