6 unchanged sentences
Changes in interest rates also impact the fair value of our fixed-rate vacation ownership notes receivable and our fixed-rate debt.
−Removed: We issue securitized debt backed by consumer loans at least twice annually.
+Added: We typically issue securitized debt backed by consumer loans twice a year.
To the extent interest rates are higher relative to the interest rates in our financing programs on our loans being securitized at the time of a transaction, the excess spread we realize over the life of a securitization will be lower.
While we adjust interest rates on our financing programs from time to time, such changes are typically not made in lockstep with the timing and magnitude of changes in broader market rates.
−Removed: We manage the interest rate risk on our corporate debt through the use of fixed-rate debt and may also use interest rate hedges to fix a portion of our variable-rate debt.
−Removed: At December 31, 2024, the interest rate applicable to 68% (approximately $2 billion) of our corporate debt, excluding finance leases, was fixed and the interest rate applicable to the remaining 32% (approximately $921 million) was variable.
−Removed: Assuming we had no outstanding balance on our Revolving Corporate Credit Facility, a 100 basis point increase in the underlying benchmark rate on our variable-rate debt at December 31, 2024 would result in an annual increase in cash interest of approximately $8 million.
+Added: We manage the interest rate risk on our corporate debt through the use of a combination of fixed-rate debt and interest rate swaps that fix a portion of our variable-rate debt.
+Added: At December 31, 2025, after considering the impact of our interest rate swap agreement and excluding finance leases, the interest rate applicable to 85% (approximately $2.9 billion) of our total corporate debt, was effectively fixed and the interest rate applicable to the remaining 15% (approximately $488 million) was variable.
+Added: 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 at December 31, 2025 would result in an increase of approximately $5 million in annual cash interest due to the impact of our hedging arrangements discussed in Footnote 15 “Debt” to our Financial Statements.
+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 on our variable-rate debt at December 31, 2025 would result in an annual increase in cash interest of approximately $8 million.
The following table presents the scheduled maturities and the total fair value as of December 31, 2025 for our financial instruments that are impacted by market risks:
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Rate Maturities by Period
−Removed: 2025 2026 2027 2028 2029 There-after Total Carrying Value Total
+Added: 2026 2027 2028 2029 2030 Thereafter Total Carrying Value Total
Assets – Maturities represent expected principal receipts;
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Term Loan 6.0% $ (8) $ (8) $ (8) $ (8) $ (8) $ (748) $ (788) $ (788)
−Removed: Revolving Corporate Credit Facility 6.3% $ — $ — $ (125) $ — $ — $ — $ (125) $ (125)
2028 Notes 4.8% $ — $ — $ (350) $ — $ — $ — $ (350) $ (346)
2029 Notes 4.5% $ — $ — $ — $ (500) $ — $ — $ (500) $ (479)
+Added: 6.5% $ — $ — $ — $ — $ — $ (575) $ (575) $ (553)
2026 Convertible Notes 0.0% $ (575) $ — $ — $ — $ — $ — $ (575) $ (564)
6 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.