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DEBT AND NON-RECOURSE DEBT | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
DEBT AND NON-RECOURSE DEBT | DEBT AND NON-RECOURSE DEBT Debt 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. Senior secured credit facility As of March 31, 2026, we had $64 million of letters of credit outstanding under the revolving credit facility and $1 million outstanding backed by cash collateral. We were in compliance with all applicable maintenance and financial covenants and ratios as of March 31, 2026. As of March 31, 2026, we have $591 million remaining borrowing capacity under the revolver facility. We primarily use interest rate swaps as part of our interest rate risk management strategy for our variable-rate debt. These interest rate swaps are associated with the SOFR-based senior secured credit facility. As of March 31, 2026, these interest rate swaps convert the SOFR-based variable rate on our Term Loan B due 2028 to average fixed rates of 1.55% per annum with maturities between 2026 and 2028, for the balance on this borrowing up to the notional values of our interest rate swaps. As of March 31, 2026, the aggregate notional values of the interest rate swaps under our Term Loan B due 2028 was $550 million. Our interest rate swaps have been designated and qualify as cash flow hedges of interest rate risk and recorded at their estimated fair value as an asset in Other assets in our condensed consolidated balance sheets. As of both March 31, 2026 and December 31, 2025, the estimated fair value of our cash flow hedges was $18 million. We characterize payments we make in connection with these derivative instruments as interest expense and a reclassification of accumulated other comprehensive loss for presentation purposes. We classify cash inflows and outflows from derivatives that hedge interest rate risk within operating activities in the unaudited condensed consolidated statements of cash flows. 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 |
Senior Notes due 2032 The Senior Notes due 2032 are guaranteed on a senior secured basis by certain of our subsidiaries. We were in compliance with all applicable financial covenants as of March 31, 2026. Senior Notes due 2029 and 2031 The Senior Unsecured Notes are guaranteed on a senior unsecured basis by certain of our subsidiaries. We are in compliance with all applicable financial covenants as of March 31, 2026. Cash paid for interest on our corporate debt, net was $68 million and $72 million for the three months ended March 31, 2026 and 2025. Non-recourse Debt The following table details our outstanding non-recourse debt balance and associated interest rates:
($ 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. Timeshare Facility The Timeshare Facility is a non-recourse obligation payable solely from the pool of timeshare financing receivables pledged as collateral and related assets. The revolving commitment period of the Timeshare Facility terminates in November 2026; however the repayment maturity date extends 12 months beyond the commitment termination date to November 2027. As of March 31, 2026, our Timeshare Facility has a remaining borrowing capacity of $150 million. Securitized Debt We are required to deposit payments received from customers on the timeshare financing receivables securing the Timeshare Facility and Securitized Debt into depository accounts maintained by third parties. On a monthly basis, the depository accounts are utilized to make required principal, interest and other payments due under the respective loan agreements. The balances in the depository accounts were $105 million and $142 million as of March 31, 2026 and December 31, 2025, and were included in Restricted cash in our condensed consolidated balance sheets. NBA Receivables Facility Recourse on the NBA Receivables Facility is generally limited to the greater of 15% of the outstanding borrowings and $5 million, subject to certain exceptions. Debt Maturities The contractual maturities of our debt and non-recourse debt as of March 31, 2026 were as follows:
($ 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 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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