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DEBT AND NON-RECOURSE DEBT (Tables)
 9 Months Ended
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, 2024December 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, gross5,112 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, gross1,593 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, net2 
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)DebtNon-recourse DebtTotal
Year
2024 (remaining three months)$6 $112 $118 
202527 378 405 
2026693 310 1,003 
202723 237 260 
20281,238 180 1,418 
Thereafter3,125 376 3,501 
Total$5,112 $1,593 $6,705