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RESTRUCTURING
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING
17. RESTRUCTURING
The following table shows the composition of our Restructuring charges, by segment, for the three and six months ended June 30, 2025.
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
($ in millions)
Vacation
Ownership
Exchange &
Third-Party
Management
Corporate
& Other
Total
Vacation
Ownership
Exchange &
Third-Party
Management
Corporate
& Other
Total
SBO initiatives
$1 $— $32 $33 $1 $— $43 $44 
Severance— — 1 1 — — — — 
Facility related
— — — — — 2 — 2 
$1 $— $33 $34 $1 $2 $43 $46 
In November 2024, we announced the creation of a Strategic Business Operations (“SBO”) office focused on accelerating our growth and driving operating efficiencies in all areas of our business while increasing organizational agility. We intend 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. We expect to incur up to approximately $200 million in total restructuring and related charges by the end of 2026 primarily related to advisory services and non-recurring charges resulting from process redesign and implementation, as well as systems development, design, and implementation.
The table below shows the composition of our restructuring costs related to SBO initiatives.
($ in millions)Three Months Ended June 30, 2025Six Months Ended June 30, 2025
Advisory services
$29 $38 
Severance
1 3 
Other
3 3 
$33 $44 
As of June 30, 2025, the total amount accrued for restructuring charges on our Balance Sheet was $20 million, $19 million of which related to our SBO initiatives. The following table presents the activity for this accrual on our Balance Sheet related to these restructuring charges.
($ in millions)
SBO Initiatives
Balance at December 31, 2024
$1 
Restructuring charges
44 
Cash payments(26)
Balance at June 30, 2025
$19 
In addition, during the first half of 2025, we recorded a $2 million impairment charge related to an operating lease and related assets.
During the second quarter and first half of 2024, we incurred $1 million and $3 million, respectively, of restructuring charges associated with the elimination of certain positions as a result of the realignment of our management structure and headcount reductions in 2023.