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Debt & Non-recourse Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
December 31,
($ in millions)20222021
Debt(1)
Senior secured credit facility
Term loan with a rate of 7.384%, due 2028
$1,284 $1,297 
Revolver with a rate of 6.020%, due 2026
40 300 
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 debt29 27 
Total debt, gross2,703 2,974 
Less: unamortized deferred financing costs and discounts(2)(3)
(52)(61)
Total debt, net$2,651 $2,913 
(1)As of December 31, 2022 and 2021, weighted-average interest rates were 6.143% and 4.052% , respectively.
(2)Amount includes unamortized deferred financing costs related to our term loan and senior notes of $26 million and $19 million, respectively, as of December 31, 2022 and $33 million and $22 million, respectively, as of December 31, 2021. This amount also includes original issuance discounts of $7 million and $6 million as of December 31, 2022 and 2021, respectively.
(3)Amount does not include unamortized deferred financing costs of $4 million and $5 million as of December 31, 2022 and 2021, respectively, related to our revolving facility included in Other Assets in our consolidated balance sheets.
The following table details our outstanding non-recourse debt balance and its associated interest rates:
 December 31,
($ in millions)20222021
Non-recourse debt(1)
Timeshare Facility with an average rate of 5.320%, due 2025(3)
$98 $131 
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028
42 70 
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032
98 143 
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033
101 151 
HGV Securitized Debt with a weighted average rate of 3.658%, due 2034
134 — 
HGV Securitized Debt with a weighted average rate of 4.826%, due 2037
251 — 
HGV Securitized Debt with a weighted average rate of 4.304%, due 2039
168 193 
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 3.00%, 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
— 92 
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.255%, due 2032
87 148 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033
134 224 
Total face value1,113 1,334 
Less: unamortized deferred financing costs(2)
(11)(6)
Total non-recourse debt, net$1,102 $1,328 
(1)As of December 31, 2022 and 2021, weighted-average interest rates were 3.539% and 2.876%, respectively.
(2)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $4 million and $2 million as of December 31, 2022 and 2021, respectively, relating to our Timeshare Facility included in Other Assets in our 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 May 2024, however the repayment maturity date extends 12 months beyond the commitment termination date to May 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 year ended December 31, 2022:
Net unrealized gain on derivative instruments
Balance as of December 31, 2021$2 
Other comprehensive income before reclassifications, net50 
Reclassification to net income(4)
Balance as of December 31, 2022$48 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of December 31, 2022 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2023$16 $266 $282 
202415 214 229 
202514 257 271 
202653 130 183 
202713 93 106 
Thereafter2,592 153 2,745 
Total$2,703 $1,113 $3,816