REVENUE AND RECEIVABLES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	Three Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	444	$	—	$	—	$	444
Ancillary revenues	63		1		—		64
Management fee revenues	41		7		(1)		47
Exchange and other services revenues	32		47		8		87
Management and exchange	136		55		7		198
Rental	154		11		—		165
Cost reimbursements	374		5		(8)		371
Revenue from contracts with customers	1,108		71		(1)		1,178
Financing	74		—		—		74
Total Revenues	$	1,182	$	71	$	(1)	$	1,252

	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	330	$	—	$	—	$	330
Ancillary revenues	55		1		—		56
Management fee revenues	40		10		(4)		46
Exchange and other services revenues	31		48		44		123
Management and exchange	126		59		40		225
Rental	121		9		—		130
Cost reimbursements	328		9		(39)		298
Revenue from contracts with customers	905		77		1		983
Financing	69		—		—		69
Total Revenues	$	974	$	77	$	1	$	1,052

	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,179	$	—	$	—	$	1,179
Ancillary revenues	183		3		—		186
Management fee revenues	124		28		(5)		147
Exchange and other services revenues	95		146		49		290
Management and exchange	402		177		44		623
Rental	405		33		—		438
Cost reimbursements	1,026		19		(34)		1,011
Revenue from contracts with customers	3,012		229		10		3,251
Financing	217		—		—		217
Total Revenues	$	3,229	$	229	$	10	$	3,468

	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	789	$	—	$	—	$	789
Ancillary revenues	135		2		—		137
Management fee revenues	117		24		(15)		126
Exchange and other services revenues	91		153		131		375
Management and exchange	343		179		116		638
Rental	308		32		—		340
Cost reimbursements	882		38		(93)		827
Revenue from contracts with customers	2,322		249		23		2,594
Financing	196		—		—		196
Total Revenues	$	2,518	$	249	$	23	$	2,790

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, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	597	$	31	$	(1)	$	627
Goods or services transferred at a point in time	511		40		—		551
Revenue from contracts with customers	$	1,108	$	71	$	(1)	$	1,178

	Three Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	517	$	38	$	1	$	556
Goods or services transferred at a point in time	388		39		—		427
Revenue from contracts with customers	$	905	$	77	$	1	$	983

	Nine Months Ended September 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,638	$	103	$	10	$	1,751
Goods or services transferred at a point in time	1,374		126		—		1,500
Revenue from contracts with customers	$	3,012	$	229	$	10	$	3,251

	Nine Months Ended September 30, 2021
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,388	$	118	$	23	$	1,529
Goods or services transferred at a point in time	934		131		—		1,065
Revenue from contracts with customers	$	2,322	$	249	$	23	$	2,594

Sale of Vacation Ownership Products

Revenue declined during the third quarter and first three quarters of 2022 by $22 million and $27 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.

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 September 30, 2022 or December 31, 2021.

($ in millions)	At September 30, 2022		At December 31, 2021
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	154	$	172
Vacation ownership notes receivable, net	2,142		2,045
	$	2,296	$	2,217
Contract Liabilities
Advance deposits	$	178	$	160
Deferred revenue	346		453
	$	524	$	613

Revenue recognized during the third quarter and first three quarters of 2022 that was included in our contract liabilities balance at December 31, 2021 was $93 million and $336 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, 2022, approximately 87% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is comprised of amounts due from customers, primarily owners’ associations, resort developers, owners 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 September 30, 2022		At December 31, 2021
Receivables from contracts with customers, net	$	154	$	172
Interest receivable	15		14
Tax receivable	30		48
Indemnification assets	19		22
Employee tax credit receivable	17		19
Other	13		4
	$	248	$	279