REVENUE AND RECEIVABLES

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUE AND RECEIVABLES

4. REVENUE AND RECEIVABLES

Sources of Revenue by Segment

	Three Months Ended June 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	309	$	—	$	—	$	309
Ancillary revenues	72		1		—		73
Management fee revenues	51		2		(1)		52
Exchange and other services revenues	34		42		14		90
Management and exchange	157		45		13		215
Rental	143		10		—		153
Cost reimbursements	384		3		(9)		378
Revenue from contracts with customers	993		58		4		1,055
Financing	85		—		—		85
Total Revenues	$	1,078	$	58	$	4	$	1,140

	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

	Six Months Ended June 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Sale of vacation ownership products	$	661	$	—	$	—	$	661
Ancillary revenues	137		2		—		139
Management fee revenues	103		7		(2)		108
Exchange and other services revenues	65		88		26		179
Management and exchange	305		97		24		426
Rental	290		21		—		311
Cost reimbursements	784		5		(20)		769
Revenue from contracts with customers	2,040		123		4		2,167
Financing	168		—		—		168
Total Revenues	$	2,208	$	123	$	4	$	2,335

	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

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, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	607	$	22	$	4	$	633
Goods or services transferred at a point in time	386		36		—		422
Revenue from contracts with customers	$	993	$	58	$	4	$	1,055

	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

	Six Months Ended June 30, 2024
($ in millions)	Vacation Ownership		Exchange & Third-Party Management		Corporate and Other		Total
Services transferred over time	$	1,233	$	46	$	4	$	1,283
Goods or services transferred at a point in time	807		77		—		884
Revenue from contracts with customers	$	2,040	$	123	$	4	$	2,167

	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

Sale of Vacation Ownership Products

Revenues were reduced during the second quarter and first half of 2024 by $60 million and $64 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, 2024 or December 31, 2023.

($ in millions)	At June 30, 2024		At December 31, 2023
Receivables from Contracts with Customers
Accounts and contracts receivable, net	$	212	$	259
Vacation ownership notes receivable, net	2,308		2,343
	$	2,520	$	2,602
Contract Liabilities
Advance deposits	$	166	$	164
Deferred revenue	418		382
	$	584	$	546

Revenue recognized during the second quarter and first half of 2024 that was included in our contract liabilities balance at December 31, 2023 was $95 million and $216 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, 2024, approximately 92% of this amount is expected to be recognized as revenue over the next two years.

Accounts and Contracts Receivable

Accounts and contracts receivable is composed 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, 2024		At December 31, 2023
Receivables from contracts with customers, net	$	212	$	259
Interest receivable	20		18
Tax receivable	70		44
Indemnification assets	38		40
Employee tax credit receivable	10		11
Other	20		13
	$	370	$	385