Restructuring Activities

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

The company continued to execute various restructuring activities during the first quarter of 2024 to simplify management and workforce structure and improve efficiencies in its operations. The following table presents the detail of expense incurred, all of which were recorded in the Corporate segment and not allocated to our business segments, during the three months ended March 31, 2024 and associated liability balances (dollars in millions):


	Employee separation benefits		Professional fees and other
Balance at December 31, 2023	$	13	$	—
Expense incurred	26		5
Payments made	(26)		—
Balance at March 31, 2024	$	13	$	5

We expect these restructuring activities to be substantially completed by the end of fiscal year 2024.

Ending balance related to employee separation benefits was included in “Compensation and employee benefits payable” in the accompanying consolidated balance sheets. Of the total charges incurred, $6.5 million was included within the “Cost of revenue” line item and $24.7 million was included in the “Operating, administrative, and other” line item in the accompanying consolidated statement of operations for the three months ended March 31, 2024.