XML 113 R98.htm IDEA: XBRL DOCUMENT v3.22.0.1
Debt & Non-recourse Debt - Additional Information (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Mar. 31, 2021
Debt Instrument [Line Items]            
Debt issuance costs [1],[2] $ 61   $ 61 $ 5    
Debt extinguishment costs     20      
Debt issuance discounts 6   6      
Amortization of deferred financing costs, acquisition premiums and other     39 18 $ 17  
Repayment amount     359 475 $ 376  
Debt instrument, face amount 2,030   2,030      
Principal amount outstanding [3] 2,974   2,974 1,164    
Term loan outstanding 168   168      
Notional values of interest rate swaps     350      
Accumulated other comprehensive income 0   0 0    
Accumulated other comprehensive loss, Qualifying as hedge 2   2      
Restricted cash 263   263 98    
Interest expense            
Debt Instrument [Line Items]            
Amortization of deferred financing costs, acquisition premiums and other     2      
Reserves related to non-recourse debt            
Debt Instrument [Line Items]            
Restricted cash [4] 67   67 29    
Senior notes with a rate of 6.125%, due 2024            
Debt Instrument [Line Items]            
Remaining borrowing capacity 150   150      
Term loans with an average rate of 2.70%, due 2023            
Debt Instrument [Line Items]            
Remaining borrowing capacity 125   125      
Senior notes with a rate of 4.875%, due 2031            
Debt Instrument [Line Items]            
Principal amount outstanding   $ 500        
Senior notes with a rate of 5.000%, due 2029            
Debt Instrument [Line Items]            
Principal amount outstanding   850        
Timeshare Facility            
Debt Instrument [Line Items]            
Term loan outstanding 450   450      
Conduit Facility Due In 2023            
Debt Instrument [Line Items]            
Conduit facility amount due     125      
Conduit Facility Due In 2024            
Debt Instrument [Line Items]            
Conduit facility amount due     $ 8      
LIBOR            
Debt Instrument [Line Items]            
Interest rate on revolving credit facility description     Such interest rates swaps converted the LIBOR based variable rates on our Term Loan and Revolver to average fixed rates of 1.44 percent per annum through May 2028 and 0.53 percent per annum through November 2023, respectively, for the balance on these borrowings up to the notional values of our interest rate swaps.      
Senior Secured Credit Facilities            
Debt Instrument [Line Items]            
Debt instrument repaid amount     $ 363      
Repayment amount     360      
Senior Notes 300   300      
Paid off remaining Debt     363      
Letters of Credit Outstanding, Amount 2   2      
Senior Secured Credit Facilities | Debt Instrument, Redemption, Period One            
Debt Instrument [Line Items]            
Debt instrument repaid amount     14      
Paid off remaining Debt     14      
Line of Credit            
Debt Instrument [Line Items]            
Debt issuance costs 33   33 1    
Line of Credit | Senior notes with a rate of 6.125%, due 2024            
Debt Instrument [Line Items]            
Principal amount outstanding [3] 0   0 300    
Line of Credit | Term loans with an average rate of 2.70%, due 2023            
Debt Instrument [Line Items]            
Debt instrument repaid amount     177      
Paid off remaining Debt     177      
Line of Credit | Senior notes with a rate of 5.000%, due 2029            
Debt Instrument [Line Items]            
Principal amount outstanding [3] 850   $ 850 0    
Debt instrument, maturity year     2029      
Senior Notes            
Debt Instrument [Line Items]            
Debt issuance costs $ 22 $ 24 $ 22 4    
Senior Notes | Senior notes with a rate of 6.125%, due 2024            
Debt Instrument [Line Items]            
Debt instrument, stated interest rate 6.125%   6.125%      
Debt instrument, maturity year     2024      
Senior Notes | Senior notes with a rate of 4.875%, due 2031            
Debt Instrument [Line Items]            
Principal amount outstanding [3] $ 500   $ 500 0    
Debt instrument, stated interest rate 4.875% 4.875% 4.875%      
Debt instrument, maturity year   2031 2031      
Senior Notes | Senior notes with a rate of 5.000%, due 2029            
Debt Instrument [Line Items]            
Debt instrument, stated interest rate 5.00% 5.00% 5.00%      
Debt instrument, maturity year   2029        
Revolving Credit Facility Amended            
Debt Instrument [Line Items]            
Debt issuance costs $ 5   $ 5     $ 1
Debt instrument, term 2028 years          
Refinanced principal balance $ 300          
Refinanced, Description Upon the execution of the recast, we refinanced the existing $300 million principal balance on the revolver due in 2023 into the new revolver due in 2028.          
Subsequent repayment $ 300          
Revolving Credit Facility Amended | Maximum            
Debt Instrument [Line Items]            
Increased Capacity Of Revolving Credit Facility Amount 1,000          
Revolving Credit Facility Amended | Minimum            
Debt Instrument [Line Items]            
Increased Capacity Of Revolving Credit Facility Amount $ 800          
Revolving Credit Facility Amended | LIBOR            
Debt Instrument [Line Items]            
Debt instrument, stated interest rate 2.00%   2.00%      
Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt issuance costs $ 5   $ 5      
Debt issuance discounts       $ 4    
Debt instrument repaid amount     260      
Paid off remaining Debt     $ 260      
Revolving Credit Facility | LIBOR            
Debt Instrument [Line Items]            
Derivative fixed interest rate 0.53%   0.53%      
Revolving Credit Facility | Senior Secured Credit Facilities            
Debt Instrument [Line Items]            
Letters of Credit Outstanding, Amount $ 1   $ 1      
Term Loan | LIBOR            
Debt Instrument [Line Items]            
Derivative fixed interest rate 1.44%   1.44%      
Secured Term B Loan Facility            
Debt Instrument [Line Items]            
Debt issuance costs $ 32   $ 32      
Debt issuance discounts $ 6   $ 6      
Debt instrument, term     7 years      
Proceeds from credit facility     $ 1,300      
[1] 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.
[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] As of December 31, 2021 and 2020, weighted-average interest rates were 4.052% and 3.357% , respectively.
[4] See Note 15: Debt & Non-recourse Debt for further discussion.