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REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
See Note 16 for our revenues disaggregated by the nature of the product or service.
Contract Balances
Contract assets, included in receivables, net on our condensed consolidated balance sheets, were $4 million and insignificant at March 31, 2025 and December 31, 2024, respectively. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.
Contract liabilities were comprised of the following:
March 31, 2025December 31, 2024
Deferred revenue related to the loyalty program$1,423 $1,333 
Deferred revenue related to distribution and destination management services649 705 
Deferred revenue related to insurance programs78 112 
Deferred revenue related to co-branded credit card programs75 66 
Advanced deposits65 53 
Initial fees received from franchise owners47 47 
Other deferred revenue82 80 
Total contract liabilities$2,419 $2,396 
Revenue recognized during the three months ended March 31, 2025 and March 31, 2024 included in the contract liabilities balance at the beginning of each year was $661 million and $623 million, respectively. This revenue primarily relates to distribution and destination management services and the loyalty program.
Revenue Allocated to Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $125 million at March 31, 2025, approximately 10% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.