Restructuring

9 Months Ended

Sep. 30, 2021

Restructuring and Related Activities [Abstract]

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2020 restructuring plan consisted of a company-wide workforce reduction of approximately 830 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 September 30, 2021 by segment is as follows:


	2020 Restructuring Plan
(in millions)		Initial Charge Recorded		Ending Reserve Balance
Ratings		$	4	$	1
Market Intelligence		27		6
Platts		10		4
Indices		5		1
Corporate		19		5
Total		$	65	$	17

The ending reserve balance for the 2020 restructuring plan was $58 million as of December 31, 2020. For the nine months ended September 30, 2021, we have reduced the reserve for the 2020 restructuring plan by $41 million. The reductions primarily related to cash payments for employee severance charges.