v3.24.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s indebtedness consisted of the following (in millions):
June 30,
2024		December 31,
2023
Non-recourse vacation ownership debt: (a)
Term notes (b)
$1,593 $1,707 
USD bank conduit facility (due September 2025) (c)
309 261 
AUD/NZD bank conduit facility (due December 2024) (d)
98 103 
Total$2,000 $2,071 
Debt: (e)
$1.0 billion secured revolving credit facility (due October 2026) (f)
$304 $— 
$300 million 2018 secured term loan B (due May 2025) (g)
282 284 
$598 million 2023 secured incremental term loan B (due December 2029) (h)
582 583 
$300 million 5.65% secured notes (due April 2024)— 300 
$350 million 6.60% secured notes (due October 2025) (i)
348 348 
$650 million 6.625% secured notes (due July 2026)647 646 
$400 million 6.00% secured notes (due April 2027) (j)
404 404 
$650 million 4.50% secured notes (due December 2029)644 643 
$350 million 4.625% secured notes (due March 2030)347 347 
Finance leases19 20 
Total$3,577 $3,575 
(a)Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.33 billion and $2.42 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of June 30, 2024 and December 31, 2023.
(b)The carrying amounts of the term notes are net of deferred financing costs of $20 million and $22 million as of June 30, 2024 and December 31, 2023.
(c)The Company has a borrowing capacity of $600 million under the USD bank conduit facility through September 2025. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than October 2026.
(d)The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027.
(e)The carrying amounts of the secured notes and term loan are net of unamortized discounts of $17 million and $20 million as of June 30, 2024 and December 31, 2023, and net of unamortized debt financing costs of $10 million and $12 million as of June 30, 2024 and December 31, 2023.
(f)The weighted average effective interest rate on facility borrowings was 7.61% and 7.47% as of June 30, 2024 and December 31, 2023.
(g)The weighted average effective interest rate on facility borrowings was 7.81% and 7.49% as of June 30, 2024 and December 31, 2023.
(h)The weighted average effective interest rate on facility borrowings was 8.77% and 9.25% as of June 30, 2024 and December 31, 2023.
(i)Includes $1 million and $2 million of unamortized losses from the settlement of a derivative as of June 30, 2024 and December 31, 2023.
(j)Includes $5 million and $6 million of unamortized gains from the settlement of a derivative as of June 30, 2024 and December 31, 2023.
Summary Of Outstanding Debt Maturities
The Company’s outstanding indebtedness as of June 30, 2024, matures as follows (in millions):
Non-recourse Vacation Ownership DebtDebtTotal
Within 1 year$219 $296 $515 
Between 1 and 2 years482 361 843 
Between 2 and 3 years191 1,365 1,556 
Between 3 and 4 years198 7 205 
Between 4 and 5 years198 6 204 
Thereafter712 1,542 2,254 
$2,000 $3,577 $5,577 
Summary Of Available Capacity Under Borrowing Arrangements
As of June 30, 2024, the available capacities under the Company’s borrowing arrangements were as follows (in millions):
Non-recourse Conduit Facilities (a)
Revolving
Credit Facilities (b)
Total capacity$749 $1,000 
Less: outstanding borrowings407 304 
Less: letters of credit— 2 
Available capacity$342 $694 
(a)Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacities of these facilities are subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
(b)Consists of the Company’s $1.0 billion secured revolving credit facility.