v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The Company’s indebtedness consisted of the following (in millions):
September 30,
2026		December 31,
2025
Non-recourse vacation ownership debt: (a)
Term notes (b)
$1,579 $1,690 
USD bank conduit facility (due August 2027) (c)
320 318 
AUD/NZD bank conduit facility (due December 2026) (d)
126 116 
Total$2,025 $2,124 
Debt: (e)
$1.0 billion secured revolving credit facility (due June 2030) (f)
$385 $63 
Secured term loan B (due December 2029) (g)
849 854 
$650 million 6.625% secured notes (due July 2026)
— 649 
$400 million 6.00% secured notes (due April 2027) (h)
401 402 
$650 million 4.50% secured notes (due December 2029)
646 646 
$350 million 4.625% secured notes (due March 2030)
348 348 
$900 million 6.250% secured notes (due June 2031)
891 — 
$500 million 6.125% secured notes (due September 2033)
495 494 
Finance leases26 18 
Total$4,041 $3,474 
(a)Represents non-recourse debt that is securitized through bankruptcy-remote special purpose entities, 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 $2.29 billion and $2.40 billion of underlying gross VOCRs and related assets (which legally are not assets of the Company) as of September 30, 2026 and December 31, 2025.
(b)The carrying amounts of the term notes are net of deferred financing costs of $22 million and $23 million as of September 30, 2026 and December 31, 2025.
(c)The Company has a borrowing capacity of $600 million under the USD bank conduit facility through August 2027. Borrowings under this facility are required to be repaid as the collateralized receivables amortize but no later than September 2028.
(d)The Company has a borrowing capacity of 200 million Australian dollars (“AUD”) and 25 million New Zealand dollars (“NZD”) under the AUD/NZD bank conduit facility through December 2026. Borrowings under this facility are required to be repaid no later than January 2029.
(e)The carrying amounts of the secured notes and term loan are net of unamortized discounts of $8 million and $11 million as of September 30, 2026 and December 31, 2025, and net of unamortized debt financing costs of $22 million and $16 million as of September 30, 2026 and December 31, 2025.
(f)The weighted average effective interest rate on facility borrowings was 5.76% and 6.52% for the nine months ended September 30, 2026 and year-ended December 31, 2025.
(g)The weighted average effective interest rate on facility borrowings was 5.73% and 6.86% for the nine months ended September 30, 2026 and year-ended December 31, 2025.
(h)Includes $1 million and $2 million of unamortized gains from the settlement of a derivative as of September 30, 2026 and December 31, 2025.
Summary Of Outstanding Debt Maturities
The Company’s outstanding indebtedness as of September 30, 2026, matures as follows (in millions):
Non-recourse Vacation Ownership DebtDebtTotal
Within 1 year$216 $420 $636 
Between 1 and 2 years275 16 291 
Between 2 and 3 years426 13 439 
Between 3 and 4 years182 2,205 2,387 
Between 4 and 5 years201 892 1,093 
Thereafter725 495 1,220 
$2,025 $4,041 $6,066 
Summary Of Available Capacity Under Borrowing Arrangements
As of September 30, 2026, the available capacities under the Company’s borrowing arrangements were as follows (in millions):
Non-recourse Conduit Facilities (a)
Revolving
Credit Facilities (b)
Total capacity$755 $1,000 
Less: outstanding borrowings446 385 
Less: letters of credit— 1 
Available capacity$309 $614 
(a)Consists of the Company’s USD bank conduit facility and AUD/NZD bank conduit facility. The capacities of these facilities are subject to the Company’s ability to provide additional assets to collateralize additional non-recourse borrowings.
(b)Consists of the Company’s $1.0 billion secured revolving credit facility.