INVENTORY

3 Months Ended

Mar. 31, 2021


9.			INVENTORY

The following table shows the composition of our inventory balances:


($ in millions)	At March 31, 2021		At December 31, 2020
Finished goods(1)	$	776	$	749
Work-in-progress	—		—
Real estate inventory	776		749
Other	9		10
	$	785	$	759

_________________________

(1)Represents completed inventory that is registered for sale as vacation ownership interests and inventory expected to be acquired pursuant to estimated future foreclosures.

We value vacation ownership products at the lower of cost or fair market value less costs to sell, in accordance with applicable accounting guidance, and we record operating supplies at the lower of cost (using the first-in, first-out method) or net realizable value.

Product cost true-up activity relating to vacation ownership products increased carrying values of inventory by $1 million during the first quarter of 2021 and by $8 million during the first quarter of 2020.

In addition to the above, at March 31, 2021 and December 31, 2020, we had $291 million and $162 million, respectively, of completed vacation ownership units which are classified as a component of Property and equipment until the time at which they are legally registered for sale as vacation ownership products. We also have $24 million and $43 million of deposits on future purchases of inventory at March 31, 2021 and December 31, 2020, respectively, which are included in the Other assets line on our Balance Sheets.