RESTRUCTURING AND TRANSACTION-RELATED ITEMS |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING AND TRANSACTION-RELATED ITEMS | RESTRUCTURING AND TRANSACTION-RELATED ITEMS During the three months ended March 31, 2025 and 2024, we recorded the following restructuring charges and transaction-related items.
(a) Severance costs include the accelerated vesting of stock-based compensation. Restructuring Charges During the three months ended March 31, 2025 and 2024, we recorded charges of $65 million and $31 million, respectively, primarily for the impairment of lease assets that we ceased use of in connection with initiatives to reduce our real estate footprint and create cost synergies. The impairments were primarily the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected future cash flows of the lease assets, and the carrying values. During the three months ended March 31, 2024, we also recorded severance charges of $155 million associated with strategic changes in our global workforce. At March 31, 2025 and December 31, 2024, our restructuring liability was $227 million and $349 million, respectively, and was recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. During the three months ended March 31, 2025, we made payments for restructuring of $96 million. The majority of the restructuring liability at March 31, 2025, which principally relates to severance payments, is expected to be paid by the end of 2025. Transaction-Related Items During the three months ended March 31, 2025, we recorded legal, advisory, and other professional fees relating to the Transactions of $20 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||