Revenue From Contracts With Customers
|9 Months Ended|
Sep. 30, 2022
|Revenue From Contracts With Customers [Abstract]|
|Revenue From Contracts With Customers||
3. Revenue from Contracts with Customers
The table below sets forth the Company’s disaggregated revenue by category from contracts with customers (in thousands):
(1) Included in the Company’s sales of VOIs and financing segment described in Note 14.
(2) Included in the Company’s resort operations and club management segment described in Note 14.
(3) Interest income of $25.5 million and $20.9 million for the three months ended September 30, 2022 and 2021, respectively, and $71.0 million and $59.5 million for the nine months ended September 30, 2022 and 2021, respectively, are included in the Company’s sales of VOIs and financing segment described in Note 14.
As of September 30, 2022 and December 31, 2021, the Company had commission receivables, net of an allowance, of $7.7 million and $17.4 million, respectively, related to sales of VOIs owned by third-parties, which are included in other assets in the unaudited consolidated balance sheets. Commission receivables relate to contracts with customers, including amounts associated with the Company’s contractual right to consideration for completed performance obligations, and are settled when the related cash is received. Commission receivables are recorded when the right to consideration becomes unconditional and is only contingent on the passage of time.
Contract liabilities include payments received or due in advance of satisfying performance obligations, including points awarded to customers as an incentive for the purchase of VOIs that may be redeemed in the future, advance deposits on owner programs for future services, and deferred revenue on prepaid vacation packages for future stays at the Company’s resorts or nearby hotels. Both points incentives and owner programs are recognized upon redemption, and deferred revenue for vacation packages is recognized net of sales and marketing expenses upon customer stays. Contract liabilities are included in deferred income in the Company’s unaudited consolidated balance sheets.
The following table sets forth the Company’s contract liabilities as of September 30, 2022 and December 31, 2021 (in thousands):
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef