INVENTORY

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY

INVENTORY

Inventory was comprised of the following:

($ in millions)	September 30, 2023		December 31, 2022
Completed unsold VOIs	$	1,262	$	1,096
Construction in process	45		62
Land, infrastructure and other	1		1
Total	$	1,308	$	1,159

During the nine months ended September 30, 2023, we acquired inventory associated with a property in New York for $136 million from a third-party developer. Under the purchase agreement, there are no further inventory commitments related to this property.

For the nine months ended September 30, 2023, we recorded non-cash operating activity transfers of $39 million related to the registrations for timeshare units under construction from Property and equipment, net to Inventory. As VOI inventory is constructed it is recorded into Property and equipment, net until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred into completed unsold VOIs inventory.

The table below presents cost of sales true-ups relating to VOI products and the related impacts to the carrying value of inventory and cost of VOI sales:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in millions)	2023		2022		2023		2022
Cost of sales true-up(1)	$	22	$	8	$	51	$	17

(1)For the three and nine months ended September 30, 2023 and 2022, respectively, the cost of sales true-up decreased cost of VOI sales and increased inventory.