v3.24.2
Inventory
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventory Inventory
Inventory consisted of the following (in millions):
June 30,
2024		December 31,
2023
Completed VOI inventory$966 $899 
Estimated VOI recoveries205 207 
Land held for VOI development29 20 
VOI construction in process3 5 
Vacation exchange credits and other3 4 
Total inventory$1,206 $1,135 
As VOI inventory is completed it is transferred into property and equipment until such units are registered and made available for sale. Once registered and available for sale, the units are then transferred back into completed inventory. The Company had net transfers of VOI inventory from property and equipment of $56 million during the six months ended June 30, 2024 and net transfers of VOI inventory to property and equipment of $16 million during the six months ended June 30, 2023.
Inventory Obligations
The Company has entered into inventory sale transactions with third-party developers for which the Company has conditional rights and obligations to repurchase the completed properties from the developers subject to the properties conforming to the Company’s vacation ownership resort standards and provided that the third-party developers have not sold the properties to another party. Under the sale of real estate accounting guidance, the conditional rights and obligations of the Company constitute continuing involvement and thus the Company was unable to account for these transactions as a sale.
The following table summarizes the activity related to the Company's inventory obligations (in millions):
Las Vegas (a)
Other (b)
Total
December 31, 2023$— $8 $8 
Purchases— 54 54 
Payments— (57)(57)
June 30, 2024$— $5 $5 
December 31, 2022$30 $7 $37 
Purchases— 27 27 
Payments(30)(26)(56)
June 30, 2023$— $8 $8 
(a)Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets.
(b)Included in Accounts payable on the Condensed Consolidated Balance Sheets.