MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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.
FY2025 · Filed Mar 2, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
. Intangibles
- INTANGIBLE ASSETS
The following table details the composition of our intangible asset balances:
| ($ in millions) | At Year-End 2025 | At Year-End 2024 |
|---|---|---|
| Definite-lived intangible assets | ||
| Member relationships | $672 | $670 |
| Management contracts | 429 | 427 |
| 1,101 | 1,097 | |
| Accumulated amortization | (432) | (370) |
| 669 | 727 | |
| Indefinite-lived intangible assets | ||
| Trade names | 42 | 63 |
| $711 | $790 | |
Definite-Lived Intangible Assets
Definite-lived intangible assets, all of which were acquired as part of the ILG and Welk Acquisitions, are amortized on a straight-line basis over their estimated useful lives, ranging from 15 to 20 years. We recorded amortization expense of $62 million, $60 million, and $61 million during 2025, 2024, and 2023, respectively, in the Depreciation and amortization line of our Income Statements. We estimate that our annual amortization expense will continue to be approximately $60 million for each of the next five fiscal years.
Indefinite-Lived Intangible Assets
The following table summarizes the activity related to our indefinite-lived intangible assets, all of which are related to the Exchange & Third-Party Management segment.
| ($ in millions) | Trade Names and Trademarks |
|---|---|
| Balance at December 31, 2024 | $63 |
| Impairment | (21) |
| Balance at December 31, 2025 | $42 |
We performed our annual impairment test of indefinite-lived intangible assets during the fourth quarter of 2025. We used the relief of royalty method under the income approach in calculating the fair value of the trade names and trademarks (Level 3). As a result of our annual impairment test, we recorded a non-cash impairment charge of $21 million in the
Impairment line on our Income Statement, which was primarily attributed to the decline in estimated future revenues in comparison to prior estimates.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.