Restructuring Activities

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

The company continued to execute various restructuring activities during 2024 to simplify management and workforce structure and improve efficiencies in its operations.

The following tables present the detail of expenses incurred by segment (dollars in millions):


	Year Ended December 31, 2024
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate		Consolidated
Employee separation benefits	$	40	$	65	$	3	$	71	$	179
Professional fees and other	—		—		—		80		80
Total	$	40	$	65	$	3	$	151	$	259


	Year Ended December 31, 2023
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate		Consolidated
Employee separation benefits	$	26	$	32	$	13	$	11	$	82
Lease exit costs	39		1		4		1		45
Professional fees and other	7		19		4		2		32
Subtotal	72		52		21		14		159
Depreciation expense	6		—		3		—		9
Total	$	78	$	52	$	24	$	14	$	168


	Year Ended December 31, 2022
	Advisory Services		Global Workplace Solutions		Real Estate Investments		Corporate		Consolidated
Employee separation benefits	$	33	$	20	$	9	$	19	$	81
Lease exit costs	10		3		—		—		13
Professional fees and other	3		5		3		13		24
Subtotal	46		28		12		32		118
Depreciation expense	5		3		—		—		8
Total	$	51	$	31	$	12	$	32	$	126

The following table shows ending liability balances associated with major cash-based charges (dollars in millions):


	Employee separation benefits		Professional fees and other
Balance at December 31, 2022	$	37	$	10
Expense incurred	82		32
Payments made	(106)		(42)
Balance at December 31, 2023	13		—
Expense incurred	179		79
Payments made	(146)		(79)
Balance at December 31, 2024	$	46	$	—

These restructuring activities are largely complete as of the end of fiscal year 2024.

Ending balance related to employee separation benefits is included in “Compensation and employee benefits payable” in the accompanying consolidated balance sheets. Of the total employee separation benefits charges incurred, $64 million, $25 million and $32 million were included within the “Cost of revenue” line item, and $115 million, $57 million and $50 million were included in the “Operating, administrative and other” line item in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 respectively.

Ending balance related to professional fees and other is included in “Accounts payable and accrued expenses” in the accompanying consolidated balance sheets. The majority of these charges are included within the “Operating, administrative and other” line item in the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 respectively.