Other Expenses and Charges |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Expenses and Charges |
Transaction-Related
The Company recognized transaction-related expenses of $1 million and $41 million during the three months ended March 31, 2025 and 2024, respectively, primarily related to costs associated with the failed hostile takeover defense. Such amounts primarily consisted of stock-based compensation expense in 2025 and legal and advisory costs in 2024.
Separation-Related
Separation-related costs associated with the Company's spin-off from former Parent were $1 million during the three months ended March 31, 2025.
Restructuring
During the first quarter of 2024, the Company approved a restructuring plan focused on enhancing its organizational 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 plan resulted in a reduction of 135 employees in 2024 and the charges were primarily in its Hotel Franchising segment. The following table presents activity for the three months ended March 31, 2025:
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(a)Reported within accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets.
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