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DEBT (Tables) | 12 Months Ended
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Dec. 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 December 31, 2024 |  | At December 31, 2023
Corporate Credit Facility |  |  |
| Term Loan(1) | $ | 796 |  |  | $ | 784 |
| Unamortized debt discount and issuance costs | (10) |  |  | (3) |
|  | 786 |  |  | 781 |
| Revolving Corporate Credit Facility(2) | 125 |  |  | 105 |
| Unamortized debt issuance costs | (3) |  |  | (4) |
|  | 122 |  |  | 101 |
Senior Unsecured Notes |  |  |
| 2028 Notes | 350 |  |  | 350 |
| Unamortized debt discount and issuance costs | (2) |  |  | (2) |
|  | 348 |  |  | 348 |
| 2029 Notes | 500 |  |  | 500 |
| Unamortized debt discount and issuance costs | (4) |  |  | (5) |
|  | 496 |  |  | 495 |
Convertible Notes |  |  |
| 2026 Convertible Notes | 575 |  |  | 575 |
| Unamortized debt discount and issuance costs | (3) |  |  | (7) |
|  | 572 |  |  | 568 |
| 2027 Convertible Notes | 575 |  |  | 575 |
| Unamortized debt discount and issuance costs | (9) |  |  | (12) |
|  | 566 |  |  | 563 |
Finance Leases | 199 |  |  | 189 |
Non-Interest Bearing Note Payable | — |  |  | 4 |
|  | $ | 3,089 |  |  | $ | 3,049 |
(1)The effective interest rate as of December 31, 2024 was 6.6%. (2)The effective interest rate as of December 31, 2024 was 6.3%.
Scheduled future principal payments for debt | The following table shows anticipated future principal payments for our securitized debt as of December 31, 2024.
| Vacation Ownership Notes Receivable Securitizations |  | Warehouse Credit Facility(1) |  |  |  | Total
($ in millions) |  |  |
Payments Year |  |  |  |  |  |  |
2025 | $ | 177 |  |  | $ | 6 |  |  |  |  | $ | 183 |
2026 | 183 |  |  | 6 |  |  |  |  | 189 |
2027 | 186 |  |  | 112 |  |  |  |  | 298 |
2028 | 187 |  |  | — |  |  |  |  | 187 |
2029 | 183 |  |  | — |  |  |  |  | 183 |
Thereafter | 1,123 |  |  | — |  |  |  |  | 1,123 |
| $ | 2,039 |  |  | $ | 124 |  |  |  |  | $ | 2,163 |
(1)Excludes future Warehouse Credit Facility renewals. The following table shows scheduled principal payments for our debt, excluding finance leases, as of December 31, 2024.
| Payments Year
($ in millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Term Loan | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 756 |  |  | $ | 796 |
Revolving Corporate Credit Facility | — |  |  | — |  |  | 125 |  |  | — |  |  | — |  |  | — |  |  | 125 |
2028 Notes | — |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | — |  |  | 350 |
2029 Notes | — |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
2026 Convertible Notes | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 575 |
2027 Convertible Notes | — |  |  | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | 575 |
| $ | 8 |  |  | $ | 583 |  |  | $ | 708 |  |  | $ | 358 |  |  | $ | 508 |  |  | $ | 756 |  |  | $ | 2,921 |
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 2024, 2023 and 2022. There were no reclassifications to the Income Statement for any of the periods presented below.
($ in millions) | 2024 |  | 2023 |  | 2022
Derivative Instrument Adjustment, Beginning of Year | $ | 3 |  |  | $ | 13 |  |  | $ | (18) |
Other comprehensive (loss) gain before reclassifications | (3) |  |  | (10) |  |  | 31 |
Derivative Instrument Adjustment, End of Year | $ | — |  |  | $ | 3 |  |  | $ | 13 |
Convertible debt | The following table provides the components of interest expense related to the 2027 Convertible Notes.
($ in millions) | 2024 |  | 2023 |  | 2022
Contractual interest expense | $ | 19 |  |  | $ | 19 |  |  | $ | 1 |
Amortization of debt issuance costs | 3 |  |  | 3 |  |  | — |
| $ | 22 |  |  | $ | 22 |  |  | $ | 1 |

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