As of December 31, 2021 and 2020, we consolidated 11 and 4 variable interest entities (“VIEs”), respectively. The activities of these entities are limited primarily to purchasing qualifying non-recourse timeshare financing receivables from us and issuing debt securities and/or borrowing under a debt facility to facilitate such purchases. The timeshare financing receivables held by these entities are not available to our creditors and are not our legal assets, nor is the debt that is securitized through these entities a legal liability to us.

We have determined that we are the primary beneficiaries of all 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.

As part of the Diamond Acquisition, we acquired the variable interests in the entities associated with Diamond’s outstanding timeshare financing receivables securitization transactions. They have been aggregated for disclosure

purposes as they are similar in nature to our previously established VIEs. We also acquired two conduit facilities which are VIEs and have an outstanding balance of $133 million as of December 31, 2021 (see Note 15: Debt and Non-recourse debt).

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


	December 31,
($ in millions)	2021		2020
Restricted cash	$	62	$	28
Timeshare financing receivables, net		1,021		742
Non-recourse debt(1)		1,195		766

During the years ended December 31, 2021, 2020 and 2019, 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.