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REVENUE AND RECEIVABLES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE AND RECEIVABLES
4. REVENUE AND RECEIVABLES
Sources of Revenue by Segment
Three Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$370 $— $— $370 
Ancillary revenues75 1 — 76 
Management fee revenues55 1 — 56 
Exchange and other services revenues35 39 13 87 
Management and exchange165 41 13 219 
Rental150 10 — 160 
Cost reimbursements413 2 (8)407 
Revenue from contracts with customers1,098 53 5 1,156 
Financing90 — — 90 
Total Revenues$1,188 $53 $5 $1,246 
Three Months Ended June 30, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$309 $— $— $309 
Ancillary revenues72 1 — 73 
Management fee revenues51 2 (1)52 
Exchange and other services revenues34 42 14 90 
Management and exchange157 45 13 215 
Rental143 10 — 153 
Cost reimbursements384 3 (9)378 
Revenue from contracts with customers993 58 4 1,055 
Financing85 — — 85 
Total Revenues$1,078 $58 $4 $1,140 
Six Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$725 $— $— $725 
Ancillary revenues140 2 — 142 
Management fee revenues110 4 (1)113 
Exchange and other services revenues70 81 28 179 
Management and exchange320 87 27 434 
Rental309 20 — 329 
Cost reimbursements791 4 (15)780 
Revenue from contracts with customers2,145 111 12 2,268 
Financing178 — — 178 
Total Revenues$2,323 $111 $12 $2,446 
Six Months Ended June 30, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$661 $— $— $661 
Ancillary revenues137 2 — 139 
Management fee revenues103 7 (2)108 
Exchange and other services revenues65 88 26 179 
Management and exchange305 97 24 426 
Rental290 21 — 311 
Cost reimbursements784 5 (20)769 
Revenue from contracts with customers2,040 123 4 2,167 
Financing168 — — 168 
Total Revenues$2,208 $123 $4 $2,335 
Timing of Revenue from Contracts with Customers by Segment
The following tables detail the timing of revenue from contracts with customers by segment for the time periods presented.
Three Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$649 $20 $5 $674 
Goods or services transferred at a point in time449 33 — 482 
Revenue from contracts with customers$1,098 $53 $5 $1,156 
Three Months Ended June 30, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$607 $22 $4 $633 
Goods or services transferred at a point in time386 36 — 422 
Revenue from contracts with customers$993 $58 $4 $1,055 
Six Months Ended June 30, 2025
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$1,268 $41 $12 $1,321 
Goods or services transferred at a point in time877 70 — 947 
Revenue from contracts with customers$2,145 $111 $12 $2,268 
Six Months Ended June 30, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$1,233 $46 $4 $1,283 
Goods or services transferred at a point in time807 77 — 884 
Revenue from contracts with customers$2,040 $123 $4 $2,167 
Sale of Vacation Ownership Products
Revenues were reduced during the second quarter and first half of 2025 by $3 million and $6 million, respectively, due to changes in our estimates of variable consideration for performance obligations that were satisfied in prior periods.
Receivables from Contracts with Customers, Contract Assets, & Contract Liabilities
The following table shows the composition of our receivables from contracts with customers and contract liabilities. We had no contract assets at either June 30, 2025 or December 31, 2024.
($ in millions)At June 30, 2025At December 31, 2024
Receivables from Contracts with Customers
Accounts and contracts receivable, net$221 $250 
Vacation ownership notes receivable, net2,485 2,440 
$2,706 $2,690 
Contract Liabilities
Advance deposits$164 $162 
Deferred revenue397 354 
$561 $516 
Revenue recognized during the second quarter and first half of 2025 that was included in our contract liabilities balance at December 31, 2024 was $84 million and $201 million, respectively.
Remaining Performance Obligations
Our recorded contract liabilities represent the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2025. At June 30, 2025, approximately 85% of the recorded contract liabilities are expected to be recognized as revenue over the next two years.
Accounts and Contracts Receivable
Accounts and contracts receivable is composed of amounts due from customers, primarily owners’ associations, resort developers, owners and members, credit card receivables, interest receivables, amounts due from taxing authorities, indemnification assets, and other miscellaneous receivables. The following table shows the composition of our accounts and contracts receivable balances:
($ in millions)At June 30, 2025At December 31, 2024
Receivables from contracts with customers, net$221 $250 
Interest receivable20 20 
Tax receivable74 57 
Indemnification assets37 34 
Employee tax credit receivable9 10 
Other17 16 
$378 $387