FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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, 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 September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net	$	2,142	$	2,189	$	2,045	$	2,102
Other assets	68		68		76		76
Total financial assets	$	2,210	$	2,257	$	2,121	$	2,178
Securitized debt, net	$	(1,809)	$	(1,708)	$	(1,856)	$	(1,900)
2025 Notes, net	(248)		(243)		(248)		(261)
2028 Notes, net	(347)		(291)		(346)		(362)
2029 Notes, net	(494)		(395)		(493)		(505)
Term Loan, net	(778)		(743)		(776)		(784)
Revolving Corporate Credit Facility, net	(225)		(230)		—		—
2022 Convertible Notes, net(1)	—		—		(224)		(280)
2026 Convertible Notes, net(1)	(564)		(531)		(461)		(682)
Non-interest bearing note payable, net	(10)		(10)		—		—
Total financial liabilities	$	(4,475)	$	(4,151)	$	(4,404)	$	(4,774)

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(1)Prior period amounts have not been adjusted to reflect our adoption of ASU 2020-06 under the modified retrospective method. See Footnote 2 “Significant Accounting Policies and Recent Accounting Standards” for information on our adoption of ASU 2020-06.

Vacation Ownership Notes Receivable

	At September 30, 2022				At December 31, 2021
($ in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Vacation ownership notes receivable, net
Securitized	$	1,662	$	1,704	$	1,662	$	1,712
Eligible for securitization	122		127		97		104
Not eligible for securitization	358		358		286		286
Non-securitized	480		485		383		390
	$	2,142	$	2,189	$	2,045	$	2,102