DEBT (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019			At December 31, 2018
Senior Notes
	Exchange Notes	$	89		$	89
	Unamortized debt issuance costs	(1		)	(1		)
		88			88
	Senior Unsecured Notes	750			750
	Unamortized debt issuance costs	(8		)	(9		)
		742			741
	IAC Notes	142			141
Corporate Credit Facility
	Term Loan	893			900
	Unamortized debt discount and issuance costs	(11		)	(12		)
		882			888
	Revolving Corporate Credit Facility	225			—
	Unamortized debt issuance costs(1)	(4		)	—
		221			—
Convertible Notes		230			230
Unamortized debt discount and issuance costs		(25		)	(31		)
		205			199
Non-interest bearing note payable		—			31
Unamortized debt discount		—			(1		)
		—			30
Finance leases		14			17
		$	2,294		$	2,104

_________________________

⁽¹⁾  Excludes $4 million of unamortized debt issuance costs as of December 31, 2018, as no cash borrowings were outstanding on the Revolving Corporate Credit Facility at that time.

Scheduled Future Principal Payments for Debt

The following table shows scheduled future principal payments for our securitized debt as of September 30, 2019.

	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
($ in millions)
Payments Year
2019, remaining	$	60	$	1	$	—	$	61
2020	208		3		2		213
2021	190		52		3		245
2022	183		—		2		185
2023	176		—		3		179
Thereafter	807		—		10		817
	$	1,624	$	56	$	20	$	1,700

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of September 30, 2019.

	Payments Year
($ in millions)	Remaining 2019		2020		2021		2022		2023		Thereafter		Total
Exchange Notes	$	—	$	—	$	—	$	—	$	89	$	—	$	89
Senior Unsecured Notes	—		—		—		—		—		750		750
IAC Notes	—		—		—		—		142		—		142
Term Loan	2		9		9		9		9		855		893
Revolving Corporate Credit Facility	—		—		—		—		225		—		225
Convertible Notes	—		—		—		230		—		—		230
	$	2	$	9	$	9	$	239	$	465	$	1,605	$	2,329

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table reflects the activity in accumulated other comprehensive loss related to our derivative instruments during the first three quarters of 2019:

($ in millions)	Derivative Instrument Adjustments
Balance at December 31, 2018	$	(6	)
Other comprehensive loss before reclassifications	(3		)
Reclassification to Income Statement	—
Net other comprehensive loss	(3		)
Balance at March 31, 2019	(9		)
Other comprehensive loss before reclassifications	(13		)
Reclassification to Income Statement	—
Net other comprehensive loss	(13		)
Balance at June 30, 2019	(22		)
Other comprehensive loss before reclassifications	(4		)
Reclassification to Income Statement	—
Net other comprehensive loss	(4		)
Balance at September 30, 2019	$	(26	)

Convertible Debt

The following table shows the net carrying value of the Convertible Notes.

($ in millions)	At September 30, 2019			At December 31, 2018
Liability component
Principal amount	$	230		$	230
Unamortized debt discount	(21		)	(26		)
Unamortized debt issuance costs	(4		)	(5		)
Net carrying amount of the liability component	$	205		$	199
Carrying amount of equity component, net of issuance costs	$	33		$	33

The following table shows interest expense information related to the Convertible Notes.

	Three Months Ended				Nine Months Ended
($ in millions)	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Contractual interest expense	$	1	$	1	$	2	$	3
Amortization of debt discount	2		1		5		4
Amortization of debt issuance costs	—		1		1		1
	$	3	$	3	$	8	$	8