Restructuring

6 Months Ended

Jun. 30, 2025

Restructuring and Related Activities [Abstract]

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2025 and 2024 restructuring plans consisted of a company-wide workforce reduction of approximately 590 and 1,230 positions, respectively, and are further detailed below. The charges for each restructuring plan 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 June 30, 2025 by segment is as follows:


	2025 Restructuring Plan				2024 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	$	33	$	24	$	77	$	18
Ratings	10		5		4		1
Commodity Insights	11		8		13		4
Mobility	5		5		6		1
Indices	—		—		1		—

Corporate	23		17		24		14
Total	$	82	$	59	$	125	$	38

We recorded a pre-tax restructuring charge of $82 million primarily related to employee severance charges for the 2025 restructuring plan during the six months ended June 30, 2025 and have reduced the reserve by $23 million. The ending reserve balance for the 2024 restructuring plan was $88 million as of December 31, 2024. For the six months ended June 30, 2025, we have reduced the reserve for the 2024 restructuring plan by $50 million. The reductions primarily related to cash payments for employee severance charges.