REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

9 Months Ended

Sep. 30, 2023

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 16: Business Segments for more information related to our segments.

($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
Real Estate Sales and Financing Segment	2023		2022		2023		2022
Sales of VOIs, net	$	367	$	500	$	1,040	$	1,130
Sales, marketing, brand and other fees	170		177		501		457
Interest income	68		61		199		170
Other financing revenue	7		7		26		26
Real estate sales and financing segment revenues	$	612	$	745	$	1,766	$	1,783

($ in millions)	Three Months Ended September 30,				Nine Months Ended September 30,
Resort Operations and Club Management Segment	2023		2022		2023		2022
Club management	$	56	$	48	$	160	$	150
Resort management	82		82		242		229
Rental(1)	160		157		469		436
Ancillary services	11		2		33		30
Resort operations and club management segment revenues	$	309	$	289	$	904	$	845

(1)Excludes intersegment transactions. See Note 16: Business Segments for additional information.

Schedule of Accounts Receivable, Net and Timeshare Financing Receivables, Net from Contracts with Customers

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)	September 30, 2023		December 31, 2022
Receivables from contracts with customers:
Accounts receivable, net	$	308	$	322
Timeshare financing receivables, net	1,821		1,767
Total	$	2,129	$	2,089

The following table presents the composition of our contract liabilities:

($ in millions)	September 30, 2023		December 31, 2022
Contract liabilities:
Advanced deposits	$	185	$	150
Deferred sales of VOIs of projects under construction	18		3
Club activation fees and annual dues	110		76
Bonus point incentive liability(1)	108		106
Deferred maintenance fees	18		14
Other deferred revenue	36		42

(1)The balance includes $61 million and $51 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022, 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 as of September 30, 2023 and December 31, 2022:

($ in millions)	September 30, 2023		December 31, 2022
Sales of VOIs, net	$	18	$	3
Cost of VOI sales	4		1
Sales and marketing expense	3		1

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 September 30, 2023:

($ in millions)	Remaining Transaction Price		Recognition Period	Recognition Method
Advanced deposits	$	185	18 months	Upon customer stays
Club activation fees	65		7 years	Straight-line basis over average inventory holding period
Bonus point incentive liability	108		18 - 30 months	Upon redemption