2 unchanged sentences
We manage the interest rate risk on our corporate debt through the use of a combination of fixed-rate debt and interest rate swaps (certain of which begin to expire in the 2023 third quarter) that fix a portion of our variable-rate debt.
−Removed: At March 31, 2023, after considering the impact of interest rate swap agreements and excluding finance leases, the interest rate applicable to approximately 85% of our total corporate debt was effectively fixed and the interest rate applicable to the remaining 15% (approximately $434 million) is variable.
+Added: At June 30, 2023, after considering the impact of interest rate swap agreements and excluding finance leases, the interest rate applicable to approximately 90% of our total corporate debt was effectively fixed and the interest rate applicable to the remaining 10% (approximately $299 million) is variable.
Assuming no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt would result in an increase of approximately $2 million in annual cash interest due to the impact of our hedging arrangements discussed in Footnote 12 “Debt” to our Financial Statements.
−Removed: Assuming we had no outstanding hedging arrangements, a 100 basis point increase in the underlying benchmark rate would result in an annual increase in cash interest of approximately $8 million.
−Removed: The following table presents the scheduled maturities and the total fair value as of March 31, 2023 for our financial instruments that are impacted by market risks:
+Added: Assuming we had no outstanding hedging arrangements and no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate would result in an annual increase in cash interest of approximately $8 million.
+Added: The following table presents the scheduled maturities and the total fair value as of June 30, 2023 for our financial instruments that are impacted by market risks:
($ in millions) Average
5 unchanged sentences
Vacation ownership notes receivable — securitized 13.3% $ 85 $ 174 $ 178 $ 182 $ 184 $ 1,060 $ 1,863 $ 1,926
+Added: Contracts receivable for financed VOI sales, net 13.2% $ 1 $ 3 $ 3 $ 3 $ 3 $ 19 $ 32 $ 32
Liabilities – Maturities represent expected principal payments;
1 unchanged sentence
Securitized debt 4.0% $ (93) $ (190) $ (195) $ (352) $ (188) $ (1,034) $ (2,052) $ (1,933)
−Removed: 2028 Notes 4.8% $ — $ — $ — $ — $ — $ (350) $ (350) $ (310)
−Removed: 2029 Notes 4.5% $ — $ — $ — $ — $ — $ (500) $ (500) $ (424)
Term Loan 6.9% $ — $ — $ (784) $ — $ — $ — $ (784) $ (782)
Revolving Corporate Credit Facility 6.9% $ — $ — $ — $ — $ (65) $ — $ (65) $ (65)
+Added: 2028 Notes 4.8% $ — $ — $ — $ — $ — $ (350) $ (350) $ (316)
+Added: 2029 Notes 4.5% $ — $ — $ — $ — $ — $ (500) $ (500) $ (432)
2026 Convertible Notes —% $ — $ — $ — $ (575) $ — $ — $ (575) $ (532)
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.