Long-Term Debt And Borrowing Arrangements (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s indebtedness consisted of:

	March 31, 2018		December 31, 2017
Securitized vacation ownership debt: (a)
Term notes (b)	$	1,028	$	1,219
$650 million bank conduit facility (due August 2018) (c)	418		333
$750 million bank conduit facility (due January 2019) (d)	531		546
Total securitized vacation ownership debt	1,977		2,098
Less: Current portion of securitized vacation ownership debt	198		217
Long-term securitized vacation ownership debt	$	1,779	$	1,881
Long-term debt: (e)
$400 million revolving credit facility (due November 2018)(f)	$	400	$	—
$1.5 billion revolving credit facility (due July 2020)(g)	902		395
Commercial paper	136		147
Term loan (due March 2021)	324		324
$450 million 2.50% senior unsecured notes (due March 2018)	—		450
$40 million 7.375% senior unsecured notes (due March 2020)	40		40
$250 million 5.625% senior unsecured notes (due March 2021)	248		248
$650 million 4.25% senior unsecured notes (due March 2022) (h)	649		648
$400 million 3.90% senior unsecured notes (due March 2023) (i)	405		406
$300 million 4.15% senior unsecured notes (due April 2024)	297		297
$350 million 5.10% senior unsecured notes (due October 2025) (j)	340		340
$400 million 4.50% senior unsecured notes (due April 2027) (k)	385		396
Capital leases	74		73
Other	84		145
Total long-term debt	4,284		3,909
Less: Current portion of long-term debt	91		104
Long-term debt	$	4,193	$	3,805

^(a)  Represents non-recourse debt that is securitized through bankruptcy-remote 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 $2,650 million and $2,680 million of underlying gross vacation ownership contract receivables and related assets (which legally are not assets of the Company) as of March 31, 2018 and December 31, 2017, respectively.

^(b)  The carrying amounts of the term notes are net of debt issuance costs aggregating $13 million and $15 million as of March 31, 2018 and December 31, 2017, respectively.

^(c)  The Company has borrowing capability under this bank conduit facility through August 2018. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than September 2019.

^(d)  The Company has borrowing capability under this bank conduit facility through January 2019. Outstanding borrowings under this facility as of January 2019 are required to be repaid as the collateralized receivables amortize but not later than January 2020.

^(e)  The carrying amounts of the senior unsecured notes and term loan are net of unamortized discounts of $13 million and $14 million as of March 31, 2018 and December 31, 2017, respectively. The carrying amounts of the senior unsecured notes and term loan are net of debt issuance costs of $4 million and $5 million as of March 31, 2018 and December 31, 2017, respectively.

^(f)  As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.10%

^(g)  As of March 31, 2018, the weighted average interest rate on borrowings from this facility was 3.01%

^(h)  Includes $2 million of unamortized gains from the settlement of a derivative as of both March 31, 2018 and December 31, 2017.

⁽ⁱ⁾  Includes $7 million and $8 million of unamortized gains from the settlement of a derivative as of March 31, 2018 and December 31, 2017, respectively.

^(j)  Includes $8 million of unamortized losses from the settlement of a derivative as of both March 31, 2018 and December 31, 2017.

^(k)  Includes a $10 million decrease and $1 million increase in the carrying value resulting from a fair value hedge derivative as of March 31, 2018 and December 31, 2017, respectively.

Summary Of Outstanding Debt Maturities

The Company’s outstanding debt as of March 31, 2018 matures as follows:

	Securitized Vacation Ownership Debt		Long-Term Debt		Total
Within 1 year	$	198	$	91	$	289
Between 1 and 2 years	965		46		1,011
Between 2 and 3 years	126		2,015		2,141
Between 3 and 4 years	127		654		781
Between 4 and 5 years	140		411		551
Thereafter	421		1,067		1,488
	$	1,977	$	4,284	$	6,261

Summary Of Available Capacity Under Borrowing Arrangements

As of March 31, 2018, available capacity under the Company’s borrowing arrangements was as follows:

	Securitized Bank Conduit Facilities (a)		Revolving Credit Facilities (b)
Total capacity	$	1,400	$	1,900
Less: Outstanding borrowings	949		1,302
Commercial paper borrowings	—		136		(c)
Available capacity	$	451	$	462

^(a)  Consists of the Company’s Sierra Receivable Funding Conduit II 2008-A and Sierra Receivable Funding Conduit III 2017-A facilities. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional securitized borrowings.

^(b)  Consists of the Company’s $1.5 billion and $400 million revolving credit facilities.

^(c)  The Company considers outstanding borrowings under its commercial paper program to be a reduction of the available capacity of its revolving credit facilities.