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DEBT (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 2025 |  | At December 31, 2024
Corporate Credit Facility |  |  |
| Term Loan(1) | $ | 794 |  |  | $ | 796 |
| Unamortized debt discount and issuance costs | (10) |  |  | (10) |
|  | 784 |  |  | 786 |
| Revolving Corporate Credit Facility(2) | 190 |  |  | 125 |
| Unamortized debt issuance costs | (5) |  |  | (3) |
|  | 185 |  |  | 122 |
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) |  |  | (4) |
|  | 496 |  |  | 496 |
Convertible Notes |  |  |
| 2026 Convertible Notes | 575 |  |  | 575 |
| Unamortized debt issuance costs | (3) |  |  | (3) |
|  | 572 |  |  | 572 |
| 2027 Convertible Notes | 575 |  |  | 575 |
| Unamortized debt issuance costs | (8) |  |  | (9) |
|  | 567 |  |  | 566 |
Finance Leases | 199 |  |  | 199 |
|  | $ | 3,151 |  |  | $ | 3,089 |
(1)The effective interest rate as of March 31, 2025 was 6.6%.
(2)The effective interest rate as of March 31, 2025 was 5.8%.
Scheduled future principal payments for debt | The following table shows anticipated future principal payments for our securitized debt as of March 31, 2025.
| Vacation Ownership Notes Receivable Securitizations |  | Warehouse Credit Facility(1) |  | Total
($ in millions) |  |
Payment Year |  |  |  |  |
2025, remaining | $ | 142 |  |  | $ | 12 |  |  | $ | 154 |
2026 | 167 |  |  | 16 |  |  | 183 |
2027 | 170 |  |  | 287 |  |  | 457 |
2028 | 170 |  |  | — |  |  | 170 |
2029 | 168 |  |  | — |  |  | 168 |
Thereafter | 1,039 |  |  | — |  |  | 1,039 |
| $ | 1,856 |  |  | $ | 315 |  |  | $ | 2,171 |
(1)Excludes future Warehouse Credit Facility renewals.
The following table shows scheduled principal payments for our debt, excluding finance leases, as of March 31, 2025.
| Payments Year
($ in millions) | Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Term Loan | $ | 6 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 8 |  |  | $ | 756 |  |  | $ | 794 |
Revolving Corporate Credit Facility | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 190 |  |  | 190 |
2028 Notes | — |  |  | — |  |  | — |  |  | 350 |  |  | — |  |  | — |  |  | 350 |
2029 Notes | — |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
2026 Convertible Notes | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 575 |
2027 Convertible Notes | — |  |  | — |  |  | 575 |  |  | — |  |  | — |  |  | — |  |  | 575 |
| $ | 6 |  |  | $ | 583 |  |  | $ | 583 |  |  | $ | 358 |  |  | $ | 508 |  |  | $ | 946 |  |  | $ | 2,984 |
Convertible debt | The following table provides the components of interest expense related to the 2027 Convertible Notes.
| Three Months Ended |  |
($ in millions) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Contractual interest expense | $ | 4 |  |  | $ | 4 |  |  |  |  |
Amortization of debt issuance costs | 1 |  |  | 1 |  |  |  |  |
| $ | 5 |  |  | $ | 5 |  |  |  |  |

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