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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from         to        
Commission file number 001-32876
TRAVEL + LEISURE CO.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
20-0052541
(State or Other Jurisdiction
of Incorporation or Organization)
(I.R.S. Employer
Identification No.)
6277 Sea Harbor Drive
32821
Orlando,
Florida
(Zip Code)
(Address of Principal Executive Offices)
(407) 626-5200
(Registrant’s Telephone Number, Including Area Code)
None
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, $0.01 par value per share
TNL
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
85,415,979 shares of common stock outstanding as of March 31, 2022.


Table of Contents
  Page
PART IFINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART IIOTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

1

GLOSSARY OF TERMS
The following terms and acronyms appear in the text of this report and have the definitions indicated below:

Adjusted EBITDA
A non-GAAP measure, defined by the Company as Net income from continuing operations before Depreciation and amortization, Interest expense (excluding Consumer financing interest), early extinguishment of debt, Interest income (excluding Consumer financing revenues) and income taxes. Adjusted EBITDA also excludes stock-based compensation costs, separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. and Cendant, and the sale of the vacation rentals businesses.
AOCLAccumulated Other Comprehensive Loss
AUDAustralian Dollar
AwazeAwaze Limited, formerly Compass IV Limited, an affiliate of Platinum Equity, LLC
B2BBusiness-to-business
CompanyTravel + Leisure Co. and its subsidiaries
COVID-19Novel coronavirus global pandemic
EPSEarnings Per Share
FASBFinancial Accounting Standards Board
First AmendmentThe first amendment to the Company’s credit agreement governing its revolving credit facility and term loan B entered on July 15, 2020
GAAPGenerally Accepted Accounting Principles in the United States
LIBORLondon Interbank Offered Rate
MeredithMeredith Corporation
NQNon-Qualified stock options
NZDNew Zealand Dollar
PSUPerformance-vested restricted Stock Units
Relief PeriodRelief period of the First Amendment, spanning from July 15, 2020 through April 1, 2022, or upon earlier termination by the Company
RSURestricted Stock Unit
S&PStandard & Poor’s Rating Services
SECSecurities and Exchange Commission
Second AmendmentThe renewal of the Company’s credit agreement governing its revolving credit facility and term loan B entered on October 22, 2021
SPESpecial Purpose Entity
Spin-offSpin-off of Wyndham Hotels & Resorts, Inc.
SSARStock-Settled Appreciation Rights
Travel + Leisure Co.Travel + Leisure Co. and its subsidiaries
VacasaVacasa LLC
VIEVariable Interest Entity
VOCRVacation Ownership Contract Receivable
VOIVacation Ownership Interest
VPGVolume Per Guest
Wyndham HotelsWyndham Hotels & Resorts, Inc.

2

PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited).
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Travel + Leisure Co.

Results of Review of Interim Financial Statements
We have reviewed the accompanying condensed consolidated balance sheet of Travel + Leisure Co. and subsidiaries (the "Company") as of March 31, 2022, the related condensed consolidated statements of income, comprehensive income, cash flows, and deficit for the three-month periods ended March 31, 2022 and 2021, and the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, and the related consolidated statements of income/(loss), comprehensive income/(loss), cash flows and deficit for the year then ended (not presented herein); and in our report dated February 23, 2022, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
The interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Tampa, FL
April 28, 2022


3

TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20222021
Net revenues
Service and membership fees$402 $348 
Vacation ownership interest sales297 172 
Consumer financing98 98 
Other12 10 
Net revenues809 628 
Expenses
Operating381 290 
Cost of vacation ownership interests 40 21 
Consumer financing interest17 24 
General and administrative120 106 
Marketing94 69 
Depreciation and amortization30 31 
Restructuring7 (1)
COVID-19 related costs2 1 
Asset impairments1  
Total expenses692 541 
Operating income117 87 
Interest expense47 53 
Interest (income)(1)(1)
Other (income), net(3) 
Income before income taxes74 35 
Provision for income taxes23 6 
Net income attributable to Travel + Leisure Co. shareholders$51 $29 
Earnings per share
Basic$0.59 $0.33 
Diluted$0.59 $0.33 

