Debt & Non-recourse Debt (Tables)

9 Months Ended

Sep. 30, 2020

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)	2020			2019
Debt(1)
Senior secured credit facilities:
Term loan with a rate of 2.000%, due 2023	$	180		$	187
Revolver with a weighted average rate of 2.000%, due 2023		760			320
Senior notes with a rate of 6.125%, due 2024		300			300
Other debt		28			27
		1,268			834
Less: unamortized deferred financing costs and discount(2)(3)		(6	)		(6	)
	$	1,262		$	828

⁽¹⁾ As of September 30, 2020 and December 31, 2019, weighted-average interest rates were 3.082 percent and 4.571 percent, respectively.

⁽²⁾ Amount includes deferred financing costs related to our term loan of $1 million and senior notes of $5 million, respectively, as of September 30, 2020 and December 31, 2019.

⁽³⁾ Amount does not include deferred financing costs of $4 million as of September 30, 2020 and $5 million as of December 31, 2019, 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)	2020			2019
Non-recourse debt(1)
Securitized Debt with an average rate of 1.810%, due 2026	$	—		$	46
Securitized Debt with an average rate of 2.711%, due 2028		116			149
Securitized Debt with an average rate of 3.602%, due 2032		220			275
Securitized Debt with an average rate of 2.431%, due 2033		238			285
Securitized Debt with an average rate of 3.658%, due 2039		273			—
		847			755
Less: unamortized deferred financing costs(2)		(10	)		(8	)
	$	837		$	747

⁽¹⁾ As of September 30, 2020 and December 31, 2019, weighted-average interest rates were 3.169 percent and 2.876 percent, respectively.

⁽²⁾ Amount relates to securitized debt only and does not include deferred financing costs of $3 million as of September 30, 2020 and December 31, 2019 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, 2020 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2020 (remaining)	$	3	$	72	$	75
2021		12		292		304
2022		12		130		142
2023		918		131		1,049
2024		300		74		374
Thereafter		23		148		171
	$	1,268	$	847	$	2,115