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Debt & Non-recourse Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)March 31, 2023December 31, 2022
Debt(1)
Senior secured credit facility
Term loan with a rate of 7.840%, due 2028
$1,281 $1,284 
Revolver with a rate of 6.697%, due 2026
328 40 
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 debt31 29 
Total debt, gross2,990 2,703 
Less: unamortized deferred financing costs and discounts(2)(3)
(50)(52)
Total debt, net$2,940 $2,651 
(1)As of March 31, 2023 and December 31, 2022, weighted-average interest rates were 6.396% and 6.143%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loan and senior notes of $25 million and $19 million, respectively, as of March 31, 2023 and $26 million and $19 million, respectively, as of December 31, 2022. This amount also includes unamortized original issuance discounts of $6 million and $7 million as of March 31, 2023 and December 31, 2022, respectively.
(3)Amount does not include unamortized deferred financing costs of $4 million as of March 31, 2023 and December 31, 2022, respectively, related to our revolving facility which are included in Other assets in our condensed consolidated balance sheets.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)March 31,
2023		December 31, 2022
Non-recourse debt(1)
Timeshare Facility with an average rate of 5.890%, due 2025(3)
$175 $98 
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028
37 42 
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032
89 98 
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033
92 101 
HGV Securitized Debt with a weighted average rate of 4.304%, due 2034
152 168 
HGV Securitized Debt with a weighted average rate of 4.826%, due 2037
242 251 
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039
122 134 
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.255%, due 2032
77 87 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033
119 134 
Total non-recourse debt, gross1,105 1,113 
Less: unamortized deferred financing costs(2)
(10)(11)
Total non-recourse debt, net$1,095 $1,102 
(1)As of March 31, 2023 and December 31, 2022, weighted-average interest rates were 4.026% and 3.539%, respectively.
(2)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $4 million as of March 31, 2023 and December 31, 2022, respectively, relating to our Timeshare Facility included in Other Assets in our 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 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 three months ended March 31, 2023.
Net unrealized gain on derivative instruments
Balance as of December 31, 2022
$48 
Other comprehensive income before reclassifications, net(6)
Reclassification to net income(4)
Balance as of March 31, 2023
$38 
Senior Notes due 2029 and 2031
The Senior Unsecured Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries. We are in compliance with all applicable financial covenants as of March 31, 2023.
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of March 31, 2023 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2023 (remaining nine months)$13 $196 $209 
202416 215 231 
202515 333 348 
2026342 126 468 
202713 91 104 
Thereafter2,591 144 2,735 
Total$2,990 $1,105 $4,095