DEBT AND NON-RECOURSE DEBT (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31,
($ in millions)	2023		2022
Debt(1)
Senior secured credit facility
Term loan with a rate of 8.213%, due 2028	$	1,271	$	1,284
Revolver with a rate of 7.360%, due 2026	438		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 debt	33		29
Total debt, gross	3,092		2,703
Less: unamortized deferred financing costs and discounts(2)(3)	(43)		(52)
Total debt, net	$	3,049	$	2,651

(1)As of December 31, 2023 and 2022, weighted-average interest rates were 6.649% and 6.143%, respectively.

(2)Amount includes unamortized deferred financing costs related to our term loan and senior notes of $21 million and $17 million, respectively, as of December 31, 2023 and $26 million and $19 million, respectively, as of December 31, 2022. This amount also includes unamortized original issuance discounts of $5 million and $7 million as of December 31, 2023, and 2022, respectively.

(3)Amount does not include unamortized deferred financing costs of $3 million and $4 million as of December 31, 2023, and 2022, respectively, related to our revolving facility which are included in Other assets in our consolidated balance sheets.

The following table details our outstanding non-recourse debt balance and associated interest rates:


	December 31,
($ in millions)	2023		2022
Non-recourse debt(1)
Timeshare Facility with an average rate of 6.420%, due 2025(3)	$	400	$	98
Grand Islander Timeshare Facility with an average rate of 6.716%, due 2029	124		—
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028	—		42
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032	66		98
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033	70		101
HGV Securitized Debt with a weighted average rate of 4.304%, due 2034	118		168
HGV Securitized Debt with a weighted average rate of 4.826%, due 2037	188		251
HGV Securitized Debt with a weighted average rate of 5.937%, due 2038	264		—
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039	95		134
Grand Islander Securitized Debt with a weighted average rate of 2.965%, due 2029	15		—
Grand Islander Securitized Debt with a weighted average rate of 3.316%, due 2033	55		—
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.255%, due 2032	—		87
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033	87		134
Total non-recourse debt, gross	1,482		1,113
Less: unamortized deferred financing costs and discounts(2)	(16)		(11)
Total non-recourse debt, net	$	1,466	$	1,102

(1)As of December 31, 2023, and 2022, weighted-average interest rates were 5.095% and 3.539%, respectively.

(2)Amount includes unamortized deferred financing costs of $12 million related to securitized debt only and does not include unamortized deferred financing costs of $2 million and $4 million as of December 31, 2023, and 2022, respectively, relating to the Timeshare Facility included in Other Assets in our consolidated balance sheets. Amount also includes unamortized discount of $4 million related to the Grand Islander securitized debt recognized at the Grand Islander Acquisition Date.

(3)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, net of tax, in Accumulated other comprehensive income related to our derivative instruments during the year ended December 31, 2023:


	Net unrealized gain on derivative instruments
Balance as of December 31, 2022	$	48
Other comprehensive income before reclassifications, net	3
Reclassifications to net income	(19)
Balance as of December 31, 2023	$	32

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of December 31, 2023, were as follows:


($ in millions)	Debt		Non-recourse Debt		Total
Year
2024	$	17	$	255	$	272
2025	17		602		619
2026	453		161		614
2027	13		119		132
2028	1,228		85		1,313
Thereafter	1,364		260		1,624
Total	$	3,092	$	1,482	$	4,574

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

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+ References + Details