REVENUE AND RECEIVABLES

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	Three Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	319	$	—	$	—	$	319
Ancillary revenues	62		1		—		63
Management fee revenues	44		5		—		49
Exchange and other services revenues	37		44		12		93
Management and exchange	143		50		12		205
Rental	128		10		—		138
Cost reimbursements	455		4		(16)		443
Revenue from contracts with customers	1,045		64		(4)		1,105
Financing	81		—		—		81
Total Revenues	$	1,126	$	64	$	(4)	$	1,186

	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

	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	1,085	$	—	$	—	$	1,085
Ancillary revenues	193		3		—		196
Management fee revenues	134		18		(2)		150
Exchange and other services revenues	98		136		31		265
Management and exchange	425		157		29		611
Rental	404		31		—		435
Cost reimbursements	1,182		12		(31)		1,163
Revenue from contracts with customers	3,096		200		(2)		3,294
Financing	239		—		—		239
Total Revenues	$	3,335	$	200	$	(2)	$	3,533

	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

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, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	658	$	27	$	(4)	$	681
Goods or services transferred at a point in time	387		37		—		424
Revenue from contracts with customers	$	1,045	$	64	$	(4)	$	1,105

	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

	Nine Months Ended September 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,802	$	83	$	(2)	$	1,883
Goods or services transferred at a point in time	1,294		117		—		1,411
Revenue from contracts with customers	$	3,096	$	200	$	(2)	$	3,294

	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

Sale of Vacation Ownership Products

Revenues were reduced during the third quarter and first three quarters of 2023 by $47 million and $66 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, 2023 or December 31, 2022.

($ in millions)	At September 30, 2023		At December 31, 2022
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	176	$	194
Vacation ownership notes receivable, net	2,291		2,198
	$	2,467	$	2,392
Contract Liabilities
Advance deposits	$	169	$	158
Deferred revenue	371		344
	$	540	$	502

Revenue recognized during the third quarter and first three quarters of 2023 that was included in our contract liabilities balance at December 31, 2022 was $67 million and $241 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, 2023, approximately 91% 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 and contracts receivable balances:

($ in millions)	At September 30, 2023		At December 31, 2022
Receivables from contracts with customers, net	$	176	$	194
Interest receivable	17		16
Tax receivable	42		20
Indemnification assets	38		19
Employee tax credit receivable	13		16
Other	12		27
	$	298	$	292