REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers

The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.

($ in millions)	Three Months Ended March 31,
Real Estate Sales and Financing Segment	2024		2023
Sales of VOIs, net	$	438	$	318
Sales, marketing, brand and other fees	145		158
Interest income	96		66
Other financing revenue	8		8
Real estate sales and financing segment revenues	$	687	$	550

($ in millions)	Three Months Ended March 31,
Resort Operations and Club Management Segment	2024		2023
Club management	$	63	$	51
Resort management	103		80
Rental(1)	169		147
Ancillary services	12		11
Resort operations and club management segment revenues	$	347	$	289

(1)Excludes intersegment transactions. See Note 17: 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 contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:

($ in millions)	March 31, 2024		December 31, 2023
Receivables from contracts with customers:
Accounts receivable, net	$	360	$	343
Timeshare financing receivables, net	3,030		2,113
Total	$	3,390	$	2,456

The following table presents the composition of our contract liabilities:

($ in millions)	March 31, 2024		December 31, 2023
Contract liabilities:
Advanced deposits	$	181	$	179
Deferred sales of VOIs of projects under construction	35		39
Club activation fees and annual dues	180		97
Bonus point incentive liability(1)	94		83
Deferred maintenance fees	39		12
Other deferred revenue	86		38

(1)The balance includes $52 million and $54 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.

Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction

The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:

($ in millions)	March 31, 2024		December 31, 2023
Sales of VOIs, net	$	35	$	39
Cost of VOI sales	11		10
Sales and marketing expense	5		6

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

The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Bonus points incentive liability as of March 31, 2024:

($ in millions)	Remaining Transaction Price		Recognition Period	Recognition Method
Advanced deposits	$	181	18 months	Upon customer stays
Club activation fees	66		7 years	Straight-line basis over average inventory holding period
Bonus point incentive liability	94		18 - 30 months	Upon redemption