Financial Information
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PART II
Item 8. Financial Statements and Supplementary Data.
MARRIOTT INTERNATIONAL, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3. RESTRUCTURING CHARGES
Beginning in the 2020 second quarter, we initiated several regional restructuring plans to achieve cost savings in response to the decline in lodging demand caused by COVID-19. In 2020, we recorded $366 million of restructuring charges for above-property, property-level, and owned and leased properties employee termination benefits, of which we present $56 million in the “Restructuring and merger-related charges” caption and $310 million in the “Reimbursed expenses” caption of our Income Statements. Our U.S. & Canada segment recorded $255 million of the total restructuring charges in 2020.
In 2020, we recorded $117 million of global above-property restructuring charges, of which we present $44 million in the “Restructuring and merger-related charges” caption and $73 million in the “Reimbursed expenses” caption of our Income Statements. We have substantially completed the programs relating to our above-property organization as of year-end 2020.
In 2020, we recorded $249 million of property-level and owned and leased properties restructuring charges, of which we present $12 million in the “Restructuring and merger-related charges” caption and $237 million in the “Reimbursed expenses” caption of our Income Statements. We anticipate additional property-level and owned and leased properties restructuring charges in future quarters.
The following table presents our restructuring reserve activity during the period:
