Debt & Non-recourse Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

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

	December 31,
($ in millions)	2021			2020
Debt(1)
Senior secured credit facility, due 2028:
Term loan with a rate of 3.50%		1,297			—
Revolver with a rate of 2.11%		300			—
Senior secured credit facility, due 2023:
Term loan with a rate of 2.25%		—			177
Revolver with a rate of 2.25%		—			660
Senior notes with a rate of 6.125%, due 2024		—			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
		2,974			1,164
Less: unamortized deferred financing costs and discounts(2)(3)		(61	)		(5	)
	$	2,913		$	1,159

(1)As of December 31, 2021 and 2020, weighted-average interest rates were 4.052% and 3.357% , respectively.

(2)Amount includes deferred financing costs related to our term loan and senior notes of $33 million and $22 million, respectively, as of December 31, 2021 and $1 million and $4 million, respectively, as of December 31, 2020. This amount also includes original issuance discounts of $6 million as of December 31, 2021.

(3)Amount does not include deferred financing costs of $5 and $4 million as of December 31, 2021 and 2020, respectively, relating to our revolving facility included in Other Assets in our consolidated balance sheets.

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

	December 31,
($ in millions)	2021			2020
Non-recourse debt(1)
Timeshare Facility with an average rate of 1.750%, due 2023(3)	$	131		$	—
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028		70			106
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032		143			202
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033		151			216
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039		193			251
Diamond Resorts Premium Yield Facility with an average rate of 4.766%, due 2031		8			—
Diamond Resorts Conduit Facility with an average rate of 2.250%, due 2023		125			—
Diamond Resorts Conduit Facility with an average rate of 3.000%, due 2024		8			—
Diamond Resorts Owner Trust 2017 with a weighted average rate of 3.504%, due 2029		41			—
Diamond Resorts Owner Trust 2018 with a weighted average rate of 4.061%, due 2031		92			—
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.277%, due 2032		148			—
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2032		224			—
		1,334			775
Less: unamortized deferred financing costs(2)		(6	)		(9	)
	$	1,328		$	766

(1)As of December 31, 2021 and 2020, weighted-average interest rates were 2.876 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 December 31, 2021 and 2020, respectively, relating to our Timeshare Facility included in Other Assets in our consolidated balance sheets. 

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of December 31, 2021 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2022	$	15	$	503	$	518
2023		314		528		842
2024		14		96		110
2025		13		165		178
2026		13		13		26
Thereafter		2,605		29		2,634
	$	2,974	$	1,334	$	4,308