"The company currently expects that the total charges associated with the relocation that will result in future cash expenditures will be approximately $3.6 million to $4.5 million," Vail Resort execs say in an 8-K filing with the SEC.
The costs include severance and retention debts of $900,000 to $1.5 million and charges for relocation and contract terminations of $2.1 million to $3.6 million. The balance may also "include reimbursement of reasonable expenses associated with the sale and purchase," of some executives and employees homes, reimbursement for moving and storage services of household goods, a lump-sum relocation allowance for miscellaneous expenses and "an amount to address the employees' tax liability associated with the plan components," the report states.
The amount does not reflect any of the anticipated benefits expected to be realized from the relocation and consolidation of offices, company execs note in the 8-K. Those items will be recorded, except for accelerated depreciation charges on their office space, as a separate line item included in income from operations.
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