XML 84 R73.htm IDEA: XBRL DOCUMENT v3.21.1
Debt (Schedule of Long-term Debt Instruments) (Details)
$ in Millions, $ in Millions, $ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2021
AUD ($)
Mar. 31, 2021
NZD ($)
Debt Instrument [Line Items]        
Long-term Debt $ 5,569      
USD bank conduit facility (due August 2021) [Member] | Revolving Credit Facility        
Debt Instrument [Line Items]        
Line of Credit Facility, Maximum Borrowing Capacity $ 800      
$300 million secured term loan B (due May 2025) | Term Loan B [Member]        
Debt Instrument [Line Items]        
Weighted average coupon rate 2.40% 2.93%    
5.625% Secured Notes Due March 2021 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 5.625%   5.625% 5.625%
4.25% Secured Notes Due March 2022 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 4.25%   4.25% 4.25%
3.90% Secured Notes (Due March 2023) [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 3.90%   3.90% 3.90%
5.40% Secured Notes (Due April 2024) [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 5.40%   5.40% 5.40%
6.35% secured notes due October 2025 [Domain]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.60%   6.60% 6.60%
6.625% Senior Secured Notes Due July 2026 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.625%   6.625% 6.625%
5.75% secured notes due April 2027 [Domain]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 6.00%   6.00% 6.00%
4.625% Secured notes due March 2030 [Member]        
Debt Instrument [Line Items]        
Debt Instrument, Interest Rate, Stated Percentage 4.625%   4.625% 4.625%
Term Notes [Member]        
Debt Instrument [Line Items]        
Debt financing cost $ 23 $ 21    
Term Notes [Member] | Term Notes [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [1],[2] 1,954 1,893    
Non-recourse bank conduit facility [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [3] 229      
Line of Credit Facility, Maximum Borrowing Capacity [3] 1,027      
Non-recourse bank conduit facility [Member] | AUD/NZD bank conduit Facility (due September 2021) [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [1],[4] 155 173    
Line of Credit Facility, Maximum Borrowing Capacity     $ 255 $ 48
Non-recourse bank conduit facility [Member] | USD bank conduit facility (due August 2021) [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [1],[5] 74 168    
Debt instrument, face amount 800      
Non-Recourse Vacation Ownership Debt [Member]        
Debt Instrument [Line Items]        
Non-recourse vacation ownership debt (VIE) [1] 2,183 2,234    
Long-term Debt 2,183      
Long-term vacation ownership contract receivables 2,440 2,570    
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023        
Debt Instrument [Line Items]        
Debt instrument, face amount 1,000      
Revolving Credit Facility | Secured Revolving Credit Facility due May 2023 | Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility [7],[8] 0 [6] $ 547    
Line of Credit Facility, Maximum Borrowing Capacity [6] $ 1,000      
Weighted average coupon rate 3.19% 3.02%    
Debt instrument, face amount $ 1,000      
Debt        
Debt Instrument [Line Items]        
Long-term Debt [7] 3,386 $ 4,184    
Debt financing cost 7 7    
Unamortized discount 15 16    
Debt | $300 million secured term loan B (due May 2025)        
Debt Instrument [Line Items]        
Debt instrument, face amount 300      
Debt | $300 million secured term loan B (due May 2025) | Term Loan B [Member]        
Debt Instrument [Line Items]        
Debt [7],[9] 290 291    
Debt | 5.625% Secured Notes Due March 2021 [Member]        
Debt Instrument [Line Items]        
Senior notes [7] 0 250    
Debt instrument, face amount 250      
Debt | 4.25% Secured Notes Due March 2022 [Member]        
Debt Instrument [Line Items]        
Senior notes [7],[10] 650 650    
Unamortized (gains)/losses from the settlement of a derivative (1) (1)    
Debt instrument, face amount 650      
Debt | 3.90% Secured Notes (Due March 2023) [Member]        
Debt Instrument [Line Items]        
Senior notes [7],[11] 402 402    
Unamortized (gains)/losses from the settlement of a derivative (3) (3)    
Debt instrument, face amount 400      
Debt | 5.40% Secured Notes (Due April 2024) [Member]        
Debt Instrument [Line Items]        
Senior notes [7] 299 299    
Debt instrument, face amount 300      
Debt | 6.35% secured notes due October 2025 [Domain]        
Debt Instrument [Line Items]        
Senior notes [7],[12] 344 344    
Unamortized (gains)/losses from the settlement of a derivative 5 5    
Debt instrument, face amount 350      
Debt | 6.625% Senior Secured Notes Due July 2026 [Member]        
Debt Instrument [Line Items]        
Senior notes [7] 641 641    
Debt instrument, face amount 650      
Debt | 5.75% secured notes due April 2027 [Domain]        
Debt Instrument [Line Items]        
Senior notes [7],[13] 408 408    
Unamortized (gains)/losses from the settlement of a derivative (10) (11)    
Debt instrument, face amount 400      
Debt | 4.625% Secured notes due March 2030 [Member]        
Debt Instrument [Line Items]        
Senior notes [7] 345 345    
Debt instrument, face amount 350      
Debt | Finance leases [Member]        
Debt Instrument [Line Items]        
Finance leases [7] $ 7 $ 7    
[1] Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities (“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 $2.44 billion and $2.57 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of March 31, 2021 and December 31, 2020.
[2] The carrying amounts of the term notes are net of deferred financing costs of $23 million and $21 million as of March 31, 2021 and December 31, 2020.
[3] Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacity of these facilities is subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
[4] The Company has a borrowing capacity of 255 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through September 2021. Borrowings under this facility are required to be repaid no later than September 2023
[5] The Company has a borrowing capacity of $800 million under the USD bank conduit facility through October 2022. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than November 2023.
[6] Consists of the Company’s $1.0 billion secured revolving credit facility.
[7] The carrying amounts of the secured notes and term loan are net of unamortized discounts of $15 million and $16 million as of March 31, 2021 and December 31, 2020, and net of unamortized debt financing costs of $7 million as of March 31, 2021 and December 31, 2020.
[8] The weighted average effective interest rate on borrowings from this facility were 3.19% and 3.02% as of March 31, 2021 and December 31, 2020. In late March 2020, the Company drew down its $1.0 billion secured revolving credit facility as a precautionary measure due to COVID-19. As of March 31, 2021, these borrowing have been repaid.
[9] The weighted average effective interest rate on borrowings from this facility was 2.40% and 2.93% as of March 31, 2021 and December 31, 2020.
[10] Includes less than $1 million of unamortized gains from the settlement of a derivative as of March 31, 2021 and December 31, 2020.
[11] Includes $3 million of unamortized gains from the settlement of a derivative as of March 31, 2021 and December 31, 2020.
[12] Includes $5 million of unamortized losses from the settlement of a derivative as of March 31, 2021 and December 31, 2020.
[13] Includes $10 million and $11 million of unamortized gains from the settlement of a derivative as of March 31, 2021 and December 31, 2020.