v3.25.2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregated Revenues by Product and Segment from Contracts with Customers
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 $713 
(1)Excludes intersegment eliminations. See Note 17: Business Segments for additional information.
Schedule of Accounts Receivable from Contracts with Customers and Composition of Contract Liabilities
The following table provides information on our contracts with customers which are included in Accounts receivable, net and Timeshare financing receivables, net, respectively, on our condensed consolidated balance sheets:
($ 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 $3,225 
The following table presents the composition of our contract liabilities:
($ 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 $52 million of bonus point incentive liabilities included in Accounts payable, accrued expenses and other on our condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024, respectively. This liability is for incentives from VOI sales and sales and marketing expenses in conjunction with our fee-for-service arrangements.
Schedule of Deferred Revenue, Deferred Cost of VOI Sales and Deferred Direct Selling Costs from Sales of VOIs Related to Projects under Construction The following table presents the deferred revenue, deferred cost of VOI sales and deferred direct selling costs from sales of VOIs related to projects under construction:
($ in millions)June 30, 2025December 31, 2024
Sales of VOIs, net$300 $92 
Cost of VOI sales89 28 
Sales and marketing expense48 13 
Schedule of Remaining Transaction Price Related to Advanced Deposits, Club Activation Fees and Bonus Points Incentive Liability
The following table includes the remaining transaction price related to our contract liabilities as of June 30, 2025:
($ 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