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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 22: Business Segments for more information related to our segments.
($ in millions)
Year Ended December 31,
Real Estate Sales and Financing Segment202320222021
Sales of VOIs, net$1,416 $1,491 $883 
Sales, marketing, brand and other fees634 620 385 
Interest income273 235 157 
Other financing revenue34 32 26 
Real estate sales and financing segment revenues$2,357 $2,378 $1,451 
($ in millions)
Year Ended December 31,
Resort Operations and Club Management Segment202320222021
Club management$240 $227 $168 
Resort management329 307 172 
Rental(1)
623 586 315 
Ancillary services43 40 27 
Resort operations and club management segment revenues$1,235 $1,160 $682 
(1)Excludes intersegment eliminations. See Note 22: Business Segments for additional information.
Receivables from Contracts with Customers, Contract Liabilities, and Contract Assets
Our accounts receivable that relates to our contracts with customers includes amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 7: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts Receivable, net and Timeshare financing receivables, net, respectively, on our consolidated balance sheets:
($ in millions)
December 31,
Receivables from contracts with customers:
20232022
Accounts receivable, net$343 $322 
Timeshare financing receivables, net
2,113 1,767 
Total
$2,456 $2,089 
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on prepaid vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, Club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)
December 31,
Contract liabilities:20232022
Advanced deposits$179 $150 
Deferred sales of VOIs of projects under construction393
Club activation fees and annual dues
9776
Bonus Point incentive liability(1)
83106 
Deferred maintenance fees1214
Other deferred revenue3842
(1)This balance includes $54 million and $51 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our consolidated balance sheets as of December 31, 2023, and 2022, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the year ended December 31, 2023, that was included in the contract liabilities balance at December 31, 2022 was approximately $173 million. Revenue earned for the year ended December 31, 2022, that was included in the contract liabilities balance at December 31, 2021 was approximately $173 million.
Contract assets relate to incentive fees that can be earned for meeting certain targets on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. As of December 31, 2023 and 2022, contract assets were $13 million and $9 million, respectively.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) Club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on prepaid vacation packages and (iv) Bonus Points that may be redeemed in the future.
Deferred VOI sales include the deferred revenues associated with the sales associated with incomplete phases or buildings; the sales of unacquired inventory; and deferred sales associated with our long-term lease product with a reversionary interest. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
December 31,
($ in millions)20232022
Sales of VOIs, net$39 $3 
Cost of VOI sales10 1 
Sales and marketing expense6 1 
During the year ended December 31, 2023, we recognized $4 million of sales of VOIs, net, offset by deferrals of $39 million, related to sales of projects under construction, some of which were completed during the year. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of December 31, 2023, upon their completion in 2024.
The following table includes the remaining transaction price related to Advanced deposits, Club activation fees and Bonus Points as of December 31, 2023:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$179 18 monthsUpon customer stays
Club activation fees66 7 yearsStraight-line basis over average inventory holding period
Bonus Points incentive liability
83 
18 - 30 months
Upon redemption