REVENUE AND RECEIVABLES

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	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

	Three Months Ended March 31, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	310	$	—	$	—	$	310
Ancillary revenues	54		1		—		55
Management fee revenues	42		10		(3)		49
Exchange and other services revenues	30		53		35		118
Management and exchange	126		64		32		222
Rental	122		11		—		133
Cost reimbursements	327		9		(20)		316
Revenue from contracts with customers	885		84		12		981
Financing	71		—		—		71
Total Revenues	$	956	$	84	$	12	$	1,052

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, 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

	Three Months Ended March 31, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	517	$	38	$	12	$	567
Goods or services transferred at a point in time	368		46		—		414
Revenue from contracts with customers	$	885	$	84	$	12	$	981

Sale of Vacation Ownership Products

Revenues were reduced during the first quarter of 2023 by $8 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, 2023 or December 31, 2022.

($ in millions)	At March 31, 2023		At December 31, 2022
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	181	$	209
Vacation ownership notes receivable, net	2,220		2,198
	$	2,401	$	2,407
Contract Liabilities
Advance deposits	$	178	$	158
Deferred revenue	448		344
	$	626	$	502

Revenue recognized during the first quarter of 2023 that was included in our contract liabilities balance at December 31, 2022 was $100 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, 2023, approximately 91% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is comprised 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, 2023		At December 31, 2022
Receivables from contracts with customers, net	$	181	$	209
Interest receivable	16		16
Tax receivable	35		20
Indemnification assets	39		19
Employee tax credit receivable	16		16
Other	2		12
	$	289	$	292