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RESTRUCTURING | 3 Months Ended
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Mar. 31, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING On June 30, 2022, the chief executive officer of Moody’s approved the 2022 - 2023 Geolocation Restructuring Program. T he Company estimates that the program will result in annualized savings of $145 million to $165 million per year. This program related to the Company's post-COVID-19 geolocation strategy and other strategic initiatives and included the rationalization and exit of certain leased office spaces and a reduction in staff, including the relocation of certain job functions. Cumulative charges related to this program are shown in the table below. The savings generated from the 2022 - 2023 Geolocation Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments, including the Company's workplace of the future program and employee retention initiatives. The 2022 - 2023 Geolocation Restructuring Program was substantially completed at the end of 2023. Cash outlays associated with this program, which primarily relate to personnel-related costs, are expected to be $130 million to $140 million, substantially all of which are expected to be paid by the end of 2024. Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
| Three months ended March 31, |  | Cumulative expense incurred
2022 - 2023 Geolocation Restructuring Program | 2024 |  | 2023 |
Employee Termination Costs | $ | 5 |  |  | $ | 13 |  |  | $ | 141 |
Real Estate Related Costs | — |  |  | 1 |  |  | 63 |
Other Costs | — |  |  | — |  |  | 1 |
Total Restructuring | $ | 5 |  |  | $ | 14 |  |  | $ | 205 |
Changes to the restructuring liability during the first quarter of 2024 were as follows:
Balance as of December 31, 2023 |  |  |  | $ | 36 |
2022 - 2023 Geolocation Restructuring Program: |  |  |  |
Cost incurred and adjustments |  |  |  | 5 |
Cash payments |  |  |  | (17) |
Balance as of March 31, 2024 |  |  |  | $ | 24 |
The restructuring liability is primarily comprised of employee termination costs, with an immaterial amount of real estate-related and other costs. As of March 31, 2024, substantially all of the remaining $24 million restructuring liability is expected to be paid out in 2024.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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