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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
See Note 17 for our revenues disaggregated by the nature of the product or service.
Contract Balances
Contract assets, included in receivables, net on our condensed consolidated balance sheets, were insignificant at both September 30, 2024 and December 31, 2023. As our profitability hurdles are generally calculated on a full-year basis, we expect our contract assets to be insignificant at year end.
Contract liabilities were comprised of the following:
September 30, 2024December 31, 2023
Deferred revenue related to the loyalty program$1,303 $1,130 
Deferred revenue related to distribution and destination management services547 719 
Deferred revenue related to co-branded credit card programs61 49 
Advanced deposits55 57 
Initial fees received from franchise owners45 45 
Deferred revenue related to insurance programs16 75 
Deferred revenue related to the paid membership program (1)— 1,204 
Other deferred revenue82 78 
Total contract liabilities$2,109 $3,357 
(1) The change from December 31, 2023 is due to balances written off to gains (losses) on sales of real estate and other on our condensed consolidated statements of income during the nine months ended September 30, 2024 as a result of the UVC Transaction (see Note 4).
Revenue recognized during the three months ended September 30, 2024 and September 30, 2023 included in the contract liabilities balance at the beginning of each year was $190 million and $184 million, respectively. Revenue recognized during the nine months ended September 30, 2024 and September 30, 2023 included in the contract liabilities balance at the beginning of each year was $1,040 million and $1,058 million, respectively. This revenue primarily relates to distribution and destination management services and the loyalty program.
Revenue Allocated to Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Contracted revenue expected to be recognized in future periods was approximately $120 million at September 30, 2024, approximately 10% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.