XML 47 R35.htm IDEA: XBRL DOCUMENT v3.24.2.u1
DEBT AND NON-RECOURSE DEBT (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings
The following table details our outstanding debt balance and its associated interest rates:
($ in millions)June 30, 2024December 31, 2023
Debt(1)
Senior secured credit facility
Term loan with a rate of 7.829%, due 2028
$1,264 $1,271 
Term loan with a rate of 8.079%, due 2031
898 — 
Revolver with a rate of 7.688%, due 2026
513 438 
Senior notes with a rate of 5.000%, due 2029
850 850 
Senior notes with a rate of 4.875%, due 2031
500 500 
Senior notes with a rate of 6.625%, due 2032
900 — 
Other debt (4)
36 33 
Total debt, gross4,961 3,092 
Less: unamortized deferred financing costs and discounts(2)(3)(5)
(76)(43)
Total debt, net$4,885 $3,049 
(1)As of June 30, 2024 and December 31, 2023, weighted-average interest rates were 6.850% and 6.649%, respectively.
(2)Amount includes unamortized deferred financing costs related to our term loans and senior notes of $41 million and $26 million, respectively, as of June 30, 2024 and $21 million and $17 million, respectively, as of December 31, 2023. This amount also includes unamortized original issuance discounts of $6 million and $5 million as of June 30, 2024 and December 31, 2023, respectively.
(3)Amount does not include unamortized deferred financing costs of $3 million as of June 30, 2024 and December 31, 2023, respectively, related to our revolving facility which are included in Other assets in our unaudited condensed consolidated balance sheets.
(4)This amount includes $5 million related to the recourse portion on the NBA Receivables Facility, which is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions.
(5)Amount also includes unamortized discount of $3 million related to the Bluegreen debt recognized at the Bluegreen Acquisition Date.
The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions)June 30,
2024		December 31, 2023
Non-recourse debt(1)
Timeshare Facility with an average rate of 6.530%, due 2027(2)
$— $400 
Grand Islander Timeshare Facility with an average rate of 6.716%, due 2029
— 124 
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032
53 66 
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033
58 70 
HGV Securitized Debt with a weighted average rate of 4.304%, due 2034
97 118 
HGV Securitized Debt with a weighted average rate of 4.826%, due 2037
155 188 
HGV Securitized Debt with a weighted average rate of 5.937%, due 2038
217 264 
HGV Securitized Debt with a weighted average rate of 5.685%, due 2038
367 — 
HGV Securitized Debt with a weighted average rate of 6.419%, due 2039
227 — 
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039
79 95 
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
46 55 
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033
74 87 
Bluegreen Securitized Debt with a weighted average rate of 3.117%, due 2032
14 — 
Bluegreen Securitized Debt with a weighted average rate of 4.019%, due 2034
22 — 
Bluegreen Securitized Debt with a weighted average rate of 2.597%, due 2036
49 — 
Bluegreen Securitized Debt with a weighted average rate of 4.599%, due 2037
101 — 
Bluegreen Securitized Debt with a weighted average rate of 6.321%, due 2038
171 — 
Quorum Purchase Facility with an average rate of 5.020%, due 2034
7 — 
NBA Receivables Facility with an average rate of 7.200%, due 2031(5)
21 — 
Total non-recourse debt, gross1,758 1,482 
Less: unamortized deferred financing costs and discount(3)(4)
(33)(16)
Total non-recourse debt, net$1,725 $1,466 
(1)As of June 30, 2024 and December 31, 2023, weighted-average interest rates were 5.075% and 5.095%, respectively.
(2)The revolving commitment period of the Timeshare Facility terminates in March 2026; however, the repayment maturity date extends 12 months beyond the commitment termination date to March 2027.
(3)Amount relates to securitized debt only and does not include unamortized deferred financing costs of $3 million and $2 million as of June 30, 2024 and December 31, 2023, respectively, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.
(4)Amount also includes unamortized discount of $2 million related to the Grand Islander securitized debt recognized at the Grand Islander Acquisition Date and unamortized discount of $12 million related to the Bluegreen securitized and non-recourse debt recognized at the Bluegreen Acquisition Date.
(5)Recourse on the NBA Receivables Facility is generally limited to the greater of 15% of the outstanding borrowings and $5.0 million, subject to certain exceptions.
Schedule of Derivative Instruments Effect on Other Comprehensive Income
The following table reflects the activity, net of tax, in Accumulated other comprehensive income related to our derivative instruments during the six months ended June 30, 2024:
Net unrealized gain on derivative instruments
Balance as of December 31, 2023
$32 
Other comprehensive income before reclassifications, net11 
Reclassifications to net income
(8)
Balance as of June 30, 2024
$35 
Schedule of Contractual Maturities of Debt
The contractual maturities of our debt and non-recourse debt as of June 30, 2024 were as follows:
($ in millions)DebtNon-recourse DebtTotal
Year
2024 (remaining six months)$13 $230 $243 
202526 383 409 
2026537 316 853 
202722 242 264 
20281,238 187 1,425 
Thereafter3,125 400 3,525 
Total$4,961 $1,758 $6,719