Restructuring

2018 Restructuring Plans

During the fourth quarter of 2018, the Company recorded $16 million of charges related to restructuring initiatives, all of which are personnel-related resulting from a reduction of approximately 500 employees. This action was primarily focused on enhancing organizational efficiency and rationalizing operations. The charges consisted of (i) $11 million at the Vacation Ownership segment, (ii) $4 million at the Exchange & Rentals segment, and (iii) $1 million at the Company’s corporate operations. During 2018, the Company reduced its restructuring liability by $4 million of cash payments. During the three months ended March 31, 2019, the Company incurred an additional $2 million and $1 million of restructuring expenses at its corporate operations and Vacation Ownership segment, respectively, and reduced its restructuring liability by $4 million of cash payments. The remaining 2018 restructuring liability of $11 million is expected to be paid by the end of 2020.

The Company has additional restructuring plans which were implemented prior to 2018. The remaining liability of less than $1 million as of March 31, 2019 is related to leased facilities and is expected to be paid by 2020.

The activity associated with the Company’s restructuring plans is summarized as follows:



	Liability as of							Liability as of
	December 31, 2018		Costs Recognized		Cash Payments			March 31, 2019
Personnel-related	$	12	$	3	$	(4	)	$	11
	$	12	$	3	$	(4	)	$	11