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Restructuring Costs
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
In the fourth quarter of 2022, the Company initiated activities focused on workforce actions, rationalization of technology and functional services, and reductions in real estate. The Company completed these activities at the end of 2024. The Company has incurred approximately $660 million of these restructuring costs through December 31, 2024, primarily severance and lease exit charges, of which $221 million were incurred in 2024.
The Company incurred restructuring costs in 2024 and 2023, primarily related to the initiative above, as follows:
For the Years Ended December 31,
(In millions)
20242023
Risk and Insurance Services$148 $177 
Consulting79 62 
Corporate49 62 
Total$276 $301 
Details of the restructuring activity from January 1, 2023 through December 31, 2024, are as follows:
(In millions)SeveranceReal Estate Related Costs (a)Information TechnologyConsulting and Other Outside ServicesTotal
Liability at January 1, 2023$88 $56 $— $2 $146 
2023 charges
148 96 15 42 301 
Cash payments(147)(69)(13)(42)(271)
Non-cash charges — (44)(2)— (46)
Liability at December 31, 2023$89 $39 $— $2 $130 
2024 charges
163 66 25 22 276 
Cash payments(177)(45)(24)(24)(270)
Non-cash charges— (18)(1)— (19)
Liability at December 31, 2024$75 $42 $— $— $117 
(a)Includes ROU and fixed asset impairments and other related costs.
The expenses associated with these initiatives are included in compensation and benefits and other operating expenses in the consolidated statements of income. The liabilities associated with these initiatives are classified on the consolidated balance sheets as accounts payable and accrued liabilities, other liabilities or accrued compensation and employee benefits, depending on the nature of the items.