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Transformation Initiatives

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Transformation Initiatives

Transformation Initiatives

During the third quarter of 2020, management embarked on the implementation of certain transformation initiatives to enable the company to reduce costs, streamline operations and support future growth.

As part of these initiatives, we incurred the following costs, primarily in cash, for the year ended December 31, 2020 (dollars in thousands):

			Advisory Services						Global Workplace Solutions						Real Estate Investments						Consolidated
Employee separation benefits			$	57,550					$	31,083					$	2,444					$	91,077
Lease termination costs			43,225						4,586						—						47,811
Professional fees and other			13,212						2,510						538						16,260
Subtotal			113,987						38,179						2,982						155,148
Depreciation expense			14,184						166						6,342						20,692
Total			$	128,171					$	38,345					$	9,324					$	175,840

Of the total charges incurred, net of depreciation expense, $42.1 million was included within the “Cost of revenue” line item and $113.0 million was included in the “Operating, administrative, and other” line item in the accompanying consolidated statement of operations for the year ended December 31, 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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