MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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14. Leases
- LEASES
The following table presents the carrying values of our leases and the classification on our Balance Sheet.
| ($ in millions) | Balance Sheet Classification | At December 31, 2024 | At December 31, 2023 |
|---|---|---|---|
| Operating lease assets | Other assets | $74 | $77 |
| Finance lease assets | Property and equipment, net | 168 | 165 |
| $242 | $242 | ||
| Operating lease liabilities | Accrued liabilities | $94 | $102 |
| Finance lease liabilities | Debt, net | 199 | 189 |
| $293 | $291 | ||
The following table presents the lease costs and the classification on our Income Statements for 2024, 2023, and 2022.
| ($ in millions) | Income Statement Classification | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Operating lease cost | Marketing and sales expenseGeneral and administrative expense | $19 | $31 | $31 |
| Finance lease cost | ||||
| Amortization of right-of-use assets | Depreciation and amortization | 12 | 10 | 7 |
| Interest on lease liabilities | Financing expense | 13 | 11 | 4 |
| Variable lease cost | Marketing and sales expense | 2 | 3 | 3 |
| $46 | $55 | $45 | ||
The following table presents the maturity of our operating and finance lease liabilities as of December 31, 2024.
| ($ in millions) | Operating Leases | Finance Leases | Total |
|---|---|---|---|
| 2025 | $25 | $18 | $43 |
| 2026 | 23 | 16 | 39 |
| 2027 | 16 | 14 | 30 |
| 2028 | 12 | 13 | 25 |
| 2029 | 10 | 13 | 23 |
| Thereafter | 31 | 461 | 492 |
| Total lease payments | 117 | 535 | 652 |
| Less: Imputed interest | (23) | (336) | (359) |
| $94 | $199 | $293 |
Lease Term and Discount Rate
The following table presents additional information about our lease obligations.
| At December 31, 2024 | At December 31, 2023 | |
|---|---|---|
| Weighted-average remaining lease term | ||
| Operating leases | 6.2 years | 7.6 years |
| Finance leases | 35.1 years | 36.4 years |
| Weighted-average discount rate | ||
| Operating leases | 6.5% | 6.6% |
| Finance leases | 6.5% | 6.5% |
Other Information
The following table presents supplemental cash flow information for 2024, 2023, and 2022.
| ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash paid for amounts included in measurement of lease liabilities | |||
| Operating cash flows for finance leases | $14 | $7 | $5 |
| Operating cash flows for operating leases | $24 | $33 | $32 |
| Financing cash flows for finance leases | $6 | $5 | $4 |
| Right-of-use assets obtained in exchange for lease obligations | |||
| Operating leases | $23 | $31 | $6 |
| Finance leases | $16 | $88 | $8 |
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