MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
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9. Inventory
| 9. | INVENTORY |
The following table shows the composition of our inventory balances:
| ($ in millions) | At September 30, 2024 | At December 31, 2023 |
|---|---|---|
| Finished goods(1) | $756 | $624 |
| Work-in-progress | 4 | — |
| Real estate inventory | 760 | 624 |
| Other | 9 | 10 |
| $769 | $634 | |
| (1)Represents completed inventory that is registered for sale as VOIs and vacation ownership inventory expected to be reacquired pursuant to estimated future defaults on originated vacation ownership notes receivable. | ||
Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $28 million during the first three quarters of 2024 and $24 million during the first three quarters of 2023.
In addition to the above, at September 30, 2024 and December 31, 2023, we had $274 million and $370 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment, net until the time at which they are available and legally registered for sale as vacation ownership products. We also had deposits on future purchases of inventory of $26 million at September 30, 2024, of which $22 million was included in Other assets and $4 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $3 million at December 31, 2023, which was included in Other assets on our Balance Sheet.
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