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FINANCIAL INSTRUMENTS (Tables)
3 Months Ended
Mar. 31, 2024
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 and contracts receivable (excluding contracts receivable for financed VOI sales, net), deposits included in Other assets, Accounts payable, Advance deposits, Accrued liabilities, and derivative instruments, all of which had fair values approximating their carrying amounts due to the short maturities and liquidity of these instruments.
At March 31, 2024At December 31, 2023
($ in millions)Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Vacation ownership notes receivable, net$2,336 $2,419 $2,343 $2,427 
Contracts receivable for financed VOI sales, net48 48 37 37 
Other assets110 110 99 99 
Total financial assets$2,494 $2,577 $2,479 $2,563 
Securitized debt, net$(2,178)$(2,167)$(2,096)$(2,068)
Term Loan, net(781)(781)(781)(784)
Revolving Corporate Credit Facility, net(157)(160)(101)(105)
2028 Notes, net(348)(329)(348)(322)
2029 Notes, net(495)(457)(495)(445)
2026 Convertible Notes, net(569)(543)(568)(508)
2027 Convertible Notes, net(564)(540)(563)(513)
Non-interest bearing note payable, net— — (4)(4)
Total financial liabilities$(5,092)$(4,977)$(4,956)$(4,749)
Vacation Ownership Notes Receivable
At March 31, 2024At December 31, 2023
($ in millions)Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
Securitized$1,914 $1,995 $1,912 $1,994 
Eligible for securitization53 55 52 54 
Not eligible for securitization369 369 379 379 
Non-securitized422 424 431 433 
Total
$2,336 $2,419 $2,343 $2,427