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DEBT AND NON-RECOURSE DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Outstanding Borrowings | The following table details our outstanding debt balance and its associated interest rates:
($ in millions) | September 30, 2024 |  | December 31, 2023
Debt(1) |  |  |
Senior secured credit facility |  |  |
Term loan with a rate of 7.747%, due 2028 | $ | 1,261 |  |  | $ | 1,271 |
Term loan with a rate of 7.497%, due 2031 | 896 |  |  | — |
Revolver with a rate of 7.295%, due 2026 | 668 |  |  | 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) | 37 |  |  | 33 |
Total debt, gross | 5,112 |  |  | 3,092 |
Less: unamortized deferred financing costs and discounts(2)(3)(5) | (73) |  |  | (43) |
Total debt, net | $ | 5,039 |  |  | $ | 3,049 |
(1)As of September 30, 2024 and December 31, 2023, weighted-average interest rates were 6.699% and 6.649%, respectively. (2)Amount includes unamortized deferred financing costs related to our term loans and senior notes of $39 million and $25 million, respectively, as of September 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 September 30, 2024 and December 31, 2023, respectively. (3)Amount does not include unamortized deferred financing costs of $3 million as of September 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) | September 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 2018 with a weighted average rate of 3.602%, due 2032 | 47 |  |  | 66 |
HGV Securitized Debt 2019 with a weighted average rate of 2.431%, due 2033 | 53 |  |  | 70 |
HGV Securitized Debt 2022-1 with a weighted average rate of 4.304%, due 2034 | 86 |  |  | 118 |
HGV Securitized Debt 2022-2 with a weighted average rate of 4.826%, due 2037 | 141 |  |  | 188 |
HGV Securitized Debt 2023 with a weighted average rate of 5.937%, due 2038 | 197 |  |  | 264 |
HGV Securitized Debt 2024-2 with a weighted average rate of 5.685%, due 2038 | 333 |  |  | — |
HGV Securitized Debt 2024-1 with a weighted average rate of 6.419%, due 2039 | 203 |  |  | — |
HGV Securitized Debt 2020 with a weighted average rate of 3.658%, due 2039 | 73 |  |  | 95 |
Grand Islander Securitized Debt 2017 with a weighted average rate of 2.965%, due 2029 | — |  |  | 15 |
Grand Islander Securitized Debt 2019 with a weighted average rate of 3.316%, due 2033 | 41 |  |  | 55 |
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2033 | 67 |  |  | 87 |
Bluegreen Securitized Debt 2017 with a weighted average rate of 3.117%, due 2032 | 12 |  |  | — |
Bluegreen Securitized Debt 2018 with a weighted average rate of 4.019%, due 2034 | 20 |  |  | — |
Bluegreen Securitized Debt 2020 with a weighted average rate of 2.597%, due 2036 | 44 |  |  | — |
Bluegreen Securitized Debt 2022 with a weighted average rate of 4.599%, due 2037 | 94 |  |  | — |
Bluegreen Securitized Debt 2023 with a weighted average rate of 6.321%, due 2038 | 159 |  |  | — |
Quorum Purchase Facility with an average rate of 5.020%, due 2034 | 6 |  |  | — |
NBA Receivables Facility with an average rate of 6.630%, due 2031(5) | 17 |  |  | — |
Total non-recourse debt, gross | 1,593 |  |  | 1,482 |
Less: unamortized deferred financing costs and discount(3)(4) | (29) |  |  | (16) |
Total non-recourse debt, net | $ | 1,564 |  |  | $ | 1,466 |
(1)As of September 30, 2024 and December 31, 2023, weighted-average interest rates were 5.068% 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 September 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 $11 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 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 nine months ended September 30, 2024:
| Net unrealized gain on derivative instruments
Balance as of December 31, 2023 | $ | 32 |
Other comprehensive income before reclassifications, net | 2 |
Reclassifications to net income | (12) |
Balance as of September 30, 2024 | $ | 22 |
Schedule of Contractual Maturities of Debt | The contractual maturities of our debt and non-recourse debt as of September 30, 2024 were as follows:
($ in millions) | Debt |  | Non-recourse Debt |  | Total
Year |  |  |  |  |
2024 (remaining three months) | $ | 6 |  |  | $ | 112 |  |  | $ | 118 |
2025 | 27 |  |  | 378 |  |  | 405 |
2026 | 693 |  |  | 310 |  |  | 1,003 |
2027 | 23 |  |  | 237 |  |  | 260 |
2028 | 1,238 |  |  | 180 |  |  | 1,418 |
Thereafter | 3,125 |  |  | 376 |  |  | 3,501 |
Total | $ | 5,112 |  |  | $ | 1,593 |  |  | $ | 6,705 |

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