Item 2.05. Costs Associated with Exit or Disposal Activities. OnSeptember 10, 2020 ,Marriott Vacations Worldwide Corporation (the "Company") approved a workforce reduction plan, which is currently expected to impact approximately 3,300 associates. The COVID-19 pandemic and actions taken in response to the pandemic, such as government restrictions on travel and business operations, have adversely impacted demand for the Company's products and services. The workforce reduction plan is part of the Company's response to the impacts of the COVID-19 pandemic on the Company's business operations and financial position. The Company is taking these actions to re-balance its workforce to better align with the evolving needs of the business. As of the date hereof, the Company expects that job elimination pursuant to the workforce reduction will take effect inmid-November 2020 or after. In connection with the workforce reduction, the Company estimates that it will incur approximately$25 to$30 million in restructuring and related charges primarily related to employee severance and benefit costs. The majority of these costs are expected to be incurred in the remainder of fiscal 2020. All of the$25 to$30 million of restructuring and related charges is expected to result in future cash expenditures. Item 7.01. Regulation FD Disclosure. OnSeptember 14, 2020 , the Company distributed a communication to employees regarding the workforce reduction. This internal communication is furnished herewith as Exhibit 99.1 and is incorporated by reference into this Item 7.01. The information in Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing. Cautionary Note Regarding Forward-Looking Statements Certain statements in this Form 8-K constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based on current expectations and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. The Company cautions you that these statements are not guarantees and are subject to numerous risks and uncertainties, such as: the effects of the COVID-19 outbreak, including reduced demand for vacation ownership and exchange products and services, volatility in the international and national economy and credit markets, worker absenteeism, quarantines or other travel or health-related restrictions; the length and severity of the COVID-19 pandemic; the pace of recovery following the COVID-19 outbreak; competitive conditions; the availability of capital to finance growth, and other matters referred to under the heading "Risk Factors" contained in the Company's most recent Annual Report on Form 10-K filed with theU.S. Securities and Exchange Commission (the "SEC") and in subsequentSEC filings, any of which could cause actual results to differ materially from those expressed in or implied in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are being filed with this report: Exhibit Number Description 99.1 Letter to Employees, datedSeptember 14, 2020 101 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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