Restructuring

9 Months Ended

Sep. 30, 2019

2018 Restructuring Plans

During 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 nine months ended September 30, 2019, the Company incurred an additional $2 million of restructuring expenses at its corporate operations and an additional $2 million at its Vacation Ownership segment. The Company reduced its restructuring liability by $11 million of cash payments during the nine months ended September 30, 2019. The remaining 2018 restructuring liability of $5 million is expected to be paid by the end of 2021.

The Company has additional restructuring plans which were implemented prior to 2018. The remaining liability of less than $1 million as of September 30, 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			September 30, 2019
Personnel-related	$	12	$	4	$	(11	)	$	5
	$	12	$	4	$	(11	)	$	5