REVENUE AND RECEIVABLES

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	Three Months Ended June 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	391	$	—	$	—	$	391
Ancillary revenues	70		1		—		71
Management fee revenues	45		5		(1)		49
Exchange and other services revenues	32		45		9		86
Management and exchange	147		51		8		206
Rental	135		11		—		146
Cost reimbursements	359		3		(7)		355
Revenue from contracts with customers	1,032		65		1		1,098
Financing	80		—		—		80
Total Revenues	$	1,112	$	65	$	1	$	1,178

	Three Months Ended June 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	425	$	—	$	—	$	425
Ancillary revenues	66		1		—		67
Management fee revenues	41		11		(1)		51
Exchange and other services revenues	33		46		6		85
Management and exchange	140		58		5		203
Rental	129		11		—		140
Cost reimbursements	325		5		(6)		324
Revenue from contracts with customers	1,019		74		(1)		1,092
Financing	72		—		—		72
Total Revenues	$	1,091	$	74	$	(1)	$	1,164

	Six Months Ended June 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	766	$	—	$	—	$	766
Ancillary revenues	131		2		—		133
Management fee revenues	90		13		(2)		101
Exchange and other services revenues	61		92		19		172
Management and exchange	282		107		17		406
Rental	276		21		—		297
Cost reimbursements	727		8		(15)		720
Revenue from contracts with customers	2,051		136		2		2,189
Financing	158		—		—		158
Total Revenues	$	2,209	$	136	$	2	$	2,347

	Six Months Ended June 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	735	$	—	$	—	$	735
Ancillary revenues	120		2		—		122
Management fee revenues	83		21		(4)		100
Exchange and other services revenues	63		99		41		203
Management and exchange	266		122		37		425
Rental	251		22		—		273
Cost reimbursements	652		14		(26)		640
Revenue from contracts with customers	1,904		158		11		2,073
Financing	143		—		—		143
Total Revenues	$	2,047	$	158	$	11	$	2,216

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 June 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	567	$	27	$	1	$	595
Goods or services transferred at a point in time	465		38		—		503
Revenue from contracts with customers	$	1,032	$	65	$	1	$	1,098

	Three Months Ended June 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	523	$	34	$	(1)	$	556
Goods or services transferred at a point in time	496		40		—		536
Revenue from contracts with customers	$	1,019	$	74	$	(1)	$	1,092

	Six Months Ended June 30, 2023
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,145	$	56	$	2	$	1,203
Goods or services transferred at a point in time	906		80		—		986
Revenue from contracts with customers	$	2,051	$	136	$	2	$	2,189

	Six Months Ended June 30, 2022
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,041	$	72	$	11	$	1,124
Goods or services transferred at a point in time	863		86		—		949
Revenue from contracts with customers	$	1,904	$	158	$	11	$	2,073

Sale of Vacation Ownership Products

Revenues were reduced during the second quarter and first half of 2023 by $11 million and $19 million, respectively, 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 June 30, 2023 or December 31, 2022.

($ in millions)	At June 30, 2023		At December 31, 2022
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	164	$	194
Vacation ownership notes receivable, net	2,272		2,198
	$	2,436	$	2,392
Contract Liabilities
Advance deposits	$	175	$	158
Deferred revenue	417		344
	$	592	$	502

Revenue recognized during the second quarter and first half of 2023 that was included in our contract liabilities balance at December 31, 2022 was $74 million and $174 million, respectively.

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 June 30, 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 June 30, 2023		At December 31, 2022
Receivables from contracts with customers, net	$	164	$	194
Interest receivable	16		16
Tax receivable	64		20
Indemnification assets	40		19
Employee tax credit receivable	15		16
Other	14		27
	$	313	$	292