v3.25.2
Restructuring Costs
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
The Company incurred a total of $18 million and $50 million for restructuring activities for the three and six months ended June 30, 2025, primarily related to severance and lease exit charges.
For the three and six months ended June 30, 2024, the Company incurred $44 million and $86 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
June 30,		Six Months Ended
 June 30,
(In millions)2025202420252024
Risk and Insurance Services$8 $29 $31 $51 
Consulting6 5 14 16 
Corporate4 10 5 19 
Total$18 $44 $50 $86 
Details of the restructuring activity from January 1, 2024 through June 30, 2025, are as follows:
(In millions)Severance
Real Estate Related
Costs (a)
Information TechnologyConsulting and Other Outside ServicesTotal
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
36 13 — 1 50 
Cash payments(70)(19)— (1)(90)
Non-cash charges— (2)— — (2)
Liability at June 30, 2025
$41 $34 $— $— $75 
(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.