Debt & Non-recourse Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

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

	March 31,			December 31,
($ in millions)	2021			2020
Debt(1)
Senior secured credit facilities:
Term loan with a rate of 3.75%, due 2023	$	175		$	177
Revolver with a weighted average rate of 3.75%, due 2023		660			660
Senior notes with a rate of 6.125%, due 2024		300			300
Other debt		27			27
		1,162			1,164
Less: unamortized deferred financing costs and discount(2)(3)		(6	)		(5	)
	$	1,156		$	1,159

⁽¹⁾ As of March 31, 2021 and December 31, 2020, weighted-average interest rates were 4.441 percent and 3.357 percent, respectively.

⁽²⁾ Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $4 million, respectively, as of March 31, 2021 and $1 million and $4 million, respectively, as of December 31, 2020.

⁽³⁾ Amount does not include deferred financing costs of $4 million as of March 31, 2021 and December 31, 2020, 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:

	March 31,			December 31,
($ in millions)	2021			2020
Non-recourse debt(1)
Securitized Debt with a weighted average rate of 2.711%, due 2028		96			106
Securitized Debt with a weighted average rate of 3.602%, due 2032		187			202
Securitized Debt with a weighted average rate of 2.431%, due 2033		196			216
Securitized Debt with a weighted average rate of 3.658%, due 2039		227			251
		706			775
Less: unamortized deferred financing costs(2)		(8	)		(9	)
	$	698		$	766

⁽¹⁾ As of March 31, 2021 and December 31, 2020, weighted-average interest rates were 3.174 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 March 31, 2021 and December 31, 2020, respectively, relating to our Timeshare Facility 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 March 31, 2021 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2021 (remaining)	$	10	$	104	$	114
2022		11		174		185
2023		818		138		956
2024		300		115		415
2025		—		56		56
Thereafter		23		119		142
	$	1,162	$	706	$	1,868