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REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended
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Mar. 31, 2026
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 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 March 31, |  |  |  |
Real Estate Sales and Financing Segment | 2026 |  | 2025 |  |  |  |  |  |  |  |
Sales of VOIs, net | $ | 455 |  |  | $ | 378 |  |  |  |  |  |  |  |  |
Fee-for-service commissions, package sales and other fees | 161 |  |  | 142 |  |  |  |  |  |  |  |  |
Interest income | 125 |  |  | 115 |  |  |  |  |  |  |  |  |
Other financing revenue | 13 |  |  | 10 |  |  |  |  |  |  |  |  |
Real estate sales and financing segment revenues | $ | 754 |  |  | $ | 645 |  |  |  |  |  |  |  |  |
($ in millions) | Three Months Ended March 31, |  |  |  |
Resort Operations and Club Management Segment | 2026 |  | 2025 |  |  |  |  |  |  |  |
Club management | $ | 70 |  |  | $ | 72 |  |  |  |  |  |  |  |  |
Resort management | 115 |  |  | 111 |  |  |  |  |  |  |  |  |
Rental(1) | 183 |  |  | 174 |  |  |  |  |  |  |  |  |
Ancillary services | 14 |  |  | 13 |  |  |  |  |  |  |  |  |
Resort operations and club management segment revenues | $ | 382 |  |  | $ | 370 |  |  |  |  |  |  |  |  |
(1)Excludes intersegment eliminations. See Note 16: Business Segments for additional information. Receivables from Contracts with Customers and Contract Liabilities Our accounts receivable that relate to our contracts with customers include 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 5: 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 on our condensed consolidated balance sheets:
($ in millions) |  |  |
Receivables from contracts with customers: | March 31, 2026 |  | December 31, 2025
Accounts receivable, net | $ | 205 |  |  | $ | 200 |
Timeshare financing receivables, net(1) | 3,130 |  |  | 3,115 |
Total | $ | 3,335 |  |  | $ | 3,315 |
(1) Includes $482 million and $528 million of acquired timeshare financing receivables, net, as of March 31, 2026 and December 31, 2025. Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future and other deferred revenue. The following table presents the composition of our contract liabilities:
($ in millions) |  |  |
Contract liabilities: | March 31, 2026 |  | December 31, 2025
Advanced deposits | $ | 233 |  |  | $ | 228 |
Deferred sales of VOIs of projects under construction | 485 |  |  | 460 |
Club activation fees and annual dues | 184 |  |  | 74 |
Bonus point incentive liability(1) | 110 |  |  | 113 |
Other | 97 |  |  | 42 |
(1)The balance includes $51 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. 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 three months ended March 31, 2026, which was included in the contract liabilities balance at December 31, 2025, was $113 million. Transaction Price Allocated to Remaining Performance Obligations Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Deferred VOI sales primarily include the deferred revenues of sales associated with projects under construction. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions) | March 31, 2026 |  | December 31, 2025
Sales of VOIs, net | $ | 485 |  |  | $ | 460 |
Cost of VOI sales | 135 |  |  | 133 |
Sales and marketing expense | 79 |  |  | 74 |
During the three months ended March 31, 2026, we deferred $62 million of Sales of VOI, net related to projects under construction, which were partially offset by a recognition of $37 million of sales of VOI, net related to the completion of a project in Japan. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the project under construction as of March 31, 2026, upon its completion in 2026. The following table includes the remaining transaction price related to our contract liabilities as of March 31, 2026:
($ in millions) | Remaining Transaction Price |  | Recognition Period |  | Recognition Method
Advanced deposits | $ | 233 |  |  | 18 months |  | Upon customer stays
Club activation fees | 81 |  |  | 7 years |  | Straight-line basis over average inventory holding period
Bonus point incentive liability | 110 |  |  | 18 - 30 months |  | Upon redemption
Annual club dues | 103 |  |  | 1 year |  | Straight-line basis
Other | 97 |  |  | 1 year |  | Straight-line basis
Revenue allocated to remaining performance obligations for management fees, which includes unearned revenue and amounts expected to be invoiced and recognized as revenue for the remainder of 2026, was $229 million as of March 31, 2026.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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