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REVENUE FROM CONTRACTS WITH CUSTOMERS
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregated Revenues
See Note 19 for our revenues disaggregated by the nature of the product or service.
Contract Balances
Contract assets were insignificant at both December 31, 2024 and December 31, 2023.
Contract liabilities were comprised of the following:
December 31, 2024December 31, 2023
Deferred revenue related to the loyalty program$1,333 $1,130 
Deferred revenue related to distribution and destination management services
705 719 
Deferred revenue related to insurance programs112 75 
Deferred revenue related to co-branded credit card programs66 49 
Advanced deposits53 57 
Initial fees received from franchise owners47 45 
Deferred revenue related to the paid membership program (1)— 1,204 
Other deferred revenue80 78 
Total contract liabilities$2,396 $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 consolidated statements of income during the year ended December 31, 2024 as a result of the UVC Transaction (see Note 4).
Revenue recognized during the years ended December 31, 2024 and December 31, 2023 included in the contract liabilities balance at the beginning of each year was $1,208 million and $1,224 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 $125 million at December 31, 2024, approximately 10% of which we expect to recognize over the next 12 months, with the remainder to be recognized thereafter.