Restructuring

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2023 and 2022 restructuring plan consisted of a company-wide workforce reduction of approximately 39 and 1,440 positions, respectively, 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, 2023 by segment is as follows:

	2023 Restructuring Plan				2022 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	$	6	$	6	$	86	$	36
Ratings	1		1		26		10
Commodity Insights	2		2		45		17
Mobility	—		—		2		2
Indices	1		1		13		7
Engineering Solutions	—		—		2		1
Corporate	2		2		109		30
Total	$	12	$	12	$	283	$	103

We recorded a pre-tax restructuring charge of $12 million primarily related to employee severance charges for the 2023 restructuring plan during the three months ended March 31, 2023. We have made no reductions to the reserve for the 2023 restructuring plan.

The ending reserve balance for the 2022 restructuring plan was $164 million as of December 31, 2022. For the three months ended March 31, 2023, we have reduced the reserve for the 2022 restructuring plan by $61 million. The ending reserve balance for the 2021 restructuring plan was $3 million and $10 million as of March 31, 2023 and December 31, 2022, respectively. The reductions primarily related to cash payments for employee severance charges.