Debt & Non-recourse Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

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

	September 30,			December 31,
($ in millions)	2019			2018
Debt(1)
Senior secured credit facilities:
Term loan with an average rate of 3.766%, due 2023	$	190		$	197
Revolver with an average rate of 3.766%, due 2023		305			115
Senior notes with a rate of 6.125%, due 2024		300			300
Other debt		27			—
		822			612
Less: unamortized deferred financing costs and discount(2)(3)		(7	)		(8	)
	$	815		$	604

⁽¹⁾ As of September 30, 2019 and December 31, 2018, weighted-average interest rates were 4.739 percent and 5.170 percent, respectively.

⁽²⁾ Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million, respectively, as of September 30, 2019 and $2 million and $6 million as of December 31, 2018.

⁽³⁾ Amount does not include deferred financing costs of $5 million as of September 30, 2019 and $6 million as of December 31, 2018, relating to our revolving facility included in Other Assets in our condensed consolidated balance sheets.

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

	September 30,			December 31,
($ in millions)	2019			2018
Non-recourse debt(1)
Timeshare Facility with an average rate of 3.164%, due 2021	$	—		$	120
Securitized Debt with a rate of 2.280%, due 2026		—			33
Securitized Debt with an average rate of 1.810%, due 2026		52			74
Securitized Debt with an average rate of 2.711%, due 2028		162			206
Securitized Debt with an average rate of 3.602%, due 2032		293			333
Securitized Debt with an average rate of 2.431%, due 2033		297			—
		804			766
Less: unamortized deferred financing costs(2)		(9	)		(7	)
	$	795		$	759

⁽¹⁾ As of September 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 2.874 percent and 3.126 percent, respectively.

⁽²⁾ Amount relates to securitized debt only and does not include deferred financing costs of $3 million as of September 30, 2019 and December 31, 2018 relating to our Timeshare Facility which are included in Other Assets in our condensed consolidated balance sheets.

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of September 30, 2019 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2019 (remaining)	$	3	$	51	$	54
2020		12		247		259
2021		11		155		166
2022		10		110		120
2023		463		108		571
Thereafter		323		133		456
	$	822	$	804	$	1,626