Cash Restructuring costs payments in and other charges Non-cash fourth quarter liability at Total charge charge 2001 December 28, 2001 ($ in millions) Severance $ 16 $ 2 $6 $ 8 Facilities exit costs 20 — 2 18 Development cancellations and elimination of product line 88 88 — — Total restructuring costs 124 90 8 26 Reserves for guarantees and loan losses 85 52 — 33 Accounts receivable – bad debts 17 17 — — Write-down of properties held for sale 13 13 — — Impairment of technology-related investments and other 32 31 — 1 Total $271 $203 $8 $60 and resulting lease expense due to the consolidation of facili- ties will be paid over the respective lease terms through 2012. Further detail regarding the charges is shown below: The remaining liability related to the workforce reduction and fundings under guarantees will be substantially paid by the end of 2002. The amounts related to the space reduction OPERATING PROFIT IMPACT  Senior Full- Select- Extended- Living Distribution Service Service Stay Timeshare Services Services Total ($ in millions) Severance $ 7 $ 1 $ 1 $2 $— $1 $ 12 Facilities exit costs — — 5 — — 1 6 Development cancellations and elimination of product line 19 4 5 — 60 — 88 Total restructuring costs 26 5 11 2 60 2 106 Reserves for guarantees and loan losses 30 3 3 — — — 36 Accounts receivable – bad debts 11 1 — — 2 3 17 Write-down of properties held for sale 9 4 — — — — 13 Impairment of technology-related investments and other 8 — 2 — — — 10 Total $84 $13 $16 $2 $62 $5 $182 NON-OPERATING IMPACT  Total  corporate Corporate Provision for Interest expenses and expenses loan losses income interest ($ in millions) Severance $ 4 $— $— $ 4 Facilities exit costs 14 — — 14 Total restructuring costs 18 — — 18 Reserves for guarantees and loan losses — 43 6 49 Impairment of technology-related investments and other 22 — — 22 Total $40 $43 $ 6 $89 SUBSEQUENT EVENTS (unaudited) In March 2002, Marriott and Cendant Corporation (“Cendant”) completed the formation of a joint venture to fur- ther develop and expand the Ramada and Days Inn brands in the United States. We contributed to the joint venture the domestic Ramada license agreements and related intellectual property at their carrying value of approximately $200 million. We also contributed a $205 million note receivable from us and the joint venture assumed a $205 million note payable to us, which eliminate upon consolidation. Cendant contributed the Days Inn license agreement and related intellectual property with a carrying value of approximately $205 million. We each own approximately 50 percent of the joint venture, with Cendant having the slightly larger interest. We will account for our interest in the joint venture using the equity method. The joint venture can be dissolved at any time with the consent of both members and is scheduled to terminate in March 2012. In the event of dissolution, the joint venture’s assets will generally be distributed in accordance with each member’s capital account. In addition, during certain periods of time commenc- ing in March 2004, first the joint venture and later Marriott will have a brief opportunity to cause a mandatory redemption of Marriott’s joint venture equity. Marriott International, Inc. 2001 Annual Report 39