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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
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, 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. The table also excludes acquired vacation ownership notes receivable which are remeasured at each period end based on expected future cash flows. See Footnote 6 “Vacation Ownership Notes Receivable” for additional information on our acquired vacation ownership notes receivable.
 
At September 30, 2019
 
At December 31, 2018
($ in millions)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Originated vacation ownership notes receivable
$
1,681

 
$
1,717

 
$
1,388

 
$
1,413

Other assets
42

 
42

 
66

 
66

Total financial assets
$
1,723

 
$
1,759

 
$
1,454

 
$
1,479

 
 
 
 
 
 
 
 
Securitized debt, net
$
(1,686
)
 
$
(1,717
)
 
$
(1,714
)
 
$
(1,718
)
Exchange Notes, net
(88
)
 
(91
)
 
(88
)
 
(87
)
Senior Unsecured Notes, net
(742
)
 
(814
)
 
(741
)
 
(726
)
IAC Notes
(142
)
 
(144
)
 
(141
)
 
(140
)
Term Loan, net
(882
)
 
(899
)
 
(888
)
 
(887
)
Revolving Corporate Credit Facility, net
(221
)
 
(221
)
 
—

 
—

Convertible Notes, net
(205
)
 
(231
)
 
(199
)
 
(198
)
Non-interest bearing note payable, net
—

 
—

 
(30
)
 
(30
)
Total financial liabilities
$
(3,966
)
 
$
(4,117
)
 
$
(3,801
)
 
$
(3,786
)

Originated Vacation Ownership Notes Receivable
 
At September 30, 2019
 
At December 31, 2018
($ in millions)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Originated vacation ownership notes receivable
 
 
 
 
 
 
 
Securitized
$
1,169

 
$
1,199

 
$
1,070

 
$
1,093

 
 
 
 
 
 
 
 
Eligible for securitization
214

 
220

 
85

 
87

Not eligible for securitization
298

 
298

 
233

 
233

Non-securitized
512

 
518

 
318

 
320

 
$
1,681

 
$
1,717

 
$
1,388

 
$
1,413