MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Mar 31, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
Contents
16. Restructuring
| 16. | RESTRUCTURING |
In November 2024, we announced the creation of a Strategic Business Operations office focused on accelerating our growth and driving operating efficiencies in all areas of our business while increasing organizational agility. We intend to: modernize and optimize our processes and systems, including through advanced technology and automation; increase sales efficiency and inventory optimization; and capture significant savings from initiatives related to procurement and corporate overhead.
During the first quarter of 2025, we incurred $10 million of restructuring charges associated with these efforts and as of March 31, 2025, $5 million was accrued on our Balance Sheet related to these charges.
In addition, we recorded a $2 million impairment related to an operating lease and related assets.
During the first quarter of 2024, we incurred $2 million of restructuring charges associated with the elimination of certain positions as a result of the realignment of our management structure and headcount reductions in 2023.
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