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REVENUE AND RECEIVABLES
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue and receivables
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
The following tables detail the sources of revenue by segment for the time periods presented.
Three Months Ended June 30, 2020
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$53  $—  $—  $53  
Ancillary revenues6  —  —  6  
Management fee revenues38  —  (5) 33  
Exchange and other services revenues29  39  38  106  
Management and exchange73  39  33  145  
Rental12  6  —  18  
Cost reimbursements198  12  (16) 194  
Revenue from contracts with customers336  57  17  410  
Financing69  1  —  70  
Total Revenues$405  $58  $17  $480  
Three Months Ended June 30, 2019
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$341  $—  $—  $341  
Ancillary revenues57  1  —  58  
Management fee revenues37  10  (3) 44  
Exchange and other services revenues30  65  34  129  
Management and exchange124  76  31  231  
Rental133  17  —  150  
Cost reimbursements258  22  (28) 252  
Revenue from contracts with customers856  115  3  974  
Financing68  1  —  69  
Total Revenues$924  $116  $3  $1,043  
Six Months Ended June 30, 2020
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$311  $—  $—  $311  
Ancillary revenues52  1  —  53  
Management fee revenues76  10  (9) 77  
Exchange and other services revenues57  100  85  242  
Management and exchange185  111  76  372  
Rental134  19  —  153  
Cost reimbursements543  33  (64) 512  
Revenue from contracts with customers1,173  163  12  1,348  
Financing140  2  —  142  
Total Revenues$1,313  $165  $12  $1,490  

Six Months Ended June 30, 2019
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$634  $—  $—  $634  
Ancillary revenues114  2  —  116  
Management fee revenues73  25  (7) 91  
Exchange and other services revenues62  131  70  263  
Management and exchange249  158  63  470  
Rental262  34  1  297  
Cost reimbursements549  46  (56) 539  
Revenue from contracts with customers1,694  238  8  1,940  
Financing135  2  —  137  
Total Revenues$1,829  $240  $8  $2,077  
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended June 30, 2020
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$275  $30  $17  $322  
Goods or services transferred at a point in time61  27  —  88  
Revenue from contracts with customers$336  $57  $17  $410  
Three Months Ended June 30, 2019
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$455  $52  $3  $510  
Goods or services transferred at a point in time401  63  —  464  
Revenue from contracts with customers$856  $115  $3  $974  

Six Months Ended June 30, 2020
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$805  $84  $12  $901  
Goods or services transferred at a point in time368  79  —  447  
Revenue from contracts with customers$1,173  $163  $12  $1,348  

Six Months Ended June 30, 2019
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$937  $110  $8  $1,055  
Goods or services transferred at a point in time757  128  —  885  
Revenue from contracts with customers$1,694  $238  $8  $1,940  
Sale of Vacation Ownership Products
Revenues were reduced during the second quarter and first half of 2020 by $9 million and $55 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. See Footnote 6 “Vacation Ownership Notes Receivable” for information on increases to our vacation ownership notes receivable reserve attributable to the COVID-19 pandemic.
Receivables from Contracts with Customers, Contract Assets & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either June 30, 2020 or December 31, 2019.
($ in millions)At June 30, 2020At December 31, 2019
Receivables from Contracts with Customers
Accounts receivable$131  $166  
Vacation ownership notes receivable, net2,014  2,233  
$2,145  $2,399  
Contract Liabilities
Advance deposits$153  $187  
Deferred revenue470  433  
$623  $620  
Revenue recognized during the second quarter and first half of 2020 that was included in our contract liabilities balance at December 31, 2019 was $45 million and $162 million, respectively.
Remaining Performance Obligations
Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At June 30, 2020, approximately 80 percent of this amount is expected to be recognized as revenue over the next two years.
Accounts Receivable
Accounts receivable is comprised of amounts due from customers, primarily property owners’ associations, resort developers and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets and other miscellaneous receivables. The following table shows the composition of our accounts receivable balances:
($ in millions)At June 30, 2020At December 31, 2019
Receivables from contracts with customers$131  $166  
Interest receivable15  16  
Tax receivable104  82  
Indemnification asset17  38  
Other20  21  
$287  $323