MARRIOTT VACATIONS WORLDWIDE Corp
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
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. Modernization
- MODERNIZATION
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. The Strategic Business Operations office was created 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.
The following table shows the composition of our Modernization expense for 2025 and 2024:
| ($ in millions) | 2025 | 2024 |
|---|---|---|
| Advisory | $87 | $4 |
| Transition Costs | 18 | — |
| Technology | 12 | — |
| Other | 5 | — |
| $122 | $4 |
The following table presents the activity for this accrual on our Balance Sheet related to our Modernization efforts.
| ($ in millions) | SBO Initiatives |
|---|---|
| Balance at December 31, 2024 | $1 |
| Modernization charges | 122 |
| Cash payments | (97) |
| Balance at December 31, 2025 | $26 |
During the third quarter of 2025, we entered into outsourced service arrangements and completed the transition of a portion of certain corporate overhead functions to outsourced service providers. The arrangements are for terms offive tosix years, and are cancellable for convenience subject to a termination penalty. As of December 31, 2025,our aggregate expected obligation under these arrangements is $142 million, of which $42 million, $27 million, $26 million, $26 million, $18 million, and $3 million is expected to be paid in 2026, 2027, 2028, 2029, 2030, and thereafter, respectively, and the total penalties for early termination were $17 million.
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