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Revenue | 12 Months Ended
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Dec. 31, 2018
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Revenue | 3. Revenue A description of the Group’s contracts with customers and its performance obligations under those contracts is contained on pages 106-107 and 109-110. Disaggregation of revenue The following table presents Group revenue disaggregated by type of revenue stream and by reportable segment:
Year ended 31 December 2018 |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Franchise and base management fees |  |  | 835 |  |  |  | 227 |  |  |  | 94 |  |  |  | 0 |  |  |  | 1,156 |
Incentive management fees |  |  | 18 |  |  |  | 93 |  |  |  | 49 |  |  |  | 0 |  |  |  | 160 |
Central revenue |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 170 |  |  |  | 170 |
Revenue from fee business |  |  | 853 |  |  |  | 320 |  |  |  | 143 |  |  |  | 170 |  |  |  | 1,486 |
Revenue from owned, leased and managed lease hotels |  |  | 198 |  |  |  | 249 |  |  |  | 0 |  |  |  | 0 |  |  |  | 447 |
|  |  | 1,051 |  |  |  | 569 |  |  |  | 143 |  |  |  | 170 |  |  |  | 1,933 |
System Fund revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,233 |
Reimbursement of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,171 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,337 |
Year ended 31 December 2017 |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Franchise and base management fees |  |  | 795 |  |  |  | 204 |  |  |  | 73 |  |  |  | — |  |  |  | 1,072 |
Incentive management fees |  |  | 16 |  |  |  | 90 |  |  |  | 44 |  |  |  | — |  |  |  | 150 |
Central revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157 |  |  |  | 157 |
Revenue from fee business |  |  | 811 |  |  |  | 294 |  |  |  | 117 |  |  |  | 157 |  |  |  | 1,379 |
Revenue from owned, leased and managed lease hotels |  |  | 188 |  |  |  | 163 |  |  |  | — |  |  |  | — |  |  |  | 351 |
|  |  | 999 |  |  |  | 457 |  |  |  | 117 |  |  |  | 157 |  |  |  | 1,730 |
System Fund revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,242 |
Reimbursement of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,103 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,075 |
Year ended 31 December 2016 |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Franchise and base management fees |  |  | 781 |  |  |  | 194 |  |  |  | 71 |  |  |  | — |  |  |  | 1,046 |
Incentive management fees |  |  | 15 |  |  |  | 80 |  |  |  | 41 |  |  |  | — |  |  |  | 136 |
Central revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 147 |  |  |  | 147 |
Revenue from fee business |  |  | 796 |  |  |  | 274 |  |  |  | 112 |  |  |  | 147 |  |  |  | 1,329 |
Revenue from owned, leased and managed lease hotels |  |  | 173 |  |  |  | 165 |  |  |  | — |  |  |  | — |  |  |  | 338 |
|  |  | 969 |  |  |  | 439 |  |  |  | 112 |  |  |  | 147 |  |  |  | 1,667 |
System Fund revenues (note 32) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,199 |
Reimbursement of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,046 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,912 |
Contract balances The following tables present information about trade receivables, contract assets, and deferred revenue:
|  | Note |  |  | 2018 $m |  |  | 2017 Restated $m |
Trade receivables |  |  | 16 |  |  |  | 474 |  |  |  | 452 |
Contract assets |  |  |  |  |  |  | 290 |  |  |  | 258 |
Deferred revenue |  |  |  |  |  |  | 1,506 |  |  |  | 1,357 |
A trade receivable is recorded when the Group has issued an invoice and has an unconditional right to receive payment. In respect of franchise fees, base and incentive management fees, Central revenues and revenues from owned, leased and managed lease hotels, the invoice is typically issued as the related performance obligations are satisfied, as described on page 106. Contract assets Contract assets are recorded in respect of key money payments made to customers, normally at the beginning of the contract term, and payments under performance guarantees. These payments are recognised in the Group income statement as a deduction to revenue over the contract term and, in the Group statement of cash flows, key money payments are described as ‘contract acquisition costs’.
|  | 2018 $m |  |  | 2017 $m |
At 1 January |  |  | 258 |  |  |  | 198 |
Costs paid |  |  | 58 |  |  |  | 73 |
Recognised as a deduction to revenue |  |  | (19 | ) |  |  | (17 | )
Repayments |  |  | (2 | ) |  |  | — |
Exchange and other adjustments |  |  | (5 | ) |  |  | 4 |
At 31 December |  |  | 290 |  |  |  | 258 |
Analysed as: |  |  |  |  |  |  |  |
Current |  |  | 20 |  |  |  | 17 |
Non-current |  |  | 270 |  |  |  | 241 |
|  |  | 290 |  |  |  | 258 |
Deferred revenue Deferred revenue is recognised when payment is received before the related performance obligation is satisfied. The main categories of deferred revenue relate to the Loyalty programme, co-branding agreements, and franchise application and re-licensing fees.
