XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.26.1

DEBT AND NON-RECOURSE DEBT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Outstanding Borrowings | The following table details our outstanding debt balance and its associated interest rates:
($ in millions) | Interest Rate |  | March 31, 2026 |  | December 31, 2025
Debt(1) |  |  |  |  |
Senior secured credit facility |  |  |  |  |
Term loan A due 2028 | 5.318 | % |  | $ | 400 |  |  | $ | 400 |
Term loan B due 2028 | 5.668 | % |  | 849 |  |  | 851 |
Term loan B due 2031 | 5.668 | % |  | 884 |  |  | 887 |
Revolver due 2030(2) | 5.322 | % |  | 345 |  |  | 130 |
Senior notes due 2029 | 5.000 | % |  | 850 |  |  | 850 |
Senior notes due 2031 | 4.875 | % |  | 500 |  |  | 500 |
Senior notes due 2032 | 6.625 | % |  | 900 |  |  | 900 |
Other debt |  |  | 83 |  |  | 85 |
Total debt, gross |  |  | 4,811 |  |  | 4,603 |
Less: unamortized deferred financing costs and discounts(3) |  |  | (54) |  |  | (58) |
Total debt, net |  |  | $ | 4,757 |  |  | $ | 4,545 |
(1)As of March 31, 2026 and December 31, 2025, weighted-average interest rates on Total debt, gross were 5.649% and 5.691%. (2)Unamortized deferred financing costs of $3 million as of March 31, 2026 and December 31, 2025 related to our revolving facility are included in Other assets in our condensed consolidated balance sheets. (3)Amount includes unamortized deferred financing costs of $49 million and $53 million as of March 31, 2026 and December 31, 2025. This amount also includes unamortized original issuance discounts of $5 million as of March 31, 2026 and December 31, 2025. The following table details our outstanding non-recourse debt balance and associated interest rates:
($ in millions) | Weighted Average Interest Rate |  | March 31, 2026 |  | December 31, 2025
Non-recourse debt(1) |  |  |  |  |
Timeshare Facility due 2027 | 5.045 | % |  | $ | 700 |  |  | $ | 615 |
Securitized Debt due 2033- 2044(2) | 5.017 | % |  | 1,858 |  |  | 2,106 |
Quorum Purchase Facility due 2034 | 5.023 | % |  | 3 |  |  | 4 |
NBA Receivables Facility due 2031 | 5.418 | % |  | 21 |  |  | 26 |
Total non-recourse debt, gross |  |  | 2,582 |  |  | 2,751 |
Less: unamortized deferred financing costs and discount(3) |  |  | (30) |  |  | (35) |
Total non-recourse debt, net |  |  | $ | 2,552 |  |  | $ | 2,716 |
(1)As of March 31, 2026 and December 31, 2025, weighted-average interest rates were 5.028% and 5.019%. (2)Interest rates as of March 31, 2026 range from 1.410% to 6.419%. (3)Amount includes unamortized deferred financing costs of $26 million and $30 million as of March 31, 2026 and December 31, 2025, and unamortized discounts of $4 million and $5 million as of March 31, 2026 and December 31, 2025.
Schedule of Derivative Instruments Effect on Other Comprehensive Loss | The following table reflects the activity, net of tax, in Accumulated other comprehensive loss related to our derivative instruments during the three months ended March 31, 2026:
| Net unrealized gain on derivative instruments
Balance as of December 31, 2025 | $ | 14 |
Other comprehensive loss before reclassifications, net | 2 |
Reclassifications to net income | (2) |
Balance as of March 31, 2026 | $ | 14 |
Schedule of Contractual Maturities of Debt | The contractual maturities of our debt and non-recourse debt as of March 31, 2026 were as follows:
($ in millions) | Debt |  | Non-recourse Debt |  | Total
Year |  |  |  |  |
2026 (remaining nine months) | $ | 18 |  |  | $ | 364 |  |  | $ | 382 |
2027 | 22 |  |  | 1,101 |  |  | 1,123 |
2028 | 1,257 |  |  | 312 |  |  | 1,569 |
2029 | 870 |  |  | 240 |  |  | 1,110 |
2030 | 363 |  |  | 192 |  |  | 555 |
Thereafter | 2,281 |  |  | 373 |  |  | 2,654 |
Total | $ | 4,811 |  |  | $ | 2,582 |  |  | $ | 7,393 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration