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Restructuring and Other Corporate Matters
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Other Corporate Matters RESTRUCTURING AND OTHER CORPORATE MATTERS
During the years ended December 31, 2023, 2022 and 2021, we recorded the following restructuring charges and other corporate matters.
Year Ended December 31,202320222021
Severance (a)
$67 $260 $65 
Exit costs35 68 35 
Restructuring charges102 328 100 
Other corporate matters(133)257 — 
Restructuring and other corporate matters$(31)$585 $100 
(a) Severance costs include the accelerated vesting of stock-based compensation.

Restructuring Charges
Since the merger of Viacom Inc. (“Viacom”) with and into CBS Corporation (“CBS”) (the “Merger”), we implemented a series of initiatives designed to integrate and transform our operations, including changes in management structure. These initiatives led to restructuring actions, and as a result, we recorded restructuring charges for severance of $67 million, $260 million, and $65 million in 2023, 2022, and 2021, respectively. The actions that gave rise to the severance costs included our 2022 operating segment realignment, the integration of Showtime into Paramount+, and the restructuring of our international operations. In addition, during the fourth quarter of 2023, certain eligible employees voluntarily elected to participate in a plan under which they will receive one-time severance benefits, resulting in $13 million of severance costs.
In the years following the Merger, we also consolidated our real estate portfolio to reduce our real estate footprint and create cost synergies. In connection with this consolidation, we identified lease assets that we determined we would not use and instead sublease or terminate early, which resulted in lease impairment charges of $35 million, $68 million, and $35 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the lease assets that we plan to sublease, the impairment charges were the result of a decline in market conditions since the inception of these leases and reflect the difference between the estimated fair values, which were determined based on the expected discounted future cash flows of the lease assets, and the carrying values.

The following is a rollforward of our restructuring liability, which is recorded in “Other current liabilities” and “Other liabilities” on the Consolidated Balance Sheets. The restructuring liability at December 31, 2023, which principally relates to severance payments, is expected to be substantially paid by the end of 2024.
2023 Activity
Balance at December 31, 2022
Charges (a)
PaymentsBalance at December 31, 2023
TV Media$251 $42 $(131)$162 
Direct-to-Consumer8 3 (5)6 
Filmed Entertainment29 5 (20)14 
Corporate14 12 (16)10 
Total$302 $62 $(172)$192 
2022 Activity
Balance at December 31, 2021
Charges (a)
PaymentsBalance at December 31, 2022
TV Media$122 $221 $(92)$251 
Direct-to-Consumer— 8 — 8 
Filmed Entertainment34 17 (22)29 
Corporate34 — (20)14 
Total$190 $246 $(134)$302 
(a) For the years ended December 31, 2023 and 2022, excludes stock-based compensation expense of $5 million and $14 million, respectively, and lease asset impairments of $35 million and $68 million, respectively.

Other Corporate Matters
In 2023, we recorded a net benefit of $133 million in other corporate matters, principally consisting of a gain of $120 million from a settlement received in the fourth quarter of 2023 in connection with the final dismissal of the CBS Litigation, as well as insurance recoveries relating to the Viacom Litigation (each as defined and further described under Legal Matters—Stockholder Matters—Litigation Relating to the Merger in Note 19). These benefits are partially offset by a charge of $23 million to increase our accrual for asbestos matters as discussed under Legal Matters—Claims Related to Former Businesses—Asbestos in Note 19.

In 2022, we recorded charges for other corporate matters of $257 million, consisting of $211 million associated with stockholder legal matters, principally relating to the Merger, including a charge for the settlement of $122.5 million in connection with the final dismissal of the Viacom Litigation. The charges also included $46 million recorded following Russia’s invasion of Ukraine, principally to reserve against amounts due from counterparties in Russia, Belarus and Ukraine.