Restructuring Costs

3 Months Ended

Mar. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs

The Company incurred a total of $32 million for remaining restructuring activities for the three months ended March 31, 2025, primarily related to severance and lease exit charges.

For the three months ended March 31, 2024, the Company incurred $42 million of restructuring costs, primarily related to the Company initiated activities in the fourth quarter of 2022 focused on workforce actions, rationalization of technology and functional services, and reductions in real estate that were completed at the end of 2024.

The Company incurred restructuring costs as follows:

	Three Months Ended March 31,
(In millions)	2025		2024
Risk and Insurance Services	$	23	$	22
Consulting	8		11
Corporate	1		9
Total	$	32	$	42

Details of the restructuring activity from January 1, 2024 through March 31, 2025, are as follows:

(In millions)	Severance		Real Estate Related Costs (a)		Information Technology		Consulting and Other Outside Services		Total
Liability at January 1, 2024	$	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
2025 charges	23		9		—		—		32
Cash payments	(45)		(12)		—		—		(57)
Non-cash charges	—		(1)		—		—		(1)
Liability at March 31, 2025	$	53	$	38	$	—	$	—	$	91

(a) Includes ROU and fixed asset impairments and other real estate 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.