Other Expenses and Charges |
3 Months Ended | ||||||
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Dec. 31, 2023 | |||||||
| Other Expenses [Abstract] | |||||||
| Other Expenses and Charges |
Transaction-Related
The Company recognized transaction-related expenses of $41 million during the three months ended March 31, 2024, related to costs associated with the failed hostile takeover attempt by Choice Hotels International, Inc. Such amounts primarily consisted of legal and advisory costs. During the first quarter of 2024, the Company paid $4 million of transaction-related costs.
Impairment
As a result of the Company’s evaluation of the recoverability of the carrying value of certain assets, the Company recorded an impairment charge of $12 million, primarily related to development advance notes, during the first quarter of 2024. The impairment charge was reported within the impairment line item on the Condensed Consolidated Statements of Income.
Restructuring
During the first quarter of 2024, the Company approved a restructuring plan focused on enhancing its organization efficiency. As a result, during the three months ended March 31, 2024, the Company incurred $3 million of restructuring expenses, all of which were personnel-related. Such charges were primarily in our Hotel Franchising segment. During the first quarter of 2024, cash payments for restructuring activities were immaterial.
Separation-Related
Separation-related costs associated with the Company's spin-off from former Parent were $2 million for the three months ended March 31, 2023 and were primarily related to a tax matter.
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