v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The following tables show our disaggregated revenues by product and segment from contracts with customers. We operate our business in the following two reportable segments: (i) Real estate sales and financing and (ii) Resort operations and club management. See Note 17: Business Segments for more information related to our segments.
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Real Estate Sales and Financing Segment2025202420252024
Sales of VOIs, net$469 $471 $847 $909 
Fee-for-service commissions, package sales and other fees
165 167 307 312 
Interest income114 88 229 184 
Other financing revenue12 14 22 22 
Real estate sales and financing segment revenues$760 $740 $1,405 $1,427 
($ in millions)Three Months Ended June 30,Six Months Ended June 30,
Resort Operations and Club Management Segment2025202420252024
Club management$70 $67 $142 $130 
Resort management113 104 224 207 
Rental(1)
180 181 354 350 
Ancillary services15 14 28 26 
Resort operations and club management segment revenues$378 $366 $748 $713 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Receivables from Contracts with Customers, Contract Liabilities, and Contract Assets
Our accounts receivable that relate to our contracts with customers include amounts associated with our contractual right to consideration for completed performance obligations and are settled when the related cash is received. Accounts receivable are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time. Our timeshare financing receivables consist of loans related to our financing of VOI sales that are secured by the underlying timeshare properties. See Note 6: Timeshare financing receivables for additional information.
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ in millions)June 30, 2025December 31, 2024
Receivables from contracts with customers:
Accounts receivable, net$265 $219 
Timeshare financing receivables, net2,979 3,006 
Total$3,244 $3,225 
Contract liabilities include payments received or due in advance of satisfying our performance obligations. Such contract liabilities include advance deposits received on vacation packages for future stays at our resorts, deferred revenues related to sales of VOIs of projects under construction, club activation fees and annual dues, the liability for bonus points awarded to our customers for purchase of VOIs at our properties or properties under our fee-for-service arrangements that may be redeemed in the future, deferred maintenance fees and other deferred revenue.
The following table presents the composition of our contract liabilities:
($ in millions)June 30, 2025December 31, 2024
Contract liabilities:
Advanced deposits$235 $226 
Deferred sales of VOIs of projects under construction300 92 
Club activation fees and annual dues
147 79 
Bonus point incentive liability(1)
94 86 
Deferred maintenance fees25 12 
Other deferred revenue38 35 
(1)The balance includes $53 million and $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Revenue earned for the three and six months ended June 30, 2025, that was included in the contract liabilities balance at December 31, 2024, was approximately $57 million and $158 million, respectively.
Contract assets relate to incentive fees that can be earned for meeting certain targets on sales of VOIs at properties under our fee-for-service arrangements; however, our right to consideration is conditional upon completing the requirements of the annual incentive fee period. Contract assets were $1 million and $3 million as of June 30, 2025 and December 31, 2024, respectively.
Transaction Price Allocated to Remaining Performance Obligations
Transaction price allocated to remaining performance obligations represents contract revenue that has not yet been recognized. Our contracts with remaining performance obligations primarily include (i) sales of VOIs under construction, (ii) club activation fees paid at closing of a VOI purchase, (iii) customers’ advanced deposits on vacation packages and (iv) bonus points that may be redeemed in the future.
Deferred VOI sales primarily include the deferred revenues of sales associated with projects under construction. The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2025December 31, 2024
Sales of VOIs, net$300 $92 
Cost of VOI sales89 28 
Sales and marketing expense48 13 
During the six months ended June 30, 2025, we deferred $208 million of Sales of VOI, net related to projects under construction. We expect to recognize the revenue, costs of VOI sales and direct selling costs related to the projects under construction as of June 30, 2025, upon their completion in 2026.
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2025:
($ in millions)Remaining
Transaction Price		Recognition PeriodRecognition Method
Advanced deposits$235 18 monthsUpon customer stays
Club activation fees69 7 yearsStraight-line basis over average inventory holding period
Bonus point incentive liability94 
18 - 30 months
Upon redemption
Annual club dues
78 1 year
Straight-line basis
Maintenance fees
25 1 year
Straight-line basis
Other
38 1 year
Straight-line basis