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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 (excluding contracts receivable for financed VOI sales, net), 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. The table also excludes the Delayed-Draw Term Loan (as defined and further discussed in Footnote 12 “Debt”) as there were no outstanding borrowings as of June 30, 2025.
At June 30, 2025At December 31, 2024
($ in millions)
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Vacation ownership notes receivable, net$2,485 $2,551 $2,440 $2,508 
Contracts receivable for financed VOI sales, net91 91 46 46 
Other assets148 148 131 131 
Total financial assets$2,724 $2,790 $2,617 $2,685 
Securitized debt, net$(2,188)$(2,237)$(2,136)$(2,147)
Term Loan, net(783)(791)(786)(796)
Revolving Corporate Credit Facility, net(230)(235)(122)(125)
2028 Notes, net(348)(346)(348)(336)
2029 Notes, net(496)(481)(496)(467)
2026 Convertible Notes, net(573)(558)(572)(546)
2027 Convertible Notes, net(568)(538)(566)(541)
Total financial liabilities$(5,186)$(5,186)$(5,026)$(4,958)
Vacation Ownership Notes Receivable
At June 30, 2025At December 31, 2024
($ in millions)
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Securitized$1,963 $2,028 $1,917 $1,981 
Eligible for securitization47 48 94 98 
Not eligible for securitization475 475 429 429 
Non-securitized522 523 523 527 
Total
$2,485 $2,551 $2,440 $2,508