DEBT (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020		At December 31, 2019
Senior Secured Notes
	2025 Notes	$	500	$	—
	Unamortized debt discount and issuance costs	(7)		—
		493		—
Senior Unsecured Notes
	2026 Notes	750		750
	Unamortized debt discount and issuance costs	(7)		(8)
		743		742
	2028 Notes	350		350
	Unamortized debt discount and issuance costs	(5)		(5)
		345		345
Corporate Credit Facility
	Term Loan	889		893
	Unamortized debt discount and issuance costs	(11)		(12)
		878		881
	Revolving Corporate Credit Facility	—		30
	Unamortized debt issuance costs	—		(3)
		—		27
Convertible Notes		230		230
Unamortized debt discount and issuance costs		(19)		(23)
		211		207
Finance leases		10		14
		$	2,680	$	2,216

Scheduled future principal payments for debt

The following table shows scheduled future principal payments for our securitized debt as of June 30, 2020.

	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Other		Total
($ in millions)
Payments Year
2020, remaining	$	87	$	9	$	1	$	97
2021	173		18		2		193
2022	175		20		2		197
2023	179		261		2		442
2024	176		—		2		178
Thereafter	788		—		9		797
	$	1,578	$	308	$	18	$	1,904

The following table shows scheduled future principal payments for our debt, excluding finance leases, as of June 30, 2020.

($ in millions)	2025 Notes		2026 Notes		2028 Notes		Term Loan		Convertible Notes		Total
Payments Year
2020, remaining	$	—	$	—	$	—	$	4	$	—	$	4
2021	—		—		—		9		—		9
2022	—		—		—		9		230		239
2023	—		—		—		9		—		9
2024	—		—		—		9		—		9
Thereafter	500		750		350		849		—		2,449
	$	500	$	750	$	350	$	889	$	230	$	2,719

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:

($ in millions)	2020		2019
Derivative instrument adjustment balance, January 1	$	(21)	$	(6)
Other comprehensive loss before reclassifications	(24)		(3)
Reclassification to Income Statement	—		—
Net other comprehensive loss	(24)		(3)
Derivative instrument adjustment balance, March 31	(45)		(9)
Other comprehensive loss before reclassifications	(1)		(13)
Reclassification to Income Statement	—		—
Net other comprehensive loss	(1)		(13)
Derivative instrument adjustment balance, June 30	$	(46)	$	(22)

Convertible debt

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

($ in millions)	At June 30, 2020		At December 31, 2019
Liability component
Principal amount	$	230	$	230
Unamortized debt discount	(16)		(20)
Unamortized debt issuance costs	(3)		(3)
Net carrying amount of the liability component	$	211	$	207
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				Six Months Ended
($ in millions)	June 30, 2020		June 30, 2019		June 30, 2020		June 30, 2019
Contractual interest expense	$	1	$	—	$	2	$	1
Amortization of debt discount	2		1		4		3
Amortization of debt issuance costs	—		1		—		1
	$	3	$	2	$	6	$	5