XML 50 R40.htm IDEA: XBRL DOCUMENT v3.22.2
Debt & Non-recourse Debt (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)June 30,
2022		December 31,
2021
Debt(1)
Senior secured credit facility
Term loan with a rate of 4.787%, due 2028
$1,290 $1,297 
Revolver with a rate of 3.500%, due 2026
175 300 
Senior notes with a rate of 5.000%, due 2029
850 850 
Senior notes with a rate of 4.875%, due 2031
500 500 
Other debt28 27 
2,843 2,974 
Less: unamortized deferred financing costs and discounts(2)(3)
(56)(61)
$2,787 $2,913 
(1)As of June 30, 2022 and December 31, 2021, weighted-average interest rates were 4.806% and 4.052%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loan and senior notes of $28 million and $21 million, respectively, as of June 30, 2022 and $33 million and $22 million, respectively, as of December 31, 2021. This amount also includes unamortized original issuance discounts of $7 million and $6 million as of June 30, 2022 and December 31, 2021, respectively.
(3)Amount does not include unamortized deferred financing costs of $5 million as of June 30, 2022 and December 31, 2021 related to our revolving facility which are included in Other assets in our unaudited condensed consolidated balance sheets.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)June 30,
2022		December 31,
2021
Non-recourse debt(1)
Timeshare Facility with an average rate of 2.35%, due 2025(3)
$1 $131 
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028
55 70 
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032
119 143 
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033
122 151 
HGV Securitized Debt with a weighted average rate of 4.304%, due 2034
223 — 
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039
163 193 
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
71 92 
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.277%, due 2032
111 148 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2032
168 224 
1,033 1,334 
Less: unamortized deferred financing costs(2)
(9)(6)
$1,024 $1,328 
(1)As of June 30, 2022 and December 31, 2021, weighted-average interest rates were 3.337% and 2.876%, respectively.
(2)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $2 million and $2 million as of June 30, 2022 and December 31, 2021, respectively, relating to our Timeshare Facility included in Other Assets in our unaudited condensed consolidated balance sheets.
(3)In connection with the amended and restated Timeshare Facility executed in May 2022, the revolving commitment period of the Timeshare Facility terminates in August 2024, however the repayment maturity date extends 12 months beyond the commitment termination date to August 2025.
Schedule of Derivative Instruments Effect on Other Comprehensive Income (Loss) The following table reflects the activity in accumulated other comprehensive income related to our derivative instruments during the six months ended June 30, 2022.
Net unrealized gain on derivative instruments
Balance as of December 31, 2021$2 
Other comprehensive income before reclassifications, net30 
Reclassification to net income2 
Balance as of June 30, 2022$34 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of June 30, 2022 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2022 (remaining)$9 $318 $327 
202315 317 332 
202414 117 131 
202513 158 171 
2026188 84 272 
Thereafter2,604 39 2,643 
$2,843 $1,033 $3,876