FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Investments, All Other Investments [Abstract]

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities

The following table shows the carrying values and the estimated fair values of financial assets and liabilities that qualify as financial instruments, determined in accordance with the authoritative guidance for disclosures regarding the fair value of financial instruments. Considerable judgment is required in interpreting market data to develop estimates of fair value. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The table excludes Cash and cash equivalents, Restricted cash, Accounts receivable, deposits included in Other assets, Accounts payable, Advance deposits and Accrued liabilities, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.

	At September 30, 2021				At December 31, 2020
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable	$	2,026	$	2,084	$	1,840	$	1,886
Other assets	70		70		60		60
Total financial assets	$	2,096	$	2,154	$	1,900	$	1,946
Securitized debt, net	$	(1,594)	$	(1,646)	$	(1,588)	$	(1,653)
2025 Notes, net	(495)		(529)		(494)		(533)
2026 Notes, net	—		—		(744)		(784)
2028 Notes, net	(346)		(356)		(346)		(359)
2029 Notes, net	(493)		(507)		—		—
Term Loan, net	(776)		(769)		(873)		(864)
2022 Convertible Notes, net	(221)		(280)		(215)		(262)
2026 Convertible Notes, net	(455)		(648)		—		—
Total financial liabilities	$	(4,380)	$	(4,735)	$	(4,260)	$	(4,455)

Vacation Ownership Notes Receivable

	At September 30, 2021				At December 31, 2020
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable
Securitized	$	1,486	$	1,532	$	1,493	$	1,530
Eligible for securitization	244		256		128		137
Not eligible for securitization	296		296		219		219
Non-securitized	540		552		347		356
	$	2,026	$	2,084	$	1,840	$	1,886