Annual report pursuant to Section 13 and 15(d)

Debt (Summary Of Indebtedness-Long-Term Debt) (Details)

v3.22.4
Debt (Summary Of Indebtedness-Long-Term Debt) (Details)
$ in Millions, $ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2022
AUD ($)
Dec. 31, 2022
NZD ($)
Dec. 21, 2022
AUD ($)
Dec. 21, 2022
NZD ($)
Mar. 04, 2022
USD ($)
Dec. 31, 2021
AUD ($)
Dec. 31, 2021
NZD ($)
Debt Instrument [Line Items]                  
Finance leases $ 11 $ 9              
Long-Term Debt 5,642                
Term Notes | Term Notes                  
Debt Instrument [Line Items]                  
Non-recourse vacation ownership debt (VIE) [1],[2] 1,545 1,614              
Unamortized Debt Issuance Expense 18 18              
Non-recourse bank conduit facility                  
Debt Instrument [Line Items]                  
Secured revolving credit facility [3] 428                
Credit facility maximum borrowing capacity [3] 752                
Non-recourse bank conduit facility | USD bank conduit facility (due July 2024)                  
Debt Instrument [Line Items]                  
Non-recourse vacation ownership debt (VIE) [1],[4] 321 190              
Debt instrument, face amount 600 800         $ 600    
Non-recourse bank conduit facility | AUD/NZD bank conduit facility (due December 2024)                  
Debt Instrument [Line Items]                  
Non-recourse vacation ownership debt (VIE) [1],[5] 107 130              
Debt instrument, face amount     $ 200 $ 25 $ 200 $ 25   $ 250 $ 48
Non-recourse Vacation Ownership Debt                  
Debt Instrument [Line Items]                  
Non-recourse vacation ownership debt (VIE) [1] 1,973 1,934              
Long-Term Debt 1,973                
Collateralized gross vacation ownership contract receivables and related assets 2,290 2,170              
Revolving Credit Facility | Secured Revolving Credit Facility due Oct 2026 | Revolving Credit Facility                  
Debt Instrument [Line Items]                  
Secured revolving credit facility [7],[8] 0 [6] $ 0              
Credit facility maximum borrowing capacity [6] 1,000                
Debt instrument, face amount $ 1,000                
Long-term Debt, Weighted Average Interest Rate, over Time 7.53% 3.19%              
Long-term Debt                  
Debt Instrument [Line Items]                  
Long-Term Debt [7] $ 3,669 $ 3,379              
Unamortized Debt Issuance Expense 10 8              
Debt Instrument, Unamortized Discount 23 20              
Long-term Debt | Secured Term Loan B | Term Loan B [Member]                  
Debt Instrument [Line Items]                  
Secured Term Loan B [7],[9] 286 $ 288              
Debt instrument, face amount $ 300                
Long-term Debt, Weighted Average Interest Rate, over Time 4.01% 2.39%              
Long-term Debt | Secured Incremental Term Loan B due December 2029 | Term Loan B [Member]                  
Debt Instrument [Line Items]                  
Secured Term Loan B [7],[10] $ 288 $ 0              
Debt instrument, face amount $ 300                
Long-term Debt, Weighted Average Interest Rate, over Time 8.24%                
Long-term Debt | 3.90% Secured Notes (Due March 2023)                  
Debt Instrument [Line Items]                  
Senior notes [7],[11] $ 400 401              
Debt instrument, face amount 400                
Unamortized (gains)/losses from the settlement of a derivative $ (1) (2)              
Debt instruments, stated interest percentage 3.90%   3.90% 3.90%          
Long-term Debt | 5.65% Secured Notes (Due April 2024)                  
Debt Instrument [Line Items]                  
Senior notes [7] $ 299 299              
Debt instrument, face amount $ 300                
Debt instruments, stated interest percentage 5.65%   5.65% 5.65%          
Long-term Debt | 6.60% secured notes due October 2025 [Domain]                  
Debt Instrument [Line Items]                  
Senior notes [7],[12] $ 346 345              
Debt instrument, face amount 350                
Unamortized (gains)/losses from the settlement of a derivative $ 3 4              
Debt instruments, stated interest percentage 6.60%   6.60% 6.60%          
Long-term Debt | 6.625% Senior Secured Notes Due July 2026 [Member]                  
Debt Instrument [Line Items]                  
Senior notes [7] $ 645 643              
Debt instrument, face amount $ 650                
Debt instruments, stated interest percentage 6.625%   6.625% 6.625%          
Long-term Debt | 6.00% secured notes due April 2027 [Domain]                  
Debt Instrument [Line Items]                  
Senior notes [7],[13] $ 406 407              
Debt instrument, face amount 400                
Unamortized (gains)/losses from the settlement of a derivative $ (7) (9)              
Debt instruments, stated interest percentage 6.00%   6.00% 6.00%          
Long-term Debt | 4.50% Secured Notes (due Dec 2029)                  
Debt Instrument [Line Items]                  
Senior notes [7] $ 642 641              
Debt instrument, face amount $ 650                
Debt instruments, stated interest percentage 4.50%   4.50% 4.50%          
Long-term Debt | 4.625% Secured notes due March 2030 [Member]                  
Debt Instrument [Line Items]                  
Senior notes [7] $ 346 346              
Debt instrument, face amount $ 350                
Debt instruments, stated interest percentage 4.625%   4.625% 4.625%          
Long-term Debt | Finance Lease Obligations [Member]                  
Debt Instrument [Line Items]                  
Finance leases [7] $ 11 $ 9              
[1] 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.
[2] The carrying amounts of the term notes are net of deferred financing costs of $18 million as of both December 31, 2022 and 2021.
[3] 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.
[4] 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.
[5] 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.
[6] Consists of the Company’s $1.0 billion secured revolving credit facility.
[7] 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.
[8] The weighted average effective interest rate on borrowings from this facility was 7.53% and 3.19% as of December 31, 2022 and 2021.
[9] The weighted average effective interest rate on borrowings from this facility was 4.01% and 2.39% as of December 31, 2022 and 2021.
[10] The weighted average effective interest rate on borrowings from this facility was 8.24% as of December 31, 2022.
[11] Includes less than $1 million and $2 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021.
[12] Includes $3 million and $4 million of unamortized losses from the settlement of a derivative as of December 31, 2022 and 2021.
[13] Includes $7 million and $9 million of unamortized gains from the settlement of a derivative as of December 31, 2022 and 2021.