RESTRUCTURING

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

RESTRUCTURING

RESTRUCTURING

In 2020, the company initiated a strategic evaluation focusing on four key areas of our expense base: our organizational model, our real estate footprint, management of third party spend and technology and operations efficiency.

Restructuring expenses related to the strategic evaluation were $17.9 million and $68.0 million, respectively, for the three and nine months ended September 30, 2021 (three and nine months ended September 30, 2020: $15.3 million). Restructuring expenses are recorded to transaction, integration and restructuring expenses on the Condensed Consolidated Statements of Income.

The company estimates $60 million to $85 million of remaining restructuring expenses related to the strategic evaluation through the end of 2022, of which approximately 40% will be employee compensation costs with the remainder comprised of property, office and technology costs and general and administrative costs. A substantial portion of these expenses will result in future cash expenditures.

The following table shows the rollforward of the restructuring liability and the total restructuring charges as of and for the period ending September 30, 2021 and December 31, 2020. The company recorded the liability to accrued compensation and benefits and accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets.

$ in millions	Employee Compensation	Other Expenses	Total
Balance as of July 1, 2020	—	—	—
Accrued charges	85.0	9.1	94.1
Payments	(40.5)	(9.1)	(49.6)
Balance as of December 31, 2020	44.5	—	44.5
Accrued charges	19.8	4.1	23.9
Payments	(40.2)	(1.1)	(41.3)
Balance as of March 31, 2021	24.1	3.0	27.1
Accrued charges	12.8	3.1	15.9
Payments	(20.4)	(4.3)	(24.7)
Balance as of June 30, 2021	16.5	1.8	18.3
Accrued charges	7.7	3.9	11.6
Payments	(9.2)	(2.9)	(12.1)
Balance as of September 30, 2021	15.0	2.8	17.8
Non-cash charges (1)
Six months ended December 31, 2020	19.5	5.4	24.9
Nine months ended September 30, 2021	9.7	6.9	16.6
Total non-cash charges	29.2	12.3	41.5
Cumulative charges incurred through September 30, 2021	154.5	32.5	187.0

(1) Non-cash charges include stock-based compensation, accelerated depreciation of certain assets and location strategy costs.