The following tables show our disaggregated revenues by segment from contracts with customers. We operate our business in the following two segments: (i) Real estate sales and financing and (ii) Resort operations and club management. Please refer to Note 18: Business Segments below for more details related to our segments.

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2019		2018		2019		2018
Real Estate and Financing Segment
Sales of VOIs, net	$	138	$	99	$	383	$	427
Sales, marketing, brand and other fees		143		152		429		423
Interest income		37		35		109		103
Other financing revenue		6		5		18		14
Real estate and financing segment revenues	$	324	$	291	$	939	$	967

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2019		2018		2019		2018
Resort Operations and Club Management Segment
Club management	$	28	$	25	$	80	$	71
Resort management		17		15		50		45
Rental		48		53		153		144
Ancillary services		6		7		20		20
Resort operations and club management segment revenues	$	99	$	100	$	303	$	280

The following table provides information on our accounts receivable and contract assets from contracts with customers which are included in Accounts receivable, net on our condensed consolidated balance sheets:

($ in millions)	September 30, 2019		December 31, 2018
Receivables	$	112	$	122
Contract assets		4		—

The following table presents the composition of our contract liabilities for the nine months ended September 30, 2019.


($ in millions)	September 30, 2019		December 31, 2018
Contract liabilities:
Advanced deposits	$	112	$	101
Deferred Sales of VOIs of projects under construction		49		—
Club activation fees, annual dues and other		99		72
Club Bonus Point incentive liability⁽¹⁾		65		56

Revenue earned during the three and nine months ended September 30, 2019 that was included in the contract liabilities balance at December 31, 2018 was approximately $16 million and $94 million, respectively.

Our accounts receivables that relate to our contracts with customers includes amounts associated with our contractual right to consideration for completed performance obligations related primarily to our fee-for-service arrangements and homeowners’ associations (“HOA”) management agreements and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Refer to Note 5: Timeshare Financing Receivables for information on balances and changes in balances during the period related to our timeshare financing receivables.

Contract assets relate to incentive fees that can be earned for meeting certain target on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period.

Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on prepaid vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues and the liability for Club Bonus Points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future.

Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) Club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on prepaid vacation packages and (iv) Club Bonus Points that may be redeemed in the future. As of September 30, 2019, we deferred $49 million of revenue and $7 million of direct selling costs from sales of VOIs under construction that will be acquired under a just-in-time arrangement once construction is complete. We expect to recognize the revenue and direct selling costs during the second quarter of 2020. Upon acquisition, we expect to recognize $16 million in costs of VOI sales related to these sales. As of December 31, 2018, we had no remaining performance obligations on sales of VOIs under construction.

The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Club Bonus Points as of September 30, 2019:

($ in millions)	Remaining Transaction Price		Recognition Period	Recognition Method
Advanced deposits	$	112	18 months	Upon customer stays
Club activation fees		68	7 years	Straight-line basis over average inventory holding period
Club Bonus Points		65	24 months	Upon redemption