See Notes to Condensed Consolidated Financial Statements.
4

TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
(Unaudited)
Three Months Ended
March 31,
20222021
Net income attributable to Travel + Leisure Co. shareholders$51 $29 
Foreign currency translation adjustments, net of tax3 (13)
Other comprehensive income/(loss), net of tax3 (13)
Comprehensive income$54 $16 

See Notes to Condensed Consolidated Financial Statements.
5

TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
(Unaudited)

March 31,
2022
December 31,
2021
Assets
Cash and cash equivalents$381 $369 
Restricted cash (VIE - $114 as of 2022 and $84 as of 2021)166 128 
Trade receivables, net146 131 
Vacation ownership contract receivables, net (VIE - $2,053 as of 2022 and $2,061 as of 2021)2,261 2,309 
Inventory1,129 1,216 
Prepaid expenses228 227 
Property and equipment, net743 689 
Goodwill961 961 
Other intangibles, net216 219 
Other assets369 339 
Total assets$6,600 $6,588 
Liabilities and (deficit)
Accounts payable$67 $62 
Accrued expenses and other liabilities927 939 
Deferred income391 382 
Non-recourse vacation ownership debt (VIE)1,949 1,934 
Debt3,379 3,379 
Deferred income taxes698 686 
Total liabilities7,411 7,382 
Commitments and contingencies (Note 15)
Stockholders' (deficit):
Preferred stock, $0.01 par value, authorized 6,000,000 shares, none issued and outstanding  
Common stock, $0.01 par value, 600,000,000 shares authorized, 222,510,004 issued as of 2022 and 222,250,970 as of 20212 2 
Treasury stock, at cost – 137,122,411 shares as of 2022 and 136,320,631 shares as of 2021(6,579)(6,534)
Additional paid-in capital4,200 4,192 
Retained earnings1,603 1,587 
Accumulated other comprehensive loss(45)(48)
Total stockholders’ (deficit)(819)(801)
Noncontrolling interest8 7 
Total (deficit)(811)(794)
Total liabilities and (deficit)$6,600 $6,588 

See Notes to Condensed Consolidated Financial Statements.
6

TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Three Months Ended
March 31,
20222021
Operating activities
Net income$51 $29 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses48 38 
Depreciation and amortization30 31 
Deferred income taxes13 (12)
Stock-based compensation12 7 
Non-cash interest5 7 
Non-cash lease expense4 3 
Asset impairments1  
Other, net 3 
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables(13)3 
Vacation ownership contract receivables3 90 
Inventory26 (53)
Prepaid expenses(1) 
Other assets(33) 
Accounts payable, accrued expenses, and other liabilities(10)(54)
Deferred income5 (14)
Net cash provided by operating activities141 78 
Investing activities
Property and equipment additions(10)(12)
Purchase of investments(7) 
Acquisitions (35)
Other, net1  
Net cash used in investing activities(16)(47)
Financing activities
Proceeds from non-recourse vacation ownership debt476 597 
Principal payments on non-recourse vacation ownership debt(463)(644)
Principal payments on debt(1)(548)
Repayment of notes(1)(251)
Repurchase of common stock(45) 
Dividends to shareholders(35)(26)
Debt issuance/modification costs(5)(7)
Net share settlement of incentive equity awards(5)(7)
Proceeds from issuance of common stock 2 
Net cash used in financing activities(79)(884)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash4 (3)
Net change in cash, cash equivalents and restricted cash50 (856)
Cash, cash equivalents and restricted cash, beginning of period497 1,317 
Cash, cash equivalents and restricted cash, end of period547 461 
Less: Restricted cash166 139 
Cash and cash equivalents$381 $322 

