v3.24.2
Debt (Schedule of Long-term Debt Instruments) (Details)
$ in Millions, $ in Millions, $ in Millions
Jun. 30, 2024
USD ($)
Jun. 30, 2024
AUD ($)
Jun. 30, 2024
NZD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Finance lease liabilities $ 19     $ 20
Long-term Debt 5,577      
Term Notes [Member]        
Debt Instrument [Line Items]        
Debt financing cost 20     22
Term Notes [Member] | Term Notes [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [1],[2] 1,593     1,707
Non-recourse bank conduit facility [Member]        
Debt Instrument [Line Items]        
Revolving credit facility [3] 407      
Non-recourse bank conduit facility [Member] | USD bank conduit facility (due September 2025) [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [2],[4] 309     261
Debt instrument, face amount 600      
Non-recourse bank conduit facility [Member] | AUD/NZD bank conduit Facility (due April 2023) [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [2],[5] 98     103
Debt instrument, face amount   $ 200 $ 25  
Non-Recourse Vacation Ownership Debt [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [2] 2,000     2,071
Long-term Debt 2,000      
Long-term vacation ownership contract receivables 2,330     2,420
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility [7],[8] 304 [6]     $ 0
Debt instrument, face amount $ 1,000      
Long-Term Debt, Weighted Average Interest Rate, at Point in Time 7.61% 7.61% 7.61% 7.47%
Debt        
Debt Instrument [Line Items]        
Long-term Debt [7] $ 3,577     $ 3,575
Debt financing cost 10     12
Unamortized discount 17     20
Debt | $300 million secured term loan B (due May 2025) | Term Loan B [Member]        
Debt Instrument [Line Items]        
Debt [7],[9] 282     $ 284
Debt instrument, face amount $ 300      
Long-Term Debt, Weighted Average Interest Rate, at Point in Time 7.81% 7.81% 7.81% 7.49%
Debt | $300 million secured incremental term loan B (due December 2029) | Term Loan B [Member]        
Debt Instrument [Line Items]        
Debt [7],[10] $ 582     $ 583
Debt instrument, face amount $ 598      
Long-Term Debt, Weighted Average Interest Rate, at Point in Time 8.77% 8.77% 8.77% 9.25%
Debt | 5.65% Secured Notes (Due April 2024) [Member]        
Debt Instrument [Line Items]        
Senior notes [7] $ 0     $ 300
Debt instrument, face amount $ 300      
Debt Instrument, Interest Rate, Stated Percentage 5.65% 5.65% 5.65%  
Debt | 6.60% secured notes due October 2025 [Member]        
Debt Instrument [Line Items]        
Senior notes [7],[11] $ 348     348
Debt instrument, face amount 350      
Unamortized (gains)/losses from the settlement of a derivative $ 1     2
Debt Instrument, Interest Rate, Stated Percentage 6.60% 6.60% 6.60%  
Debt | 6.625% Senior Secured Notes Due July 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes [7] $ 647     646
Debt instrument, face amount $ 650      
Debt Instrument, Interest Rate, Stated Percentage 6.625% 6.625% 6.625%  
Debt | 6.00% secured notes due April 2027 [Member]        
Debt Instrument [Line Items]        
Senior notes [7],[12] $ 404     404
Debt instrument, face amount 400      
Unamortized (gains)/losses from the settlement of a derivative $ (5)     (6)
Debt Instrument, Interest Rate, Stated Percentage 6.00% 6.00% 6.00%  
Debt | 4.50% Secured Notes (due Dec 2029)        
Debt Instrument [Line Items]        
Senior notes [7] $ 644     643
Debt instrument, face amount $ 650      
Debt Instrument, Interest Rate, Stated Percentage 4.50% 4.50% 4.50%  
Debt | 4.625% Secured notes due March 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes [7] $ 347     347
Debt instrument, face amount $ 350      
Debt Instrument, Interest Rate, Stated Percentage 4.625% 4.625% 4.625%  
Debt | Finance leases [Member]        
Debt Instrument [Line Items]        
Finance lease liabilities [7] $ 19     $ 20
[1] 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.
[2] 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.
[3] 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.
[4] 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.
[5] 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.
[6] Consists of the Company’s $1.0 billion secured revolving credit facility.
[7] 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.
[8] The weighted average effective interest rate on facility borrowings was 7.61% and 7.47% as of June 30, 2024 and December 31, 2023.
[9] The weighted average effective interest rate on facility borrowings was 7.81% and 7.49% as of June 30, 2024 and December 31, 2023.
[10] The weighted average effective interest rate on facility borrowings was 8.77% and 9.25% as of June 30, 2024 and December 31, 2023.
[11] Includes $1 million and $2 million of unamortized losses from the settlement of a derivative as of June 30, 2024 and December 31, 2023.
[12] Includes $5 million and $6 million of unamortized gains from the settlement of a derivative as of June 30, 2024 and December 31, 2023.