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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
See Note 17 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 $3 million and insignificant at June 30, 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:
June 30, 2025December 31, 2024
Deferred revenue related to the loyalty program$1,469 $1,333 
Deferred revenue related to distribution and destination management services549 705 
Deferred revenue related to co-branded credit card programs78 66 
Advanced deposits67 53 
Initial fees received from franchise owners48 47 
Deferred revenue related to insurance programs47 112 
Other deferred revenue91 80 
Total contract liabilities$2,349 $2,396 
Revenue recognized during the three months ended June 30, 2025 and June 30, 2024 included in the contract liabilities balance at the beginning of each year was $260 million and $227 million, respectively. Revenue recognized during the six months ended June 30, 2025 and June 30, 2024 included in the contract liabilities balance at the beginning of each year was $921 million and $850 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 June 30, 2025, approximately 10% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.