See Notes to Condensed Consolidated Financial Statements.
7


TRAVEL + LEISURE CO.
CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT
(In millions)
(Unaudited)
Common Shares OutstandingCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestTotal Deficit
Balance as of December 31, 202185.9 $2 $(6,534)$4,192 $1,587 $(48)$7 $(794)
Net income— — — — 51 — — 51 
Other comprehensive income— — — — — 3 — 3 
Issuance of shares for RSU vesting0.3 — — — — — — — 
Net share settlement of stock-based compensation— — — (5)— — — (5)
Change in stock-based compensation— — — 12 — — — 12 
Repurchase of common stock(0.8)— (45)— — — — (45)
Dividends ($0.40 per share)— — — — (35)— — (35)
Non-controlling interest ownership change— — — — — — 1 1 
Other— — — 1 — — — 1 
Balance as of March 31, 202285.4 $2 $(6,579)$4,200 $1,603 $(45)$8 $(811)

Common Shares OutstandingCommon StockTreasury StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossNon-controlling InterestTotal Deficit
Balance as of December 31, 202085.9 $2 $(6,508)$4,157 $1,390 $(16)$7 $(968)
Net income— — — — 29 — — 29 
Other comprehensive loss— — — — — (13)— (13)
Stock option exercises0.1 — — 3 — — — 3 
Issuance of shares for RSU vesting0.2 — — — — — — — 
Net share settlement of stock-based compensation— — — (7)— — — (7)
Change in stock-based compensation— — — 7 — — — 7 
Dividends ($0.30 per share)— — — — (27)— — (27)
Balance as of March 31, 202186.2 $2 $(6,508)$4,160 $1,392 $(29)$7 $(976)

See Notes to Condensed Consolidated Financial Statements.
8

TRAVEL + LEISURE CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unless otherwise noted, all amounts are in millions, except share and per share amounts)
(Unaudited)
1.    Background and Basis of Presentation
Background
Travel + Leisure Co. and its subsidiaries (collectively, “Travel + Leisure Co.,” or the “Company”) is a global provider of hospitality services and travel products. The Company has two reportable segments: Vacation Ownership and Travel and Membership.

The Vacation Ownership segment develops, markets, and sells vacation ownership interests (“VOIs”) to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. This segment is wholly comprised of the Wyndham Destinations business line. The following brands operate under the Wyndham Destinations business line: Club Wyndham, WorldMark by Wyndham, Shell Vacations Club, Margaritaville Vacation Club by Wyndham, and Presidential Reserve by Wyndham.

The Travel and Membership segment operates a variety of travel businesses, including three vacation exchange brands, a home exchange network, travel technology platforms, travel memberships, and direct-to-consumer rentals. This segment is comprised of the Panorama and Travel + Leisure Group business lines. The following brands operate under the Panorama business line: RCI, Panorama Travel Solutions, Alliance Reservations Network (“ARN”), 7Across, The Registry Collection, and Love Home Swap. The Travel + Leisure Group operates Travel + Leisure GO, Travel + Leisure Travel Clubs, and the Extra Holidays brands.

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q include the accounts and transactions of Travel + Leisure Co., as well as the entities in which Travel + Leisure Co. directly or indirectly has a controlling financial interest. The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.

The Company presents an unclassified balance sheet which conforms to that of the Company’s peers and industry practice.

In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ from those estimates and assumptions. In management’s opinion, the Condensed Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of interim results reported. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2021 Consolidated Financial Statements included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 23, 2022.

2.    New Accounting Pronouncements
Recently Issued Accounting Pronouncements
Contract Assets and Contract Liabilities from Contracts with Customers Acquired in a Business Combination. In October 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which requires companies to apply Accounting Standards Codification (“ASC”) 606 to recognize and measure contract assets and contract liabilities from contracts with customers acquired in a business combination. This creates an exception to the general recognition and measurement principle in ASC 805. This generally will result in companies recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date. Early adoption is permitted. As this guidance would only be applicable to future business combinations, the Company is currently unable to determine the impact of adopting this guidance.
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Government Assistance. In November 2021, the FASB issued guidance which requires business entities to provide certain disclosures when they have received government assistance and used a grant or contribution accounting model by analogy to other accounting guidance. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements or related disclosures.

3.    Revenue Recognition
Vacation Ownership
The Company develops, markets, and sells VOIs to individual consumers, provides consumer financing in connection with the sale of VOIs, and provides property management services at resorts. The Company’s sales of VOIs are either cash sales or developer-financed sales. Developer-financed sales are typically collateralized by the underlying VOI. Revenue is recognized on VOI sales upon transfer of control, which is defined as the point in time when a binding sales contract has been executed, the financing contract has been executed for the remaining transaction price, the statutory rescission period has expired, and the transaction price has been deemed to be collectible.

