v3.25.1
REVENUE AND RECEIVABLES
 3 Months Ended
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 OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$355 $— $— $355 
Ancillary revenues65 1 — 66 
Management fee revenues55 3 (1)57 
Exchange and other services revenues35 42 15 92 
Management and exchange155 46 14 215 
Rental159 10 — 169 
Cost reimbursements378 2 (7)373 
Revenue from contracts with customers1,047 58 7 1,112 
Financing88 — — 88 
Total Revenues$1,135 $58 $7 $1,200 
Three Months Ended March 31, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Sale of vacation ownership products$352 $— $— $352 
Ancillary revenues65 1 — 66 
Management fee revenues52 5 (1)56 
Exchange and other services revenues31 46 12 89 
Management and exchange148 52 11 211 
Rental147 11 — 158 
Cost reimbursements400 2 (11)391 
Revenue from contracts with customers1,047 65 — 1,112 
Financing83 — — 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 OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$620 $21 $7 $648 
Goods or services transferred at a point in time427 37 — 464 
Revenue from contracts with customers$1,047 $58 $7 $1,112 
Three Months Ended March 31, 2024
($ in millions)Vacation OwnershipExchange & Third-Party ManagementCorporate and OtherTotal
Services transferred over time$625 $24 $— $649 
Goods or services transferred at a point in time422 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, 2025At December 31, 2024
Receivables from Contracts with Customers
Accounts and contracts receivable, net$258 $250 
Vacation ownership notes receivable, net2,446 2,440 
$2,704 $2,690 
Contract Liabilities
Advance deposits$167 $162 
Deferred revenue442 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, 2025At December 31, 2024
Receivables from contracts with customers, net$258 $250 
Interest receivable19 20 
Tax receivable52 57 
Indemnification assets34 34 
Employee tax credit receivable10 10 
Other16 16 
$389 $387