Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.22.4
Debt (Tables)
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt Instruments
The Company’s indebtedness consisted of the following (in millions):
As of December 31,
2022 2021
Non-recourse vacation ownership debt: (a)
Term notes (b)
$ 1,545  $ 1,614 
USD bank conduit facility (due July 2024) (c)
321  190 
AUD/NZD bank conduit facility (due December 2024) (d)
107  130 
Total $ 1,973  $ 1,934 
Debt: (e)
$1.0 billion secured revolving credit facility (due October 2026) (f)
$ —  $ — 
$300 million secured term loan B (due May 2025) (g)
286  288 
$300 million secured incremental term loan B (due December 2029) (h)
288  — 
$400 million 3.90% secured notes (due March 2023) (i)
400  401 
$300 million 5.65% secured notes (due April 2024) 299  299 
$350 million 6.60% secured notes (due October 2025) (j)
346  345 
$650 million 6.625% secured notes (due July 2026) 645  643 
$400 million 6.00% secured notes (due April 2027) (k)
406  407 
$650 million 4.50% secured notes (due December 2029) 642  641 
$350 million 4.625% secured notes (due March 2030) 346  346 
Finance leases 11 
Total $ 3,669  $ 3,379 
(a)Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“SPEs”), the creditors of which have no recourse to the Company for principal and interest. These outstanding borrowings (which legally are not liabilities of the Company) are collateralized by $2.29 billion and $2.17 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of December 31, 2022 and 2021.
(b)The carrying amounts of the term notes are net of deferred financing costs of $18 million as of both December 31, 2022 and 2021.
(c)The Company has a borrowing capacity of $600 million under the USD bank conduit facility through July 2024. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than August 2025.
(d)The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2024. Borrowings under this facility are required to be repaid no later than January 2027.
(e)The carrying amounts of the secured notes and term loan are net of unamortized discounts of $23 million and $20 million as of December 31, 2022 and 2021, and net of unamortized debt financing costs of $10 million and $8 million as of December 31, 2022 and 2021.
(f)The weighted average effective interest rate on borrowings from this facility was 7.53% and 3.19% as of December 31, 2022 and 2021.
(g)The weighted average effective interest rate on borrowings from this facility was 4.01% and 2.39% as of December 31, 2022 and 2021.
(h)The weighted average effective interest rate on borrowings from this facility was 8.24% as of December 31, 2022.
(i)Includes less than $1 million and $2 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021.
(j)Includes $3 million and $4 million of unamortized losses from the settlement of a derivative as of December 31, 2022 and 2021.
(k)Includes $7 million and $9 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021.
Summary Of Outstanding Debt Maturities The Company’s outstanding indebtedness as of December 31, 2022, matures as follows (in millions):
Non-recourse Vacation Ownership Debt Debt Total
Within 1 year $ 218  $ 411 

$ 629 
Between 1 and 2 years 219  309  528 
Between 2 and 3 years 511  631  1,142 
Between 3 and 4 years 214  648  862 
Between 4 and 5 years 200  408  608 
Thereafter 611  1,262  1,873 
$ 1,973  $ 3,669  $ 5,642 
Summary Of Available Capacity Under Borrowing Arrangements
As of December 31, 2022, the available capacity under the Company’s borrowing arrangements was as follows (in millions):
Non-recourse Conduit Facilities (a)
Revolving
Credit Facilities (b)
Total capacity $ 752  $ 1,000 
Less: outstanding borrowings 428  — 
Available capacity $ 324  $ 1,000 
(a)Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
(b)Consists of the Company’s $1.0 billion secured revolving credit facility.