For developer-financed sales, the Company reduces the VOI sales transaction price by an estimate of uncollectible consideration at the time of the sale. The Company’s estimates of uncollectible amounts are based largely on the results of the Company’s static pool analysis which relies on historical payment data by customer class.

In connection with entering into a VOI sale, the Company may provide its customers with certain non-cash incentives, such as credits for future stays at its resorts. For those VOI sales, the Company bifurcates the sale and allocates the sales price between the VOI sale and the non-cash incentive. Non-cash incentives generally have expiration periods of 18 months or less and are recognized at a point in time upon transfer of control.

The Company provides day-to-day property management services including oversight of housekeeping services, maintenance, and certain accounting and administrative services for property owners’ associations and clubs. These services may also include reservation and resort renovation activities. Such agreements are generally for terms of one year or less and are renewed automatically on an annual basis. The Company’s management agreements contain cancellation clauses, which allow for either party to cancel the agreement, by either a majority board vote or a majority vote of non-developer interests. The Company receives fees for such property management services which are collected monthly in advance and are based upon total costs to operate such resorts (or as services are provided in the case of resort renovation activities). Fees for property management services typically approximate 10% of budgeted operating expenses. The Company is entitled to consideration for reimbursement of costs incurred on behalf of the property owners’ association in providing management services (“reimbursable revenue”). These reimbursable costs principally relate to the payroll costs for management of the associations, club and resort properties where the Company is the employer and are reflected as a component of Operating expenses on the Condensed Consolidated Statements of Income. The Company reduces its management fees for amounts it has paid to the property owners’ association that reflect maintenance fees for VOIs for which it retains ownership, as the Company has concluded that such payments are consideration payable to a customer.

Property management fee revenues are recognized when the services are performed and are recorded as a component of Service and membership fees on the Condensed Consolidated Statements of Income. Property management revenues, which are comprised of management fee revenue and reimbursable revenue were (in millions):
Three Months Ended
March 31,
20222021
Management fee revenues$95 $88 
Reimbursable revenues85 69 
Property management revenues$180 $157 

One of the associations that the Company manages paid its Travel and Membership segment $8 million and $7 million for exchange services during the three months ended March 31, 2022 and 2021.

Travel and Membership
Travel and Membership derives a majority of its revenues from membership dues and fees for facilitating members’ trading of their intervals. Revenues from membership dues represent the fees paid by members or affiliated clubs on their behalf.
10

The Company recognizes revenues from membership dues paid by the member on a straight-line basis over the membership period as the performance obligations are fulfilled through delivery of publications, if applicable, and by providing access to travel-related products and services. Estimated net contract consideration payable by affiliated clubs for memberships is recognized as revenue over the term of the contract with the affiliated club in proportion to the estimated average monthly member count. Such estimates are adjusted periodically for changes in the actual and forecasted member activity. For additional fees, members have the right to exchange their intervals for intervals at other properties affiliated with the Company’s vacation exchange networks and, for certain members, for other leisure-related services and products. The Company also derives revenue from facilitating bookings of travel accommodations for Travel Club members. Revenue is recognized when these transactions have been confirmed, net of expected cancellations, except in certain transactions where the Company has a performance obligation that is not satisfied until the time of stay.

As a provider of vacation exchange services, the Company enters into affiliation agreements with developers of vacation ownership properties to allow owners of VOIs to trade their intervals for intervals at other properties affiliated with the Company’s vacation exchange network and, for some members, for other leisure-related services and products.

The Company’s vacation exchange business also derives revenues from programs with affiliated resorts, club servicing, and loyalty programs; and additional exchange-related products that provide members with the ability to protect trading power or points, extend the life of deposits, and combine two or more deposits for the opportunity to exchange into intervals with higher trading power. Other vacation exchange related product fees are deferred and recognized as revenue upon the occurrence of a future exchange, event, or other related transaction.

