Debt (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Long-term debt balances, including obligations for capital leases, and associated interest rates were as follows:


	September 30, 2014		December 31, 2013
	(in millions)
Senior secured term loan facility with a rate of 3.50%, due 2020	$	5,300	$	6,000
Senior notes with a rate of 5.625%, due 2021		1,500		1,500
Commercial mortgage-backed securities loan with an average rate of 4.05%, due 2018⁽¹⁾		3,500		3,500
Mortgage loan with a rate of 2.30%, due 2018		525		525
Mortgage notes with an average rate of 5.17%, due 2016 to 2017		196		133
Other unsecured notes with a rate of 7.50%, due 2017		54		53
Capital lease obligations with an average rate of 6.06%, due 2015 to 2097		76		73

		11,151		11,784
Less: current maturities of long-term debt		(3)		(4)
Less: unamortized discount on senior secured term loan facility		(24)		(29)

	$	11,124	$	11,751

⁽¹⁾	The initial maturity date of the variable-rate component of this borrowing is November 1, 2015. We assumed all extensions, which are solely at our option, were exercised.

Long-term debt balances, including obligations for capital leases, and associated interest rates were as follows:


	December 31,
	2013		2012
	(in millions)
Senior secured term loan facility with a rate of 3.75%, due 2020	$	6,000	$	—
Senior notes with a rate of 5.625%, due 2021		1,500		—
Commercial mortgage-backed securities loan with an average rate of 4.05%, due 2018⁽¹⁾		3,500		—
Mortgage loan with a rate of 2.32%, due 2018		525		—
Senior mortgage loans with a rate of 2.51%, due 2015⁽²⁾		—		7,271
Secured mezzanine loans with an average rate of 4.12%, due 2015⁽²⁾		—		7,697
Secured mezzanine loans with a rate of 4.71%, due 2015⁽²⁾		—		240
Mortgage notes with an average rate of 6.13%, due 2014 to 2016		133		134
Other unsecured notes with a rate of 7.50%, due 2017⁽³⁾		53		149
Capital lease obligations with an average rate of 5.88%, due 2015 to 2093		73		83
Contingently convertible notes with a rate of 3.38%, due 2023⁽⁴⁾		—		1

		11,784		15,575
Less: current maturities of long-term debt		(4)		(392)
Less: unamortized discount on senior secured term loan facility		(29)		—

	$	11,751	$	15,183

⁽¹⁾	The initial maturity date of the $875 million variable-rate component of this borrowing is November 1, 2015. We have assumed all extensions, which are solely at our option, were exercised.

⁽²⁾	The rates are as of December 31, 2012, since the senior mortgage and secured mezzanine loans were paid in full on October 25, 2013.

⁽³⁾	The balance as of December 31, 2012, included $96 million of our 8 percent unsecured notes due 2031 that were paid in full on November 25, 2013.

⁽⁴⁾	The balance was less than $1 million as of December 31, 2013.

Gain on Extinguishment of Debt

Upon completion of the Debt Refinancing, we recognized a $229 million gain on extinguishment of debt in our consolidated statement of operations as follows:


	(in millions)
Release of interest accrued under the interest method	$	201
Release of unamortized yield adjustments related to prior debt modifications		43
Release of unamortized debt issuance costs		(15)

	$	229

Non-recourse Debt

Non-recourse debt, including obligations for capital leases, and associated interest rates were as follows:


	September 30, 2014		December 31, 2013
	(in millions)
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026	$	239	$	255
Non-recourse debt of consolidated VIEs with an average rate of 3.46%, due 2015 to 2018⁽¹⁾		37		41
Timeshare Facility with a rate of 1.40%, due 2016		150		450
Securitized Timeshare Debt with an average rate of 1.98%, due 2026		511		222

		937		968
Less: current maturities of non-recourse debt		(124)		(48)

	$	813	$	920

⁽¹⁾	Excludes the non-recourse debt of our VIEs that issued the Securitized Timeshare Debt, as this is presented separately.

Non-recourse debt, including obligations for capital leases, and associated interest rates were as follows:


	December 31,
	2013		2012
	(in millions)
Capital lease obligations of consolidated VIEs with a rate of 6.34%, due 2018 to 2026	$	255	$	373
Non-recourse debt of consolidated VIEs with an average rate of 3.30%, due 2015 to 2018⁽¹⁾		41		47
Timeshare Facility with a rate of 1.42%, due 2016		450		—
Securitized Timeshare Debt with a rate of 2.28%, due 2026		222		—

		968		420
Less: current maturities of non-recourse debt		(48)		(15)

	$	920	$	405

⁽¹⁾	Excludes the non-recourse debt of our VIE that issued the Securitized Timeshare Debt, as this is presented separately.

Debt Maturities

The contractual maturities of our long-term debt and non-recourse debt as of September 30, 2014 were as follows:


Year	(in millions)
2014 (remaining)	$	34
2015		136
2016		433
2017		164
2018⁽¹⁾		4,097
Thereafter		7,224

	$	12,088

⁽¹⁾	The CMBS Loan has three one-year extensions, solely at our option, that effectively extend maturity to November 1, 2018. We assumed all extensions for purposes of calculating maturity dates.

The contractual maturities of our long-term debt and non-recourse debt as of December 31, 2013 were as follows:


Year	(in millions)
2014	$	52
2015		69
2016		622
2017		96
2018⁽¹⁾		4,068
Thereafter		7,845

	$	12,752

⁽¹⁾	The CMBS Loan has three one-year extensions solely at our option that effectively extend maturity to November 1, 2018. We have assumed all extensions for purposes of calculating maturity dates.