REVENUE

We account for revenue in accordance with ASC 606, “Revenue from Contracts with Customers,” which we adopted on January 1, 2018, using the retrospective method. See Footnote 1 “Summary of Significant Accounting Policies” for additional information and Footnote 17 “Adoption of New Revenue Standard” for further discussion of the adoption and the impact on our previously reported historical results.

We generate most of our revenues from four primary sources: selling vacation ownership products; managing our resorts; financing consumer purchases of vacation ownership products; and renting vacation ownership inventory. The following series of tables present our revenue disaggregated by several categories.

Sources of Revenue by Segment



	2017
($ in millions)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	692	$	42	$	23	$	757

Ancillary revenues	101		—		17		118
Management fee revenues	80		3		6		89
Other services revenues	69		1		2		72
Resort management and other services	250		4		25		279

Rental	232		10		20		262

Cost reimbursements	698		7		45		750
Revenue from contracts with customers	$	1,872	$	63	$	113	$	2,048

Financing	128		4		3		135
Total Revenues	$	2,000	$	67	$	116	$	2,183



	2016
($ in millions)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	559	$	40	$	24	$	623

Ancillary revenues	102		6		16		124
Management fee revenues	76		2		6		84
Other services revenues	66		2		2		70
Resort management and other services	244		10		24		278

Rental	219		15		18		252

Cost reimbursements	670		5		45		720
Revenue from contracts with customers	$	1,692	$	70	$	111	$	1,873

Financing	120		4		3		127
Total Revenues	$	1,812	$	74	$	114	$	2,000



	2015
($ in millions)	North America		Asia Pacific		Europe		Total
Sale of vacation ownership products	$	605	$	58	$	30	$	693

Ancillary revenues	101		7		17		125
Management fee revenues	70		3		6		79
Other services revenues	61		2		2		65
Resort management and other services	232		12		25		269

Rental	227		14		19		260

Cost reimbursements	667		5		48		720
Revenue from contracts with customers	$	1,731	$	89	$	122	$	1,942

Financing	117		4		4		125
Total Revenues	$	1,848	$	93	$	126	$	2,067

Timing of Revenue from Contracts with Customers by Segment



	2017
($ in millions)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	815	$	44	$	40	$	899
Goods or services transferred at a point in time	1,057		19		73		1,149
Revenue from contracts with customers	$	1,872	$	63	$	113	$	2,048



	2016
($ in millions)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	681	$	47	$	41	$	769
Goods or services transferred at a point in time	1,011		23		70		1,104
Revenue from contracts with customers	$	1,692	$	70	$	111	$	1,873



	2015
($ in millions)	North America		Asia Pacific		Europe		Total
Services transferred over time	$	728	$	67	$	48	$	843
Goods or services transferred at a point in time	1,003		22		74		1,099
Revenue from contracts with customers	$	1,731	$	89	$	122	$	1,942

Receivables, Contract Assets & Contract Liabilities

The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either December 31, 2017 or December 30, 2016.



($ in millions)	At Year-End 2017		At Year End 2016
Receivables
Accounts receivable	$	73	$	55
Vacation ownership notes receivable, net	1,115		970
	$	1,188	$	1,025

Contract Liabilities
Advance deposits	$	84	$	82
Deferred revenue	69		59
	$	153	$	141

Revenue recognized in the year ended December 31, 2017 that was included in our contract liabilities balance at December 30, 2016 was $107 million.

Remaining Performance Obligations

Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At December 31, 2017, over 90 percent of this amount is expected to be recognized as revenue over the next two years.