Consolidated Variable Interest Entities

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Note 9: Consolidated Variable Interest Entities

As of June 30, 2021 and December 31, 2020, we consolidated four variable interest entities (“VIEs”), respectively, that issued non-recourse debt backed by pledged assets consisting primarily of a pool of timeshare financing receivables which is without recourse to us. We are the primary beneficiaries of these VIEs as we have the power to direct the activities that most significantly affect their economic performance. We are also the servicer of these timeshare financing receivables and we often replace or repurchase timeshare financing receivables that are in default at their outstanding principal amounts. Additionally, we have the obligation to absorb their losses and the right to receive benefits that could be significant to them. Only the assets of our VIEs are available to settle the obligations of the respective entities.

Our unaudited condensed consolidated balance sheets included the assets and liabilities of these entities, which primarily consisted of the following:


	June 30,		December 31,
($ in millions)	2021		2020
Restricted cash	$	26	$	28
Timeshare financing receivables, net		637		742
Non-recourse debt(1)		650		766

(1) Net of deferred financing costs.

During the six months ended June 30, 2021 and 2020, we did not provide any financial or other support to any VIEs that we were not previously contractually required to provide, nor do we intend to provide such support in the future.