XML 43 R29.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31,
($ in millions)		2021		2020
Real Estate and Financing Segment
Sales of VOIs, net	$	33	$	56
Sales, marketing, brand and other fees		53		106
Interest income		31		38
Other financing revenue		6		6
Real estate and financing segment revenues	$	123	$	206

	Three Months Ended March 31,
($ in millions)		2021		2020
Resort Operations and Club Management Segment
Club management	$	27	$	25
Resort management		18		19
Rental⁽¹⁾		30		47
Ancillary services		2		5
Resort operations and club management segment revenues	$	77	$	96

⁽¹⁾	Excludes intersegment eliminations. See Note 18: Business Segments for additional information.

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:

	March 31,		December 31,
($ in millions)	2021		2020
Receivables	$	69	$	64

The following table presents the composition of our contract liabilities.

	March 31,		December 31,
($ in millions)	2021		2020
Contract liabilities:
Advanced deposits	$	114	$	117
Deferred sales of VOIs of projects under construction		201		169
Club activation fees, annual dues and other		120		77
Club Bonus Point incentive liability⁽¹⁾		41		48

⁽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 March 31, 2021:

	March 31,		December 31,
($ in millions)	2021		2020
Sales of VOIs, net	$	201	$	169
Cost of VOI sales⁽¹⁾		60		50
Sales and marketing expense		29		25

⁽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 March 31, 2021:

($ in millions)	Remaining Transaction Price		Recognition Period	Recognition Method
Advanced deposits	$	114	18 months	Upon customer stays
Club activation fees		62	7 years	Straight-line basis over average inventory holding period
Club Bonus Points		41	24 months	Upon redemption