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RESTRUCTURING
 9 Months Ended
Sep. 30, 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. The 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 will 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 $145 million to $155 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:
2022 - 2023 Geolocation Restructuring Program
Three months ended September 30,Nine months ended September 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$6 $17 $13 $39 $149 
Real Estate Related Costs
— 10 — 12 63 
Other Costs
— — — — 1 
Total Restructuring
$6 $27 $13 $51 $213 
The restructuring liability for the aforementioned plan was not material at September 30, 2024.