MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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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, 2025 · Filed Nov 6, 2025
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9. Inventory
| 9. | INVENTORY |
The following table shows the composition of our inventory balances:
| ($ in millions) | At September 30, 2025 | At December 31, 2024 |
|---|---|---|
| Real estate inventory(1) | $717 | $725 |
| Other | 10 | 10 |
| $727 | $735 | |
| (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 $35 million during the first three quarters of 2025 and $28 million during the first three quarters of 2024.
In addition to the above, at September 30, 2025 and December 31, 2024, we had $398 million and $271 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.
During the third quarter of 2025, we recorded a non-cash impairment charge of $31 million related to completed vacation ownership units and land, which were classified as a component of Property and equipment, net. We estimated the fair value less cost to sell using the market approach, based primarily on Level 3 inputs, including a non-binding offer from a third party.
We also had deposits on future purchases of inventory of $35 million at September 30, 2025, of which $30 million was included in Other assets and $5 million was included in Accounts and contracts receivable, net on our Balance Sheet, and $33 million at December 31, 2024, of which $29 million was included in Other assets and $4 million was included in Accounts and contracts receivable, net on our Balance Sheet.
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