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DEBT (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025						At December 31, 2024
Corporate Credit Facility
			Term Loan(1)			$	792					$	796
			Unamortized debt discount and issuance costs			(9)						(10)
						783						786
			Revolving Corporate Credit Facility(2)			235						125
			Unamortized debt issuance costs			(5)						(3)
						230						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			(2)						(3)
						573						572
			2027 Convertible Notes			575						575
			Unamortized debt issuance costs			(7)						(9)
						568						566
Finance Leases						199						199
						$	3,197					$	3,089
(1)The effective interest rate as of June 30, 2025 was 6.6%.
(2)The effective interest rate as of June 30, 2025 was 5.9%.

Scheduled future principal payments for debt

The following table shows anticipated future principal payments for our securitized debt as of June 30, 2025.

			Vacation Ownership Notes Receivable Securitizations						Warehouse Credit Facility(1)						Total
($ in millions)
Payment Year
2025, remaining			$	88					$	5					$	93
2026			179						10						189
2027			184						10						194
2028			185						133						318
2029			183						—						183
Thereafter			1,239						—						1,239
			$	2,058					$	158					$	2,216
(1)Excludes future Warehouse Credit Facility renewals.

The following table shows scheduled principal payments for our debt, excluding finance leases, as of June 30, 2025.

			Payments Year
($ in millions)			Remaining 2025						2026						2027						2028						2029						Thereafter						Total
Term Loan			$	4					$	8					$	8					$	8					$	8					$	756					$	792
Revolving Corporate Credit Facility			—						—						—						—						—						235						235
2028 Notes			—						—						—						350						—						—						350
2029 Notes			—						—						—						—						500						—						500
2026 Convertible Notes			—						575						—						—						—						—						575
2027 Convertible Notes			—						—						575						—						—						—						575
			$	4					$	583					$	583					$	358					$	508					$	991					$	3,027

Activity in accumulated other comprehensive income or loss related to derivatives

The following table reflects the activity in accumulated other comprehensive income or loss related to our derivative instruments during the first half of 2025 and 2024. There were no reclassifications to the Income Statement for any of the periods presented below.

($ in millions)			2025						2024
Derivative instrument adjustment balance, January 1			$	—					$	3
Other comprehensive loss before reclassifications			—						(2)
Derivative instrument adjustment balance, March 31			—						1
Other comprehensive gain (loss) before reclassifications			1						(1)
Derivative instrument adjustment balance, June 30			$	1					$	—

Convertible debt

The following table provides the components of interest expense related to the 2026 Convertible Notes.

			Three Months Ended												Six Months Ended
($ in millions)			June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Amortization of debt issuance costs			$	1					$	1					$	2					$	2

The following table provides the components of interest expense related to the 2027 Convertible Notes.

			Three Months Ended												Six Months Ended
($ in millions)			June 30, 2025						June 30, 2024						June 30, 2025						June 30, 2024
Contractual interest expense			$	5					$	5					$	9					$	9
Amortization of debt issuance costs			1						1						2						2
			$	6					$	6					$	11					$	11

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