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Revenue | 12 Months Ended
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Dec. 31, 2019
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Revenue | 3. Revenue Disaggregation of revenue The following table presents Group revenue disaggregated by type of revenue stream and by reportable segment:
Year ended 31 December 2019 |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Franchise and base management fees |  |  | 840 |  |  |  | 247 |  |  |  | 87 |  |  |  | — |  |  |  | 1,174 |
Incentive management fees |  |  | 13 |  |  |  | 90 |  |  |  | 48 |  |  |  | — |  |  |  | 151 |
Central revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 185 |  |  |  | 185 |
Revenue from fee business |  |  | 853 |  |  |  | 337 |  |  |  | 135 |  |  |  | 185 |  |  |  | 1,510 |
Revenue from owned, leased and managed lease hotels |  |  | 187 |  |  |  | 386 |  |  |  | — |  |  |  | — |  |  |  | 573 |
|  |  | 1,040 |  |  |  | 723 |  |  |  | 135 |  |  |  | 185 |  |  |  | 2,083 |
System Fund revenues (note 3 3 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,373 |
Reimbursement of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,171 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,627 |
Year ended 31 December 2018 |  | Americas $m |  |  | EMEAA $m |  |  | Greater China $m |  |  | Central $m |  |  | Group $m |
Franchise and base management fees |  |  | 835 |  |  |  | 227 |  |  |  | 94 |  |  |  | — |  |  |  | 1,156 |
Incentive management fees |  |  | 18 |  |  |  | 93 |  |  |  | 49 |  |  |  | — |  |  |  | 160 |
Central revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | 170 |
Revenue from fee business |  |  | 853 |  |  |  | 320 |  |  |  | 143 |  |  |  | 170 |  |  |  | 1,486 |
Revenue from owned, leased and managed lease hotels |  |  | 198 |  |  |  | 249 |  |  |  | — |  |  |  | — |  |  |  | 447 |
|  |  | 1,051 |  |  |  | 569 |  |  |  | 143 |  |  |  | 170 |  |  |  | 1,933 |
System Fund revenues (note 3 3 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 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 33 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,242 |
Reimbursement of costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,103 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,075 |
Contract balances
|  | 2019 $m |  |  | 2018 $m |
Trade receivables (note 18 ) |  |  | 514 |  |  |  | 474 |
Contract assets |  |  | 334 |  |  |  | 290 |
Deferred revenue |  |  | (1,564 | ) |  |  | (1,506 | )
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 revenue 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 144 .
Contract assets (including performance guarantees) Contract assets are recorded in respect of key money payments; the difference, if any, between the face and market value of loans made to owners; and the value of payments under performance guarantees.
|  | 2019 $m |  |  | 2018 $m |
At 1 January |  |  | 290 |  |  |  | 258 |
Costs paid |  |  | 64 |  |  |  | 58 |
Recognised as a deduction to revenue |  |  | (22 | ) |  |  | (19 | )
Repayments |  |  | (1 | ) |  |  | (2 | )
Exchange and other adjustments |  |  | 3 |  |  |  | (5 | )
At 31 December |  |  | 334 |  |  |  | 290 |
Analysed as: |  |  |  |  |  |  |  |
Current |  |  | 23 |  |  |  | 20 |
Non-current |  |  | 311 |  |  |  | 270 |
|  |  | 334 |  |  |  | 290 |
At 31 December 2019, the amount of performance guarantees included within trade and other payables was $2m (2018: $3m) and the maximum payout remaining under such guarantees was $85m (2018: $42m). 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 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 8 |
Increase in deferred revenue |  |  | 540 |  |  |  | — |  |  |  | 36 |  |  |  | 67 |  |  |  | 643 |
Recognised as revenue |  |  | (416 | ) |  |  | (11 | ) |  |  | (23 | ) |  |  | (47 | ) |  |  | (497 | )
Exchange and other adjustments |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | (4 | ) |  |  | (5 | )
At 31 December 2018 |  |  | 1,181 |  |  |  | 77 |  |  |  | 175 |  |  |  | 73 |  |  |  | 1,506 |
Acquisition of businesses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 2 |
Increase in deferred revenue |  |  | 533 |  |  |  | — |  |  |  | 26 |  |  |  | 64 |  |  |  | 623 |
Recognised as revenue |  |  | (481 | ) |  |  | (11 | ) |  |  | (25 | ) |  |  | (49 | ) |  |  | (566 | )
Exchange and other adjustments |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | 3 |  |  |  | (1 | )
At 31 December 2019 |  |  | 1,233 |  |  |  | 66 |  |  |  | 172 |  |  |  | 93 |  |  |  | 1,564 |
At 31 December 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 476 |  |  |  | 11 |  |  |  | 25 |  |  |  | 43 |  |  |  | 555 |
Non-current |  |  | 757 |  |  |  | 55 |  |  |  | 147 |  |  |  | 50 |  |  |  | 1,009 |
|  |  | 1,233 |  |  |  | 66 |  |  |  | 172 |  |  |  | 93 |  |  |  | 1,564 |
At 31 December 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | 491 |  |  |  | 11 |  |  |  | 23 |  |  |  | 47 |  |  |  | 572 |
Non-current |  |  | 690 |  |  |  | 66 |  |  |  | 152 |  |  |  | 26 |  |  |  | 934 |
|  |  | 1,181 |  |  |  | 77 |  |  |  | 175 |  |  |  | 73 |  |  |  | 1,506 |
The table on the previous page does not include amounts which were received and recognised as revenue in the same year. Amounts recognised as revenue were included in deferred revenue at the beginning of the year. Loyalty programme revenues, shown gross in the table on the previous page, 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 at 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 2019 are as follows:
|  | 2019 |  |  | 2018 |
Expected to be recognised in: |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m |  |  | Loyalty and co-brand $m |  |  | Other $m |  |  | Total $m |
Less than one year |  |  | 487 |  |  |  | 68 |  |  |  | 555 |  |  |  | 502 |  |  |  | 70 |  |  |  | 572 |
Between one and two years |  |  | 292 |  |  |  | 34 |  |  |  | 326 |  |  |  | 257 |  |  |  | 31 |  |  |  | 288 |
Between two and three years |  |  | 176 |  |  |  | 30 |  |  |  | 206 |  |  |  | 158 |  |  |  | 26 |  |  |  | 184 |
Between three and four years |  |  | 115 |  |  |  | 27 |  |  |  | 142 |  |  |  | 106 |  |  |  | 22 |  |  |  | 128 |
Between four and five years |  |  | 79 |  |  |  | 27 |  |  |  | 106 |  |  |  | 75 |  |  |  | 20 |  |  |  | 95 |
More than five years |  |  | 150 |  |  |  | 79 |  |  |  | 229 |  |  |  | 160 |  |  |  | 79 |  |  |  | 239 |
|  |  | 1,299 |  |  |  | 265 |  |  |  | 1,564 |  |  |  | 1,258 |  |  |  | 248 |  |  |  | 1,506 |
Contract costs Movements in contract costs, typically developer commissions, are as follows:
|  | 2019 $m |  |  | 2018 $m |
At 1 January |  |  | 60 |  |  |  | 58 |
Costs incurred |  |  | 19 |  |  |  | 9 |
Amortisation |  |  | (7 | ) |  |  | (7 | )
At 31 December |  |  | 72 |  |  |  | 60 |
Analysed as: |  |  |  |  |  |  |  |
Current |  |  | 5 |  |  |  | 5 |
Non-current |  |  | 67 |  |  |  | 55 |
|  |  | 72 |  |  |  | 60 |

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