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DEBT (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt balances, net of unamortized debt issuance costs
The following table provides detail on our debt balances, net of unamortized debt discount and issuance costs.
($ in millions)At September 30, 2023At December 31, 2022
Corporate Credit Facility
Term Loan$784 $784 
Unamortized debt discount and issuance costs(4)(6)
780 778 
Revolving Corporate Credit Facility(1)
90 — 
Unamortized debt issuance costs(2)
(4)— 
86 — 
Senior Secured Notes
2025 Notes— 250 
Unamortized debt discount and issuance costs— (2)
— 248 
Senior Unsecured Notes
2028 Notes350 350 
Unamortized debt discount and issuance costs(2)(3)
348 347 
2029 Notes500 500 
Unamortized debt discount and issuance costs(5)(6)
495 494 
Convertible Notes
2026 Convertible Notes575 575 
Unamortized debt issuance costs(7)(10)
568 565 
2027 Convertible Notes575 575 
Unamortized debt issuance costs(13)(15)
562 560 
Finance Leases188 86 
Non-interest bearing note payable4 10 
$3,031 $3,088 
(1)Effective interest rate as of September 30, 2023 was 7.2%.
(2)Excludes $5 million of unamortized debt issuance costs as of December 31, 2022. As no cash borrowings were outstanding under the Revolving Corporate Credit Facility at that time, the unamortized debt issuance costs were included in Other assets.
Scheduled future principal payments for debt
The following table shows anticipated future principal payments for our securitized debt as of September 30, 2023.
Vacation Ownership
Notes Receivable Securitizations
Warehouse Credit
Facility(1)
Total
($ in millions)
Payments Year
2023, remaining$42 $4 $46 
2024171 17 188 
2025173 18 191 
2026176 306 482 
2027176 — 176 
Thereafter965 — 965 
$1,703 $345 $2,048 
(1)Excludes future Warehouse Credit Facility renewals.
The following table shows scheduled principal payments for our debt, based on contractual terms and maturity dates, excluding finance leases, as of September 30, 2023.
Payments Year
($ in millions)Remaining 20232024202520262027ThereafterTotal
Term Loan$— $— $784 $— $— $— $784 
Revolving Corporate Credit Facility— — — — 90 — 90 
2028 Notes— — — — — 350 350 
2029 Notes— — — — — 500 500 
2026 Convertible Notes— — — 575 — — 575 
2027 Convertible Notes— — — — 575 — 575 
Non-Interest Bearing Note Payable— 4 — — — — 4 
$— $4 $784 $575 $665 $850 $2,878 
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first three quarters of 2023 and 2022. There were no reclassifications to the Income Statement for any of the periods presented below.
($ in millions)20232022
Derivative instrument adjustment balance, January 1$13 $(18)
Other comprehensive (loss) gain before reclassifications(3)16 
Derivative instrument adjustment balance, March 3110 (2)
Other comprehensive (loss) gain before reclassifications(1)7 
Derivative instrument adjustment balance, June 309 5 
Other comprehensive (loss) gain before reclassifications(3)8 
Derivative instrument adjustment balance, September 30$6 $13 
Convertible debt
The following table shows interest expense information related to the 2026 Convertible Notes.
Three Months EndedNine Months Ended
($ in millions)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Amortization of debt issuance costs$— $1 $2 $2 
The following table shows interest expense information related to the 2027 Convertible Notes.
Three Months EndedNine Months Ended
($ in millions)September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Contractual interest expense$5 $— $14 $— 
Amortization of debt issuance costs— — 2 — 
$5 $— $16 $—