The Company earns revenue from its RCI Elite Rewards co–branded credit card program, which is primarily generated by cardholder spending and the enrollment of new cardholders. The advance payments received under the program are recognized as a contract liability until the Company’s performance obligations have been satisfied. The primary performance obligation for the program relates to brand performance services. Total contract consideration is estimated and recognized on a straight-line basis over the contract term.

Other Items
The Company records property management services revenues for its Vacation Ownership segment and RCI Elite Rewards revenues for its Travel and Membership segments gross as a principal.

Contract Liabilities
Contract liabilities generally represent payments or consideration received in advance for goods or services that the Company has not yet transferred to the customer. Contract liabilities as of March 31, 2022 and December 31, 2021, were as follows (in millions):
March 31,
2022
December 31, 2021
Deferred subscription revenue$175 $166 
Deferred VOI trial package revenue84 85 
Deferred exchange-related revenue (a)
62 61 
Deferred VOI incentive revenue56 55 
Deferred co-branded credit card programs revenue11 12 
Deferred other revenue 4 3 
Total$392 $382 
(a)Includes contractual liabilities to accommodate members for cancellations initiated by the Company due to unexpected events. These amounts are included within Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.

In the Company’s Vacation Ownership business, deferred VOI trial package revenue represents consideration received in advance for a trial VOI, which allows customers to utilize a vacation package typically within one year of purchase. Deferred VOI incentive revenue represents payments received in advance for additional travel-related services and products at the time of a VOI sale. Revenue is recognized when a customer utilizes the additional services and products, which is typically within one year of the VOI sale.

Within the Company’s Travel and Membership business, deferred subscription revenue represents billings and payments received in advance from members and affiliated clubs for memberships in the Company’s travel programs which are recognized in future periods. Deferred revenue primarily represents payments received in advance from members for the
11

right to access the Company’s vacation travel network to book vacation exchanges and rent travel accommodations which are recognized on a straight-line basis over the contract period, generally within one year. Deferred revenue also includes other leisure-related service and product revenues which is recognized as customers utilize the associated benefits.

Changes in contract liabilities follow (in millions):
Three Months Ended
March 31,
20222021
Beginning balance$382 $448 
Additions85 74 
Revenue recognized(75)(86)
Ending balance$392 $436 

Capitalized Contract Costs
The Vacation Ownership segment incurs certain direct and incremental selling costs in connection with VOI trial package and incentive revenues. Such costs are capitalized and subsequently amortized over the utilization period, which is typically within one year of the sale. As of March 31, 2022 and December 31, 2021, these capitalized costs were $27 million and $28 million and are included within Other assets on the Condensed Consolidated Balance Sheets.

The Travel and Membership segment incurs certain direct and incremental selling costs to obtain contracts with customers in connection with subscription revenues and exchange–related revenues. Such costs, which are primarily comprised of commissions paid to internal and external parties and credit card processing fees, are deferred at the inception of the contract and recognized when the benefit is transferred to the customer. As of March 31, 2022 and December 31, 2021, these capitalized costs were $18 million and $19 million; and are included within Other assets on the Condensed Consolidated Balance Sheets.

Practical Expedients
The Company has not adjusted the consideration for the effects of a significant financing component if it expected, at contract inception, that the period between when the Company will satisfy the performance obligation and when the customer will pay for that good or service will be one year or less.

Performance Obligations
A performance obligation is a promise in a contract with a customer to transfer a distinct good or service to the customer. The consideration received from a customer is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied.

The following table summarizes the Company’s remaining performance obligations for the 12-month periods set forth below (in millions):
4/1/2022 - 3/31/20234/1/2023 - 3/31/20244/1/2024 - 3/31/2025ThereafterTotal
Subscription revenue$101 $39 $18 $17 $175 
VOI trial package revenue81 1 2  84 
Exchange-related revenue58 3 1  62 
VOI incentive revenue56    56 
Co-branded credit card programs revenue3 3 3 2 11 
Other revenue4    4 
Total$303 $46 $24 $19 $392 

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Disaggregation of Net Revenues
The table below presents a disaggregation of the Company’s net revenues from contracts with customers by major services and products for each of the Company’s segments (in millions):
Three Months Ended