|  | Loyalty programme $m |  |  | Other co-brand fees $m |  |  | Application & re-licensing fees $m |  |  | Other $m |  |  | Total $m |
At 1 January 2018 |  |  | 1,057 |  |  |  | 88 |  |  |  | 163 |  |  |  | 49 |  |  |  | 1,357 |
Acquisition of businesses |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 8 |  |  |  | 8 |
Increase in deferred revenue |  |  | 540 |  |  |  | 0 |  |  |  | 36 |  |  |  | 67 |  |  |  | 643 |
Recognised as revenue |  |  | (416 | ) |  |  | (11 | ) |  |  | (23 | ) |  |  | (47 | ) |  |  | (497 | )
Exchange and other adjustments |  |  | 0 |  |  |  | 0 |  |  |  | (1 | ) |  |  | (4 | ) |  |  | (5 | )
At 31 December 2018 |  |  | 1,181 |  |  |  | 77 |  |  |  | 175 |  |  |  | 73 |  |  |  | 1,506 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 491 |  |  |  | 11 |  |  |  | 23 |  |  |  | 47 |  |  |  | 572 |
Non-current |  |  | 690 |  |  |  | 66 |  |  |  | 152 |  |  |  | 26 |  |  |  | 934 |
|  |  | 1,181 |  |  |  | 77 |  |  |  | 175 |  |  |  | 73 |  |  |  | 1,506 |
|  | Loyalty programme $m |  |  | Other co-brand fees $m |  |  | Application & re-licensing fees $m |  |  | Other $m |  |  | Total $m |
At 1 January 2017 |  |  | 1,033 |  |  |  | 100 |  |  |  | 148 |  |  |  | 33 |  |  |  | 1,314 |
Increase in deferred revenue |  |  | 480 |  |  |  | — |  |  |  | 39 |  |  |  | 34 |  |  |  | 553 |
Recognised as revenue |  |  | (456 | ) |  |  | (12 | ) |  |  | (24 | ) |  |  | (18 | ) |  |  | (510 | )
At 31 December 2017 |  |  | 1,057 |  |  |  | 88 |  |  |  | 163 |  |  |  | 49 |  |  |  | 1,357 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 422 |  |  |  | 11 |  |  |  | 24 |  |  |  | 33 |  |  |  | 490 |
Non-current |  |  | 635 |  |  |  | 77 |  |  |  | 139 |  |  |  | 16 |  |  |  | 867 |
|  |  | 1,057 |  |  |  | 88 |  |  |  | 163 |  |  |  | 49 |  |  |  | 1,357 |
The above table does not include amounts which were received and recognised as revenue in the year. Amounts recognised as revenue were included in deferred revenue at the beginning of the year. Loyalty programme revenues, shown gross in the above table, are presented net of the corresponding redemption cost in the Group income statement. Other deferred revenue includes guest deposits received by owned, leased and managed lease hotels. Transaction price allocated to remaining performance obligations The Group has applied the practical expedient in IFRS 15 not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of the end of the reporting period for all amounts where the Group has a right to consideration in an amount that corresponds directly with the value to the customer of the Group’s performance completed to date (including franchise and management fees). Amounts received and not yet recognised related to performance obligations that were unsatisfied at 31 December 2018 are as follows:
|  | 2018 |  |  | 2017 |
Expect to be recognised in: |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m |  |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m |
Less than 1 year |  |  | 502 |  |  |  | 70 |  |  |  | 572 |  |  |  | 433 |  |  |  | 57 |  |  |  | 490 |
Between 1 and 2 years |  |  | 257 |  |  |  | 31 |  |  |  | 288 |  |  |  | 221 |  |  |  | 29 |  |  |  | 250 |
Between 2 and 3 years |  |  | 158 |  |  |  | 26 |  |  |  | 184 |  |  |  | 137 |  |  |  | 24 |  |  |  | 161 |
Between 3 and 4 years |  |  | 106 |  |  |  | 22 |  |  |  | 128 |  |  |  | 95 |  |  |  | 22 |  |  |  | 117 |
Between 4 and 5 years |  |  | 75 |  |  |  | 20 |  |  |  | 95 |  |  |  | 69 |  |  |  | 20 |  |  |  | 89 |
More than 5 years |  |  | 160 |  |  |  | 79 |  |  |  | 239 |  |  |  | 190 |  |  |  | 60 |  |  |  | 250 |
|  |  | 1,258 |  |  |  | 248 |  |  |  | 1,506 |  |  |  | 1,145 |  |  |  | 212 |  |  |  | 1,357 |
Contract costs Movements in contract costs, typically developer commissions, are as follows:
|  | 2018 $m |  |  | 2017 $m |
At 1 January |  |  | 58 |  |  |  | 53 |
Costs incurred |  |  | 9 |  |  |  | 12 |
Amortisation |  |  | (7 | ) |  |  | (7 | )
At 31 December |  |  | 60 |  |  |  | 58 |
Analysed as: |  |  |  |  |  |  |  |
Current |  |  | 5 |  |  |  | 7 |
Non-current |  |  | 55 |  |  |  | 51 |
|  |  | 60 |  |  |  | 58 |

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