REVENUE AND RECEIVABLES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	Three Months Ended March 31, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	352	$	—	$	—	$	352
Ancillary revenues	65		1		—		66
Management fee revenues	52		5		(1)		56
Exchange and other services revenues	31		46		12		89
Management and exchange	148		52		11		211
Rental	147		11		—		158
Cost reimbursements	400		2		(11)		391
Revenue from contracts with customers	1,047		65		—		1,112
Financing	83		—		—		83
Total Revenues	$	1,130	$	65	$	—	$	1,195

	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	375	$	—	$	—	$	375
Ancillary revenues	61		1		—		62
Management fee revenues	45		8		(1)		52
Exchange and other services revenues	29		47		10		86
Management and exchange	135		56		9		200
Rental	141		10		—		151
Cost reimbursements	368		5		(8)		365
Revenue from contracts with customers	1,019		71		1		1,091
Financing	78		—		—		78
Total Revenues	$	1,097	$	71	$	1	$	1,169

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, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	625	$	24	$	—	$	649
Goods or services transferred at a point in time	422		41		—		463
Revenue from contracts with customers	$	1,047	$	65	$	—	$	1,112

	Three Months Ended March 31, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	578	$	29	$	1	$	608
Goods or services transferred at a point in time	441		42		—		483
Revenue from contracts with customers	$	1,019	$	71	$	1	$	1,091

Sale of Vacation Ownership Products

Revenues were reduced during the first quarter of 2024 by $4 million 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 March 31, 2024 or December 31, 2023.

($ in millions)	At March 31, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	272	$	259
Vacation ownership notes receivable, net	2,336		2,343
	$	2,608	$	2,602
Contract Liabilities
Advance deposits	$	176	$	164
Deferred revenue	482		382
	$	658	$	546

Revenue recognized during the first quarter of 2024 that was included in our contract liabilities balance at December 31, 2023 was $121 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, 2024, approximately 93% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is composed 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 March 31, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	272	$	259
Interest receivable	18		18
Tax receivable	63		44
Indemnification assets	42		40
Employee tax credit receivable	10		11
Other	17		13
	$	422	$	385