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REVENUE
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
REVENUE
4.
REVENUE
Sources of Revenue by Segment
The following tables detail the sources of revenue by segment for the time periods presented.
 
Three Months Ended September 30, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
350

 
$

 
$

 
$
350

 
 
 
 
 
 
 
 
Ancillary revenues
62

 
1

 

 
63

Management fee revenues
35

 
12

 
(3
)
 
44

Other services revenues
28

 
62

 
34

 
124

Management and exchange
125

 
75

 
31

 
231

 
 
 
 
 
 
 
 
Rental
135

 
14

 

 
149

 
 
 
 
 
 
 
 
Cost reimbursements
286

 
22

 
(28
)
 
280

Revenue from contracts with customers
896

 
111

 
3

 
1,010

 
 
 
 
 
 
 
 
Financing
71

 
1

 

 
72

Total Revenues
$
967

 
$
112

 
$
3

 
$
1,082

 
Three Months Ended September 30, 2018
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
252

 
$

 
$

 
$
252

 
 
 
 
 
 
 
 
Ancillary revenues
42

 

 

 
42

Management fee revenues
28

 
8

 
(1
)
 
35

Other services revenues
21

 
20

 
8

 
49

Management and exchange
91

 
28

 
7

 
126

 
 
 
 
 
 
 
 
Rental
86

 
4

 

 
90

 
 
 
 
 
 
 
 
Cost reimbursements
232

 
8

 
(6
)
 
234

Revenue from contracts with customers
661

 
40

 
1

 
702

 
 
 
 
 
 
 
 
Financing
48

 

 

 
48

Total Revenues
$
709

 
$
40

 
$
1

 
$
750


 
Nine Months Ended September 30, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
1,001

 
$

 
$

 
$
1,001

 
 
 
 
 
 
 
 
Ancillary revenues
185

 
3

 

 
188

Management fee revenues
110

 
38

 
(10
)
 
138

Other services revenues
89

 
191

 
103

 
383

Management and exchange
384

 
232

 
93

 
709

 
 
 
 
 
 
 
 
Rental
423

 
48

 
1

 
472

 
 
 
 
 
 
 
 
Cost reimbursements
835

 
68

 
(84
)
 
819

Revenue from contracts with customers
2,643

 
348

 
10

 
3,001

 
 
 
 
 
 
 
 
Financing
206

 
3

 

 
209

Total Revenues
$
2,849

 
$
351

 
$
10

 
$
3,210

 
Nine Months Ended September 30, 2018
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
632

 
$

 
$

 
$
632

 
 
 
 
 
 
 
 
Ancillary revenues
106

 

 

 
106

Management fee revenues
78

 
8

 
(1
)
 
85

Other services revenues
55

 
20

 
8

 
83

Management and exchange
239

 
28

 
7

 
274

 
 
 
 
 
 
 
 
Rental
235

 
4

 

 
239

 
 
 
 
 
 
 
 
Cost reimbursements
650

 
8

 
(6
)
 
652

Revenue from contracts with customers
1,756

 
40

 
1

 
1,797

 
 
 
 
 
 
 
 
Financing
119

 

 

 
119

Total Revenues
$
1,875

 
$
40

 
$
1

 
$
1,916


Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
 
Three Months Ended September 30, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
481

 
$
56

 
$
3

 
$
540

Goods or services transferred at a point in time
415

 
55

 

 
470

 
$
896

 
$
111

 
$
3

 
$
1,010

 
Three Months Ended September 30, 2018
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
367

 
$
23

 
$
1

 
$
391

Goods or services transferred at a point in time
294

 
17

 

 
311

 
$
661

 
$
40

 
$
1

 
$
702


 
Nine Months Ended September 30, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
1,460

 
$
169

 
$
10

 
$
1,639

Goods or services transferred at a point in time
1,183

 
179

 

 
1,362

 
$
2,643

 
$
348

 
$
10

 
$
3,001

 
Nine Months Ended September 30, 2018
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
1,010

 
$
23

 
$
1

 
$
1,034

Goods or services transferred at a point in time
746

 
17

 

 
763

 
$
1,756

 
$
40

 
$
1

 
$
1,797


Sale of Vacation Ownership Products
Revenues were reduced during the third quarter and first three quarters of 2019 by $6 million and $9 million, respectively, due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods.
Receivables, Contract Assets & Contract Liabilities
The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either September 30, 2019 or December 31, 2018.
($ in millions)
At September 30, 2019
 
At December 31, 2018
Receivables
 
 
 
Accounts receivable
$
126

 
$
164

Vacation ownership notes receivable, net
2,168

 
2,039

 
$
2,294

 
$
2,203

Contract Liabilities
 
 
 
Advance deposits
$
185

 
$
171

Deferred revenue
436

 
383

 
$
621

 
$
554


Revenue recognized during the third quarter and first three quarters of 2019 that was included in our contract liabilities balance at December 31, 2018 was $55 million and $258 million, respectively.
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 September 30, 2019, approximately 90 percent of this amount is expected to be recognized as revenue over the next two years.