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REVENUE AND RECEIVABLES | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
REVENUE AND RECEIVABLES |
3. | REVENUE AND RECEIVABLES
Sources of Revenue by Segment
| Three Months Ended March 31, 2025
($ in millions) | Vacation Ownership |  | Exchange & Third-Party Management |  | Corporate and Other |  | Total
Sale of vacation ownership products | $ | 355 |  |  | $ | — |  |  | $ | — |  |  | $ | 355 |
Ancillary revenues | 65 |  |  | 1 |  |  | — |  |  | 66 |
Management fee revenues | 55 |  |  | 3 |  |  | (1) |  |  | 57 |
Exchange and other services revenues | 35 |  |  | 42 |  |  | 15 |  |  | 92 |
Management and exchange | 155 |  |  | 46 |  |  | 14 |  |  | 215 |
Rental | 159 |  |  | 10 |  |  | — |  |  | 169 |
Cost reimbursements | 378 |  |  | 2 |  |  | (7) |  |  | 373 |
Revenue from contracts with customers | 1,047 |  |  | 58 |  |  | 7 |  |  | 1,112 |
Financing | 88 |  |  | — |  |  | — |  |  | 88 |
Total Revenues | $ | 1,135 |  |  | $ | 58 |  |  | $ | 7 |  |  | $ | 1,200 |
| Three Months Ended March 31, 2024
($ in millions) | Vacation Ownership |  | Exchange & Third-Party Management |  | Corporate and Other |  | Total
Sale of vacation ownership products | $ | 352 |  |  | $ | — |  |  | $ | — |  |  | $ | 352 |
Ancillary revenues | 65 |  |  | 1 |  |  | — |  |  | 66 |
Management fee revenues | 52 |  |  | 5 |  |  | (1) |  |  | 56 |
Exchange and other services revenues | 31 |  |  | 46 |  |  | 12 |  |  | 89 |
Management and exchange | 148 |  |  | 52 |  |  | 11 |  |  | 211 |
Rental | 147 |  |  | 11 |  |  | — |  |  | 158 |
Cost reimbursements | 400 |  |  | 2 |  |  | (11) |  |  | 391 |
Revenue from contracts with customers | 1,047 |  |  | 65 |  |  | — |  |  | 1,112 |
Financing | 83 |  |  | — |  |  | — |  |  | 83 |
Total Revenues | $ | 1,130 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 1,195 |
Timing of Revenue from Contracts with Customers by Segment The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
| Three Months Ended March 31, 2025
($ in millions) | Vacation Ownership |  | Exchange & Third-Party Management |  | Corporate and Other |  | Total
Services transferred over time | $ | 620 |  |  | $ | 21 |  |  | $ | 7 |  |  | $ | 648 |
Goods or services transferred at a point in time | 427 |  |  | 37 |  |  | — |  |  | 464 |
Revenue from contracts with customers | $ | 1,047 |  |  | $ | 58 |  |  | $ | 7 |  |  | $ | 1,112 |
| Three Months Ended March 31, 2024
($ in millions) | Vacation Ownership |  | Exchange & Third-Party Management |  | Corporate and Other |  | Total
Services transferred over time | $ | 625 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 649 |
Goods or services transferred at a point in time | 422 |  |  | 41 |  |  | — |  |  | 463 |
Revenue from contracts with customers | $ | 1,047 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 1,112 |
Sale of Vacation Ownership Products Revenues were reduced during the first quarter of 2025 by $3 million due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods. Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either March 31, 2025 or December 31, 2024.
($ in millions) | At March 31, 2025 |  | At December 31, 2024
Receivables from Contracts with Customers |  |  |
Accounts and contracts receivable, net | $ | 258 |  |  | $ | 250 |
Vacation ownership notes receivable, net | 2,446 |  |  | 2,440 |
| $ | 2,704 |  |  | $ | 2,690 |
Contract Liabilities |  |  |
Advance deposits | $ | 167 |  |  | $ | 162 |
Deferred revenue | 442 |  |  | 354 |
| $ | 609 |  |  | $ | 516 |
Revenue recognized during the first quarter of 2025 that was included in our contract liabilities balance at December 31, 2024 was $117 million. Remaining Performance Obligations Our remaining performance obligations represent the expected transaction price allocated to our contracts that we expect to recognize as revenue in future periods when we perform under the contracts. At March 31, 2025, approximately 93% of this amount is expected to be recognized as revenue over the next two years. Accounts and Contracts Receivable Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions) | At March 31, 2025 |  | At December 31, 2024
Receivables from contracts with customers, net | $ | 258 |  |  | $ | 250 |
Interest receivable | 19 |  |  | 20 |
Tax receivable | 52 |  |  | 57 |
Indemnification assets | 34 |  |  | 34 |
Employee tax credit receivable | 10 |  |  | 10 |
Other | 16 |  |  | 16 |
| $ | 389 |  |  | $ | 387 |

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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