Financial Information

PART II

Item 8. Financial Statements and Supplementary Data.

MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12. NOTES RECEIVABLE

The following table presents the expected future principal payments, net of reserves and unamortized discounts, as well as interest rates for our notes receivable at year-end 2019:

At year-end 2019, our recorded investment in impaired senior, mezzanine, and other loans was $20 million, and we had a $12 million allowance for credit losses, leaving $8 million of exposure to our investment in impaired loans. At year-end 2018, our recorded investment in impaired senior, mezzanine, and other loans was $45 million, and we had a $25 million allowance for credit losses, leaving $20 million of exposure to our investment in impaired loans. Our average investment in impaired senior, mezzanine, and other loans totaled $33 million during 2019, $70 million during 2018, and $84 million during 2017.