In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum. We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. We expect to achieve benefits primarily in the form of expense synergies, with more than $150 million net expense synergies actioned through September 30, 2025, and do not expect our costs to be more than one times our achieved synergies. Initiatives taken as part of this program are expected to be actioned by the end of 2025, while certain costs may be recognized in the first half of 2026.

Costs related to these programs are recorded as restructuring charges in the Condensed Consolidated Statements of Income.

The following table presents a summary of the Adenza restructuring program and our divisional realignment program charges for the three and nine months ended September 30, 2025 and 2024 as well as total program costs incurred since the inception date of each program.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions)
Asset impairment charges
Adenza restructuring	$	—	$	—	$	—	$	24
Divisional realignment	—		5		—		9
Consulting services
Adenza restructuring	3		1		5		4
Divisional realignment	—		6		—		27
Employee-related costs
Adenza restructuring	7		3		18		15
Divisional realignment	—		2		—		8
Other
Adenza restructuring	2		1		4		6
Divisional realignment	—		4		—		10
Total restructuring charges	$	12	$	22	$	27	$	103

Total Program Costs Incurred
Adenza restructuring	$	98
Divisional realignment*	$	139

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* In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program.