XML 41 R28.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Schedule of Disaggregated Revenues by Segment from Contracts with Customers

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 June 30,				Six Months Ended June 30,
($ in millions)	2020		2019		2020		2019
Real Estate and Financing Segment
Sales of VOIs, net	$	—	$	120	$	56	$	245
Sales, marketing, brand and other fees		13		145		119		286
Interest income		36		36		74		72
Other financing revenue		7		7		13		12
Real estate and financing segment revenues	$	56	$	308	$	262	$	615

	Three Months Ended June 30,				Six Months Ended June 30,
($ in millions)	2020		2019		2020		2019
Resort Operations and Club Management Segment
Club management	$	22	$	26	$	47	$	52
Resort management		17		17		36		33
Rental		5		53		52		105
Ancillary services		—		7		5		14
Resort operations and club management segment revenues	$	44	$	103	$	140	$	204

Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities

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

	June 30,		December 31,
($ in millions)	2020		2019
Receivables	$	41	$	129

The following table presents the composition of our contract liabilities.

	June 30,		December 31,
($ in millions)	2020		2019
Contract liabilities:
Advanced deposits	$	116	$	115
Deferred Sales of VOIs of projects under construction		135		84
Club activation fees, annual dues and other		118		86
Club Bonus Point incentive liability⁽¹⁾		59		59

⁽¹⁾

Amounts related to the Club Bonus Point incentive liability are included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets. This liability is comprised of unrecognized revenue for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.

Schedule of Deferred Revenue Cost of Sales and Direct Selling Costs from Sales of Project Under Construction

The following table represents the deferred revenue, cost of VOI sales and direct selling costs from sales of VOIs related to projects under construction as of June 30, 2020:

	June 30,		December 31,
($ in millions)	2020		2019
Sales of VOIs, net	$	135	$	84
Cost of VOI sales⁽¹⁾		40		27
Sales and marketing expense		20		12

⁽¹⁾	Includes anticipated Cost of VOI sales related to inventory associated with Sales of VOIs under construction that will be acquired under a just-in-time arrangement once construction is complete.

Schedule of Remaining Transaction Price Related to Advanced Deposits Club Activation Fees and Club Bonus Points

The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Club Bonus Points as of June 30, 2020:

($ in millions)	Remaining Transaction Price		Recognition Period	Recognition Method
Advanced deposits	$	116	18 months	Upon customer stays
Club activation fees		69	7 years	Straight-line basis over average inventory holding period
Club Bonus Points		59	24 months	Upon redemption