MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
21. Impairment and Restructuring
- IMPAIRMENT AND RESTRUCTURING
We incurred total impairment charges during 2023, 2022, and 2021 as follows:
| ($ in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Lease | $16 | $— | $— |
| Equity method investment | 8 | — | 3 |
| Investment in management contract | 4 | — | — |
| Hotel | 2 | — | — |
| Property & equipment | 2 | 2 | — |
| $32 | $2 | $3 |
Lease Impairment
See Footnote 14 “Leases” for information on the impairment of our right-to-use operating lease asset.
Restructuring Costs
During 2023, we realigned our management structure and made additional headcount reductions, resulting in severance costs of $6 million associated with the elimination of certain positions, of which $5 million was accrued on our Balance Sheet as of December 31, 2023.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.