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FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
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.
 
At March 31, 2020
 
At December 31, 2019
($ in millions)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Vacation ownership notes receivable
$
2,159

 
$
2,224

 
$
2,233

 
$
2,264

Other assets
41

 
41

 
45

 
45

Total financial assets
$
2,200

 
$
2,265

 
$
2,278

 
$
2,309

 
 
 
 
 
 
 
 
Securitized debt, net
$
(1,926
)
 
$
(1,861
)
 
$
(1,871
)
 
$
(1,924
)
2026 Notes, net
(743
)
 
(652
)
 
(742
)
 
(824
)
2028 Notes, net
(345
)
 
(266
)
 
(345
)
 
(358
)
Term Loan, net
(879
)
 
(771
)
 
(881
)
 
(899
)
Revolving Corporate Credit Facility, net
(593
)
 
(593
)
 
(27
)
 
(27
)
Convertible Notes, net
(209
)
 
(182
)
 
(207
)
 
(247
)
Total financial liabilities
$
(4,695
)
 
$
(4,325
)
 
$
(4,073
)
 
$
(4,279
)

Vacation Ownership Notes Receivable
 
At March 31, 2020
 
At December 31, 2019
($ in millions)
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
Vacation ownership notes receivable
 
 
 
 
 
 
 
Securitized
$
1,822

 
$
1,875

 
$
1,750

 
$
1,771

 
 
 
 
 
 
 
 
Eligible for securitization
77

 
89

 
165

 
175

Not eligible for securitization
260

 
260

 
318

 
318

Non-securitized
337

 
349

 
483

 
493

 
$
2,159

 
$
2,224

 
$
2,233

 
$
2,264