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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended
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Sep. 30, 2024
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 17: 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 | 2024 |  | 2023 |  | 2024 |  | 2023
Sales of VOIs, net | $ | 550 |  |  | $ | 367 |  |  | $ | 1,459 |  |  | $ | 1,040 |
Sales, marketing, brand and other fees | 159 |  |  | 170 |  |  | 471 |  |  | 501 |
Interest income | 96 |  |  | 68 |  |  | 280 |  |  | 199 |
Other financing revenue | 9 |  |  | 7 |  |  | 31 |  |  | 26 |
Real estate sales and financing segment revenues | $ | 814 |  |  | $ | 612 |  |  | $ | 2,241 |  |  | $ | 1,766 |
($ in millions) | Three Months Ended September 30, |  | Nine Months Ended September 30,
Resort Operations and Club Management Segment | 2024 |  | 2023 |  | 2024 |  | 2023
Club management | $ | 74 |  |  | $ | 56 |  |  | $ | 204 |  |  | $ | 160 |
Resort management | 105 |  |  | 82 |  |  | 312 |  |  | 242 |
Rental(1) | 171 |  |  | 160 |  |  | 521 |  |  | 469 |
Ancillary services | 12 |  |  | 11 |  |  | 38 |  |  | 33 |
Resort operations and club management segment revenues | $ | 362 |  |  | $ | 309 |  |  | $ | 1,075 |  |  | $ | 904 |
(1)Excludes intersegment transactions. See Note 17: Business Segments for additional information.
Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities | 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, 2024 |  | December 31, 2023
Receivables from contracts with customers: |  |  |
Accounts receivable, net | $ | 249 |  |  | $ | 343 |
Timeshare financing receivables, net | 3,009 |  |  | 2,113 |
Total | $ | 3,258 |  |  | $ | 2,456 |
The following table presents the composition of our contract liabilities:
($ in millions) | September 30, 2024 |  | December 31, 2023
Contract liabilities: |  |  |
Advanced deposits | $ | 224 |  |  | $ | 179 |
Deferred sales of VOIs of projects under construction | 2 |  |  | 39 |
Club activation fees and annual dues | 107 |  |  | 97 |
Bonus point incentive liability(1) | 96 |  |  | 83 |
Deferred maintenance fees | 16 |  |  | 12 |
Other deferred revenue | 48 |  |  | 38 |
(1)The balance includes $56 million and $54 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction | The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions) | September 30, 2024 |  | December 31, 2023
Sales of VOIs, net | $ | 2 |  |  | $ | 39 |
Cost of VOI sales | — |  |  | 10 |
Sales and marketing expense | — |  |  | 6 |
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, 2024:
($ in millions) | Remaining Transaction Price |  | Recognition Period |  | Recognition Method
Advanced deposits | $ | 224 |  |  | 18 months |  | Upon customer stays
Club activation fees | 65 |  |  | 7 years |  | Straight-line basis over average inventory holding period
Bonus point incentive liability | 96 |  |  | 18 - 30 months |  | Upon redemption

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