XML 94 R75.htm IDEA: XBRL DOCUMENT v3.21.2
Debt (Schedule of Long-term Debt Instruments) (Details)
$ in Millions, $ in Millions, $ in Millions
6 Months Ended 12 Months Ended
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2021
AUD ($)
Jun. 30, 2021
NZD ($)
Apr. 27, 2021
AUD ($)
Apr. 27, 2021
NZD ($)
Mar. 31, 2021
AUD ($)
Debt Instrument [Line Items]              
Long-term Debt $ 5,403            
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 2.39% 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%      
6.60% secured notes due October 2025 [Member]              
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%      
6.00% secured notes due April 2027 [Member]              
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 $ 19 $ 21          
Term Notes [Member] | Term Notes [Member]              
Debt Instrument [Line Items]              
Non-recourse vacation ownership debt (VIE) [1],[2] 1,719 1,893          
Non-recourse bank conduit facility [Member]              
Debt Instrument [Line Items]              
Non-recourse vacation ownership debt (VIE) [3] 299            
Line of Credit Facility, Maximum Borrowing Capacity [3] 1,025            
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] 154 168          
Debt instrument, face amount 800            
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] 145 173          
Line of Credit Facility, Maximum Borrowing Capacity     $ 250 $ 48 $ 250 $ 48 $ 255
Non-Recourse Vacation Ownership Debt [Member]              
Debt Instrument [Line Items]              
Non-recourse vacation ownership debt (VIE) [1] 2,018 2,234          
Long-term Debt 2,018            
Long-term vacation ownership contract receivables 2,260 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 [6],[7] 0 [5] $ 547          
Line of Credit Facility, Maximum Borrowing Capacity [5] $ 1,000            
Weighted average coupon rate 3.19% 3.02%          
Debt instrument, face amount $ 1,000            
Debt              
Debt Instrument [Line Items]              
Long-term Debt [6] 3,385 $ 4,184          
Debt financing cost 7 7          
Unamortized discount 14 16          
Debt | $300 million secured term loan B (due May 2025) | Term Loan B [Member]              
Debt Instrument [Line Items]              
Debt [6],[8] 290 291          
Debt instrument, face amount 300            
Debt | 5.625% Secured Notes Due March 2021 [Member]              
Debt Instrument [Line Items]              
Senior notes [6] 0 250          
Debt instrument, face amount 250            
Debt | 4.25% Secured Notes Due March 2022 [Member]              
Debt Instrument [Line Items]              
Senior notes [6],[9] 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 [6],[10] 402 402          
Unamortized (gains)/losses from the settlement of a derivative (2) (3)          
Debt instrument, face amount 400            
Debt | 5.40% Secured Notes (Due April 2024) [Member]              
Debt Instrument [Line Items]              
Senior notes [6] 299 299          
Debt instrument, face amount 300            
Debt | 6.60% secured notes due October 2025 [Member]              
Debt Instrument [Line Items]              
Senior notes [6],[11] 344 344          
Unamortized (gains)/losses from the settlement of a derivative 4 5          
Debt instrument, face amount 350            
Debt | 6.625% Senior Secured Notes Due July 2026 [Member]              
Debt Instrument [Line Items]              
Senior notes [6] 642 641          
Debt instrument, face amount 650            
Debt | 6.00% secured notes due April 2027 [Member]              
Debt Instrument [Line Items]              
Senior notes [6],[12] 407 408          
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 [6] 345 345          
Debt instrument, face amount 350            
Debt | Finance leases [Member]              
Debt Instrument [Line Items]              
Finance leases [6] $ 6 $ 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 $2.26 billion and $2.57 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of June 30, 2021 and December 31, 2020.
[2] The carrying amounts of the term notes are net of deferred financing costs of $19 million and $21 million as of June 30, 2021 and December 31, 2020.(c)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.
[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 250 million Australian dollars (“AUD”) and 48 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through April 2023. Borrowings under this facility are required to be repaid no later than April 2025.
[5] Consists of the Company’s $1.0 billion secured revolving credit facility.
[6] The carrying amounts of the secured notes and term loan are net of unamortized discounts of $14 million and $16 million as of June 30, 2021 and December 31, 2020, and net of unamortized debt financing costs of $7 million as of June 30, 2021 and December 31, 2020.
[7] The weighted average effective interest rate on borrowings from this facility were 3.19% and 3.02% as of June 30, 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 June 30, 2021, these borrowings have been repaid.
[8] The weighted average effective interest rate on borrowings from this facility was 2.39% and 2.93% as of June 30, 2021 and December 31, 2020.
[9] Includes less than $1 million of unamortized gains from the settlement of a derivative as of June 30, 2021 and December 31, 2020.
[10] Includes $2 million and $3 million of unamortized gains from the settlement of a derivative as of June 30, 2021 and December 31, 2020.
[11] Includes $4 million and $5 million of unamortized losses from the settlement of a derivative as of June 30, 2021 and December 31, 2020.
[12] Includes $10 million and $11 million of unamortized gains from the settlement of a derivative as of June 30, 2021 and December 31, 2020.