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REVENUE
 3 Months Ended
Mar. 31, 2020
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 March 31, 2020
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
258

 
$
—

 
$
—

 
$
258

 
 
 
 
 
 
 
 
Ancillary revenues
46

 
1

 
—

 
47

Management fee revenues
38

 
10

 
(4
)
 
44

Other services revenues
28

 
61

 
47

 
136

Management and exchange
112

 
72

 
43

 
227

 
 
 
 
 
 
 
 
Rental
122

 
13

 
—

 
135

 
 
 
 
 
 
 
 
Cost reimbursements
345

 
21

 
(48
)
 
318

Revenue from contracts with customers
837

 
106

 
(5
)
 
938

 
 
 
 
 
 
 
 
Financing
71

 
1

 
—

 
72

Total Revenues
$
908

 
$
107

 
$
(5
)
 
$
1,010

 
Three Months Ended March 31, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Sale of vacation ownership products
$
293

 
$
—

 
$
—

 
$
293

 
 
 
 
 
 
 
 
Ancillary revenues
57

 
1

 
—

 
58

Management fee revenues
36

 
15

 
(4
)
 
47

Other services revenues
32

 
66

 
36

 
134

Management and exchange
125

 
82

 
32

 
239

 
 
 
 
 
 
 
 
Rental
129

 
17

 
1

 
147

 
 
 
 
 
 
 
 
Cost reimbursements
291

 
24

 
(28
)
 
287

Revenue from contracts with customers
838

 
123

 
5

 
966

 
 
 
 
 
 
 
 
Financing
67

 
1

 
—

 
68

Total Revenues
$
905

 
$
124

 
$
5

 
$
1,034


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 March 31, 2020
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
530

 
$
54

 
$
(5
)
 
$
579

Goods or services transferred at a point in time
307

 
52

 
—

 
359

Revenue from contracts with customers
$
837

 
$
106

 
$
(5
)
 
$
938

 
Three Months Ended March 31, 2019
($ in millions)
Vacation Ownership
 
Exchange & Third-Party Management
 
Corporate and Other
 
Total
Services transferred over time
$
489

 
$
59

 
$
5

 
$
553

Goods or services transferred at a point in time
349

 
64

 
—

 
413

Revenue from contracts with customers
$
838

 
$
123

 
$
5

 
$
966


Sale of Vacation Ownership Products
Revenues were reduced during the first quarter of 2020 by $46 million due to changes in our estimate of variable consideration for performance obligations that were satisfied in prior periods.
Receivables, Contract Assets & Contract Liabilities
The following table shows the composition of our receivables and contract liabilities. We had no contract assets at either March 31, 2020 or December 31, 2019.
($ in millions)
At March 31, 2020
 
At December 31, 2019
Receivables
 
 
 
Accounts receivable
$
123

 
$
166

Vacation ownership notes receivable, net
2,159

 
2,233

 
$
2,282

 
$
2,399

Contract Liabilities
 
 
 
Advance deposits
$
161

 
$
187

Deferred revenue
536

 
433

 
$
697

 
$
620


Revenue recognized during the first quarter of 2020 that was included in our contract liabilities balance at December 31, 2019 was $117 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 March 31, 2020, approximately 90 percent of this amount is expected to be recognized as revenue over the next two years.