Debt & Non-recourse Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

The following table details our outstanding debt balance and its associated interest rates:

	June 30,			December 31,
($ in millions)	2021			2020
Debt(1)
Senior secured credit facilities:
Term loan with a rate of 3.75%, due 2023	$	172		$	177
Revolver with a weighted average rate of 3.75%, due 2023		610			660
Senior notes with a rate of 6.125%, due 2024		300			300
Senior notes with a rate of 5.000%, due 2029		850			—
Senior notes with a rate of 4.875%, due 2031		500			—
Other debt		27			27
		2,459			1,164
Less: unamortized deferred financing costs and discount(2)(3)		(28	)		(5	)
	$	2,431		$	1,159

(1) As of June 30, 2021 and December 31, 2020, weighted-average interest rates were 4.737 percent and 3.357 percent, respectively.

(2) Amount includes deferred financing costs related to our term loan and senior notes of $1 million and $27 million, respectively, as of June 30, 2021 and $1 million and $4 million, respectively, as of December 31, 2020.

(3) Amount does not include deferred financing costs of $3 million and $4 million as of June 30, 2021 and December 31, 2020, respectively, related to our revolving facility included in Other assets in our unaudited condensed consolidated balance sheets.

The following table details our outstanding non-recourse debt balance and its associated interest rates:

	June 30,			December 31,
($ in millions)	2021			2020
Non-recourse debt(1)
Securitized Debt with a weighted average rate of 2.711%, due 2028	$	87		$	106
Securitized Debt with a weighted average rate of 3.602%, due 2032		172			202
Securitized Debt with a weighted average rate of 2.431%, due 2033		183			216
Securitized Debt with a weighted average rate of 3.658%, due 2039		215			251
		657			775
Less: unamortized deferred financing costs(2)		(7	)		(9	)
	$	650		$	766

(1) As of June 30, 2021 and December 31, 2020, weighted-average interest rates were 3.176 percent and 3.173 percent, respectively.

(2) Amount relates to Securitized Debt only and does not include deferred financing costs of $2 million and $3 million as of June 30, 2021 and December 31, 2020, respectively, relating to our Timeshare Facility included in Other Assets in our unaudited condensed consolidated balance sheets.

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of June 30, 2021 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2021 (remaining)	$	6	$	91	$	97
2022		11		168		179
2023		769		158		927
2024		300		76		376
2025		—		79		79
Thereafter		1,373		85		1,458
	$	2,459	$	657	$	3,116