Real Estate Repositioning Costs

3 Months Ended

Mar. 31, 2024

Real Estate Repositioning Costs [Abstract]

Real Estate Repositioning Costs

Real Estate Repositioning Costs

In connection with the transition to a flexible working environment, a hybrid model which allows for partial remote work, we took certain actions in the first quarter of 2023 to reduce and reposition our office lease portfolio.

As a result, for the three months ended March 31, 2023, operating expenses included $119.2 million ($91.0 million after tax), primarily related to non-cash impairment charges for the operating lease right-of-use, or ROU, assets. Substantially all of the operating lease payments related to the ROU assets will be paid out over two years. There were no real estate repositioning charges during the three months ended March 31, 2024.