XML 48 R34.htm IDEA: XBRL DOCUMENT v3.24.1.u1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024At December 31, 2023
Corporate Credit Facility
Term Loan$784 $784 
Unamortized debt discount and issuance costs(3)(3)
781 781 
Revolving Corporate Credit Facility(1)
160 105 
Unamortized debt issuance costs
(3)(4)
157 101 
Senior Unsecured Notes
2028 Notes350 350 
Unamortized debt discount and issuance costs(2)(2)
348 348 
2029 Notes500 500 
Unamortized debt discount and issuance costs(5)(5)
495 495 
Convertible Notes
2026 Convertible Notes575 575 
Unamortized debt issuance costs(6)(7)
569 568 
2027 Convertible Notes575 575 
Unamortized debt issuance costs(11)(12)
564 563 
Finance Leases197 189 
Non-interest bearing note payable— 4 
$3,111 $3,049 
(1)Effective interest rate as of March 31, 2024 was 7.2%.
Scheduled future principal payments for debt
The following table shows anticipated future principal payments for our securitized debt as of March 31, 2024.
Vacation Ownership
Notes Receivable Securitizations
($ in millions)
Payment Year
2024, remaining$143 
2025194 
2026201 
2027204 
2028202 
Thereafter1,261 
$2,205 
The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2024.
Payments Year
($ in millions)Remaining 20242025202620272028ThereafterTotal
Term Loan$— $784 $— $— $— $— $784 
Revolving Corporate Credit Facility— — — 160 — — 160 
2028 Notes— — — — 350 — 350 
2029 Notes— — — — — 500 500 
2026 Convertible Notes— — 575 — — — 575 
2027 Convertible Notes— — — 575 — — 575 
$— $784 $575 $735 $350 $500 $2,944 
Schedule of cash flow hedges included in accumulated other comprehensive income (loss)
The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first quarter of 2024 and 2023. There were no reclassifications to the Income Statement for any of the periods presented below.
($ in millions)20242023
Derivative instrument adjustment balance, January 1$3 $13 
Other comprehensive loss before reclassifications(2)(3)
Derivative instrument adjustment balance, March 311 10 
Convertible debt
The following table shows interest expense information related to the 2026 Convertible Notes.
Three Months Ended
($ in millions)March 31, 2024March 31, 2023
Amortization of debt issuance costs$1 $1 
The following table shows interest expense information related to the 2027 Convertible Notes.
Three Months Ended
($ in millions)March 31, 2024March 31, 2023
Contractual interest expense$4 $4 
Amortization of debt issuance costs1 1 
$5 $5