Restructuring Costs

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

In the third quarter of 2025, the Company launched a three-year restructuring program, Thrive (the "Program"), which focuses on our brand strategy, delivering greater value to clients, accelerating growth and improving efficiency. Based on current Program estimates, the Company expects to incur approximately $500 million of cost over the three years. Costs will primarily relate to severance, technology and outside services. The Company anticipates charges incurred to be evenly distributed over the Program period. For the three months ended September 30, 2025, costs incurred in connection with the Program were $38 million, related to severance and outside services. The Company continues to refine its detailed plans for the Program which may change the timing, expected costs, and related savings.

The Company incurred a total of $46 million and $96 million for restructuring activities for the three and nine months ended September 30, 2025, related to severance, lease exit charges and consulting and other outside services.

For the three and nine months ended September 30, 2024, the Company incurred $54 million and $140 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 September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Risk and Insurance Services	$	20	$	22	$	51	$	73
Consulting	18		14		32		30
Corporate	8		18		13		37
Total	$	46	$	54	$	96	$	140

Details of the restructuring activity from January 1, 2024 through September 30, 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	70		19		—		7		96
Cash payments	(101)		(30)		—		(7)		(138)
Non-cash charges	—		(2)		—		—		(2)
Liability at September 30, 2025	$	44	$	29	$	—	$	—	$	73

(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.