Restructuring

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2022 and 2021 restructuring plan consisted of a company-wide workforce reduction of approximately 140 and 30 positions, and is further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2022 by segment is as follows:


	2022 Restructuring Plan				2021 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	18		18		3		3
Ratings	$	5	$	3	$	3	$	3
Commodity Insights	5		4		—		—

Indices	2		2		—		—

Corporate	44		44		13		13
Total	$	74	$	71	$	19	$	19

We recorded a pre-tax restructuring charge of $74 million primarily related to employee severance charges for the 2022 restructuring plan during the three months ended March 31, 2022 and have reduced the reserve by $3 million. The ending reserve balance for the 2021 restructuring plan was $19 million as of December 31, 2021. The reductions primarily related to cash payments for employee severance charges. For the three months ended March 31, 2022, we have made no reductions to the reserve for the 2021 restructuring plan.