SECURITIZED DEBT (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of securitized vacation ownership debt

The following table provides detail on our securitized debt, net of unamortized debt discount and issuance costs.

($ in millions)	At September 30, 2022		At December 31, 2021
Vacation ownership notes receivable securitizations, gross(1)	$	1,698	$	1,877
Unamortized debt discount and issuance costs	(19)		(21)
	1,679		1,856
Warehouse Credit Facility, gross(2)	132		—
Unamortized debt issuance costs(3)	(2)		—
	130		—
	$	1,809	$	1,856

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(1)Interest rates as of September 30, 2022 range from 1.5% to 4.6%, with a weighted average interest rate of 2.7%.

(2)Effective interest rate as of September 30, 2022 was 3.9%.

(3)Excludes $2 million of unamortized debt issuance costs as of December 31, 2021, as no cash borrowings were outstanding at that time.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of September 30, 2022.

	Vacation Ownership Notes Receivable Securitizations		Warehouse Credit Facility		Total
($ in millions)
Payments Year
2022, remaining	$	43	$	1	$	44
2023	174		6		180
2024	179		7		186
2025	179		118		297
2026	180		—		180
Thereafter	943		—		943
	$	1,698	$	132	$	1,830

The following table shows scheduled principal payments for our debt, excluding finance leases, as of September 30, 2022.

($ in millions)	2025 Notes		2028 Notes		2029 Notes		Term Loan		Revolving Corporate Credit Facility		2026 Convertible Notes		Non-Interest Bearing Note Payable		Total
Year Payments
2022, remaining	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
2023	—		—		—		—		—		—		6		6
2024	—		—		—		—		—		—		4		4
2025	250		—		—		784		—		—		—		1,034
2026	—		—		—		—		—		575		—		575
Thereafter	—		350		500		—		230		—		—		1,080
	$	250	$	350	$	500	$	784	$	230	$	575	$	10	$	2,699